Happy Square Outsourcing Services Ltd(WHITEFORCE)

NSE: WHITEFORCE

₹ 35.6+0.00%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 41 crUpdated: 24 Oct 2026

About

Happy Square Outsourcing Services Ltd, operating under its flagship brand White Force, is an integrated HR outsourcing and workforce solutions company providing temporary staffing, permanent recruitment, RPO, payroll processing, compliance management, and facility management. The company reported revenue of ₹109.17 Cr in FY26 and serves 200+ clients across 20+ states in India. In Q1 FY27, revenue grew 72.52% year-on-year to ₹21.41 Cr, driven by strong government and PSU order execution.^[1][2][3]

Service portfolio

White Force provides temporary staffing, permanent recruitment, RPO, payroll processing, compliance management, onboarding services, apprenticeship staffing, and facility management as of FY26.^[1]
The company has no reportable business segments as of FY26; all services are reported as a single unit.^[1]
Outlook includes broadening RPO, payroll outsourcing, compliance management, and apprenticeship programmes as value-added HR services.^[1]

Technology platforms

Proprietary platforms include the AI-powered White Force Plus ATS and the White Force Payroll - HRMS Portal, both built entirely in-house using AI-driven hiring, real-time analytics, and secure cloud infrastructure, as of FY26.^[1]
The Veera AI chatbot was live on the website and app as of Q4 FY26, with 35% of the planned AI product deployed and 50,000+ resumes processed by the system.^[4]
The digital employment platform white-force.com hosts over 1 million registered candidates and 3,000+ active job postings, with 100,000+ monthly visitors as of Q1 FY27.^[1][3]

Geographic presence and scale

Pan-India presence across 20+ states, serving 200+ active clients and deploying 4,900+ employees as of March 31, 2026.^[1][3]
The company received an overseas operating licence in Q4 FY26 and targeted commencement of European operations within H1 FY27, aided by an India-EU MOU on workforce mobility.^[4]

Key operating numbers

Q1 FY27 order book: ₹23.58 Cr, led by a ₹21 Cr toll plaza operations contract from RSRDCC.^[3]
H2 FY26 order inflow from government tenders: ₹24.13 Cr across 25 tenders (7 new worth ₹12.09 Cr; 18 extensions worth ₹12.03 Cr).^[4]
Revenue in Q1 FY27 reached ₹21.41 Cr, up 72.52% year-on-year. H2 FY26 turnover was ₹66.51 Cr, up 35.92% year-on-year.^[3][4]
Recruitment turnaround time approximately 60 hours as of FY26.^[4]

Client mix and distribution

Served 300+ corporate clients in FY26 across sectors including FMCG, retail, logistics, manufacturing, and healthcare.^[4]
Client mix was being rebalanced from a prior 70% private/30% government split towards a targeted 50-50 split by FY27, using the GeM portal to grow PSU business.^[4]
All five new orders in Q1 FY27 were from government or PSU entities: RSRDCC, Bharat Dynamics, MPPGCL, and Power Grid Corporation (two contracts).^[3]
Key risks include customer concentration, fluctuations in hiring demand, labour law changes, employee attrition, and cybersecurity threats as of FY26.^[1]

Expansion and investment

AI technology investment of ₹2 - 2.5 Cr planned for FY27, with full AI investment expected to be completed by end of FY27.^[4]
IPO raised ₹2,424.70 lakhs; ₹766.64 lakhs remained undeployed as at March 31, 2026.^[1]
Value-added app services covering payroll and attendance monitoring were targeted for monetisation from mid-FY27 onwards.^[4]

Recent developments

RSRDCC awarded a ₹21 Cr contract for toll plaza operations and user fee collection to White Force in Q1 FY27 - the single largest disclosed order.^[3]
Trade receivables turnover ratio fell 35.12% in FY26 (to 3.34 from 5.15) due to strategic extension of credit to new clients; management reported no significant defaults or doubtful debts as at March 31, 2026.^[1]
Overseas operating licence received in Q4 FY26; European operations targeted within H1 FY27.^[4]

Market Cap

₹41 Cr

High / Low

₹81 / 28

Stock P/E

6.7

Price / Book

1.1

EPS

₹5.2

ROCE

13.9%

ROE

14.2%

OPM

6.5%

Debt / Equity

0.17

Sales

₹109 Cr

Net Profit

₹6 Cr

Promoter holding

60.9%

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