Happy Square Outsourcing ServicesShare price, financial results, shareholding and management
- Market cap
- ₹40 cr
- Stock P/E
- 6.7peers 19.7
- Book value
- ₹36.3
- Price to book
- 0.96
- EV / operating profit
- 6.5
- Market cap to sales
- 0.37
- ROCE · FY26
- 18.0%
- ROE · FY26
- 22.1%
- ROE, 3-year average
- 58.0%
- Operating margin · FY26
- 6.5%peers 14.1%
- Sales growth, 3 years
- 27.2%
- Profit growth, 3 years
- 44.1%
- Debt to equity
- 0.17peers 0.21
- Borrowings
- ₹7.4 cr
- Interest cover
- 7.2×
- Cash from business / op. profit
- -195%
- Debtor days
- 142
- Pledged
- 0.00%
- Promoter holding
- 60.90%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 197
- 52-week high / low
- ₹80 / ₹28
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Happy Square Outsourcing Services share price chart
Close on 2 Nov 2026 · +5.95% on the day · Vol 6,400
Daily prices to 2 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 2 Nov 2026
- 1 month
- -7.3%
- 3 months
- -10.9%
- 6 months
- -35.0%
- 1 year
- -51.0%
- Since IPO
- -54.3%
- Traded a day, 20 days
- ₹0.01 cr
- Taken for delivery
- 91%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +13% | -0% |
| 3 years, a year | +27% | +44% |
| Latest half, H2 FY26 | +34% | +40% |
About Happy Square Outsourcing Services: business, products and customers
Happy Square Outsourcing Services, under the White Force brand, hires workers and keeps them on its own payroll while they work for companies and government offices, and also runs payroll and finds permanent staff for a fee. It is based in Jabalpur and its shares trade on NSE Emerge.
Happy Square places associates at client sites on its own payroll (flexi, industrial and apprentice staffing), runs payroll and labour law compliance, and does permanent hiring for a one time fee of about one month's salary once the hire completes probation. Its clients include logistics, technology, automobile and healthcare companies and a growing list of government departments and PSUs, won through tenders on the GeM portal. It works from Jabalpur with a core team of about 160 and its own applicant tracking and payroll software.
The model shapes every reported number. The client is billed the associate's wages plus a mark-up or agency fee, so wages sit inside both revenue and cost of services, which is why the company keeps only about 13 paise of each rupee billed before its own costs. Margins are therefore thin by design and only comparable with other staffing firms, and because wages are paid every month while customers, especially government bodies, pay later, faster growth ties up more cash in money owed by customers.
Read more about the business
The offer document names no competitor; it calls the industry unorganised and fragmented, and at the June 2026 call management described the large listed staffing firms as far bigger than itself. Two group companies, White Force Outsourcing Services and Happiest Resume Services, are in the same line of business, have done related party transactions with the company and have no non-compete agreement with it.
What is new: the company listed in July 2025, raising money for working capital. In FY26 sales grew more slowly than before and profit before tax fell, while government tender wins picked up in the second half. Management now speaks of moving towards technology led HR services, charging for its payroll and attendance app and starting overseas work.
From the red herring prospectus (June 2025), the FY25 annual report, the investor presentations of September 2025 and June 2026 and the June 2026 earnings call transcript.
Read the deeper study ↓In its favour
- Sales have grown fast: 27% a year over three years.
- It has little debt for its size: debt to equity 0.17.
- The promoters own a large part of the company: 60.90%.
To watch
- Half-year results to September 2026 against the about 80% FY27 revenue growth targeted at the June 2026 call.
- Whether the ₹21 cr Rajasthan government work order described at the June 2026 call shows up in revenue.
- Money owed by customers against sales, after receivables nearly doubled in FY26.
- The outcome of the promoters' compounding application filed in January 2025.
- Customers take longer to pay than before: 142 days in FY26, against 78 in FY22.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Happy Square Outsourcing Services revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit fell even as sales rose, so the company kept less from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.
