---
title: "Happy Square Outsourcing Services Ltd (WHITEFORCE) — Share Price, Financials & Analysis"
symbol: "WHITEFORCE"
company: "Happy Square Outsourcing Services Ltd"
canonical: "https://tapetide.com/stocks/WHITEFORCE"
isin: "INE0TLP01015"
nse_symbol: "WHITEFORCE"
sector: "Services"
industry: "Commercial Services & Supplies"
market_cap_cr: 43.15
generated_at: "2026-09-13T18:19:23.442Z"
---

# Happy Square Outsourcing Services Ltd (WHITEFORCE)

Canonical page: https://tapetide.com/stocks/WHITEFORCE

## Company

- **NSE Symbol:** WHITEFORCE
- **ISIN:** INE0TLP01015
- **Sector:** Services
- **Industry:** Commercial Services & Supplies
- **Macro Sector:** Services
- **Stock Type:** EQUITY
- **Listed Since:** 2025-07-10
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** white-force.com

## About

Incorporated in 2017, Happy Square Outsourcing Services Ltd is in the business of providing technology-based staffing, recruitment and 
payroll solutions[1]

## Latest Price

- **Price:** ₹37.2
- **Change:** -2.4 (-6.06%)
- **Open:** ₹37.2
- **Day High:** ₹37.2
- **Day Low:** ₹37.2
- **Previous Close:** ₹39.6
- **Volume:** 1600
- **As Of:** 2026-09-11T04:25:18+00:00

## Key Fundamentals

Observed at 2026-09-11T04:44:20.071315Z.

- **Market Cap:** ₹43.15 Cr
- **Classification:** SME
- **P/E (reported):** 7.7
- **Book Value:** ₹36.28
- **Price to Book:** 1.09
- **Dividend Yield:** 0%
- **ROE:** 14.22%
- **ROCE:** 15.54%
- **Debt to Equity:** 0.17
- **Revenue (yearly):** ₹109.9 Cr
- **Net Income:** ₹6 Cr
- **EBITDA:** ₹7.9 Cr
- **52-Week High:** ₹90.25
- **52-Week Low:** ₹28.25
- **RSI (14):** 49.96

## Tapetide Score

- **Score:** 61 / 100
- **Score date:** 2026-09-04
- **Archetype:** Average Quality, Undemanding Price
- **What it means:** The financials sit mid-range rather than strong, and the multiple is not demanding. Nothing here stands out in either direction, so the read comes down to which single pillar you weight most and whether the next results move it off the middle.
- **Pillar profile:** Quality: Average · Valuation: Fair · Momentum: Flat
- **Percentile:** 90.4 (of 4473 scored stocks)
- **Confidence:** 86%
- **Data coverage:** 71%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 58.28 | 9% |
| growth | 54.21 | 9% |
| momentum | 53.8 | 12% |
| ownership | 81.04 | 24% |
| quality | 55.29 | 22% |
| valuation | 51.16 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Strengths

- 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

- 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 Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| cash flow growth | -750% | -641.49% | — |
| ebitda margin growth | -27.01% | -25.65% | 323.67% |
| net income growth | 1.69% | 51% | — |
| revenue growth | 12.49% | 27% | 31.27% |
| roce | -73.09% | -76.58% | 41.54% |
| roe | -70.15% | 42.89% | -79.63% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | 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 |
| Profit before tax | 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

All figures in ₹ crore unless the row name says otherwise.

| Item | 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 |
| Profit before tax | 0 | 2 | 6 | 8 | 6 |
| Tax % | 25 | 25 | 25 | 25 | -1 |
| Net Profit | 0 | 2 | 4 | 6 | 6 |
| EPS in Rs | 250 | 1790 | 4390 | 7.06 | 5.15 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | 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

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 0 | -1 | -2 | -2 | -14 |
| Cash from Investing Activity | -1 | -1 | -2 | 0 | -1 |
| Cash from Financing Activity | 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

| Item | 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 |

## Shareholding Pattern

### Quarterly

| Category | Jun 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- |
| Promoters | 84% | 60.9% | 60.9% |
| FIIs | 0% | 2.86% | 3.35% |
| DIIs | 0% | 0% | 1.93% |
| Government | 0% | 0% | 0% |
| Public | 0% | 29.27% | 30.5% |
| Others | 16% | 6.97% | 3.32% |
| No. of Shareholders | 7 | 216 | 197 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 2 / 5 / 12

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 40.25 | Sell |
| EMA (10) | 39.1 | Sell |
| SMA (20) | 39.14 | Sell |
| EMA (20) | 39.33 | Sell |
| SMA (50) | 40.12 | Sell |
| EMA (50) | 40.05 | Sell |
| SMA (100) | 40.3 | Sell |
| EMA (100) | 43.21 | Sell |
| SMA (200) | 53.07 | Sell |
| EMA (200) | 54.1 | Sell |

