PAN HR Solutions Limited IPO
PAN HR Solution Limited was originally incorporated as on December 23, 2015. The Company operates on a business-to-business (B2B) model and provides comprehensive manpower and human resource solutions across India. Its services cater to roles ranging from unskilled to skilled blue-collar workers, enabling clients to streamline hiring processes, reduce administrative burden and ensure regulatory compliance.
The Company has a PAN-India presence and serves customers across sectors such as e-commerce, logistics, manufacturing, information technology and other industries.
Service Offerings
PAN HR Solution Limited offers an integrated suite of workforce and compliance solutions, including:
i) Manpower services
ii) Payroll management services
iii) Facility management services
iv) Staffing solutions
v) Compliance audit services
As part of its facility management services, the Company provides personnel such as housekeeping staff, pantry staff, office assistants and other support roles. Its comprehensive service portfolio enables the delivery of customized solutions tailored to client-specific requirements.
Operating Model and Workforce Deployment
The Company primarily operates under a “Collect and Pay” model, wherein invoices are raised on customers or principal employers for services rendered, followed by disbursement of payments to deployed personnel. In addition, the Company is in the process of gradually implementing a “Pay and Collect” model, under which advance payments are made to personnel and subsequently recovered from clients in accordance with contractual terms. As of November 30, 2025, the Company had 10,374 personnel deployed across various customer locations in India.
Client Base and Market Presence
Till date, the Company has served approximately 25 customers, comprising established and reputed companies with national and regional operations. The Company has received recognition and awards from its clients for service quality and performance.
Competitive Strengths
i) PAN-India workforce deployment capability
ii) Strong compliance and regulatory expertise
iii) Experienced promoter-led management team
iv) Comprehensive end-to-end service offerings
v) Ability to deliver customized workforce solutions across industries
Objects of the PAN HR Solutions Limited IPO:
PAN HR Solutions Limited IPO Details:
| Open Date: | Feb 06 2026 |
| Close Date: | Feb 10 2026 |
| Total Shares: | 21,84,000 |
| Face Value: | ₹ 10 Per Equity Share |
| Issue Type: | Book Building |
| Issue Size: | 17 Cr. |
| Lot Size: | 1600 Shares |
| Issue Price: | ₹ 74-78 Per Equity Share |
| Listing At: | BSE SME |
| Listing Date: | Feb 13 2026 |
Promoters And Management:
Financials of PAN HR Solutions Limited IPO:
| Particulars | 8M FY2025-26 | FY 2024-25 | FY 2023-2024 | FY 2022-2023 |
| Revenue from Operations (Cr) | 154 | 283 | 281 | 256 |
| EBITDA (Cr) | 6 | 7 | 5 | 5 |
| EBITDA Margins | 4.1% | 2.4% | 1.8% | 2.1% |
| PAT (Cr) | 5 | 5 | 4 | 4 |
| PAT Margins | 3.3% | 1.8% | 1.5% | 1.5% |
| ROCE | 27% | 38% | 40% | 42% |
| OPerating Cash Flow (Cr) | -1 | 0.8 | 7 | 2 |
Comparison With Peers:
| Companies | Revenue (in cr) | EBITDA Margins | PAT | PAT Margins | ROCE | D/E Ratio | MCap (in cr) | P/E |
| PAN HR Solution Limited | 283 | 2.4% | 5 | 2% | 38% | - | 56.25 | 11.25 |
| Itcons ESolutions Limited | 56 | 8% | 3.25 | 6% | 17% | 0.2 | 350 | 74.00 |
| Happy Square Outsourcing Services Limited | 97.41 | 10% | 6 | 6% | 41% | 0.20 | 58 | 11 |
| Spectrum Talent Management Limited | 1270 | 1% | 7 | 0.55% | 5% | 0.3 | 202 | 33 |
| NOTE:Forward P/E is 7.5x According to FY 2026 PAT | ||||||||
Lead Manager of PAN HR Solutions Limited IPO:
Registrar of PAN HR Solutions Limited IPO:
Discussion on PAN HR Solutions Limited IPO:
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