Happiest Minds Technologies cash flow

Latest FY26

Cash from operations: ₹261cr+10.6% on FY25
Capital spending: ₹7.2cr−35.9% on FY25
Free cash flow: ₹254cr+12.9% on FY25
Cash from financing: −₹144cr₹499 cr in FY25

₹ crore except per share

Tap a line for its trend	Last 12Mto Jun 2026	FY26Mar 2026	FY25Mar 2025	FY24Mar 2024	FY23Mar 2023	FY22 and earlierAlpha Plus

Changes in working capital
Adjustments to reconcile profit — non-cash items						FY22 and earlierEvery year the company has filed comes with Alpha Plus.
	—	88.2	88.7	58.3	41.9
	—	7.3	15.9	5.3	0.0
	—	97.4	99.5	42.3	21.9
	—	−61.1	−89.8	−79.6	−26.1
	—	−25.2	−12.6	0.0	−1.7
	—	6.1	0.0	0.5	1.2
	—	1.4	−1.0	−0.8	12.2
	—	−3.7	0.0	−15.0	0.0
	—	0.0	12.2	0.0	−0.7
	—	−26.0	−21.1	−45.3	−34.7
	—	8.6	−26.9	0.0	−19.6
	—	0.0	0.0	−12.1	0.0
	—	−45.4	−0.9	−2.1	0.0
	—	0.0	0.0	0.0	−11.9
	—	−12.3	9.4	8.2	7.6
	—	−5.5	3.7	0.4	−13.6
	—	12.1	3.7	11.5	−4.7
	—	−3.1	0.0	0.0	9.6
	—	37.5	−25.8	8.9	0.0
	—	0.0	26.0	0.0	4.8
Cash from operating activities
	298	284	255	335	310
	—	76.2	80.9	−19.7	−13.9
	—	360	336	315	296
	—	99.0	100.0	102	88.8
	—	261	236	213	207
Cash from investing activities
	—	2.9	7.7	8.2	131
	—	4.3	3.5	2.1	8.4
	—	0.4	0.2	0.0	0.0
	—	0.0	0.0	25.5	8.3
	—	0.0	0.0	25.7	0.0
	—	0.0	0.0	0.0	110
	—	67.3	0.0	72.1	4.5
	—	−182	−751	−528	−97.9
	—	−121	−762	−466	−351
Cash from financing activities
	—	0.0	0.0	486	0.0
	—	0.5	0.0	1.8	1.5
	—	0.0	0.0	80.0	45.0
	—	250	0.0	0.0	170
	—	10.0	0.0	40.5	26.1
	—	40.6	0.0	27.8	25.5
	—	84.6	0.0	33.1	15.3
	—	93.9	0.0	86.0	57.2
	—	−165	499	−16.6	−20.3
	—	−144	499	363	72.1
	—	−3.6	−26.3	110	−71.7
	—	4.1	0.2	0.6	3.2
	—	0.5	−26.1	110	−68.5
	—	120	119	109	−1.2
Reference items
	427	403	354	336	359
	17.8%	17.4%	17.2%	20.7%	25.1%
	254	254	225	202	67.8
	—	421	—	144	—
	₹16.92	₹16.92	₹14.99	₹13.46	₹4.51
	18.03×	—	—	—	—
	—	1.23×	1.28×	0.86×	0.90×
	—	99.0	100.0	102	88.8
	—	84.6	—	33.1	15.3

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From the company's filings with NSE and BSE (Ind-AS), consolidated. For information only, not investment advice.

alphave

HAPPSTMNDS₹305.15

Happiest Minds Technologies Ltd.

