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Revenue
₹574 Cr
verified against source
Revenue YoY
10%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Happiest Minds delivered a strong Q2 FY26 with revenue of INR 503 crore, up 10% YoY, and EBITDA margin of 20.2%, within the guided 20%-22% range. Growth was driven by the Generative AI Business Services unit, which grew 77.8% YoY in constant currency, and the net new sales engine, which added 30 clients in H1 with a potential $50-60 million over three years. Management raised its double-digit growth commitment from three to four consecutive years through FY28, citing strong pipeline and AI-led momentum. Key risks include potential furloughs in Q3 and the impact of H1B visa policy changes, though exposure is negligible.
Colored figures show movement against the previous available record.
Guidance to track
- Management raised its commitment from three to four consecutive years of double-digit revenue growth in constant currency, through FY 2028.
- Management reiterated its aspiration to sustain EBITDA margins in the 20%-22% range for FY 2026.
- 22 replicable AI use cases in GBS represent a revenue potential of nearly $15 million over the next three to four years.
- The 30 new clients added in H1 are expected to generate $50-60 million in revenue over the next three to four years.
Risks flagged
- Infrastructure Management and Security Services and BFSI verticals saw sequential declines due to deal slippages from Q2 to Q3, which could recur.
- While management expects minimal furlough impact, it is too early to assess, and any unexpected furloughs could affect Q3 revenue.
- Recent H1B visa policy developments could impact talent mobility, though management claims negligible exposure with only two H1B professionals in the past year.
- SG&A costs have been growing faster than revenue due to investments in sales and verticalization, which could pressure margins if not managed.
Key quotes
- We are reiterating our earlier commitment, which was for three consecutive years of double-digit growth. We are now raising this to four continuous years of double-digit growth.
- Our Generative AI Business Services unit has been a standout performer since its launch in October 2024. It has scaled rapidly and become one of our key growth engines.
- Our exposure here is zero, rather, let's say even negligible. In the past 12 months, we have only had two professionals traveling to the U.S. on H1B visas.
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