Happy Square Outsourcing Services half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|
| Sales | 49 | 49 | 43.33 | 65.84 |
| Expenses | 44 | 44 | 40.62 | 61.40 |
| Operating profit | 4 | 5 | 2.71 | 4.43 |
| OPM | 9.0% | 11.0% | 6.3% | 6.7% |
| Interest | 1 | 1 | 0.52 | 0.43 |
| Depreciation | 0 | 0 | 0.35 | 0.42 |
| Profit before tax | 4 | 4 | 1.91 | 4.02 |
| Net profit | 3 | 3 | 1.77 | 4.21 |
Happy Square Outsourcing Services profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 28 | 53 | 69 | 97 | 109.17 |
| Expenses | 28 | 50 | 63 | 88 | 102.02 |
| Operating profit | 0 | 3 | 6 | 9 | 7.15 |
| OPM | 1.6% | 5.0% | 9.0% | 10.0% | 6.5% |
| Other income | 0 | 0 | 0 | 0 | 0.72 |
| Interest | 0 | 0 | 1 | 1 | 0.95 |
| Depreciation | 0 | 0 | 0 | 0 | 0.76 |
| Exceptional and other items | · | -1 | 1 | · | · |
| Profit before tax | 0 | 2 | 6 | 8 | 5.93 |
| Tax rate | 25.0% | 0.0% | 33.3% | 25.0% | -0.8% |
| Net profit | 0 | 2 | 4 | 6 | 5.98 |
| EPS ₹ | 250 | 1,790 | 4,390 | 7.06 | 5.16 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
A tax rate above 60% or below zero (FY26) comes from tax charged on a small or negative profit, as reported.
Earnings per share before FY25 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Happy Square Outsourcing Services profitability
Margins and returns on capitalLast year the company kept less from each rupee of sales than the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | 1.6% | 5.0% | 9.0% | 10.0% | 6.5% |
| Tax rate | 25.0% | 0.0% | 33.3% | 25.0% | -0.8% |
| ROCE | · | 30.7% | 51.8% | 40.0% | 18.0% |
| ROE | · | 198.0% | 88.7% | 63.1% | 22.1% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Happy Square Outsourcing Services debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It cut its borrowings last year. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Happy Square Outsourcing Services balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 0.01 | 0.01 | 0.01 | 8 | 11.60 |
| Reserves | 0 | 2 | 7 | 4 | 30.48 |
| Net worth | 0.01 | 2.01 | 7.01 | 12 | 42.08 |
| Borrowings | 4 | 7 | 11 | 15 | 7.36 |
| Other liabilities | 4.99 | 4.99 | 9.99 | 13 | 11.81 |
| Total liabilities | 9 | 14 | 28 | 40 | 61.25 |
| Fixed assets | 0 | 0 | 2 | 3 | 3.62 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 5.42 |
| Other assets | 9 | 14 | 26 | 37 | 52.21 |
| Receivables | · | · | · | · | 42.48 |
| Inventory | · | · | · | · | 0 |
| Cash | · | · | · | · | 1.40 |
| Trade payables | · | · | · | · | 0.48 |
Happy Square Outsourcing Services cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | 0 | -1 | -2 | -2 | -13.94 |
| Cash from investing | -1 | -1 | -2 | 0 | -0.75 |
| Cash from financing | 1 | 2 | 4 | 2 | 15.44 |
| Net cash flow | 0 | 0 | 0 | 0 | 0.75 |
| Capital spending | · | · | · | · | 1.24 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 78 | 53 | 80 | 86 | 142 |
| Cash conversion cycle | 78 | 53 | 80 | 86 | 142 |
| Working capital days | 18 | 15 | 27 | 40 | 109 |
Happy Square Outsourcing Services peers and competitors
Listed SME companies in the same industryBy sales, Happy Square Outsourcing Services is number 30 of the 86 listed SME companies in commercial services & supplies.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Qualitek Labs | 670 | 44.7 | 125 | 15 | 24.0% | 0.61 |
| Rockingdeals Circular Economy | 195 | 19.7 | 120 | 9.9 | 13.6% | 0.22 |
| Cadsys (India) | 36 | - | 117 | -18.5 | -12.6% | 0.21 |
| Shreenath Paper Products | 34 | 11.2 | 115 | 3 | -0.1% | 0.59 |
| Silicon Rental Solutions | 85 | 8.5 | 114 | 10 | 35.0% | 0.05 |
| Sheel Biotech | 121 | 10.3 | 110 | 11.8 | 14.8% | 0.07 |
| Happy Square Outsourcing Services | 40 | 6.7 | 109 | 6 | 6.5% | 0.17 |
| Khfm Hospitality And Facility Management Services | 90 | 25.8 | 107 | 3.5 | 8.6% | 0.52 |
| Anlon Technology Solutions | 571 | 41.1 | 106 | 13.9 | 19.8% | 0.16 |
| Infollion Research Services | 171 | 13.4 | 100 | 12.7 | 14.7% | 0.00 |
| Bombay Metrics Supply Chain | 47 | 28.3 | 92.6 | 1.7 | 3.8% | 0.53 |
| Median of the 10 others | 106 | 19.7 | 112 | 10 | 14.1% | 0.21 |
Happy Square Outsourcing Services shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Foreign and Indian funds own a noticeable share. The number of shareholders has come down.
