PAN HR Solutions SME
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 13 Feb 2026 | ₹0 | 0.00% | ₹0 | ₹78 | ₹0 |
| 12 Feb 2026 | ₹0 | 0.00% | ₹0 | ₹78 | ₹0 |
| 11 Feb 2026 | ₹0 | 0.00% | ₹0 | ₹78 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- Listing date
- 13 Feb 2026
- Face value
- ₹10 per share
- Issue price
- ₹78 per share
- Lot size
- 1,600 shares
- Total issue size
- ₹17.04 Cr
- Market cap at offer price
- ₹56.25 Cr
- Promoter holding
- 90.92% → 62.90% pre-issue → post-issue
- ISIN
- INE1N9E01015
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- Marwadi Chandarana Intermediaries Brokers Pvt.Ltd.
- Registered office
- A-42/03, Second floor, Sector-62, Gautam Buddha Nagar, Uttar Pradesh
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 5,37,600 | — | — |
| Market maker | 3,79,200 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹78
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,24,800 |
| S-HNI (min) | 2 | 3,200 | ₹2,49,600 |
| S-HNI (max) | 8 | 12,800 | ₹9,98,400 |
| B-HNI (min) | 9 | 14,400 | ₹11,23,200 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹78 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 9.27 | 10.67 |
| P/E (×) | 8.41 | 7.31 |
| Price to book (×) | 2.32 | — |
| Market cap | — | ₹56.25 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 27.47%
- ROCE
- 38.30%
- PAT margin
- 1.75%
- EBITDA margin
- 2.42%
- NAV per share
- ₹33.55
- Price to book
- 2.32
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About PAN HR Solutions SME
PAN HR Solution Limited, incorporated as a private limited company on December 23, 2015 and converted to a public limited company on May 19, 2025, operates a B2B human resources and staffing business. The company provides a range of services including manpower services, payroll services, facility management, staffing solutions, compliance audit, and e-commerce logistics. It currently operates under a "Collect and Pay" model where the company invoices customers for services rendered and subsequently disburses payments to deployed employees. The company is in the process of implementing a "Pay and Collect" model to improve margins. As of November 2025, the company has 10,374 personnel deployed across various customer locations. The company generates significant revenue from the e-commerce industry (85.22% for the period ended November 30, 2025) and has a Pan-India presence with notable concentration in Delhi, Haryana, and Uttar Pradesh.
Company Analysis
from RHPPAN HR Solution Limited provides comprehensive manpower solutions including staffing, payroll, facility management, and compliance services across India, primarily serving e-commerce, logistics, and manufacturing sectors.
PAN HR Solution Limited, incorporated as a private limited company on December 23, 2015 and converted to a public limited company on May 19, 2025, operates a B2B human resources and staffing business. The company provides a range of services including manpower services, payroll services, facility management, staffing solutions, compliance audit, and e-commerce logistics. It currently operates under a "Collect and Pay" model where the company invoices customers for services rendered and subsequently disburses payments to deployed employees. The company is in the process of implementing a "Pay and Collect" model to improve margins. As of November 2025, the company has 10,374 personnel deployed across various customer locations. The company generates significant revenue from the e-commerce industry (85.22% for the period ended November 30, 2025) and has a Pan-India presence with notable concentration in Delhi, Haryana, and Uttar Pradesh.
Objects of the Issue
- Funding for Working Capital Requirements ₹ 975.00 lakhs p.23
- General Corporate Purpose p.23
- Funding working capital requirements of our Company ₹ 975.00 lakhs p.75
- General Corporate Purposes [●] p.75
- —
- Not specified in this part of the document
Issue Structure
- Total Issue
- Upto 21,84,000 Equity Shares aggregating up to ₹ [●] Lakhs
- Fresh Issue
- Upto 18,00,000 Equity Shares aggregating up to ₹ [●] Lakhs
- Offer for Sale
- Upto 3,84,000 Equity Shares aggregating up to ₹ [●] Lakhs
- Price Band
- ₹ [●] to ₹ [●] (Floor Price and Cap Price to be determined)
- Lot Size
- [●] and in multiples of [●] thereafter
- Face Value
- ₹ 10 per Equity Share
Business Model
B2B manpower outsourcing operating primarily under a "Collect and Pay" model where the company raises invoices on customers for services rendered and subsequently receives payment, which is then disbursed to deployed employees. The company also offers payroll services, facility management, staffing solutions, compliance audit services, and e-commerce logistics.
