Accumulate Happiest Minds Technologies; target of Rs 385 KR Choksey

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26 Aug, 2025 12:21

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KR Choksey's research report on Happiest Minds Technologies

HMT is a quality small-sized digital IT services firm with a healthy financial profile, good management pedigree and strong scope for growth over the next several years. The company supports its digital initiatives through three Centres of Excellence (CoE) for IoT, Analytics & AI, and DPA. We believe investments made by HMT in these CoEs are critical to build industry-specific skill sets and widen its scope of service offerings. HMT’s breadth of digital service offerings and go-to-market approach with CEOs appointed for each of its 3 business segments address the entire gamut of customer digital IT spends. We expect the company to record >15% USD revenue CAGR over FY21-FY23E, led by rising customer digital IT spend, deeper engagements with existing customers, new customer wins, and investments in critical initiatives like CoEs, strategic acquisitions and alliances.

Outlook

We Initiate Coverage on HMT with an ACCUMULATE rating and target price of INR 385, implying a PE of 30x FY23E EPS. The stock has performed well post-IPO, notching up gains of >100%, and we would turn buyers at slightly lower levels (10%) from here, even as we would be comfortable buying in staggered quantities from a long-term investment perspective.

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