Updated on 13.02.2025|10:17 AM
PAN HR Solution Limited is set to launch its Initial Public Offering (IPO) on Friday, February 6, 2026. It is a prominent B2B manpower outsourcing and recruitment services provider with a strong presence across India. Check the details of this and all other upcoming IPOs at our ipo hub page which is updated regularly.
Specializing in sectors like E-commerce, logistics, and manufacturing, the company has built a reputation for delivering tailored staffing solutions.
The IPO, a book-built issue aiming to raise approximately ₹17.04 Crores, will close on Tuesday, February 10, 2026.
With a price band of ₹74 to ₹78 per share, the company intends to use the proceeds primarily to fund working capital requirements as it transitions to a more margin-accretive business model.
In this article, you will find PAN HR Solution IPO GMP today, price band, and a detailed review.
For allotment details check our ipo allotment status hub page and for subscription status check the subscription status hub page of IPOs which is updated regularly.
PAN HR Solution IPO Details:
- Price Band: ₹74 – ₹78 per equity share
- IPO Open / Close Dates: February 6, 2026 – February 10, 2026
- Lot Size: 1,600 Shares (Note: Retail Minimum Application is 2 Lots / 3,200 Shares)
- Issue Size: 21,84,000 Equity Shares / ~₹17.04 Crores
- Fresh Issue: 18,00,000 Shares
- Offer for Sale (OFS): 3,84,000 Shares
- Registrar: Maashitla Securities Pvt. Ltd.
- Listing Exchange: BSE SME
What Is The PAN HR Solution IPO GMP Today?
You can check the GMP of this and other issues at our GMP tody hub page.
Note: The Grey Market Premium (GMP) changes daily based on market demand. It is an unofficial indicator and is not regularised by SEBI, NSE, or BSE.
Listing Updates:
| Type | Issue Price | Open | Gain/loss % |
| Lisiting | 78.00 | 78.35 | 0.45 |
What Are The Important PAN HR Solution IPO Dates & Allotment Schedule?
For investors planning their capital allocation, here is the critical timeline for the issue:
- IPO Open Date: Friday, February 6, 2026
- IPO Close Date: Tuesday, February 10, 2026
- Basis of Allotment Date: Wednesday, February 11, 2026
- Refund Initiation Date: Thursday, February 12, 2026
- Credit of Shares: Thursday, February 12, 2026
- Listing Date: Friday, February 13, 2026
What Are The Objectives of PAN HR Solution IPO?
The company proposes to utilise the Net Proceeds from the Fresh Issue towards the following strategic purposes:
- Working Capital: A significant portion of ₹9.75 Crores is earmarked for meeting incremental working capital requirements. This is critical as the company shifts from a "Collect and Pay" model to a "Pay and Collect" model, necessitating upfront liquidity for employee salaries.
- General Corporate Purposes: To meet ongoing operational contingencies and strategic initiatives.
How is The Financial Performance of PAN HR Solution?
The following table summarizes the financial performance of the company based on restated financial statements.
(Figures in ₹ Crores)
| Particulars | Period Ended 30 Nov 25 | Period Ended 31 Mar 25 | Period Ended 31 Mar 2024 | Period Ended 31 Mar 23 |
Total Income | 154.23 | 283.69 | 281.92 | 256.36 |
Profit After Tax (PAT) | 5.13 | 5.02 | 4.20 | 3.88 |
EBITDA | 6.34 | 6.86 | 5.19 | 5.37 |
Total Borrowing | 0.08 | 0.00 | 0.03 | 0.60 |
Assets | 43.72 | 36.06 | 42.31 | 37.07 |
Source: RHP
Financial Analysis & Observations:
Total Income:
The company reported Total Income of ₹283.69 Crores in FY25, reflecting steady growth from ₹256.36 Crores in FY23. The half-year revenue for the period ending November 2025 stands at ₹154.23 Crores, indicating sustained demand for staffing solutions, albeit with high customer concentration.
Profit After Tax (PAT):
Profitability has improved consistently, with PAT rising to ₹5.02 Crores in FY25 from ₹3.88 Crores in FY23. For the stub period ended November 2025, PAT reached ₹5.13 Crores, surpassing the entire previous year's profit, driven by better cost management and economies of scale.
EBITDA:
Operational efficiency is on an upward trend, with EBITDA margins expanding to 4.12% in the recent period from roughly 2.1% in FY23. The absolute EBITDA of ₹6.34 Crores in just 8 months of FY26 suggests the company is successfully pivoting towards higher-margin service contracts.
Total Borrowing:
A key strength is the company's nearly debt-free status, with total borrowings at a negligible ₹0.08 Crores as of November 2025. This low leverage reduces financial risk, although the shift to a "Pay and Collect" model may require higher working capital limits in the future.
