Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹63Cr
Rev Gr TTM
Revenue Growth TTM
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

WHITEFORCE
VS
| Quarter | Mar 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | | | -10.9 |
| 44 | 44 | 41 |
Operating Profit Operating ProfitCr |
| 8.6 | 10.5 | 6.3 |
Other Income Other IncomeCr | 0 | 0 | 0 |
Interest Expense Interest ExpenseCr | 1 | 1 | 1 |
Depreciation DepreciationCr | 0 | 0 | 0 |
| 4 | 5 | 2 |
| 1 | 1 | 0 |
|
Growth YoY PAT Growth YoY% | | | -32.7 |
| 5.4 | 6.8 | 4.1 |
| 0.0 | 0.0 | 1.5 |
| Financial Year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| | 86.7 | 31.5 | 40.6 | -5.4 |
| 28 | 50 | 63 | 88 | 84 |
Operating Profit Operating ProfitCr |
| 1.6 | 5.4 | 9.3 | 9.6 | 8.5 |
Other Income Other IncomeCr | 0 | 0 | 0 | 0 | 0 |
Interest Expense Interest ExpenseCr | 0 | 0 | 1 | 1 | 1 |
Depreciation DepreciationCr | 0 | 0 | 0 | 0 | 1 |
| 0 | 2 | 6 | 8 | 7 |
| 0 | 1 | 1 | 2 | 1 |
|
| | 627.0 | 145.7 | 34.4 | -13.9 |
| 0.9 | 3.4 | 6.3 | 6.1 | 5.5 |
| 0.3 | 2.1 | 5.2 | 7.0 | 1.5 |
| Financial Year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Equity Capital Equity CapitalCr | 0 | 0 | 0 | 8 |
| 0 | 2 | 7 | 4 |
Current Liabilities Current LiabilitiesCr | 5 | 9 | 19 | 24 |
Non Current Liabilities Non Current LiabilitiesCr | 3 | 3 | 3 | 3 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 7 | 12 | 24 | 35 |
Non Current Assets Non Current AssetsCr | 1 | 3 | 4 | 5 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 0 | -1 | -2 | -2 |
Investing Cash Flow Investing Cash FlowCr | -1 | -1 | -2 | 0 |
Financing Cash Flow Financing Cash FlowCr | 1 | 2 | 4 | 2 |
|
Free Cash Flow Free Cash FlowCr | 0 | -2 | -4 | -3 |
| -16.1 | -79.7 | -42.8 | -27.8 |
CFO To EBITDA CFO To EBITDA% | -8.6 | -50.2 | -29.2 | -17.6 |
| Financial Year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 0 | 0 | 0 | 0 |
Price To Earnings Price To Earnings | 0.0 | 0.0 | 0.0 | 0.0 |
Price To Sales Price To Sales | 0.0 | 0.0 | 0.0 | 0.0 |
Price To Book Price To Book | 0.0 | 0.0 | 0.0 | 0.0 |
| 7.3 | 2.2 | 1.7 | 1.5 |
Profitability Ratios Profitability Ratios |
| 100.0 | 100.0 | 100.0 | 100.0 |
| 1.6 | 5.4 | 9.3 | 9.6 |
| 0.9 | 3.4 | 6.3 | 6.1 |
| 9.1 | 32.0 | 37.1 | 33.7 |
| 69.8 | 83.5 | 66.8 | 47.3 |
| 2.8 | 12.5 | 15.5 | 14.9 |
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.