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Happy Square Outsourcing Services Ltd

WHITEFORCE
NSE
54.00
8.00%
Last Updated:
29 Apr '26, 4:00 PM
Company Overview
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Happy Square Outsourcing Services Ltd

WHITEFORCE
NSE
54.00
8.00%
29 Apr '26, 4:00 PM
Company Overview
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6M
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Quick Ratios

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Mkt Cap
Market Capitalization
63Cr
Close
Close Price
54.00
Industry
Industry
Miscellaneous
PE
Price To Earnings
35.29
PS
Price To Sales
0.68
Revenue
Revenue
92Cr
Rev Gr TTM
Revenue Growth TTM
PAT Gr TTM
PAT Growth TTM
Peer Comparison
How does WHITEFORCE stack up?
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Quarterly Results

Standalone
Numbers
Percentage
QuarterSep 2024Mar 2025Sep 2025
Revenue
RevenueCr
494943
Growth YoY
Revenue Growth YoY%
-10.9
Expenses
ExpensesCr
444441
Operating Profit
Operating ProfitCr
453
OPM
OPM%
8.610.56.3
Other Income
Other IncomeCr
000
Interest Expense
Interest ExpenseCr
111
Depreciation
DepreciationCr
000
PBT
PBTCr
452
Tax
TaxCr
110
PAT
PATCr
332
Growth YoY
PAT Growth YoY%
-32.7
NPM
NPM%
5.46.84.1
EPS
EPS
0.00.01.5

Profit & Loss

Standalone
Numbers
Percentage
Financial YearMar 2022Mar 2023Mar 2024Mar 2025TTM
Revenue
RevenueCr
2853699792
Growth
Revenue Growth%
86.731.540.6-5.4
Expenses
ExpensesCr
2850638884
Operating Profit
Operating ProfitCr
03698
OPM
OPM%
1.65.49.39.68.5
Other Income
Other IncomeCr
00000
Interest Expense
Interest ExpenseCr
00111
Depreciation
DepreciationCr
00001
PBT
PBTCr
02687
Tax
TaxCr
01121
PAT
PATCr
02465
Growth
PAT Growth%
627.0145.734.4-13.9
NPM
NPM%
0.93.46.36.15.5
EPS
EPS
0.32.15.27.01.5

Balance Sheet

Standalone
Numbers
Percentage
Financial YearMar 2022Mar 2023Mar 2024Mar 2025
Equity Capital
Equity CapitalCr
0008
Reserves
ReservesCr
0274
Current Liabilities
Current LiabilitiesCr
591924
Non Current Liabilities
Non Current LiabilitiesCr
3333
Total Liabilities
Total LiabilitiesCr
9142840
Current Assets
Current AssetsCr
7122435
Non Current Assets
Non Current AssetsCr
1345
Total Assets
Total AssetsCr
9142840

Cash Flow

Standalone
Financial YearMar 2022Mar 2023Mar 2024Mar 2025
Operating Cash Flow
Operating Cash FlowCr
0-1-2-2
Investing Cash Flow
Investing Cash FlowCr
-1-1-20
Financing Cash Flow
Financing Cash FlowCr
1242
Net Cash Flow
Net Cash FlowCr
0000
Free Cash Flow
Free Cash FlowCr
0-2-4-3
CFO To PAT
CFO To PAT%
-16.1-79.7-42.8-27.8
CFO To EBITDA
CFO To EBITDA%
-8.6-50.2-29.2-17.6