Happy Square Outsourcing Services shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Jul 25 | Sep 25 | Mar 26 | |
|---|---|---|---|
| Promoters | 60.90% | 60.90% | 60.90% |
| Foreign investors (FIIs) | 2.37% | 2.86% | 3.35% |
| Indian institutions (DIIs) | 10.11% | 2.62% | 1.93% |
| HNIs (over ₹2 lakh each) | 11.54% | 24.49% | 26.38% |
| Small holders (up to ₹2 lakh) | 11.50% | 4.78% | 4.12% |
| Companies and others | 3.58% | 4.35% | 3.32% |
| Number of shareholders | 389 | 216 | 197 |
The named holders are at 31 March 2026, beside 30 Sept 2025, each under the group the pattern files them in.
Happy Square Outsourcing Services study: the business from its own documents
Read from 5 of the company's own documentsHappy Square Outsourcing Services so far
From the company's own record
- 10 July 2025Listed on NSE Emerge at ₹76
- 9 Oct 2026Order worth ₹3.20 cr
- 13 Oct 2026Order worth ₹3.01 cr
- 14 Oct 2026Order worth ₹0.99 cr
- 31 March 2026Promoters at 60.90%
- 16 Sept 2025Highest close since listing, ₹90.05
Happy Square Outsourcing Services key facts from the filings
Each figure with the document it comes from
- Wages inside revenue
- 87.4%
- Share of FY26 revenue paid out as cost of services, mainly associates' salaries on which a mark-up is charged.Investor presentation, June 2026, p.33; Earnings call transcript, June 2026, p.7; reported figures, our arithmetic
- Government share of sales
- 37.6%
- Government and PSU revenue of ₹41.1 cr in FY26, against 42.8% in FY25, as private revenue rose to ₹68.1 cr.Investor presentation, June 2026, p.20
- Associates deployed
- 4,980
- Staffing headcount at March 2026, down from 5,802 a year earlier; the core team rose to 161 from 142.Investor presentation, June 2026, p.22 and p.24
- Top ten customers
- 20.9%
- Share of FY26 revenue from the ten largest customers, against 65.56% in FY25.Investor presentation, June 2026, p.23; Offer document, p.144; reported figures, our arithmetic
- Money owed by customers
- ₹42.5 cr
- Trade receivables at March 2026, up from ₹22.9 cr a year earlier while revenue grew about 12%.Investor presentation, June 2026, p.34 and p.33
Show 5 more facts
- Cash from operations
- ₹-1.6 cr
- FY25 operating cash flow, negative in each of FY23 to FY25 as receivables grew with sales.Offer document, p.231
- Profit before tax
- ₹6.2 cr
- FY26, down from ₹8.0 cr in FY25; profit after tax stayed at ₹6.0 cr because the tax line was a small credit.Investor presentation, June 2026, p.33
- Tenders won in H2 FY26
- ₹24.1 cr
- Order inflow from 25 tenders: seven new ones worth ₹12.1 cr and 18 extensions worth ₹12.0 cr.Earnings call transcript, June 2026, p.4
- IPO raised
- ₹24.2 cr
- 31,90,400 new shares at ₹76 in July 2025, with ₹19.0 cr earmarked for working capital; net worth was ₹42.1 cr at March 2026.Offer document, p.3 and p.91; Investor presentation, June 2026, p.34; reported figures, our arithmetic
- Promoter compounding case
- Pending
- Both promoters were disqualified as directors over another company's unfiled returns, kept acting as directors here, and applied in January 2025 to compound the offence.Offer document, p.236
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