Assets:
The asset base expanded to ₹43.72 Crores by November 2025, largely driven by trade receivables. As an asset-light business, the company doesn't require heavy plant and machinery, but managing the receivables cycle (currently ~17 days) will be crucial for cash flow health.
What Are the P/E Ratio and Peer Comparison?
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹10.17, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 7.67x at the upper end of the price band (₹78).
P/E Ratio = ₹78(Price) / ₹10.17(Earnings Per Share)
P/E Ratio ≈ 7.67x
Peer Comparison Table (FY 2024-25 Data)
| Company | Revenue (₹ Lakhs) | P/E Ratio | RoNW (%) | EPS (₹) |
PAN HR Solution | 28,318.88 | 7.67 | 27.47 | 10.17 |
| Itcons E-Solutions Ltd | 598.41 | 63.20 | 8.76 | 6.43 |
| Happy Square Outsourcing | 9,741.46 | 8.27 | 47.64 | 7.07 |
| Spectrum Talent Mgmt | 1,27,013.50 | 24.39 | 4.72 | 3.13 |
Analysis:
PAN HR Solution is entering the market at a P/E multiple of approximately 7.67x.
When compared to the industry average of roughly 31.96x and peers like Itcons E-Solutions (63.20x) and Spectrum Talent (24.39x), the issue appears to be priced very attractively.
While Happy Square Outsourcing trades at a similar multiple (8.27x), PAN HR's larger revenue base and competitive RoNW of over 27% suggest a compelling value proposition.
What is the Industry Outlook PAN HR Solution Limited?
Growth Potential:
The Indian staffing industry is projected to grow significantly as formalisation increases and companies outsource HR functions to focus on core activities. The gig economy and e-commerce boom act as major tailwinds.
Market Trends:
There is a shift towards specialised staffing and compliance management. PAN HR's transition to a "Pay and Collect" model aligns with industry standards for higher-value contracts, though it increases working capital intensity.
What Are The Strengths and Risks of PAN HR Solution IPO?
Strengths:
- Financial Discipline: The company operates with negligible debt, a rarity in capital-intensive sectors.
- Asset-Light Model: Minimal capex requirements allow for scalability and flexibility in operations.
- Strong Return Ratios: A RoNW of nearly 27.5% indicates efficient management of shareholder funds.
Risks:
- Customer Concentration: The top 10 clients contribute over 99% of revenue. Loss of a key account, especially in the e-commerce sector, could severely impact financials.
- Cash Flow Issues: The company reported negative operating cash flows recently due to a working capital lock-up. Sustained negative cash flow is a liquidity risk.
- Regulatory Compliance: The business is sensitive to labour laws. Past delays in statutory filings indicate a need for robust compliance mechanisms.
Key Considerations for Investors
This section is for information purposes only and does not constitute financial advice.
Investors should note the Minimum Investment structure.
- Minimum Application: The lot size is 1,600 Shares. Based on the data provided, the minimum application for Retail Individual Investors is 2 Lots (3,200 Shares), amounting to ₹2,49,600. Note: This investment amount exceeds the typical ₹2 Lakh retail limit, essentially treating retail applicants as Small-HNI.
- Valuation: At ~7.7x P/E, the pricing leaves significant room for upside compared to industry averages.
- Risk Profile: While the valuation is attractive, the high client concentration and negative cash flows are key risks to monitor.
Key Takeaways
- IPO Price: ₹78 per share (Upper Band).
- Min Investment: ₹2,49,600 (3,200 Shares).
- Allotment Date: February 11, 2026
- Financials: Revenue ₹283 Cr (FY25); Debt-Free.
- Listing: BSE SME platform on February 13, 2026.
FAQs on PAN HR Solution IPO
What is PAN HR Solution IPO GMP today?
The GMP is a dynamic market sentiment indicator. You can check the details of gmp of this and other IPOs at our ipo gmp today page.
What is PAN HR Solution IPO price band?
The price band is fixed at ₹74 to ₹78 per equity share.
What is PAN HR Solution IPO allotment date?
The allotment status is expected to be finalised on Wednesday, February 11, 2026.
How to check PAN HR Solution IPO allotment status?
Investors can check the status on the website of Maashitla Securities Pvt. Ltd. (the Registrar) or via the BSE IPO allotment portal.
What is PAN HR Solution IPO listing date?
The shares are tentatively scheduled to list on Friday, February 13, 2026.
Investment Perspective on PAN HR Solution IPO
PAN HR Solution offers a value play in the staffing sector with a clean balance sheet and attractive valuation relative to peers. However, the high customer concentration and cash flow challenges, combined with the high minimum investment ticket size, suggest this is an opportunity best suited for investors with a moderate to high risk appetite.
Disclaimer:
This article is strictly for educational purposes. Please consult a SEBI-registered investment advisor before making any investment decisions.
