Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Nse
Happy Square Outsourcing Services Ltd. (WHITEFORCE)
SME CapServices stocks · SME cap · NSE
Happy Square Outsourcing Services Ltd. (White Force) is an integrated HR outsourcing and staffing solutions provider. It offers temporary/permanent staffing, payroll, compliance, and recruitment services across India, leveraging its digital job platform with 1M+ candidates. Serves FMCG, retail, logistics, manufacturing, and healthcare sectors.
₹35.6
+0.00 · +0.00%
Market cap ₹43.5 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result05 Jun, 12:50 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Services P/E 17.7 (n=143)
Technical timing lens
Trend score and candlestick chart
35Bearishfull bear SMA stack · SMA20 +2.4% / mo · MACD − · near 52W low
Stock trend: 35
Sector RS: —
Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
WHITEFORCED candles · FIT view-34.1%Latest close ₹35.60 on 2026-10-19
Bar
+0.3%
RSI
43
MACD hist
-0.53
52W pos
13%
2026-10-19O ₹35.50H ₹35.60L ₹35.45C ₹35.60Vol 6,400 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
WHITEFORCENifty 500
- WHITEFORCE
- -23.4%
- Nifty 500
- -5.6%
- Vs Nifty 500
- -17.9 pp
Chart stats
19 Oct 2026- From 52W high
- -62.4%
- 52W range position
- 11%
- ATR (14)
- 4.8%
- Volume vs 20D
- 2.16x
- Avg traded value
- ₹0 Cr
- 20D price channel
- ₹34 - ₹48.6
₹94.8
₹28.3 - ₹94.8
₹1.7
Latest completed session
20-session average
90.0% annualized volatility
No exact NSE sector index is mapped for this company. Nifty 500 remains the broad-market comparison.
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Add to watchlist
Fundamental setup is interesting, but technical confirmation is weak.
U-Score
Legacy · UNDERVALUED70
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Bearish35
Price trend and sector-relative-strength timing.
Valuation
Legacy model+74.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence65
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹66 Cr | NDF | +53.5% |
| EBITDA | ₹4 Cr | NDF | +33.3% |
| Operating margin | 7.0% | NDF | +100 bps |
| PAT | ₹4 Cr | NDF | +100.0% |
| PAT margin | 6.1% | NDF | +141 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 7.03
- P/B
- 1.03
- EV/EBITDA
- 6.31
- Market Cap
- 43.50Cr
Profitability
- ROE
- 22.70%
- ROCE
- 18.60%
- ROA
- 9.84%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 43.00%
- EPS 5Y
- 43.00%
- Revenue 3Y
- 27.00%
- EPS 3Y
- 51.00%
Balance Sheet
- Debt/Equity
- 0.17
- Interest Coverage
- 7.00×
- Altman Z
- 4.48
- Book Value
- 36.30
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -14.00 Cr
- EPS TTM
- 5.15
Shareholding
- Promoter Hold
- 60.90%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 16%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 66.0+53.5% vs prev
Net Profit
₹ CrLatest: 4.0+100.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 43. Wait for confirmation.
- SMA20 rising (~2.3% over last month) — short-term momentum positive.
- RSI(14) at 43 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 59% off 52W high · 26% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
42
RS percentile
Stage 4 Downtrend
1M return
-21.8%
3M return
-3.5%
6M return
-23.4%
1Y return
-
RS 1D
+4
RS 20D
+32
Sector rank
#11
Industry rank
#53
Stage evidence
- Price is 16.7% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -8.5%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
improving
Industry
improving
Partial-history RS: the 3M and 6M weights are re-normalised because 12M history is unavailable.
Relative-strength line vs Nifty 500 (base 100)
181 observations
19 Oct 2026Value 49.46+2.76%
RS vs Nifty 50049
Valuation & peers
U-Score 70 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 70 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · UNDERVALUEDValuation30/30
Growth21/25
Quality12/20
Balance Sheet11/15
Cash Flow0/10
Piotroski
5/9 (+3)
Penalties
-7
Raw sum
70
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
70/100 · legacy band UNDERVALUED
Positive drivers
- Fair-value margin of safety is positive at 74.0%.
- Valuation contributes 30/30 to the score.
- Growth contributes 21/25 to the score.
Main drags
- Penalty bucket subtracts 7 points.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Quality is weaker at 12/20; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
7.0
PB
1.0
EV/EBITDA
6.3
ROE
22.7%
ROCE
18.6%
FCF Yield
—
Debt/Equity
0.2
MoS
+74.0%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
70
Previous: 70
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+74.0%
Previous: +74.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
70
70
70
70
70
70
70
70
70
70
70
70
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹64.86
+45.1% MoS
Growth-justified P/E
26.6
Growth-justified Value
₹136.73
+74.0% MoS
PEG
0.15
Comparable companies
Peers
Business-comparable peers in Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
HRHNEXT
SME
HRH Next Services Ltd.
HR & Manpower
match 156
61
6.4
12.5%
+75%
UNDERVALUED
WEWIN
Small
WE WIN LIMITED
HR & Manpower
match 151
63
12.2
15.2%
+55%
UNDERVALUED
SERVICE
SME
Service Care Ltd.
HR & Manpower
match 146
34
18.4
10.1%
+36%
WATCHLIST
SPECTSTM
SME
Spectrum Talent Management Ltd.
HR & Manpower
match 141
58
11.1
7.4%
+60%
FAIR VALUE
IPSL
SME
Integrated Personnel Services Ltd.