At the June 2026 call the chief operating officer said the company is targeting about 80% revenue growth in FY27 and a sustainable EBITDA margin of 7% plus, rising to 9% in FY28 once spending on AI tools settles, and spoke of crossing ₹200 cr of revenue in FY28. Management said a ₹21 cr work order from the Rajasthan government, the largest in the company's history, was expected within about 15 days, with a further pipeline of about ₹15 cr. It also said it would start charging clients for its payroll and attendance app after the middle of 2026 and had received a licence to begin overseas operations.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Happy Square earns a small mark-up on the wages of workers it places with clients, plus fees for permanent hiring, so its revenue is large but what it keeps is thin.
Its weak spots are cash tied up in money owed by customers, a crowded market with little room on price, and a promoter governance record that needs watching.
WatchCan it set its own prices?Hardly. Most of what it bills is the workers' wages, and government work is won through tenders.
WatchHow strong is it against rivals?It is a small player in a fragmented market and competes on speed of hiring, its database and tender bids rather than on anything rivals cannot copy.
AverageWho are its customers?A mix of private companies and government bodies; the ten largest carried far less of sales in FY26 than before, but government departments remain a big block.
WatchDoes it need a lot of money?Yes, in working capital. It pays wages monthly and waits to be paid, so growth has used more cash than the business produced.
AverageCan it keep finding new work?Tender wins and renewals are coming in, but the number of workers placed fell in FY26.
AverageDo good and bad years swing a lot?Demand follows how much its clients hire, and growth has already slowed sharply from one year to the next.
Who runs Happy Square Outsourcing Services?
Promoters, directors and officers; tap a name for the background
SRShraddha RajpalPromoter and Managing Director · holds 36.25%
B.Com, MBA and a Diploma in Computer Applications, with over 10 years as an HR consultant; oversees operations and recruitment. Managing Director and Chairman from January 2020 until resigning on 31 December 2024, and named Promoter and Managing Director at the June 2026 call. Also a director of Happiest Resume Services. The offer document lists Shailesh Rajpal as the spouse of Shraddha Rajpal.
Offer document, p.167, p.175 and p.178; Earnings call transcript, June 2026, p.3NRNalini RajpalPromoter · holds 18.12%
The offer document records no formal education; oversees the company's administrative functions. Whole-time Director from January 2020 until resigning on 31 December 2024. Also a director of Happiest Resume Services and Omezyo Ecom Solutions. The offer document lists Shailesh Rajpal as a son and Rani Mathya as a sister of Nalini Rajpal.
Offer document, p.176 and p.179; Investor presentation, June 2026, p.11PRPoonam RajpalWhole-time Director · holds 1.81%
Commerce and law graduate of Jiwaji University, Gwalior, with over four years as a director of White Force Outsourcing Services, a group company. Managing Director from January 2025 at the offer, heading operations and recruitment; listed as Whole-time Director in the June 2026 presentation.
Offer document, p.163 and p.166; Investor presentation, June 2026, p.11DODeepika OndelaWhole-time Director and Senior Human Resource Manager
Bachelor of Commerce from St. Aloysius' College, Jabalpur; earlier Human Resource Manager at Saisun Outsourcing Services for five years. With the company since December 2024.
Offer document, p.163SRShailesh RajpalChief Operating Officer
Answered most questions at the June 2026 call as Chief Operating Officer. The offer document lists Shailesh Rajpal in the promoter group; it gives no education or work history.
