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Happiest Minds Technologies Margin Trend — Quarter by Quarter

Happiest Minds Technologies's EBITDA margin moved from 25.5% in Q1 FY24 to 20.4% in Q3 FY26 across 10 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q3 FY2620.4%+20 bps
Q2 FY2617.0%—
Q1 FY2617.0%—
Q3 FY2518.0%—
Q2 FY2518.0%—
Q1 FY2518.0%-160 bps
Q4 FY2420.0%—
Q3 FY2424.2%—
Q2 FY2420.0%-110 bps
Q1 FY2425.5%—

What management said about ebitda margin

G

Q3 FY26 · EBITDA margin guidance of 20-22% for FY26

EBITDA margin is expected to remain in the 20-22% range for the current financial year.

G

Q2 FY26 · EBITDA margin guidance maintained at 20%-22% for FY26

Management reiterated its aspiration to sustain EBITDA margins in the 20%-22% range for FY 2026.

G

Q1 FY26 · EBITDA margin maintained at 20-22%

EBITDA margin is guided to remain in the 20-22% range for FY26, despite wage hikes and continued investments.

G

Q1 FY26 · GenAI business to reach same profitability as TDES by end of FY26 or early FY27

The GenAI business unit, which broke even at operating margin level in Q1, is expected to achieve profitability levels comparable to the TDES segment by year-end or early next year.

G

Q3 FY25 · EBITDA margin guidance of 20-22% for FY25

Management expects to end FY25 with EBITDA margins within the guided range of 20-22%, with nine-month EBITDA margin at 22.1%.

G

Q2 FY25 · EBITDA margin guidance of 20-22% for FY25

EBITDA margin is expected to remain in the 20-22% range for the full year, with Q3 impacted by fewer working days and leadership pay hikes.

G

Q1 FY25 · EBITDA margin of 20-22% for FY25

EBITDA margin guidance maintained at 20-22% for the full year, with Q1 coming in at 23.9%.

G

Q1 FY25 · Q2 margin headwinds from pay hikes and fewer working days

Annual pay increases effective July 1 will impact margins by 250-280 bps, and Q2 has fewer billing days, but management expects EBITDA to remain within the 20-22% band.

G

Q4 FY24 · FY25 EBITDA margin guidance of 22-24%

EBITDA margin expected to be in the range of 22-24% for FY25, considering investments and acquisition integration.

G

Q3 FY24 · EBITDA margin guidance of 22%-24%

Company has beaten this guidance for 15 consecutive quarters and expects to maintain within this range.

G

Q2 FY24 · EBITDA margin guidance maintained at 22%-24%

The company retains its EBITDA margin guidance of 22%-24% for FY24.

G

Q1 FY24 · EBITDA margin guidance of 20%-24%

EBITDA margin guidance maintained at 20%-24%, with Q1 delivering 25.5%. Wage hikes effective July may temporarily impact margins.