Happy Square Outsourcing Services Ltd.

•

white-force.comBSE: -NSE: WHITEFORCE

Market Cap₹ 43 Cr.

Current Price

High / Low₹ 90 / 28

Stock P/E7.2

Book Value₹ 36

Price to Book0.91

Dividend Yield0.00 %

ROCE18.0 %

ROE21.9 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Services

Buy

Broad services remain in expansion. Services PMI was 54.1 (Aug/26), export of services grew 13.0% YoY (2026-06), and urban employment was still positive at 2.0% YoY (2026-07), although airport passenger traffic was -2.0% YoY (2026-06). FPI inflows of INR 7081 crore over 3 months to 2026-08-31 support the constructive sector view.

Confidence

72%

View full sector analysis →

PROS

Company has a good return on equity (ROE) track record: 3 Years ROE 61.7%
Company has a healthy return on capital (ROCE) of 36.2%
Company comfortably covers its interest (7.3x coverage)
Attractively priced for its growth - PEG of 0.1
Company maintains a comfortable, low leverage position

CONS

Operating cash flow has been negative in recent years
Receivables are growing faster than sales - a possible quality concern
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -1.07x)
Free cash flow has been persistently negative
Working capital days have increased from 42 to 132 days

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ServicesBusiness ServicesProfessional Services

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	URBANCO	166.95	0.00	25746.71	0.00	-921.20	-13373.78	5283.40	1338.56	-8.23	-18.44
2.	BLS	231.65	13.51	9537.98	1.08	201.62	11.41	890.53	25.33	36.54	28.34
3.	SIS	420.05	40.52	5937.25	1.67	101.66	9.37	4603.58	29.73	7.39	4.66
4.	QUESS	350.00	20.70	5228.51	3.14	82.12	61.07	4181.68	14.52	24.72	2.02
5.	BLSE	314.65	49.19	2858.80	0.32	18.63	6.30	304.09	24.63	18.67	6.98
6.	BLUSPRING	131.50	100.98	1965.95	0.00	-1.58	77.90	949.29	19.07	1.32	2.17
7.	TEAMLEASE	1236.60	12.77	1889.70	0.00	34.45	37.74	3034.69	4.96	16.22	1.05
8.	KAPSTON	588.20	58.70	1790.02	0.00	84.89	1284.83	2216.57	1062.33	13.16	6.56
9.	GCSL	601.20	55.17	1503.32	0.12	128.00	1240.31	375.21	70.67	21.85	46.76
10.	UDS	207.45	16.00	1388.94	0.00	30.28	4.47	764.29	9.15	9.99	5.54
11.	KRYSTAL	615.35	14.01	859.76	0.24	17.41	5.92	360.71	11.65	16.36	6.33
12.	WHITEFORCE	37.20	7.21	43.15	0.00	—	—	—	—	17.97	—

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

No standalone quarterly results found

We don't have this information yet. Please check back later.

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	28	53	69	97	109
	28	50	63	88	102
Operating Profit	0	3	6	9	7
OPM %	1.63%	5.39%	9.30%	9.56%	6.55%
	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 %	25.05%	25.17%	25.02%	25.48%	-0.94%
Net Profit	0	2	4	6	6
EPS	245.89	1787.84	4393.20	7.07	5.16
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: 27%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: 50%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: -53%

RETURN ON EQUITY

10 Years:: —
5 Years:: 80%
3 Years:: 62%
Last Year:: 22%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	0	0	0	8	12
	0	2	7	4	30
	4	7	11	15	7
Trade Payables	2	3	1	1	0
	3	3	9	12	11
Total Liabilities	9	14	28	40	61
	0	0	2	3	4
	0	0	0	0	5
	0	0	15	23	42
Cash & Bank	0	0	0	1	1
	8	14	11	13	8
Total Assets	9	14	28	40	61

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	0	-1	-2	-2	-14
Cash from Investing	-1	-1	-2	-0	-1
Cash from Financing	1	2	4	2	15
	-0	-0	-0	0	1

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jul 2025	Sep 2025	Mar 2026
	60.90	60.90	60.90
	2.38	2.86	3.35
	0.00	0.00	1.43
Government	0.00	0.00	0.00
	36.73	36.25	34.32

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

No announcements filed.

News

Recent coverage and analyst commentary for WHITEFORCE

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Happy Square Outsourcing Services Ltd.

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Free 5nance Account

Name

URBANCO

166.95

0.00

25746.71

0.00

-921.20

-13373.78

5283.40

1338.56

-8.23

-18.44

BLS

231.65

13.51

9537.98

1.08

201.62

11.41

890.53

25.33

36.54

28.34

SIS

420.05

40.52

5937.25

1.67

101.66

9.37

4603.58

29.73

7.39

4.66

QUESS

350.00

20.70

5228.51

3.14

82.12

61.07

4181.68

14.52

24.72

2.02

BLSE

314.65

49.19

2858.80

0.32

18.63

6.30

304.09

24.63

18.67

6.98

BLUSPRING

131.50

100.98

1965.95

0.00

-1.58

77.90

949.29

19.07

1.32

2.17

TEAMLEASE

1236.60

12.77

1889.70

0.00

34.45

37.74

3034.69

4.96

16.22

1.05

KAPSTON

588.20

58.70

1790.02

0.00

84.89

1284.83

2216.57

1062.33

13.16

6.56

GCSL

601.20

55.17

1503.32

0.12

128.00

1240.31

375.21

70.67

21.85

46.76

UDS

207.45

16.00

1388.94

0.00

30.28

4.47

764.29

9.15

9.99

5.54

KRYSTAL

615.35

14.01

859.76

0.24

17.41

5.92

360.71

11.65

16.36

6.33

WHITEFORCE

37.20

7.21

43.15

0.00

—

17.97

—

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

109

102

Operating Profit

OPM %

1.63%

5.39%

9.30%

9.56%

6.55%

Interest

Depreciation

Profit before Tax

Tax %

25.05%

25.17%

25.02%

25.48%

-0.94%

Net Profit

EPS

245.89

1787.84

4393.20

7.07

5.16

Dividend Payout %

0.00%

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Trade Payables

Total Liabilities

Cash & Bank

Total Assets

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-1

-2

-14

Cash from Investing

-1

-2

-0

-1

Cash from Financing

-0

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jul 2025

Sep 2025

Mar 2026

60.90

2.38

2.86

3.35

0.00

1.43

Government

0.00

36.73

36.25

34.32

Happy Square Outsourcing Services Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

Happy Square Outsourcing Services Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI