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Q3 furlough impact
View Risks →Happiest Minds Technologies Limited — Q2 FY26
Happiest Minds delivered a strong Q2 FY26 with revenue of ₹553 crore (up 14% YoY) and EBITDA margin of 20.2%, within the guided 20-22% range.
bullish
high
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Happiest Minds delivered a strong Q2 FY26 with revenue of ₹553 crore (up 14% YoY) and EBITDA margin of 20.2%, within the guided 20-22% range. Growth was driven by the Generative AI business unit (GBS), which grew 77.8% YoY in constant currency, and the net new sales unit, which added 30 clients generating $9M in H1. Management raised its growth commitment from three to four consecutive years of double-digit growth through FY28. Key risks include potential furloughs in Q3 and the impact of wage hikes on margins, though these are expected to be offset by efficiency gains.
हैप्पिएस्ट माइंड्स ने वित्त वर्ष 2026 की दूसरी तिमाही में मजबूत प्रदर्शन किया। कंपनी की कमाई ₹553 करोड़ रही, जो पिछले साल की तुलना में 14% ज्यादा है। कंपनी का मुनाफा (EBITDA मार्जिन) 20.2% रहा, जो उसके अनुमानित 20-22% के दायरे में है। सबसे ज्यादा तेजी जनरेटिव AI कारोबार में रही, जो पिछले साल से 77.8% बढ़ा। साथ ही, नई बिक्री इकाई ने 30 नए ग्राहक जोड़े, जिससे पहली छमाही में $9 मिलियन का कारोबार हुआ। प्रबंधन ने अब वित्त वर्ष 2028 तक लगातार चार साल दोहरे अंकों में वृद्धि का लक्ष्य रखा है। जोखिमों में तीसरी तिमाही में संभावित छुट्टियां और वेतन वृद्धि का मार्जिन पर असर शामिल है, लेकिन कंपनी को कुशलता से इसे संभालने की उम्मीद है।
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Read Transcript →Quarter Snapshot
GBS Revenue Growth (CC)
77.8%
+77.8% YoY
Generative AI business unit grew 77.8% YoY in constant currency, a key growth driver.
New Clients Added (H1)
30
+30 clients
Net new sales unit added 30 clients in H1, with revenue potential of $50-60M over 3-4 years.
Utilization Rate
80.7%
+180bps QoQ
Utilization improved to 80.7%, highest in 3 years, driven by GBS scale and offshore mix.
Attrition Rate (TTM)
17.4%
-80bps QoQ
Attrition declined to 17.4% from 18.2% in Q1, reflecting improved employee retention.
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Guidance and risk preview
Management raised commitment from three to four consecutive years of double-digit growth through FY28, backed by strong pipeline and AI momentum.
Management acknowledged potential furloughs in Q3 but expects minimal impact due to ongoing project commitments.
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