WHITEFORCE
Happy Square Outsourcing Services financials
- Market cap
- ₹46 Cr
- Sector
- Services
- Calls analysed
- 1
WHITEFORCE Q4 FY26
What went well
- FY26 total turnover reached INR109.88 crores, registering a growth of 12.49% year-on-year.
- H2 FY26 total turnover stood at INR66.51 crores, reflecting a strong growth of 35.92% year-on-year.
- H2 FY26 Profit After Tax (PAT) grew by 27.20% year-on-year to INR4.21 crores.
What to watch
- FY26 EBITDA margin declined due to significant investments in AI and technology, as well as IPO-related expenses.
What Happy Square Outsourcing Services Ltd does
Happy Square Outsourcing Services Limited, operating under the brand White Force, is an HR outsourcing and staffing company that sources, deploys and manages contract and permanent workforce for corporate and government clients across India. It earns fee-based income from flexible/temporary staffing placements (general, industrial and apprentice staffing), one-time recruitment/RPO placement fees, and payroll processing plus statutory labour-law compliance management for client workforces. The company also runs white-force.com, a digital job-matching platform with over a million registered candidates, and has built in-house tools (the White Force Plus applicant tracking system and a payroll/HRMS portal) to run its own recruitment and payroll operations. It serves clients across sectors such as FMCG, retail, logistics, manufacturing, healthcare, automobile, IT/ITES and government/PSU bodies.
Segments
- Temporary / Industrial & General Staffing
- Recruitment / RPO
- Payroll & Compliance Management
- Facility Management
- States presence
- 20+
- Employees deployed (staffing associates)
- 4,900+ as of 31 Mar 2026
- Core team (permanent) employees
- 160+
- Active clients
- 200+
- Years in business
- 8 years
- Registered candidates on white-force.com
- 1 million+
Guidance record · Q4 FY26
what the last two calls moved 8 tracked 0 delivered 0 missed 8 open- Revenue Growth open said Q4 FY26 Promised: 80% growth for FY27 Q4 FY26: For FY27, we are targeting, I would say, maybe an 80% growth from the present situation.
All 8 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
| Line item | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|
| Revenue | 49 | 49 | 43 | 66 |
| EBITDA | 4 | 5 | 3 | 4 |
| Net profit | 3 | 3 | 2 | 4 |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −51.6% 1Y
1Y: ₹76.9 on 10 Sept 2025 → ₹37.2. High ₹90.05 (16 Sept 2025), low ₹32.3 (9 Jun 2026).
How the price took the results
close before → close after
- Q4 FY26
- +4.9%
- 11 Jun
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Balance sheet
| Year ending | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity capital | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹12 Cr | ₹12 Cr |
| Reserves | ₹0 Cr | ₹2 Cr | ₹7 Cr | ₹26 Cr | ₹30 Cr |
| Borrowings | ₹4 Cr | ₹7 Cr | ₹11 Cr | ₹8 Cr | ₹7 Cr |
| Other liabilities | ₹4 Cr | ₹6 Cr | ₹11 Cr | ₹9 Cr | ₹12 Cr |
| Total liabilities | ₹9 Cr | ₹14 Cr | ₹28 Cr | ₹55 Cr | ₹61 Cr |
| Fixed assets | ₹0 Cr | ₹0 Cr | ₹2 Cr | ₹3 Cr | ₹4 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹5 Cr |
| Other assets | ₹8 Cr | ₹14 Cr | ₹26 Cr | ₹50 Cr | ₹52 Cr |
| Total assets | ₹9 Cr | ₹14 Cr | ₹28 Cr | ₹55 Cr | ₹61 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Mar 2026
Since Sep 2025, DIIs trimmed −0.69 pp while FIIs added +0.49 pp. The shareholder count shrank 9% to 197.
- Promoters
- 60.9%
- FIIs
- 3.4%
- DIIs
- 1.9%
- Public
- 33.8%
Since Sep 2025
- DIIs −0.69 pp
- FIIs +0.49 pp
- Public +0.19 pp
Who bought this quarter
since Sep 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Arwa Umesh +2.88 pp 5.56% held
- Umesh Chamdia newly disclosed 2.12% held
- Rgsl Investment Fund - Rgsl Investment Lvf 1 AIF newly disclosed 1.43% held
- Tavij Borkar newly disclosed 1.06% held
- NBFCs registered with RBI NBFC / DFI newly disclosed 0.50% held
- Inti Capital Vcc - Inti Capital I VC / PE +0.49 pp 2.12% held
The same filing shows 1 holder trimming and 5 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Happy Square Outsourcing Services Ltd above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Shraddha Rajpal . | 36.25% | unchanged |
| Nalini Rajpal | 18.12% | unchanged |
| Lalit Dua | 9.64% | unchanged |
| Arwa Umesh | 5.56% | +2.88 pp |
| Shishir Rajpal . | 4.71% | unchanged |
| Inti Capital Vcc - Inti Capital I VC / PE | 2.12% | +0.49 pp |
| Umesh Chamdia | 2.12% | newly disclosed |
| Aditya Rashmikant Dharia | 2.03% | −3.18 pp |
| Poonam Rajpal . | 1.81% | unchanged |
| Sheetal Rajpal | 1.81% | unchanged |
| Rgsl Investment Fund - Rgsl Investment Lvf 1 AIF | 1.43% | newly disclosed |
| Venus Investments Vcc - Venus Stellar Fund FPI fund | 1.23% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
- Growth the price implies
- -18.8% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
Learn to analyse Happy Square Outsourcing Services Ltd
Guides on how to read this kind of business and the numbers that matter.