### Oscillators — summary: **Neutral**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 44.73 | Neutral |
| MACD (12,26,9) | -0.24 | Sell |
| Stochastic (14,3,3) | 25.32 | Neutral |
| ADX (14) | 11.13 | Neutral |
| Williams %R (14) | -100 | Buy |
| ATR (14) | 2.13 | High Volatility |
| ROC (12) | -5.82 | Sell |
| Stoch RSI (14) | 0 | Buy |
| UO (7,14,28) | 33.41 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 9 June 2026 - Received Power Grid facility management work order worth Rs. 62.64 lakh until June 30, 2028. | [Bagging/Receiving of orders/contracts 9 June 2026 - Received Power Grid facility management work order worth Rs. 62.64 lakh until June 30, 2028.](https://nsearchives.nseindia.com/corporate/HAPPYSQUARE_09062026171703_HappySquareReceiptofWorkOrder.pdf) |
| 9 April 2026 - Won manpower supply work order from MPPGCL worth ₹0.5259 crore for 01 year from 01.04.2026. | [Bagging/Receiving of orders/contracts 9 April 2026 - Won manpower supply work order from MPPGCL worth ₹0.5259 crore for 01 year from 01.04.2026.](https://nsearchives.nseindia.com/corporate/HAPPYSQUARE_09042026132820_HappySquareTenderUpdatenew.pdf) |
| 9 April 2026 - Won additional substation extension order at MPPTCL Indore for ₹0.0859 crore, valid from April 1, 2026 to March 31, 2027. | [Bagging/Receiving of orders/contracts 9 April 2026 - Won additional substation extension order at MPPTCL Indore for ₹0.0859 crore, valid from April 1, 2026 to March 31, 2027.](https://nsearchives.nseindia.com/corporate/HAPPYSQUARE_09042026132555_HappySquareTenderupdateextension.pdf) |
| 8 June 2026 - Audited FY26 standalone results: income ₹109.88 Cr, PAT ₹5.98 Cr; 25 tenders won worth ₹24.13 Cr. | [Press Release 8 June 2026 - Audited FY26 standalone results: income ₹109.88 Cr, PAT ₹5.98 Cr; 25 tenders won worth ₹24.13 Cr.](https://nsearchives.nseindia.com/corporate/HAPPYSQUARE_08062026180447_HappySquarePressReleaseMarch2026.pdf) |
| 8 Aug - AGM voting results declared on 8 Aug 2026; all 3 resolutions passed, including financials and MOA alteration. | [Shareholders meeting 8 Aug - AGM voting results declared on 8 Aug 2026; all 3 resolutions passed, including financials and MOA alteration.](https://nsearchives.nseindia.com/corporate/HAPPYSQUARE_08082026161211_HappySquare_ScrutinizersReport_Votingresult.pdf) |
| 8 Aug - 09th AGM held on August 08, 2026; financials adopted, director reappointed, and main object clause alteration approved. | [Shareholders meeting 8 Aug - 09th AGM held on August 08, 2026; financials adopted, director reappointed, and main object clause alteration approved.](https://nsearchives.nseindia.com/corporate/HAPPYSQUARE_08082026135600_Happy_Square_AGM_Proceedings_NSE_Reporting.pdf) |
| 7 Sep - MPPTCL extends existing work order by 6 months to 31 March 2027 for about ₹1.0254 crore. | [Bagging/Receiving of orders/contracts 7 Sep - MPPTCL extends existing work order by 6 months to 31 March 2027 for about ₹1.0254 crore.](https://nsearchives.nseindia.com/corporate/HAPPYSQUARE_07092026185703_HappySquareExtensionWorkOrder.pdf) |
| 6 June 2026 - Investor/analyst earnings call scheduled for June 11, 2026 at 4:00 PM on H2 FY26 audited results. | [Analysts/Institutional Investor Meet/Con. Call Updates 6 June 2026 - Investor/analyst earnings call scheduled for June 11, 2026 at 4:00 PM on H2 FY26 audited results.](https://nsearchives.nseindia.com/corporate/HAPPYSQUARE_06062026115348_HSOSL_Intimation_of_Investors_Meet.pdf) |
| 6 April 2026 - Won ₹0.1191 crore manpower supply order from MPPTCL Damoh for one year starting 1 April 2026. | [Bagging/Receiving of orders/contracts 6 April 2026 - Won ₹0.1191 crore manpower supply order from MPPTCL Damoh for one year starting 1 April 2026.](https://nsearchives.nseindia.com/corporate/HAPPYSQUARE_06042026180051_HappySquareTenderUpdate.pdf) |
| 6 April 2026 - Regulation 74(5) compliance certificate for quarter ended March 31, 2026; no dematerialised shares. | [Certificate under SEBI (Depositories and Participants) Regulations, 2018 6 April 2026 - Regulation 74(5) compliance certificate for quarter ended March 31, 2026; no dematerialised shares.](https://nsearchives.nseindia.com/corporate/HAPPYSQUARE_06042026152301_Reg_74_Intimation.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2026 from nse](https://archives.nseindia.com/annual_reports/SME_AR_29865_WHITEFORCE_2025_2026_A_42550782_17072026183926.pdf) |
| from nse | [Annual Report 2025 from nse](https://archives.nseindia.com/annual_reports/SME_AR_28754_WHITEFORCE_2024_2025_A_17436432_06092025152657.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Sep 2025 | [Concall - Sep 2025](https://nsearchives.nseindia.com/corporate/HAPPYSQUARE_02092025124223_Whiteforce_Investor_Presentation.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T18:19:23.442Z.