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Happy Square Outsourcing Services Ltd (WHITEFORCE)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 0 NSE: WHITEFORCE Professional Services | Small Cap | Happy Square Share Price

BSE Share Price
Not Listed

Happy Square Outsourcing Services Ltd (WHITEFORCE)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 0 NSE: WHITEFORCE Professional Services | Small Cap | Happy Square Share Price

BSE Share Price
Not Listed
Key Metrics
Valuation Multiples
Market Cap
₹39 Cr.
Current Price
₹0
52-Week Low / High
₹0 / 0
TTM EPS
₹5.2
TTM Sales
₹109 Cr.
Book Value per Share
₹13.5
P/E Ratio
6.49
Lower than its 5-year historical median
Industry PE
37.5
Price to Book (P/B)
2.48
Lower than its 5-year historical median
Price to Sales (P/S)
0.36
Lower than its 5-year historical median
EV/EBITDA
6.71
Lower than its 5-year historical median
Dividend Yield
0.00%
Profitability Efficiency
Return on Equity (ROE)
61.97%
Outperforms industry median
Return on Capital Employed (ROCE)
40.92%
Outperforms industry median
Return on Assets (ROA)
17.38%
Operating Profit Margin
9.6%
Net Profit Margin
6.06%
Gross Profit Margin
8.7%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
40.58%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
44.57%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
34.4%
Asset Quality
Promoter Holding
60.90%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹25 Cr.
Equity
₹11.6 Cr.
Face Value
₹10
All Time Low / High
- / -

Happy Square Outsourcing Services stock performance

Key Ratios
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Check Before You Invest

M-Cap below 100cr DeciZen not available

Q.1 Is Happy Square Outsourcing Services Ltd a good quality company?
Happy Square Outsourcing Services Ltd is a quality company, based on a multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Happy Square Outsourcing Services Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Happy Square Outsourcing Services Ltd vs industry peers?
Happy Square Outsourcing Services Ltd revenue CAGR is 51.11%, compared to the industry median CAGR of 23.82%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Happy Square Outsourcing Services Ltd?
Promoters hold 60.90% of the Happy Square Outsourcing Services Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Happy Square Outsourcing Services Ltd over the last decade?
Over the last - year(s), the stock has delivered a CAGR of N/A% based on the current price.

10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Happy Square Outsourcing Services Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation

Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 9.1%43.1%49.6%40.9%-
Value Creation
Index
-0.42.12.51.9-

Growth Parameters

Sales 28.252.769.397.4109
Sales YoY Gr.-86.7%31.5%40.6%-
Adj EPS 0.32.15.275.2
YoY Gr.-634.5%145.1%34.5%-
BVPS (₹) 0.42.57.814.813.5
Adj Net
Profit
0.31.84.45.96
Cash Flow from Ops. -0-1.4-1.9-1.6-
Debt/CF from Ops. -97.8-4.6-5.8-8.9-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales NANA51.1%40.6%
Adj EPS NANA189.3%34.5%
BVPSNANA228.1%89.8%
Share Price - - - -

Key Financial Parameters

Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
69.8143.5100.86236.4
Op. Profit
Mgn %
1.65.49.39.6NAN
Net Profit
Mgn %
0.93.46.36.15.5
Debt to
Equity
10.93.11.71.2-
Working Cap
Days
0741041160
Cash Conv.
Cycle
03148670

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'22Mar'23Mar'24Mar'25
Sales28.2352.7069.2997.41
Operating Expenses + 27.7749.8662.8488.10
Manufacturing Costs26.6647.4761.1984.98
Material Costs0000
Employee Cost 0.301.3411.52
Other Costs 0.821.060.661.59
Operating Profit 0.462.846.449.31
Operating Profit Margin (%) 1.6%5.4%9.3%9.6%
Other Income + 0.020.100.250.27
Exceptional Items 0000
Interest 0.050.400.661.15
Depreciation 0.100.160.180.45
Profit Before Tax 0.332.395.867.98
Tax 0.080.601.472.07
Profit After Tax 0.251.794.395.90
PAT Margin (%) 0.9%3.4%6.3%6.1%
Adjusted EPS (₹)0.32.15.27.0
Dividend Payout Ratio (%)0%0%0%0%

Valuation of Happy Square - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 0.352.146.5712.48
Share Capital 0.010.010.018.41
Reserves 0.342.136.564.07
Debt +3.856.5710.9814.59
Long Term Debt2.972.673.093.11
Short Term Debt0.883.907.9011.48
Minority Interest0000
Trade Payables1.912.551.450.81
Others Liabilities 2.5339.3511.71
Total Liabilities 8.6414.2628.3639.59

Fixed Assets

Net Fixed Assets +0.390.432.143.15
Gross Block0.530.732.624.09
Accumulated Depreciation0.140.300.480.94
CWIP 0000
Investments 000.010.03
Inventories0000
Trade Receivables6.017.6215.1722.86
Cash Equivalents 0.490.230.220.65
Others Assets 1.755.9910.8112.89
Total Assets 8.6414.2628.3639.59

