# Pan HR Solution Limited: IPO analysis

> Pan HR Solution Limited (CIN U74120UP2015PLC075271) has filed a Prospectus with SEBI for an IPO comprising an offer for sale of ₹3.0 Cr. In FY25 it reported revenue of ₹283 Cr (+0.8% on FY24) and a net profit of ₹5.0 Cr. Promoters hold 90.5% before the IPO. Our fact-check of its claims found 2 medium or high concerns across 40 claims checked.

- Page: https://ipo.innerkore.com/company/U74120UP2015PLC075271/pan-hr-solution-limited/
- CIN: U74120UP2015PLC075271
- Last updated: 10 Jun 2026

## Key facts

- **Company:** Pan HR Solution Limited
- **CIN:** U74120UP2015PLC075271
- **Filing stage:** Prospectus
- **Latest SEBI filing:** 10 Jun 2026
- **Offer for sale:** ₹3.0 Cr
- **Final offer price:** ₹78.00 per share
- **Bidding opens:** 6 Feb 2026
- **Bidding closes:** 10 Feb 2026
- **Listing on:** BSE
- **Revenue FY25:** ₹283 Cr
- **Revenue growth:** +0.8%
- **Net profit FY25:** ₹5.0 Cr
- **Revenue CAGR FY23 to FY25:** 5.2%
- **Promoter holding (pre-IPO):** 90.5%
- **Lead managers:** Marwadi Chandarana Intermediaries Brokers Private Limited
- **Registrar:** Maashitla Securities Private Limited
- **Fact-check flags:** 0 high, 2 medium, 2 low

## Key signals (read from the filing; not investment advice)

- **Valuation** (looks fine): 8.4x P/E. At the top of the band, on FY25 profit; 1.1x book value.
- **Growth** (concern): 5.2% a year. Sales FY23 to FY25; latest year +0.8%.
- **Profitability** (concern): 1.8% net margin. FY25; operating margin steady.
- **Debt** (looks fine): No borrowings. Nothing borrowed at the end of FY25.
- **Profit into cash** (concern): 15% of profit. Operations brought in ₹0.8 crore against ₹5 crore of profit in FY25.
- **One-off income** (looks fine): 7% of profit. Other and one-off income is 7% of pre-tax profit.
- **Where the money goes** (concern): All for sale. Entirely an offer for sale: the company receives nothing.
- **Red flags** (look closer): 2 to review. 40 claims checked: 0 high, 2 medium concern.

## Financial snapshot (₹ crore unless stated; standalone)

| | FY23 | FY24 | FY25 | 8M Nov-25 |
|---|---:|---:|---:|---:|
| Sales | 256 | 281 | 283 | 154 |
| Sales growth | – | 9.8% | 0.8% | – |
| Operating profit | 5.4 | 5.2 | 6.9 | 6.3 |
| Operating margin | 2.1% | 1.9% | 2.4% | 4.1% |
| Net profit | 3.9 | 4.2 | 5.0 | 5.1 |
| Net margin | 1.5% | 1.5% | 1.8% | 3.3% |
| Net worth | 38 | 44 | 37 | 45 |
| Borrowings | 0.60 | 0.03 | 0.00 | 0.08 |
| Return on equity | 10.2% | 9.7% | 13.6% | – |

## Use of proceeds (fresh issue)

- Funding working capital requirements of our Company: ₹9.8 crore
- General Corporate Purposes (1): ₹2.1 crore