· Technology

₹ CrorePeersPERSISTENT MPHASIS DATAMATICS CIGNITITEC CAPILLARY MASTEK BBOX AURIONPROMcap ₹4,585 Cr

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In ₹ Crore except Per Share 12 Months Ending	FY23 31/03/2023	FY24 31/03/2024	FY25 31/03/2025	FY26 31/03/2026	Last 12M 30/06/2026
Adjustments to Reconcile Profit — Non-cash Items
+ Depreciation & Amortisation	41.9	58.3	88.7	88.2	—
+ Impairment Loss / (Reversal)	0.0	5.3	15.9	7.3	—
+ Finance Costs	21.9	42.3	99.5	97.4	—
+ Interest Income	-26.1	-79.6	-89.8	-61.1	—
+ Fair Value (Gains) / Losses	-1.7	0.0	-12.6	-25.2	—
+ Share-based Payments	1.2	0.5	0.0	6.1	—
+ Unrealised FX (Gain) / Loss	12.2	-0.8	-1.0	1.4	—
+ Other Non-cash Items	0.0	-15.0	0.0	-3.7	—
+ Other Reconciling Items	-0.7	0.0	12.2	0.0	—
Changes in Working Capital
+ Trade Receivables — Current	-34.7	-45.3	-21.1	-26.0	—
+ Other Financial Assets — Current	-19.6	0.0	-26.9	8.6	—
+ Other Financial Assets — Non-current	0.0	-12.1	0.0	0.0	—
+ Other Current Assets	0.0	-2.1	-0.9	-45.4	—
+ Other Non-current Assets	-11.9	0.0	0.0	0.0	—
+ Trade Payables — Current	7.6	8.2	9.4	-12.3	—
+ Other Financial Liabilities — Current	-13.6	0.4	3.7	-5.5	—
+ Other Current Liabilities	-4.7	11.5	3.7	12.1	—
+ Other Non-current Liabilities	9.6	0.0	0.0	-3.1	—
+ Provisions — Current	0.0	8.9	-25.8	37.5	—
+ Provisions — Non-current	4.8	0.0	26.0	0.0	—
Cash from Operating Activities
Profit Before Tax (per I/S)	309.9	334.7	255.5	284.2	297.5
+ Total Adjustments (incl. Working Capital)	-13.9	-19.7	80.9	76.2	—
Cash from Operations (pre-tax)	296.0	315.0	336.4	360.5	—
+ Income Taxes Paid	88.8	102.4	100.0	99.0	—
Cash from Operating Activities	207.2	212.6	236.4	261.4	—
Cash from Investing Activities
+ Acq of Fixed Assets (Capex)	131.1	8.2	7.7	2.9	—
+ Acq of Intangible Assets	8.4	2.1	3.5	4.3	—
+ Disp of Fixed Assets	0.0	0.0	0.2	0.4	—
+ Purchase of Investments (Equity / Debt)	8.3	25.5	0.0	0.0	—
+ Sale of Investments (Equity / Debt)	0.0	25.7	0.0	0.0	—
+ Acq of Subsidiaries / Businesses (net)	109.8	0.0	0.0	0.0	—
+ Interest Received — Investing	4.5	72.1	0.0	67.3	—
+ Other Inflows / (Outflows) — Investing	-97.9	-528.5	-751.2	-181.9	—
Cash from Investing Activities	-351.0	-466.4	-762.2	-121.3	—
Cash from Financing Activities
+ Proceeds from Issue of Shares	0.0	485.6	0.0	0.0	—
+ Proceeds from Exercise of Stock Options	1.5	1.8	0.0	0.5	—
+ Proceeds from Debentures / Notes / Bonds	45.0	80.0	0.0	0.0	—
+ Proceeds from Borrowings	170.0	0.0	0.0	249.8	—
+ Repayment of Borrowings	26.1	40.5	0.0	10.0	—
+ Payment of Lease Liabilities	25.5	27.8	0.0	40.6	—
+ Interest Paid	15.3	33.1	0.0	84.6	—
+ Dividends Paid	57.2	86.0	0.0	93.9	—
+ Other Inflows / (Outflows) — Financing	-20.3	-16.6	499.5	-164.9	—
Cash from Financing Activities	72.1	363.5	499.5	-143.7	—
Net Changes in Cash (pre-FX)	-71.7	109.6	-26.3	-3.6	—
+ Effect of FX Rate Changes on Cash	3.2	0.6	0.2	4.1	—
Net Changes in Cash	-68.5	110.2	-26.1	0.5	—
Closing Cash	-1.2	109.0	119.1	119.7	—
Reference Items
EBITDA	358.9	335.9	354.4	403.4	427.0
EBITDA Margin %	25.11	20.67	17.20	17.42	17.84
Free Cash Flow (CFO − Capex)	67.8	202.3	225.3	254.3	254.3
Free Cash Flow to Equity	—	144.0	—	421.4	—
Free Cash Flow per Basic Share	4.51	13.46	14.99	16.92	16.92
Price to Free Cash Flow	—	—	—	—	18.03
Cash Flow to Net Income	0.90	0.86	1.28	1.23	—
Cash Paid for Taxes	88.8	102.4	100.0	99.0	—
Cash Paid for Interest	15.3	33.1	—	84.6	—

As filed, sign as filed: a payment tagged as a positive magnitude in the filing stays positive here, so read the label, not the sign. A line appears only when the company tagged that concept in at least one period shown — depth follows the filer, so a thin statement means a thin filing. Total Adjustments is the filer's own grand total of the reconciliation and spans BOTH the non-cash items and the working-capital block; Profit Before Tax plus it equals Cash from Operations (pre-tax). It can be reported when its components are not, so it is never a sum of the rows above it. No consensus estimates → no Est columns. Click any row to chart it.

« ‹ › »Latest: FY26 · ConsolidatedFA Financial Analysis · alphave

Data & compliance. Descriptive financial information from official NSE/BSE filings — for information and education only, not investment advice, a recommendation, or a valuation. Standalone = parent entity; consolidated includes subsidiaries. Historical multiples pair each fiscal year's filed figures with that FY-end market close; the Current column uses the last close with the latest filed annuals. Figures are cross-verified via accounting identities and NSE×BSE agreement — XBRL cross-verified ✓ 95%.