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + -0.04-1.43-1.88-1.64
PBT 0.332.395.867.98
Adjustment 0.160.520.711.54
Changes in Working Capital -0.29-3.71-7.01-9.1
Tax Paid -0.24-0.63-1.43-2.06
Cash Flow From Investing Activity + -1.22-1.16-1.88-0.39
Capex -0.23-0.19-1.90-1.47
Net Investments 00-0.01-0.02
Others -0.99-0.970.031.10
Cash Flow From Financing Activity + 0.892.323.752.46
Net Proceeds from Shares 0000
Net Proceeds from Borrowing 0.09-0.300.410.02
Interest Paid -0.05-0.40-0.66-1.15
Dividend Paid 0000
Others 0.853.0243.59
Net Cash Flow -0.37-0.27-00.43

Financial Ratio

PARTICULARSMar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)69.82143.47100.8261.97
ROCE (%)9.0743.1249.6140.92
Asset Turnover Ratio3.274.63.252.87
PAT to CFO Conversion(x)-0.16-0.8-0.43-0.28
Working Capital Days
Receivable Days77.7047.206071.30
Inventory Days0000
Payable Days0000

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Happy Square Outsourcing Services Ltd FAQs

The current trading price of Happy Square on 01-Jan-1970 05:30 is ₹0.00.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 31-Dec-1969 the market cap of Happy Square stood at ₹38.86 Cr

The latest P/E ratio of Happy Square as of 31-Dec-1969 is 6.49.

The latest P/B ratio of Happy Square as of 31-Dec-1969 is 2.48.

The 52-week high of Happy Square is ₹0.00 and the 52-week low is ₹0.00.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Happy Square is ₹109 ( Cr.) .

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Happy Square Outsourcing Services Ltd is a below average quality company.

The key valuation ratios of Happy Square Outsourcing Services Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Happy Square Outsourcing Services Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

About Happy Square Outsourcing Services Ltd

Happy Square Outsourcing Services Limited was incorporated on April 20, 2017 as a private limited company as ‘Splendid Academy Private Limited’, under the Companies Act, 2013, pursuant to a certificate of incorporation dated April 20, 2017 issued by the Registrar of Companies, Central Registration Centre. Subsequently, pursuant to a resolution passed by its Board of Directors in its meeting held on January 16, 2020, and by the Shareholders in their Extraordinary General Meeting held on January 17, 2020, the name of the company was changed to ‘Happy Square Outsourcing Services Private Limited’ and a fresh certificate of incorporation dated February 3, 2020 was issued by the Registrar of Companies, Gwalior. The reason to change the name of the company is to better reflect the main business objects of the company. Further, the company was converted into a public limited company pursuant to a resolution passed by its Board of Directors in its meeting held on June 1, 2024, and by the Shareholders in an Extraordinary General Meeting held on June 26, 2024 and consequently the name of the company was changed to ‘Happy Square Outsourcing Services Limited’ and a fresh certificate of incorporation dated August 1, 2024 was issued by the Registrar of Companies, Central Processing Centre.

The company is a technology-based consulting firm, involved in Tech based human resource outsourcing business which focuses on end-to-end solution. Promoters of the company, Shraddha Rajpal and Nalini Rajpal have an experience in the staffing industry. Driven by the passion for building an integrated staffing company, backed by their experience, its Promoters are the pillars of the company's growth and have built a strong value system for the company. With their enriching experience and progressive thinking, it aims to continue to grow in the human resource outsourcing business.

The company offers a wide array of services such as Recruitment, Payroll, Onboarding and flexible staffing. Its comprehensive network, structured processes, professionalism and strong work ethics ensure that it remain at the top on the domestic scale. It satisfies firms’ staffing, and recruitment needs in India through this specialised rich knowledge. Its substantial talent pool and deep understanding of the hiring industry has helped it to achieve significant strides in the HR market. It is also an ISO 9001:2015 certified company. A proper staffing process allows it to identify the current and future requirements of the clients. Further, it helps it to create and execute a plan as per the derived requirements to hire the most suitable candidates.

Business area of the company

The company is engaged in the business of Manpower supply, Recruitment and related services.

Services of the company

  • General staffing
  • Industrial staffing
  • Apprentice solution
  • Payroll management
  • Compliance management
  • RPO (recruitment process outsourcing - permanent recruitment)
  • Sourcing of staff/associates

History and milestones

  • 2020: HSOS was founded as Happy Square Outsourcing Services P. Ltd. and began its operations with the Recruitment business, initially focusing on one state.
  • 2021: HSOS introduced Contract Staffing services, expanding its presence to 4 states by working with private players and later qualifying for government tenders.
  • 2021: HSOS experienced significant growth, moving from a 1000 sqft office to a 20000 sqft space. During the same period, the company achieved ISO certification, and secured key partnerships with major companies like TATA and Reliance, two of India's top 5 corporations.
  • 2022: HSOS expanded further by launching its Facility Management Business, establishing a presence in 8 states. It also built an in-house IT department, allowing the company to become fully self-reliant in technology solutions.
  • 2023:  HSOS grew its footprint to 25+ states and gained further visibility by being featured in various media outlets.
  • 2024: HSOS completed the development of its Application Tracking System (ATS) named Whiteforce+, enabling payroll management through its self-developed ERP system. The company also developed the Happiest Resume database, which now holds the data of 1 million users and is integrated with 11 countries, offering more than 3000 live job openings. Additionally, HSOS qualified for an Rs 17 crore project with the Aeronautical Development Agency, Ministry of Defence, being rated and graded by from Dun & Bradstreet, and reached a significant milestone of 1.4 lakh LinkedIn followers.

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MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

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