Happiest Minds - Public Comps and Valuation Multiples

Happiest Minds Overview

About Happiest Minds

Happiest Minds Technologies Ltd is an information technology (IT) company intended to deliver seamless customer experiences, business efficiency, and actionable insights to users. The company leverages a spectrum of disruptive technologies like artificial intelligence, blockchain, cloud, digital process automation, internet of things, robotics/drones, security, virtual/augmented reality, and more, enabling users in industry sectors like automotive, banking, financial services and insurance (BFSI), consumer packaged goods, e-commerce, edutech, engineering research and development (R&D), hi-tech, manufacturing, retail, and travel/transportation/hospitality to undergo digital transformation. Geographically, the company generates its key revenue from the United States of America.

Founded

2011

HQ

Employees

5.0K+

Website

happiestminds.com

Sectors

IT Consulting
Service Providers

Financials

LTM Revenue $247M

LTM EBITDA $43.9M

EV

$1.0B

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Happiest Minds Financials

As of August 2025, Happiest Minds reported last 12-month revenue of $247M and EBITDA of $43.9M.

In the same period, Happiest Minds generated $91.9M in LTM gross profit and $28.2M in net income.

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Happiest Minds P&L

In the most recent fiscal year, Happiest Minds reported revenue of $234M and EBITDA of $50.3M.

Happiest Minds expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$247M	XXX	$234M	XXX	XXX	XXX
Gross Profit	$91.9M	XXX	$86.1M	XXX	XXX	XXX
Gross Margin	37%	XXX	37%	XXX	XXX	XXX
EBITDA	$43.9M	XXX	$50.3M	XXX	XXX	XXX
EBITDA Margin	18%	XXX	22%	XXX	XXX	XXX
EBIT	$33.1M	XXX	$30.1M	XXX	XXX	XXX
EBIT Margin	13%	XXX	13%	XXX	XXX	XXX
Net Profit	$28.2M	XXX	$20.9M	XXX	XXX	XXX
Net Margin	11%	XXX	9%	XXX	XXX	XXX
Net Debt	XXX	XXX	$118M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Happiest Minds including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $247M. EBITDA for the last twelve months was $43.9M. In the most recent fiscal year, Happiest Minds achieved $234M in revenue and $50.3M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$247M	Analyst estimates available to subscribers	$234M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$91.9M	Analyst estimates available to subscribers	$86.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	37.2% gross margin	Analyst estimates available to subscribers	36.9% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$43.9M	Analyst estimates available to subscribers	$50.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	17.8% EBITDA margin	Analyst estimates available to subscribers	21.5% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$33.1M	Analyst estimates available to subscribers	$30.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	13.4% EBIT margin	Analyst estimates available to subscribers	12.9% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$28.2M	Analyst estimates available to subscribers	$20.9M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	11.4% net profit margin	Analyst estimates available to subscribers	9.0% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$118M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Happiest Minds

This financial data table provides comprehensive performance metrics for Happiest Minds, a company based in India. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Happiest Minds generated $247M in revenue over the last twelve months.
The company achieved $43.9M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $91.9M.
Net income over the last twelve months reached $28.2M.

Fiscal Year Performance

In the most recent fiscal year, Happiest Minds reported $234M in total revenue.
Fiscal year EBITDA was $50.3M.
The company maintained a gross profit margin of 36.9% in the most recent fiscal year.
EBITDA margin for the fiscal year was 21.5%.
Net profit margin reached 9.0% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Happiest Minds. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Happiest Minds Stock Performance

Happiest Minds has current market cap of INR 85.7B (or $972M), and EV of INR 91.5B (or $1.0B).

Market Cap Evolution

Happiest Minds Stock Data

As of September 12, 2025, Happiest Minds's stock price is INR 571 (or $6).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$1.0B	$972M	XXX	XXX	XXX	XXX	$0.20

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Happiest Minds Valuation Multiples

Happiest Minds's trades at 4.7x EV/Revenue multiple, and 20.7x EV/EBITDA.

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Happiest Minds Financial Valuation Multiples

As of September 12, 2025, Happiest Minds has market cap of $972M and EV of $1.0B.

Equity research analysts estimate Happiest Minds's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Happiest Minds has a P/E ratio of 34.5x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$972M	XXX	$972M	XXX	XXX	XXX
EV (current)	$1.0B	XXX	$1.0B	XXX	XXX	XXX
EV/Revenue	4.2x	XXX	4.7x	XXX	XXX	XXX
EV/EBITDA	23.6x	XXX	20.7x	XXX	XXX	XXX
EV/EBIT	31.3x	XXX	34.0x	XXX	XXX	XXX
EV/Gross Profit	11.3x	XXX	n/a	XXX	XXX	XXX
P/E	34.5x	XXX	42.7x	XXX	XXX	XXX
EV/FCF	36.6x	XXX	41.7x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Happiest Minds Margins & Growth Rates

Happiest Minds's last 12 month revenue growth is 13%

Happiest Minds's revenue per employee in the last FY averaged $46K, while opex per employee averaged $11K for the same period.

Happiest Minds's rule of 40 is 36% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Happiest Minds's rule of X is 52% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Happiest Minds Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	13%	XXX	15%	XXX	XXX	XXX
EBITDA Margin	18%	XXX	23%	XXX	XXX	XXX
EBITDA Growth	20%	XXX	6%	XXX	XXX	XXX
Rule of 40	36%	XXX	36%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	52%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$46K	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$11K	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	0%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	24%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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