Happiest Minds eyes double-digit organic growth in FY26
BENGALURU: Mid-tier IT services company Happiest Minds, which reported a 53% decline in its consolidated net profit for the fourth quarter ended March 2025, expects double-digit growth in FY26, driven by its BFSI and healthcare verticals, and it aims to maintain the same 20-22% of EBITDA and about 16-16.5% to 17.5 or 18% of operating margin.
The company posted a 53% decline in its consolidated net profit for the last quarter at Rs 34 crore as against the year-ago period's Rs 72 crore. Its revenue in the fourth quarter stood at Rs 545 crore, a 30.5% increase compared to Rs 417 crore in the same quarter last year, mainly driven by strong deal closures. In FY25, the company's revenue stood at Rs 2,061 crore compared to Rs 1,625 crore in FY24, a 26.8% growth.
"Operating margin for the fourth quarter was at 14.6% compared to 17.5% in the previous quarter. We have been maintaining at 17+% over the year, but it came to 14.6% because of an unfortunate bad debt of Rs 12.5 crore that we took a hit for this quarter," Venkatraman Narayanan, MD & CFO, told TNIE. Its operating margin was at around 17.3% in FY25.
Narayanan said that Rs 40 crore investments have been made into the business of AI and a new sales team that have been put in place by the company.
Last year, the company acquired US-based Aureus Tech Systems for $8.5 million and PureSoftware Technologies for Rs 779 crore.
"Our acquired companies are actually doing much better than what we had expected," he said.
Joseph Anantharaju, Co-Chairman & CEO told TNIE that they are expecting BFSI and healthcare to drive growth. In Q4FY25, the company's BFSI vertical contributed 26.5% to its total revenues, followed by edutech at 17% and healthcare at 15.6%.
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