Happiest Minds Targets $1 Billion Revenue by FY28

HAPPSTMNDS Happiest Minds Technologies has set a US$1 billion annual revenue target by FY28 following its proposed combination with ITC Infotech. The transaction aims to create a larger, AI-first technology services company spanning digital engineering, AI, cloud, cybersecurity and enterprise transformation. On a pro-forma basis, the combined entity reported FY26 revenue of approximately ₹7,033 crore. It is expected to have over 19,000 employees, 800-plus customers and operations in more than 30 countries. The combination brings together Happiest Minds’ expertise in AI, digital engineering and cybersecurity with ITC Infotech’s capabilities in SAP, enterprise transformation, cloud and Industry 4.0. The expanded portfolio is expected to support cross-selling and larger client engagements. Under the proposed structure, ITC Infotech will acquire an approximately 22.1% stake in Happiest Minds from its promoters for ₹1,330 crore. The merger is planned through a share swap, with Happiest Minds shareholders receiving 25 ITC Infotech shares for every 81 shares held. ITC Limited is expected to own approximately 73.4% of the merged entity. Completion is expected within around 15 months, subject to shareholder and regulatory approvals. Both businesses will operate independently until approvals are secured. Investors will track integration and the ability to convert the expanded scale into sustainable growth. The US$1 billion ambition applies to the proposed combined entity, not Happiest Minds on a standalone basis. Disclosure: I do not hold any position or financial interest in the mentioned stock.