HR & Manpower
match 141
52
18.6
17.8%
+41%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-10-05T07:47:58.358Z
Management commentary snapshot
FY26 Revenue from Operations grew 12.06% YoY to ₹10,916.62 Lakhs. However, Profit Before Tax (PBT) declined YoY, with Profit After Tax (PAT) showing only marginal growth to ₹598.40 Lakhs, largely due to a tax adjustment. H2 FY26 showed stronger revenue and PAT growth.
The decline in deployed manpower and PBT for FY26, despite overall revenue growth, indicates underlying operational challenges. The marginal PAT growth was significantly aided by a tax adjustment, masking pressure on core profitability. The decrease in government and PSU revenue contribution is also a concern.
Growth engines
Digital Job Platform
positivewhite-force.com has over 1 million registered candidates, 3,000+ active job postings, and attracts 100,000+ monthly visitors.
Proprietary ATS (White Force Plus)
positiveAI-powered Applicant Tracking System, built 100% in-house, aims to reduce hiring time and cost per hire.
In-house HRMS Portal (White Force Payroll)
positiveAutomates payroll, time/attendance, and compliance, saving up to 50% of HR professionals' time and reducing manual errors.
High-Margin RPO Services
positiveCompany provides customized recruitment solutions, capitalizing on its extensive industry expertise.
Tailwinds
Technology-driven efficiency
positiveIn-house ATS and HRMS platforms enhance speed, accuracy, and reduce costs, offering an all-in-one HR suite.
NSDC-certified training program
positiveCommitted to upskilling professionals, enhancing workforce efficiency, and providing businesses with a well-trained talent pool.
Diversified industrial verticals
positiveServes diverse industries including automobile, aviation, E-commerce, retail, F&B, healthcare, logistics, manufacturing, engineering, technology, IT, and PSUs.
Headwinds
Decline in deployed manpower
negativeManpower deployed (staffing) decreased from 5,802 in FY25 to 4,980 in FY26.
Decline in Government/PSU revenue contribution
negativeGovernment revenue share dropped from 42.80% to 37.63% YoY, and PSU industry revenue share dropped from 43.31% to 34.22% YoY.
Increased Other Expenses
negativeOther expenses increased significantly from ₹113.52 Lakhs in FY25 to ₹401.93 Lakhs in FY26.
Risk radar
Fluctuations in earnings
Future business prospects and profitability are subject to risks and uncertainties, including fluctuations in earnings.
Ability to manage growth
Risks and uncertainties include the company's ability to manage growth effectively.
Competition
The company faces competition from both domestic and international players.
Attracting and retaining skilled professionals
Ability to attract and retain highly skilled professionals is a key risk for the business.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The presentation provides half-yearly (H2 FY26 vs H2 FY25) and full-yearly (FY26 vs FY25) financial statements, making year-over-year comparisons most relevant for assessing performance trends.
Sector KPIs management disclosed
Manpower Deployed (Staffing)
negativeDecreased to 4,980 in FY26 from 5,802 in FY25.
Total Manpower (Core)
positiveIncreased to 161 in FY26 from 142 in FY25.
Clients
200+ clients as of March 31, 2026.
Recruitment Turnaround Time
positiveIndustry-leading turnaround time of just 60 hours.
Management forward view
Client Acquisition & Relationship Building
Focus on expanding client base and strengthening existing relationships by offering tailored staffing solutions and leveraging technology.
Geographical Expansion
Plans to extend its reach to new regions, tapping into larger markets and enhancing client relationships.
Export of Services
Leverages cost advantages by offering international staffing solutions to Indian companies.
Upcoming Services
Upcoming attendance management and performance analysis services will optimize workforce productivity and foster client partnerships.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Manpower Deployed (Staffing) | 4,980 (FY26) | Reversal of the declining trend and sustained growth in deployed associates. |
| Government Revenue Contribution | 37.63% (FY26) | Stabilization or increase in government project wins and revenue share. |
| Other Expenses | ₹401.93 Lakhs (FY26) | Containment and reduction of 'Other expenses' to improve PBT margins. |
| Profit Before Tax (PBT) Growth | Declined YoY in FY26 | Improvement in pre-tax profitability, not just PAT driven by tax adjustments. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
65Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 45th percentile of the scored universe and 50th percentile within Services. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
3 docs text-extracted · 1 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
45th percentile
overall median 67 · Services: 50th pctile, median 66 · SME: 56th pctile, median 64
Evidence depth
Financial-only
3 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
66
acceptable · capital discipline
Results
63
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 60.9%.
- ▸Promoter pledge is zero.
- ▸OPM spread across recent quarters is 5%.
Trust risks
- ▸Operating cash flow is negative at ₹-14 Cr.
- ▸Only 0 years of positive FCF.
- ▸ROCE trend is -18.1%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Happy Square Outsourcing Services Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationJun 2026
Jun 2026 · PPT
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Annual reportMar 2026
Jul 2026 · Copy of Newspaper Publication 18 July 2026 - Newspaper advertisement confirms dispatch of 09th AGM notice, annual report, and e-voting information on July 18, 2026.
Source: Nse
Annual reportMar 2026
Jul 2026 · Shareholders meeting 17 July 2026 - FY2025-26 annual report, AGM on August 8, 2026, plus object-clause alteration for overseas recruitment services.
Source: Nse
Investor presentationSep 2025
Sep 2025 · PPT
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.