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MINDS TECHNOLOGIES LIMITEDMain BoardEquity2025-04-012026-03-312026-05-282026-05-19INRLakhsQuarterlyFourth quarterMulti segment2026-05-2820:45:002026-05-2821:30:00trueCash Flow IndirectDeclaration of unmodified opinion2026-01-012026-03-31UnauditedConsolidated6040800000176100000621690000000040444000002261000002156000009604000005446500000770400000344000008048000001644000002870000019310000006117000000000611700000-813000005304000006115000000530200000030050000024.064.06004.064.060.00880.05190.04611. In terms of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, this Statement of Unaudited Consolidated Financial Results for the quarter and year ended March 31, 2026 ("Unaudited Consolidated Financial Results") of Happiest Minds Technologies Limited (the “Holding Company” or the "Company") and its subsidiaries (together referred to as “the Group”) has been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on May 28, 2026. <BR> <BR> 2. The figures for the quarter ended March 31, 2026 are balancing figures between audited figures in respect of full financial year up to March 31, 2026 and the published year-to-date results up to December 31, 2025 being the date of the end of the third quarter of the financial year. The published year-to-date results up to December 31, 2025 was subjected to a limited review by the Statutory Auditors of the Company. <BR> <BR> 3. The Consolidated Financial Results of the Group have been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards ("Ind AS") as prescribed under section 133 of the Companies Act 2013, and as amended, read with relevant rules thereunder and in terms of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, as amended and SEBI Circular No.CIR/CFD/CMD1/44/2019 dated March 29, 2019. <BR> <BR> 4.The Board of Directors of the Group at their meeting held on May 28, 2026 for the financial year ended March 31, 2026, recommended the payout of a final dividend of Rs.3.65/- per equity share of face value Rs.2/- each. This recommendation is subject to approval of Shareholders at the 15th Annual General Meeting of the Company scheduled to be held on July 28, 2026. <BR> <BR> 5. On November 21, 2025, the Government of India notified provisions of the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 (collectively, the “Labour Codes”) which consolidate twenty-nine existing labour laws into a unified framework governing employee benefits during employment and post-employment <BR> <BR> The Labour Codes, introduce changes including a uniform definition of wages and enhanced benefits relating to leave. The Group has assessed the financial implications of these changes, which have resulted in an increase in gratuity liability arising from past service cost and increase in leave liability by INR 2,203 lakhs. <BR> <BR> Considering that the impact arising from the enactment of the new legislation is non-recurring in nature, the Group has presented this incremental amount of INR 2,203 lakhs as “Impact of Labour Codes” under “Exceptional Items” in the Statement of Profit and Loss for the quarter ended December 31, 2025 and year ended March 31, 2026. The Group continues to monitor developments pertaining to the Labour Codes and will evaluate any further impact on the measurement of liabilities relating to employee benefits. <BR> <BR> 6. On May 22, 2024, the Group acquired 100% equity interest of PureSoftware Technologies Private Limited (‘PSTPL’). The Group paid a total cash consideration of INR 64,229 lakhs towards the acquisition. As a result of this acquisition, the Group has recorded goodwill of INR 56,740 lakhs and other intangible assets of INR 15,718 lakhs, and a contingent considerations of INR 10,814 lakhs. Costs incurred on the acquisition of about INR 605 Lakhs has been grouped under "Other expenses". <BR> <BR> The Group has re-measured the fair value of the first-year earn-out contingent consideration and the change in fair value of INR 2,344 Lakhs has been recognised as a loss in the statement of profit and loss and disclosed as an ‘Exceptional Item’ for the quarter and year ended March 31, 2025. <BR> <BR> Further, the Group re-measured the fair value of the second-year earn-out contingent consideration, and the change in fair value of INR 1,247 Lakhs has been recognised as a loss in the Statement of Profit and Loss and disclosed as an ‘Exceptional Item’ for the current quarter and year ended March 31, 2026 <BR> <BR> 7. On May 24, 2024, the Group acquired 100% membership interest in Aureus Tech Systems LLC ('Aureus'). The Group paid a total cash consideration of INR 7,149 lakhs towards the acquisition. As a result of this acquisition, the Group has recorded goodwill of INR 4,783 lakhs and other intangible assets of INR 4,398 lakhs, and a contingent considerations of INR 2,425 lakhs. The Group incurred acquisition cost of INR 38 Lakhs and it is grouped under "Other expenses". <BR> <BR> The Group has re-measured the fair value of the first year earn-out contingent consideration and the change in fair value of INR 1,128 Lakhs has been recognised as a gain in the statement of profit and loss and disclosed as an ‘Exceptional Item’ for the quarter and year ended March 31, 2025. <BR> <BR> Further, the Group re-measured the second-year earn-out contingent consideration, and the change in fair value amounting to INR 1,591 Lakhs as at March 31, 2026 has been recognised as a gain in the Statement of Profit and Loss and disclosed as an ‘Exceptional Item’ for the quarter and year ended March 31, 2026. <BR> <BR> 8. The Board of Directors of the Group at its meeting held on July 29, 2025 had approved the Scheme of Amalgamation of Aureustech Systems Private Limited (Wholly Owned Subsidiary of the Company) with the Company and their respective Shareholders and Creditors, pursuant to Sections 230 to 232 and other relevant provisions of the Companies Act, 2013 read with Regulation 37 of SEBI (LODR) Regulation, 2015. The