WHITEFORCE

Happy Square Outsourcing Services Limited

Listed company · ISIN INE0TLP01015 · NSE SM · FV ₹10
Last price
₹35
+5.95%today
What this company does

Happy Square Outsourcing Services Limited is a listed company. It booked ₹66 cr of revenue in its latest half year (H2 FY26) and kept 6.4% of sales as profit.

64out of 100
Equitytale Health Score
Mixed

Healthier than 64% of listed companies we score, on the 5 of 6 measures we could read for it. Each measure is ranked against the 2,387–2,932 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
neutral
RSI (14)
44

At close. Not part of the score.

Profitability & returns71

How much profit it earns on the money it employs

Balance sheet63

How much it owes, and whether earnings cover the interest

Cash quality9

Whether reported profit actually arrives as cash

Valuation83

What today's price implies, against our models or its peers

Governance & risk100

How much of the promoters' stake is pledged, and how much they hold · highest in its sector on what we could measure

Not measurable for this company: growth & consistency. Those pillars are left out of the score rather than counted as zero.

Is this company doing well?
not investment advice
A mixed picture
Strengths
✓ Makes a profit
✓ Promoters hold 61%
✓ No promoter shares pledged
✓ Strong 28% return on equity
Watch-outs
! Thin 6.4% net margin

What if I invest in WHITEFORCE?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 10% a year, it would become
₹20.15 lakh

The starting rate is a round number, not a view on this company — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest half year + price
₹35▲ +5.95%
latest close · 2026-11-02
52-wk low ₹3049 sessions so far52-wk high ₹49
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/E ratio4.8Low
LowAverageHigh
P/B ratio1.32Moderate
Below bookModerateHigh
EV / EBITDA5.2Low
LowAverageHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity27.7%Strong
WeakFairStrong ▸15%
Return on capital20.1%Strong
WeakFairStrong
Net margin6.4%Decent
ThinDecentStrong
EBITDA margin6.8%Thin
ThinDecentHealthy
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.24Comfortable
LowModerateHigh ▸1
Interest cover10.3×Strong
RiskyOkayStrong ▸5×
Current ratio3.32Ample
Tight ◂1HealthyAmple
More figures
Market cap
₹40 cr
Book value
₹26
EPS
₹3.63
latest half year
Net debt
₹6 cr
owes more than its cash
Enterprise value
₹46 cr
EBITDA
₹9 cr
annualised
EBIT
₹9 cr
annualised
Operating margin
6.8%
Return on assets
13.8%
Earnings yield
20.89%
P/S
0.31
Sales / share
₹113.5
Tax rate
-4.8%
Face value
₹10
Shares
1.2 cr
Working capital
₹39 cr
Current assets
₹56 cr
Current liabilities
₹17 cr
Delivery %
87.5%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest half year; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-11-02.

Worth vs price · from the exchange filings
not investment advice
Hard to value confidentlyLow confidence
Too few reliable models — the filings don't support two independent estimates of value.
Models span ₹41–₹41, midpoint ₹41

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · H2 FY26 (consolidated)
Revenue from Operations₹66 cr
Other Income₹66.9 L
Total Income₹67 cr
Cost of Materials₹56 cr
Purchases of Stock-in-Trade₹0 cr
Employee Benefit Expense₹2 cr
Finance Costs₹43.1 L
Other Expenses₹3 cr
Total Expenses₹62 cr
Profit before Tax₹4 cr
Tax Expense₹-19.3 L
Net Profit₹4 cr
Net margin on total income6.3%
Where the money goes · H2 FY26
% of total income
Materials + stock-in-trade₹56 cr84.7%
Employee benefit expense₹2 cr2.4%
Finance costs₹43.1 L0.6%
Other expenses₹4 cr5.9%
Profit for the period₹4 cr6.3%
Total income ₹67 cradds up to ₹100 ✓
Half-yearly results · consolidated (₹ cr)
MetricH1 FY26H2 FY26
Revenue43 cr66 cr
Total income43 cr67 cr
Expenses41 cr62 cr
Profit before tax2 cr4 cr
Tax13.7 L-19.3 L
Net profit (owners' share)2 cr4 cr
Net margin (owners' share, on revenue)4.1%6.4%
EPS (₹)1.533.63
Balance sheet & cash flow · as of Mar 2026
Low debt
Total assets
₹61 cr
Shareholder equity
₹30 cr
parent shareholders
Total debt
₹7 cr
Cash
₹1 cr
Who owns it · 2026-09-30
No pledge
Promoter
60.9%
FII / Foreign
3.0%
DII / Domestic
0.6%
Retail / others
35.5%
Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 23 named members
owning 60.9% between them · as of 2026-09-30
SHRADDHA RAJPAL .36.25%
NALINI RAJPAL18.12%
SHISHIR RAJPAL .4.71%
SHEETAL RAJPAL1.81%
Ardas Homes (Partnership Firm)no shares
Bhagwat Prasad Rajpalno shares
Bhupendra Kumar Vermano shares
Happiest Resume Services Private Limitedno shares

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

Money it raised, and what it did with it

When a company raises money from investors, it has to say up front what the money is for. The rules then make it report, every three months until the money is gone, how much of each of those things it has actually paid for — so a promise made while asking for the money can be checked afterwards.

₹24 cr raised in Jul 2025 by selling shares to the public

As of Mar 2026, the company says it has spent 68% of what it set aside, leaving ₹8 cr still to be spent.

Working Capital Requirement
72%
₹14 cr of ₹19 cr
General Corporate Purpose
64%
₹2 cr of ₹3 cr
Issue Related Expenses
41%
₹73 L of ₹2 cr
Spent by quarter: 48% → 68% (to Mar 2026)

Every figure above is taken from the statement the company files with the stock exchange each quarter, for as long as money it has raised remains unspent. The only thing we work out is how much of each stated purpose has been paid for — one number divided by another from the same filing. Whether a plan that changed was a good change is not something a filing can tell you. See the filing

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.