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Happiest Minds Technologies Limited December 22, 2025 Facilities/Instruments Amount (₹ crore) R...

Posted: 23 Dec 2025

Happiest Minds Technologies Limited December 22, 2025 Facilities/Instruments Amount (₹ crore) Rating1 Rating Action Long-term bank facilities 412.98 (Reduced from 437.00) CARE AA-; Stable Reaffirmed Long-term / Short-term bank facilities 390.00 (Enhanced from 315.00) CARE AA-; Stable / CARE A1+ Reaffirmed Short-term bank facilities 5.00 CARE A1+ Assigned Non-convertible debentures 80.00 (Reduced from 125.00) CARE AA-; Stable Reaffirmed Details of instruments/facilities in Annexure-1. Rationale and key rating drivers The reaffirmation of ratings assigned to the bank facilities and instruments of Happiest Minds Technologies Limited (HMTL) takes into consideration the steady improvement in the scale of operations and healthy profitability margins aided by experience of the management in scaling up the business. The ratings also factor consistent addition of high-value customers, services offered in the futuristic domain like Internet of Things (IOT), digital services, and information security. The ratings further derive comfort from the strong promoter group backed by Ashok Soota, who has been the veteran of the IT industry and has multi-decade experience. In FY25, the company reported total operating income (TOI) of ₹2,060 crore, with the acquisitions materially contributing to the revenue growth. While the topline expanded, organic growth remained subdued due to broader industry headwinds, resulting in acquisitions driving a significant portion of the incremental revenue during the year. During the year, the company also undertook transformational initiatives by establishing a Net New Sales team, creating new business unit (Gen AI), and hiring industry leaders to strengthen its growth trajectory. CARE Ratings Limited (CareEdge Ratings) notes that initiatives such as setting up the Net New Sales team, forming six industry groups—each led by an industry manager—and creating a dedicated GenAI business unit are expected to support additional growth over the next couple of financial years. In FY25, HMTL acquired PureSoftware Technologies Private Limited, Macmillan Learning India Private Limited, Aureus Tech Systems LLC, and Middle East Business of GAVS Technologies. The first three acquisitions has enhanced HMTL position in the BFSI, healthcare and life sciences verticals. The main focus of the company is on expanding these companies banking-as-a-service platform, in key markets such as India and the Philippines. The total cost of acquisition includes upfront payment of ~₹712 crore and deferred payment of ₹103 crore (payable by FY26) Acquisition of Middle East Business of GAVS Technologies for ~₹15 crore in February 2025 was done more for regional expansion in the Middle East. In H1FY26, 10 million dollar or above customers have been added to the existing clientele. There are 58 million dollar customers as on September 30, 2025, with 93% repeat business.