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Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. Happiest Minds Technologies's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 58.53%.
The historical rank and industry rank for Happiest Minds Technologies's ROC (Joel Greenblatt) % or its related term are showing as below:
NSE:HAPPSTMNDS'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -22.79 Med: 95.45 Max: 369.94
Current: 56.74
During the past 9 years, Happiest Minds Technologies's highest ROC (Joel Greenblatt) % was 369.94%. The lowest was -22.79%. And the median was 95.45%.
NSE:HAPPSTMNDS's ROC (Joel Greenblatt) % is ranked better than 63.46% of 2816
companies
in the Software industry
Industry Median: 20.03
vs NSE:HAPPSTMNDS: 56.74
The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
NSE:HAPPSTMNDS vs IBM, ACN, FISV: ROC (Joel Greenblatt) % Comparison
For the Information Technology Services subindustry, Happiest Minds Technologies's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (Joel Greenblatt) % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Happiest Minds Technologies ROC (Joel Greenblatt) % vs Software Industry
For the Software industry and Technology sector, Happiest Minds Technologies's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Happiest Minds Technologies's ROC (Joel Greenblatt) % falls into.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:
EBIT stands for Earnings Before Interest and Taxes.
Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.
GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.
Note:
The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
What does a ROC (Joel Greenblatt) % of 58.53% mean?
Happiest Minds Technologies (NSE:HAPPSTMNDS) has a ROC (Joel Greenblatt) % of 58.53% as of Mar. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Happiest Minds Technologies and its competitors. This is 39% below median its historical median of 95.45. According to the industry distribution chart, Happiest Minds Technologies ranks #1029 out of 2816 companies in the Software industry, placing it in the top 36.5%.
Is Happiest Minds Technologies' ROC (Joel Greenblatt) % too high?
Happiest Minds Technologies' current ROC (Joel Greenblatt) % of 58.53% is 39% below median its 10-year median of 95.45. The Software industry median ROC (Joel Greenblatt) % is 20.03. Happiest Minds Technologies' value of 58.53% is 192.2% above this industry median. Based on the distribution chart, Happiest Minds Technologies ranks #1029 out of 2816 companies in the Software industry, which is above the industry midpoint. Overall, Happiest Minds Technologies has a GF Score™ of 68/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Happiest Minds Technologies' ROC (Joel Greenblatt) % compare to IBM and ACN?
According to the Software industry distribution chart, Happiest Minds Technologies ranks #1029 out of 2816 companies for ROC (Joel Greenblatt) %. This puts Happiest Minds Technologies in the upper half of its industry. The industry median ROC (Joel Greenblatt) % is 20.03. Happiest Minds Technologies' value of 58.53% is 192.2% above this benchmark. While the company's 10-year median is 95.45 vs. the industry median of 20.03, Happiest Minds Technologies has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good ROC (Joel Greenblatt) % for a Software company?
The median ROC (Joel Greenblatt) % among Software companies is 20.03, based on 2,816 companies in the industry. Companies in the top quartile (top 25%) have a ROC (Joel Greenblatt) % significantly above this median, while those in the bottom quartile fall well below. However, ROC (Joel Greenblatt) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Happiest Minds Technologies's current ROC (Joel Greenblatt) % of 58.53% is 192.2% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high ROC (Joel Greenblatt) % mean?
A high ROC (Joel Greenblatt) % can signal that a stock is expensive relative to its fundamentals. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Happiest Minds Technologies and its competitors. For the Software industry, the median ROC (Joel Greenblatt) % is 20.03 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Happiest Minds Technologies's current ROC (Joel Greenblatt) % is 58.53%, which is 39% below median its own 10-year median of 95.45. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Happiest Minds Technologies stock overvalued right now?
Based on GuruFocus' analysis, Happiest Minds Technologies (NSE:HAPPSTMNDS) is currently considered Significantly Undervalued. The stock's GF Value™ is ₹1,011.91, compared to a current price of ₹365.75 — trading 63.9% below its estimated fair value. The current ROC (Joel Greenblatt) % is 58.53%, which is 39% below median its 10-year median of 95.45 and 192.2% above the Software industry median of 20.03. Happiest Minds Technologies' overall GF Score™ is 68/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROC (Joel Greenblatt) % calculated?
ROC (Joel Greenblatt) % is calculated from a company's financial statements. For Happiest Minds Technologies (NSE:HAPPSTMNDS), the current ROC (Joel Greenblatt) % is 58.53% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Happiest Minds Technologies (NSE:HAPPSTMNDS) Overvalued in 2026?
Based on GuruFocus' analysis, Happiest Minds Technologies stock appears to be undervalued.
The current stock price of ₹365.75 is trading 63.9% below its estimated GF Value™ of ₹1,011.91.
GuruFocus considers Happiest Minds Technologies to be Significantly Undervalued.
Key valuation signals for NSE:HAPPSTMNDS:
ROC (Joel Greenblatt) %: 58.53% (39% below median its 10-year median of 95.45)
GF Value™: ₹1,011.91 vs. price of ₹365.75 (63.9% below fair value)
Industry Position: 192.2% above the Software median (#1029 of 2816)
No single metric tells the full story. See the NSE:HAPPSTMNDS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Happiest Minds Technologies Ltd is an information technology (IT) company intended to deliver seamless customer experiences, business efficiency, and actionable insights to users. The company leverages a spectrum of disruptive technologies like artificial intelligence, blockchain, cloud, digital process automation, internet of things, robotics/drones, security, virtual/augmented reality, and more, enabling users in industry sectors like automotive, banking, financial services and insurance (BFSI), consumer packaged goods, e-commerce, edutech, engineering research and development (R&D), hi-tech, manufacturing, retail, and travel/transportation/hospitality to undergo digital transformation. Geographically, the company generates its key revenue from the United States of America.
68GF Score
Get the complete analysis for NSE:HAPPSTMNDS
ROC (Joel Greenblatt) % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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