Earnings call transcript, June 2026, p.3; Offer document, p.178RMRani MathyaNon-Executive Director
B.Sc and M.Sc in Zoology from Jiwaji University, Gwalior, with 15 years as a promotional product designer at Quality Creations. On the board since May 2024.
Offer document, p.163GKGurpreet Kaur DhanjalIndependent Director
B.Com from Rani Durgavati Vishwavidyalaya and an MBA from Punjab Technical University; 14 years with Sun Group in HR policy and legal compliance. Independent Director from June 2024 to June 2029.
Offer document, p.162 and p.163RKRupali KesharwaniIndependent Director
Master's in Sociology and a law degree from Rani Durgavathi Vishwavidyalaya, Jabalpur; 12 years as an advocate at the District Bar Association, Jabalpur. Independent Director since May 2025 and chair of the audit committee at the offer.
Offer document, p.163 and p.168Happy Square Outsourcing Services latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹65.8 cr (+34%), net profit ₹4.2 cr (+40%) on H2 FY25.
- Shareholding, 31 March 2026: promoters unchanged at 60.90%.
- 14 Oct 2026: order worth ₹0.99 cr announced.
- 13 Oct 2026: order worth ₹3.01 cr announced.
Happy Square Outsourcing Services announcements
62 on record, latest first; each opens the filing on the exchange
- Bagging/Receiving of orders/contractsBagging/Receiving of orders/contractsPDF ↗
- Bagging/Receiving of orders/contractsBagging/Receiving of orders/contractsPDF ↗
- Integrated Filing- GovernanceSubmission of Statement of Investor Grievances as required under Regulation 13(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 foPDF ↗
- Bagging/Receiving of orders/contractsBagging/Receiving of orders/contractsPDF ↗
- Quarterly Compliance Report on Corporate governance - within 21 days from the enHappy Square Outsourcing Services Limited has informed regarding Submission of the Compliance Report on Corporate Governance for the Q2 ended 30th September, 20PDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Bagging/Receiving of orders/contractsBagging/Receiving of orders/contractsPDF ↗
- Bagging/Receiving of orders/contractsBagging/Receiving of orders/contractsPDF ↗
- Bagging/Receiving of orders/contractsBagging/Receiving of orders/contractsPDF ↗
- Bagging/Receiving of orders/contractsBagging/Receiving of orders/contractsPDF ↗
- Bagging/Receiving of orders/contractsBagging/Receiving of orders/contractsPDF ↗
Happy Square Outsourcing Services annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 30 June 2026 ↗read
- 30 June 2026 ↗read
- 30 Sept 2025 ↗read
Happy Square Outsourcing Services share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Happy Square Outsourcing Services' data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,16,00,400 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY24 (₹4,390.00) and FY25 (₹7.06) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY22 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Happy Square Outsourcing Services
What does Happy Square Outsourcing Services do?
Happy Square Outsourcing Services, under the White Force brand, hires workers and keeps them on its own payroll while they work for companies and government offices, and also runs payroll and finds permanent staff for a fee. It is based in Jabalpur and its shares trade on NSE Emerge.
What is the share price of Happy Square Outsourcing Services?
₹34.8 at the close on 2 Nov 2026, from the exchange's daily figures.
What is the market cap of Happy Square Outsourcing Services?
₹40 cr at the close on 2 Nov 2026, on 1,16,00,400 shares.
What is the P/E of Happy Square Outsourcing Services?
6.7 times FY26 profit at the close on 2 Nov 2026 (our arithmetic).
What are Happy Square Outsourcing Services' revenue and profit?
Revenue ₹109 cr and profit after tax ₹6 cr in FY26.
Who are the promoters of Happy Square Outsourcing Services?
Shraddha Rajpal, Nalini Rajpal; promoters held 60.90% at 31 March 2026.
What was the IPO price of Happy Square Outsourcing Services?
₹76 a share; it listed on 10 July 2025.
What is Happy Square Outsourcing Services' website?
www.white-force.com
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Built from 2 investor presentations, 1 offer document, 1 earnings call transcript, 1 annual report, 62 exchange announcements, 3 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.