Ratios

Standalone
Financial YearMar 2022Mar 2023Mar 2024Mar 2025
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
0000
Price To Earnings
Price To Earnings
0.00.00.00.0
Price To Sales
Price To Sales
0.00.00.00.0
Price To Book
Price To Book
0.00.00.00.0
EV To EBITDA
EV To EBITDA
7.32.21.71.5
Profitability Ratios
Profitability Ratios
GPM
GPM%
100.0100.0100.0100.0
OPM
OPM%
1.65.49.39.6
NPM
NPM%
0.93.46.36.1
ROCE
ROCE%
9.132.037.133.7
ROE
ROE%
69.883.566.847.3
ROA
ROA%
2.812.515.514.9
Operational Ratios
Operational Ratios
Solvency Ratios
Solvency Ratios
Liquidity Ratios
Liquidity Ratios
Happy Square Outsourcing Services Limited, operating under the premium brand **White Force**, is a technology-driven, integrated HR outsourcing and staffing solutions provider. Headquartered in Jabalpur, Madhya Pradesh, the company has established a **Pan-India presence** across **20+ states** and **25,000 pin codes**, serving over **65 industries**. The company is currently transitioning from a regional manpower provider to a diversified human resources and agricultural support services firm, leveraging proprietary AI technology to scale operations. --- ### Specialized Workforce Verticals & Service Portfolio The company provides end-to-end human capital management through several specialized service lines, catering to both private and public sectors: * **General & Flexi Staffing:** Deployment of workforce for fixed durations on client projects while maintaining associates on the company's payroll. As of **March 31, 2025**, the company had **5,802 personnel** deployed. * **Industrial & Technical Staffing:** A specialized vertical for manufacturing, sourcing technical roles such as **Degree/Diploma Engineers**, **ITI Technicians**, and production staff. * **Recruitment Process Outsourcing (RPO) & Executive Search:** Full-cycle recruitment including high-end leadership hiring for **CXO, CFO, CEO, and COO** roles. This operates on a **one-time placement fee** basis. * **Apprentice Staffing:** Registered **Third Party Aggregator (TPA)** under **NSDC** since **2023** for Central Government Apprenticeship Programs. * **Payroll & Compliance Management:** Comprehensive processing of salaries, tax computations, and end-to-end labor law compliance (**PF, ESI, and statutory registrations**). * **Facility Management:** Tailored solutions for office management and site maintenance. * **Agricultural Support (New Vertical):** Recently expanded scope (approved **February 2026**) to include farm labor supply for primary agricultural operations, horticulture, and animal husbandry. --- ### Proprietary Technology & Digital Ecosystem The company utilizes a "tech-first" approach to automate the recruitment lifecycle, which significantly reduces turnaround times and operational overhead. | Platform | Core Function | Key Impact & Features | | :--- | :--- | :--- | | **white-force.com** | **Job Portal** | Proprietary platform with **1,000,000+ registered candidates** and **3,000+ active postings**. | | **White Force Plus** | **AI-powered ATS** | In-house **Applicant Tracking System** achieving an industry-leading turnaround time of **60 hours**. | | **White Force Payroll** | **HRMS Portal** | Web-based automation for payroll and attendance; saves up to **50% of HR professionals' time**. | **Key Technological Value Propositions:** * **Scalability:** Architecture designed to accommodate growing workforces and evolving compliance requirements. * **Data Assets:** Integration with **Happiest Resume Services** (a group company) to maintain a live, massive candidate database. * **Security:** Holds **ISO 27001** (Information Security) and **ISO 9001:2015** (Quality) certifications. --- ### Sectoral Expertise & Market Reach The company targets high-growth sectors, particularly those supported by India's **Production Linked Incentive (PLI)** schemes: * **IT & Digital:** Focuses on niche technologies including **AI/ML, Cloud, DevOps, UI/UX, Cyber Security,** and **Product Engineering**. * **Automobile:** Specialized recruitment for **chassis, suspension systems, electronics,** and **body styling**. * **BFSI & Consulting:** Placements in **risk advisory, taxation, assurance,** and **transaction advisory**. * **Public Sector:** Aggressive expansion into government contracting via the **GeM portal**, currently operating in **4-5 states** with a mandate for **nationwide expansion**. --- ### Recent Contract Wins & Order Book (FY 2025-26) The company maintains a robust pipeline of domestic work orders, with a significant concentration in the power and defense sectors. | Date | Client | Nature of Service | Approx. Value (₹ Cr) | | :--- | :--- | :--- | :--- | | **Nov 2025** | Various | 2 New Tenders | **19.4900** | | **Jan 2026** | MPPTCL (Multiple) | 1 New / 5 Extensions | **2.3100** | | **Sep 2025** | Various Clients | Monthly Total Manpower | **2.3000** | | **Oct 2025** | Hindustan Copper Ltd | New Tender | **1.6900** | | **Apr 2026** | MPPGCL - Birsinghpur | Manpower Supply | **0.5259** | | **Sep 2025** | MPPGCL - Pench | Manpower Supply | **0.5129** | | **Mar 2026** | MPPTCL (Jabalpur) | New Work Order | **0.1834** | | **Apr 2026** | Yantra India (Defence) | Manpower Supply | **0.1830** | --- ### Financial Performance & Contribution (FY 2024-25) The company demonstrates significant operational scale, managing substantial capital flows related to contract workforce salaries and statutory compliance. | Metric (Standalone) | Value (FY 2024-25) | | :--- | :--- | | **Total Turnover** | **₹97.41 Crore** | | **Net Profit** | **₹5.94 Crore** | | **Workforce Salary Payouts** | **₹1,16,640 Crore** | | **GST Contribution** | **₹24,168 Crore** | | **EPF Contributions** | **₹14,580 Crore** | | **ESI Contributions** | **₹3,044 Crore** | *Note: Approximately **40%** of total salary payouts are directed toward social security.* --- ### Strategic Leadership & Governance To address periods of inadequate profits and drive the next phase of growth, the company has restructured its leadership and fiscal policies: * **Executive Appointments:** **Mrs. Shraddha Rajpal** was appointed **Managing Director** (5-year term) and **Mrs. Poonam Rajpal** as **Whole Time Director** (3-year term) effective **February 2026**. * **Fiscal Discipline:** Executive remuneration for the Whole Time Director is capped at **₹30,00,000 per annum** to maintain lean operations during growth phases. * **Governance:** Operates a formal **Whistle Blower Policy** under **Section 177(10) of the Companies Act, 2013**, ensuring direct access to the Audit Committee for reporting unethical behavior. --- ### Risk Management Framework The company identifies and mitigates risks through a structured framework overseen by the Board: * **Strategic Risks:** Vulnerability to **economic recessions** causing hiring freezes; disruption from **AI and Automation** displacing traditional roles. * **Operational Risks:** High **turnover rates** in temporary staffing; **client dependency** on a limited number of key accounts; rising costs of **onboarding and recruiting**. * **Compliance Risks:** Constant evolution of **labor laws** and potential **legal liabilities** regarding worker misclassification (contractor vs. employee). * **Market Risks:** Intense competition from **online job platforms** and global agencies impacting pricing power.