Q3 furlough impact
Management acknowledged potential furloughs in Q3 but expects minimal impact due to ongoing project commitments.
low · analyst_questionHappiest 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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Risk Intelligence
Material risks this quarter
Concise cards keep the risk register scannable while preserving evidence-level context in the underlying quarter data.
Risks
Wage hike margin pressure
Annual wage hikes of ₹11-12 crore impacted Q2 margins, partially offset by forex benefits and efficiency gains.
medium · management_commentarySG&A cost growth outpacing revenue
SG&A costs have grown faster than revenue due to investments in sales engine and verticalization; management expects stabilization but no linear trend.
medium · analyst_questionEdutech vertical revenue decline
Edutech revenue has been declining for several quarters; management expects bottoming by Q3 but recovery is uncertain.
medium · analyst_question