Happiest Minds Technologies (HAPPSTMNDS) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 revenue was ₹64,543 lakh, up 12.5% YoY; operating margin reached 18.5% and adjusted PAT rose 20.7% to ₹7,911 lakh.

• AI-led delivery, strategic client wins and the proposed ITC Infotech combination, targeting US$1 billion revenue by FY28, anchor growth plans.

Financial highlights

• Q2 revenue rose 2.7% QoQ and 12.5% YoY; H1 revenue was ₹1,27,394 lakh, up 13.4% YoY.

• Q2 EBITDA was ₹14,204 lakh, up 18.1% YoY, with a 21.3% margin versus 20.2% a year earlier.

• Q2 PAT was ₹6,219 lakh, up 15.1% YoY; adjusted PAT was ₹7,911 lakh, up 20.7%, excluding merger costs and intangible-asset amortization.

• H1 adjusted PAT was ₹15,963 lakh, up 19.0% YoY; adjusted EPS was ₹10.59.

Outlook and guidance

• The proposed combined entity aspires to US$1 billion annual revenue by FY28 and a workforce above 19,000; this is not standalone financial guidance.

• Indicative milestones target an NCLT order in Sep–Oct 2027 and listing and trading in Nov 2027; timing depends on approvals and may vary.