Scheme of Amalgmation is filed with Hon’ble National Company Law Tribunal (“NCLT”) on September 02, 2025. <BR> <BR> 9. The Board of Directors of the Group at its meeting held on February 04, 2025 had approved the Scheme of Amalgamation of PureSoftware Technologies Private Limited (Wholly Owned Subsidiary of the Company) with the Company and their respective Shareholders and Creditors, pursuant to Sections 230 to 232 and other relevant provisions of the Companies Act, 2013 read with Regulation 37 of SEBI (LODR) Regulation, 2015. The Scheme of Amalgmation is filed with Hon’ble National Company Law Tribunal (“NCLT”) on May 09 2025. <BR> <BR> 10. The Scheme of Amalgamation of Happiest Minds Edutech Pvt. Ltd ("HMEPL"), a wholly-owned subsidiary, with and into the Holding Company was approved by the Hon’ble National Company Law Tribunal (“NCLT”) on September 22, 2025, with an appointed date of April 18, 2024. The resultant merger has no impact on the consolidated financial results of the Group , as HMEPL was a wholly-owned subsidiary. <BR> <BR> 11. The Scheme of Amalgamation of Sri Mookambika Infosolutions Privtate Limited ("SMI"), a wholly-owned subsidiary, with and into the Holding Company was approved by the Hon’ble National Company Law Tribunal (“NCLT”) on September 25, 2025 and a corrigendum dated October 13, 2025, with an appointed date of April 1, 2025. The resultant merger has no impact on the consolidated financial results of the Group , as SMI was a wholly-owned subsidiary. <BR> <BR> 12. The financial results of the Company on standalone basis is as follows: <BR> <BR> Total revenue (including other income) <BR> Quarter ended: <BR> March 31, 2026 (Refer Note 2): 54,895, December 31, 2025 (Unaudited): 44,841, March 31, 2025 (Unaudited ): 45,006 <BR> <BR> Year ended: <BR> March 31, 2026 (Audited):1,90,115, March 31, 2025 (Audited):1,73,097 <BR> <BR> Profit before tax <BR> Quarter ended: <BR> March 31, 2026 (Refer Note 2): 12,599, December 31, 2025 (Unaudited): 1,959, March 31, 2025 (Unaudited ): 3,693 <BR> <BR> Year ended: <BR> March 31, 2026 (Audited):27,031, March 31, 2025 (Audited):20,740 <BR> <BR> Profit for the period / year <BR> Quarter ended: <BR> March 31, 2026 (Refer Note 2): 11,338, December 31, 2025 (Unaudited): 1,403, March 31, 2025 (Unaudited ): 3,050 <BR> <BR> Year ended: <BR> March 31, 2026 (Audited):22,412, March 31, 2025 (Audited):15,543 <BR> <BR> Total comprehensive income for the period / year ended <BR> Quarter ended: <BR> March 31, 2026 (Refer Note 2): 9,860, December 31, 2025 (Unaudited): 1,755, March 31, 2025 (Unaudited ): 3,559 <BR> <BR> Year ended: <BR> March 31, 2025 (Audited):19,936 , March 31, 2024 (Audited):14,938 <BR> <BR> 13. The above Unaudited Consolidated Financial Results of the Group are available on the Company's website www.happiestminds.com and also that of BSE (www.bseindia.com) and NSE (www.nseindia.com).2025-04-012026-03-31AuditedConsolidated2315110000084970000024000800000000156095000009736000008819000003507800000209728000003028000000-1859000002842100000795200000-793000007159000000212620000000002126200000-1043000002021900000212620000002021900000030050000021659430000014.1214.110014.1214.110.00880.05260.0426Subcontractor charges397500000Software license cost196800000Travelling and conveyance87000000Advertising and business promotion expenses27000000Legal and professional fees31600000Recruitment charges37100000Rent expenses25500000Repairs and maintenance29100000Corporate social responsibility expenditure17700000Others111100000Subcontractor charges1416900000Software license cost704300000Travelling and conveyance408800000Advertising and business promotion expenses105600000Legal and professional fees177500000Recruitment charges132700000Rent expenses77100000Repairs and maintenance102000000Corporate social responsibility expenditure73600000Others30930000013476000000077728000001993900000165000000000033557000003355700000440800000568300000154956000000503520000039027000001196600000793050000033000001668400000197367000000101880000020755500000003625110000030050000016594400000168949000000168949000003429200000000623700000405290000089140000039400000000533830000010697400000547000009104000009651000001196800000128593000007775000003811000000014017900000001935620000036251100000Right-of-use assets605600000Fixed deposit with maturity of more than 12 months2002700000Margin money deposits629200000Security deposit118200000-0Income tax assets (net)538900000Prepaid expenses17400000Balances with government authorities12000000-0-0Interest accrued on fixed deposit112900000Unbilled revenue1519800000Security deposit27300000Other receivables5700000Foreign currency forward contracts700000Cross currency interest rate swap2000000Prepaid expenses312400000Balances with statutory / government authorities84200000Advance to employees against expenses7900000Advance to suppliers73600000Contract assets540700000Lease liabilities410600000Interest rate swaps41600000Cross currency interest rate swap171500000-0-0-0-0-0-0-0Lease liabilities329300000Employee related liabilities457800000Unpaid dividend4100000Capital creditors26200000Accrued interest payable32200000Contingent consideration14400000Optionally Convertible Redeemable Preference Shares (OCRPS)75400000Interest rate swaps2200000Foreign currency forward contracts255200000Contract liabilities340100000Income tax liabilities (net)31500000Statutory dues payable405500000Other payables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e-measurement of defined benefit plans1050000010500000Re-measurement of defined benefit plans5630000056300000270000014200000Exchange difference on translation of foreign operation75600000Net change in fair value of derivatives designated as cash flow hedges-220100000-144500000Exchange difference on translation of foreign operation144400000Net change in fair value of derivatives designated as cash flow hedges-388600000-244200000-55400000-97800000-81300000-104300000AuditedtrueDeloitte Haskins and Sellstrue2028-04-30