Business Segments
SWOT Analysis
- • Extensive workforce deployment with 10,374 deployed personnel(p.77)
- • Comprehensive service portfolio covering multiple sectors(p.77)
- • Strong profitability metrics with consistent growth(p.87)
- • Positive Return on Equity of 24.64%(p.87)
- • Large workforce deployment across pan-India locations(p.108)
- • Strong compliance and regulatory expertise(p.109)
- • Experienced leadership with decade of industry knowledge(p.109)
- • Comprehensive end-to-end HR service portfolio(p.109)
- • Pan-India geographic presence with expansion strategy(p.110)
- • Industry recognition and awards from major clients(p.107)
- • ISO certifications demonstrating quality and safety standards(p.107)
- • Revenue concentration risk from limited customer base(p.30)
- • Geographic revenue concentration in three states(p.30)
- • Industry concentration risk(p.31)
- • Negative operating cash flows in recent periods(p.32)
- • Large workforce deployment risk and employee-related claims exposure(p.32)
- • Delayed filings and regulatory compliance deficiencies(p.33)
- • Delays in statutory and regulatory dues(p.34)
- • Low EBITDA and profit margins in manpower-intensive business(p.35)
- • Lease dependency for registered office with unregistered lease deed(p.36)
- • Conflict of interest with promoter group company in similar business(p.35)
- • Dependence on 'Collect and Pay' model with working capital intensity(p.77)
- • Significant trade receivables concentration risk(p.51)
- • High employee cost exposure(p.52)
- • Heavy revenue concentration from single customer(p.114)
- • High customer concentration risk(p.107)
- • Limited core management team size(p.114)
- • Reliance on non-core workforce deployment model(p.112)
- • India's services sector growth and employment generation(p.22)
- • Transition to improved 'Pay and Collect' model(p.22)
- • Comprehensive range of customized HR services for customer retention(p.22)
- • Expansion into new geographical markets beyond current concentration areas(p.40)
- • Transition from 'Collect and Pay' to 'Pay and Collect' model for margin improvement(p.77)
- • Expansion into rapidly growing services sector in India(p.104)
- • Growing demand across multiple customer verticals(p.77)
- • Increasing formalization of workforce in India(p.105)
- • Expansion into new service verticals and sectors(p.110)
- • Implementation of Pay and Collect model for enhanced working capital(p.107)
- • Entry into Third-Party Logistics (3PL) business(p.110)
- • Growth in high-demand E-commerce and logistics sectors(p.109)
- • Intense price competition in fragmented HR staffing market(p.36)
- • Complex and changing labor laws and government regulations(p.36)
- • Employee unionization and industrial unrest risk(p.36)
- • Customer business downturn dependency(p.39)
- • Changes in Indian government regulations and tax policies(p.44)
- • Indian economic and political instability risk(p.44)
- • Global economic conditions and foreign investor restrictions(p.45)
- • Natural calamities and terrorist attacks impact on Indian economy(p.45)
- • Regulatory and compliance risk in staffing industry(p.77)
- • Wage inflation and labor cost pressures(p.78)
- • Economic sensitivity and customer payment delays(p.77)
- • Industry competition and margin compression(p.77)
- • Regulatory changes in labor and employment laws(p.121)
- • Contract Labour Regulation Act restrictions(p.117)
- • Concentration risk from E-commerce sector dependence(p.109)
- • Intense competition in manpower services industry(p.114)
- • Dependence on principal employer payment timelines(p.107)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Rajeev Kumar | Promoter | 49.63% | — |
| Rajni Kumari | Promoter/Promoter Selling Shareholder | 40.82% | — |
| Rajeev Kumar | Promoter | 49.63% | [●] |
| Rajni Kumari | Promoter Selling Shareholder | 40.82% | [●] |
| Antara Choudhary | Promoter Group | 0.46% | [●] |
| Rajeev Kumar | Promoter/Chairman & Managing Director | 49.63% | — |
| Rajni Kumari | Promoter/Whole-time Director | 40.82% | — |
| Rajeev Kumar | Promoter / Whole Time Director | — | — |
| Rajni Kumari | Promoter Selling Shareholder | — | — |
| Rajni Kumari | Promoter Selling Shareholder | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.