Happy Square Outsourcing Services
WHITEFORCE NSE
Happy Square Outsourcing Services
ServicesNSE: WHITEFORCE Commercial Services & Supplies
Key Fundamentals
SMEDiversified ServicesCommercial ServicesMarket Cap
₹43.15 Cr
Volatility
Moderate
P/E Ratio
7.7
EBITDA
₹7.90 Cr
Return on Equity
14.22%
Debt to Equity
0.17
Book Value
₹36.28
52W High
₹90.25
52W Low
₹28.25
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
3- Company has reduced debt.
- Stock is trading at 1.03 times its book value
- Company has a good return on equity (ROE) track record: 3 Years ROE 40.1%
Weaknesses
4- Though the company is reporting repeated profits, it is not paying out dividend
- Tax rate seems low
- Debtor days have increased from 103 to 142 days.
- Working capital days have increased from 58.6 days to 109 days
Growth Rate
Revenue Growth
12.49% lower than
3Y
Net Income Growth
1.69% lower than
3Y
Cash Flow Change
-750% lower than
3Y
ROE
-70.15% lower than
3Y
ROCE
-73.09% higher than
3Y
EBITDA Margin (Avg.)
-27.01% lower than
3Y
Quarterly Results
| Particulars | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 49 | 49 | 43 | 66 |
| Expenses | 44 | 44 | 41 | 61 |
| Operating Profit | 4 | 5 | 3 | 4 |
| OPM % | 9% | 11% | 6% | 7% |
| Other Income | 0 | 0 | 0 | 0 |
| Interest | 1 | 1 | 1 | 0 |
| Depreciation | 0 | 0 | 0 | 0 |
| PBT | 4 | 4 | 2 | 4 |
| Tax % | 26% | 25% | 7% | -5% |
| Net Profit | 3 | 3 | 2 | 4 |
| EPS in Rs | 3.13 | 3.94 | 1.53 | 3.63 |
Profit & Loss
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Sales | 28 | 53 | 69 | 97 | 109 |
| Expenses | 28 | 50 | 63 | 88 | 102 |
| Operating Profit | 0 | 3 | 6 | 9 | 7 |
| OPM % | 1.6% | 5% | 9% | 10% | 7% |
| Other Income | 0 | 0 | 0 | 0 | 0 |
| Interest | 0 | 0 | 1 | 1 | 1 |
| Depreciation | 0 | 0 | 0 | 0 | 1 |
| PBT | 0 | 2 | 6 | 8 | 6 |
| Tax % | 25% | 25% | 25% | 25% | -1% |
| Net Profit | 0 | 2 | 4 | 6 | 6 |
| EPS in Rs | 250 | 1,790 | 4,390 | 7.06 | 5.15 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% |
Balance Sheet
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Equity Capital | 0.01 | 0.01 | 0.01 | 8 | 12 |
| Reserves | 0 | 2 | 7 | 4 | 30 |
| Borrowings | 4 | 7 | 11 | 15 | 7 |
| Other Liabilities | 4 | 6 | 11 | 13 | 12 |
| Total Liabilities | 9 | 14 | 28 | 40 | 61 |
| Fixed Assets | 0 | 0 | 2 | 3 | 4 |
| CWIP | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 5 |
| Other Assets | 8 | 14 | 26 | 36 | 52 |
| Total Assets | 9 | 14 | 28 | 40 | 61 |
Cash Flow
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Operating | 0 | -1 | -2 | -2 | -14 |
| Investing | -1 | -1 | -2 | 0 | -1 |
| Financing | 1 | 2 | 4 | 2 | 15 |
| Net Cash Flow | 0 | 0 | 0 | 0 | 1 |
| Free Cash Flow | 0 | -2 | -4 | -3 | -15 |
| CFO/OP | 44 | -28 | -7 | 4 | -196 |
Ratios
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Debtor Days | 78 | 53 | 80 | 86 | 142 |
| Cash Conversion Cycle | 78 | 53 | 80 | 86 | 142 |
| Working Capital Days | 18 | 15 | 27 | 40 | 109 |
| ROCE % | — | 43% | 50% | 41% | 19% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Happy Square Outsourcing Services insights
53 extracted metrics + investor summaries across FY22–FY26.
Documents
1
Bagging/Receiving of orders/contracts
11 Sep - Received MPPTCL work order worth ₹53.47 lakh for 6 months from 01.10.2026. 11 Sep - Received MPPTCL work order worth ₹53.47 lakh for 6 months from 01.10.2026.
2
Bagging/Receiving of orders/contracts
10 Sep - MPPTCL extended existing work order for 6 months from 01.10.2026 to 31.03.2027, worth ₹59.76 lakh. 10 Sep - MPPTCL extended existing work order for 6 months from 01.10.2026 to 31.03.2027, worth ₹59.76 lakh.
3
Bagging/Receiving of orders/contracts
7 Sep - MPPTCL extends existing work order by 6 months to 31 March 2027 for about ₹1.0254 crore. 7 Sep - MPPTCL extends existing work order by 6 months to 31 March 2027 for about ₹1.0254 crore.
4
Bagging/Receiving of orders/contracts
4 Sep - Bharat Dynamics extended manpower supply work order worth Rs. 56.64 lakh for four months. 4 Sep - Bharat Dynamics extended manpower supply work order worth Rs. 56.64 lakh for four months.
5
Bagging/Receiving of orders/contracts
3 Sep - Third extension of MPPTCL Shivpuri work order worth ₹1.27 crore for 01.10.2026 to 31.03.2027. 3 Sep - Third extension of MPPTCL Shivpuri work order worth ₹1.27 crore for 01.10.2026 to 31.03.2027.
Frequently Asked Questions about Happy Square Outsourcing Services
What does Happy Square Outsourcing Services Ltd do?
Incorporated in 2017, Happy Square Outsourcing Services Ltd is in the business of providing technology-based staffing, recruitment and
payroll solutions[1]
Where is Happy Square Outsourcing Services Ltd (WHITEFORCE) listed?
Happy Square Outsourcing Services Ltd trades as WHITEFORCE on the NSE.
Which sector does Happy Square Outsourcing Services Ltd belong to?
Happy Square Outsourcing Services Ltd is classified under the Services sector, in the Commercial Services & Supplies industry.
What is the market capitalisation of Happy Square Outsourcing Services Ltd?
Happy Square Outsourcing Services Ltd has a market capitalisation of ₹43.15 Cr, which places it in the Small Cap band.
What is the PE ratio of Happy Square Outsourcing Services Ltd?
Happy Square Outsourcing Services Ltd trades at a PE ratio of 7.70, against a book value of ₹36.28 per share.
What is the 52-week high and low of Happy Square Outsourcing Services Ltd?
Over the last 52 weeks Happy Square Outsourcing Services Ltd has traded between ₹28.25 and ₹90.25.
What is the Return on Equity (ROE) of Happy Square Outsourcing Services Ltd?
Happy Square Outsourcing Services Ltd reported a return on equity of 14.22%. Its debt-to-equity ratio is 0.17.
Company Information
Incorporated in 2017, Happy Square Outsourcing Services Ltd is in the business of providing technology-based staffing, recruitment and payroll solutions[1]
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