Happiest Minds announced its Q3 FY26 results for the quarter ended December 31, 2025. Revenue grew 7.1% YoY in constant currency (CC) to $65.7 Mn. The company reported an EBITDA of ₹12,283 Lakhs (20.4% margin) and an Adjusted PAT of ₹6,992 Lakhs. Leadership emphasized the continued focus on the AI First strategy, highlighting 32 GenAI & Agentic AI use cases moving beyond prototypes.
Q3 FY26 Financial Performance Summary
Happiest Minds Technologies Limited shared its unaudited consolidated financial results for the quarter and nine months ended December 31, 2025. The company delivered a resilient performance, driven by strategic digital engineering services.
Key Quarterly Metrics (Q3 FY26 vs. Q3 FY25)
The following highlights were provided for the quarter ended December 31, 2025:
- Revenues in US $ stood at $65.7 Million, showing growth of 1.0% QoQ and 4.8% YoY.
- Revenue in constant currency grew 1.2% QoQ and 7.1% YoY.
- Total Income was ₹60,328 Lakhs, marking an 8.9% YoY increase.
- EBITDA reached ₹12,283 Lakhs (20.4% margin), showing a 5.1% YoY growth.
- Operating Margin improved sequentially to 17.4%.
- Adjusted PAT stood at ₹6,992 Lakhs, reflecting a 13.0% YoY growth in Adjusted EPS to ₹4.64.
Nine Months Ended December 31, 2025 Performance
For the nine-month period:
- Revenues in constant currency grew 10.2% YoY.
- Total Income reached ₹1,77,840 Lakhs, up 11.7% YoY.
- EBITDA was ₹36,716 Lakhs (20.6% margin).
- Adjusted PAT was ₹20,728 Lakhs, with Adjusted EPS at ₹13.77.
Operational Highlights and Strategic Focus
The management emphasized strong operational discipline. Utilization increased to 82.0%, the highest in recent times. The total number of clients reached 297, with 11 additions during the quarter. Headcount stood at 6,548 people, while trailing 12-month attrition remained stable at 17.4%.
In his letter, Chairman & Chief Mentor Ashok Soota highlighted the launch of AI First as the 11th strategic transformation, comprising 11 supporting programs. CEO Joseph Anantharaju noted the opportunity to modernize applications using the AgenticAI approach and the Hybrid Coding paradigm.
Key Client Wins and AI Initiatives
The company secured several key projects demonstrating the commercialization of its AI strategy:
- Partnering with a Global FMCG leader for GenAI automation to monitor over 14,000 global vendors against sanctions.
- Defining the AI roadmap and reference architecture for a top US-based insurance provider for enterprise-wide adoption.
- Conducting an independent AI solution assessment for a global life sciences strategic partner to support due diligence for an acquisition.
- Building and managing a sampling & trial generation management system for a Fortune 500 global consumer goods company.
- Engaged in the delivery of a Gen AI solution for quote management for a premium furniture and homeware ANZ retailer.
Awards and Analyst Recognition
Happiest Minds continued to garner external validation for its services and internal practices:
- Won the Best Use of AI in DevOps (IT Services) award at the 9th Edition India DevOps Show 2025.
- The Integrated Annual Report 2025 won double Gold, ranking #56 globally at LACP Spotlight Awards.
- Recognized by Avtar and Seramount as among the Best Companies for Women in IT and as an Exemplar in the Most Inclusive Companies Index 2025.
- Recognized for Excellence in People Analytics at the SHRM Excellence Awards 2025.
Analysts positioned the company as a Major Contender (Everest Group), Challenger (Avasant), and recognized it across various ISG matrices, including as a Rising Star in Manufacturing Industry Services.
Source: BSE