## Fact-checked claims

- **MEDIUM** (RegulatoryAction): The offer is being made in terms of Chapter IX of the SEBI (ICDR) Regulations, 2018.. The search results mention that Pan HR Solution convened a virtual investor meet complying with SEBI LODR Regulation 30, which is related to SEBI rules. However, the results do not explicitly confirm or deny the specific reference to Chapter IX of the SEBI (ICDR) Regulations, 2018.
- **MEDIUM** (RegulatoryAction): Our Company is eligible in terms of Regulation 228, 229 and Regulation 230(1) of SEBI (ICDR) Regulations, 2018 for this Offer.. The search results mention compliance with SEBI LODR Regulation 30 for an investor meet and disclosure in accordance with Regulation 30 of the Listing Obligations and continuous disclosure regulations, but they do not directly confirm eligibility under Regulation 228, 229, and Regulation 230(1) of SEBI (ICDR) Regulations, 2018 for the offer.
- **LOW** (SubsidiaryPerformance): The company was originally incorporated as a private limited company under the Companies Act, 2013 in the name and style of “PAN HR Solution Private Limited” on December 23, 2015.. Several search results corroborate the claim, stating that Pan HR Solution Limited was originally incorporated as PAN HR Solution Private Limited on December 23, 2015 with the Registrar of Companies, Uttar Pradesh.
- **LOW** (RegulatoryAction): The company shall comply with all requirements of the SEBI (ICDR) Regulations, 2018.. One search result indicates that Pan HR Solution convened a virtual investor meet on August 17, 2026, complying with SEBI LODR Regulation 30. Another result mentions that an appointment disclosure was done in accordance with Regulation 30 of the SEBI Listing Obligations. This suggests compliance with certain SEBI regulations.
- **NONE** (PromoterBackground): The company provides manpower solutions across various sectors such as E-commerce, logistics, manufacturing, and IT.. The search results do not contain any direct information corroborating or contradicting the claim that Pan HR Solution Limited provides manpower solutions across various sectors like E-commerce, logistics, manufacturing, and IT. The results primarily relate to regulatory actions against brokers and entities, which is not directly relevant to the company's service offerings.
- **NONE** (PromoterBackground): The offer involves a Fresh Issue of 18,0 Equity Shares aggregating to ₹ 1,404.00 Lakhs.. The provided search results do not contain any direct information corroborating or contradicting the specific claim regarding the fresh issue of equity shares by Pan HR Solution Limited. The search results point to various regulatory actions and circulars from SEBI but do not mention the financial details of this particular offer.
- **NONE** (PromoterBackground): The Promoter Group, including Antara Choudhary, holds 0.46% of the equity shares.. The provided search results do not contain any direct information corroborating or contradicting the claim that the Promoter Group holds 0.46% of the equity shares in Pan HR Solution Limited. The search results point to various SEBI-related actions and circulars from different dates and entities, none of which specifically mention this equity holding.
- **NONE** (PromoterBackground): Rajni Kumari is a promoter and a Promoter Selling shareholder, holding 40.82% of the equity shares.. The provided search results do not contain information that directly corroborates or contradicts the claim regarding Rajni Kumari's holding of 40.82% in Pan HR Solution Limited. The search results primarily reference various SEBI actions and circulars related to different entities and timeframes.
- **NONE** (PromoterBackground): Rajeev Kumar is a promoter of the company and holds 49.63% of the equity shares.. The provided search results do not contain any information that directly corroborates or contradicts the claim that Rajeev Kumar holds 49.63% of the equity shares in Pan HR Solution Limited. The search results primarily reference various SEBI-related actions and circulars from different dates and entities.
- **NONE** (SubsidiaryPerformance): The authorized share capital was increased on September 24, 2025, from ₹ 8,00,0/- to ₹ 8,00,50,000/-.. The provided search results do not contain any information confirming or denying the claim that the authorized share capital was increased on September 24, 2025, from ₹ 8,00,0/- to ₹ 8,00,50,000/-. The search results focus on share prices, incorporation details, and financial performance, without mentioning this specific corporate action.
- **NONE** (SubsidiaryPerformance): The authorized share capital was increased on September 17, 2025, from ₹ 7,00,0/- to ₹ 8,00,0/-.. The provided search results do not contain any information regarding an increase in the authorized share capital for Pan HR Solution Limited on September 17, 2025, from ₹ 7,00,0/- to ₹ 8,00,0/-. The search results focus on share prices, incorporation details, and financial performance.
- **NONE** (SubsidiaryPerformance): The authorized share capital was increased on April 21, 2025, from ₹ 10,0/- to ₹ 7,00,0/-.. The provided search results do not contain any information regarding an increase in the authorized share capital for Pan HR Solution Limited on April 21, 2025, from ₹ 10 to ₹ 7,00,000. The search results focus on share prices, incorporation details, and financial performance.

## Common questions

### How big is the Pan HR Solution Limited IPO?

Pan HR Solution Limited's IPO comprises an offer for sale of ₹3.0 Cr, according to its Prospectus. The price band is not stated in that document.

### What are Pan HR Solution Limited's revenue and profit?

Pan HR Solution Limited reported revenue from operations of ₹283 Cr in FY25, +0.8% versus FY24. Net profit was ₹5.0 Cr (FY24: ₹4.2 Cr). Revenue grew at a compound rate of 5.2% a year from FY23 to FY25. Figures are read from the Prospectus, as printed there.

### How much do promoters own in Pan HR Solution Limited?

Promoters hold 90.5% of Pan HR Solution Limited before the IPO. Largest holders listed: Rajeev Kumar (49.6%); Rajeev Kumar (49.6%); Rajni Kumari (40.8%).

### How will Pan HR Solution Limited use the IPO money?

The fresh-issue proceeds are earmarked for: Funding working capital requirements of our Company (₹9.8 Cr); General Corporate Purposes (₹2.1 Cr). The offer-for-sale portion goes to the selling shareholders, not the company.

### What are the red flags in Pan HR Solution Limited's Prospectus?

We fact-checked 40 claims from the filing against the open web: 0 raised a high concern, 2 medium and 2 low. The most notable: The search results mention that Pan HR Solution convened a virtual investor meet complying with SEBI LODR Regulation 30, which is related to SEBI rules.… The search results mention compliance with SEBI LODR Regulation 30 for an investor meet and disclosure in accordance with Regulation 30 of the Listing… This is an automated screen, not a verdict; each finding links to its sources.

### What does Pan HR Solution Limited do?

Pan HR Solution convened a virtual investor meet, but the critical question remains: did this event actually comply with the stringent requirements of SEBI LODR Regulation 30? We dive deep into the regulatory gray area surrounding this IPO to uncover what the documentation—or lack thereof—really tells us about this…

### Who manages the Pan HR Solution Limited IPO?

Book running lead managers: Marwadi Chandarana Intermediaries Brokers Private Limited. Registrar to the offer: Maashitla Securities Private Limited. Shares are proposed to list on BSE.

### Where can I read the original Pan HR Solution Limited IPO documents?

All 1 filing for Pan HR Solution Limited (Prospectus) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document.

## Source documents

- [PAN HR SOLUTION LIMITED](https://www.sebi.gov.in/sebi_data/attachdocs/jun-2026/1781091011695_1277.pdf) (Prospectus, filed 10 Jun 2026)

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Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.