ProspectusLast filing 10 Jun 2026

Pan HR Solution Limited

CIN

Detailed viewexpand everythingSource documents

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 earlier look-up of its claims found no medium or high concerns across 16 claims looked up.

Read from public SEBI filings; last updated 10 Jun 2026. Not investment advice.

Key signals

Read from the filing. Signals summarise it; they are not a recommendation or investment advice.

ValuationLooks fine
8.4x P/EAt the top of the band, on FY25 profit; 1.1x book value.
GrowthConcern
5.2% a yearSales FY23 to FY25; latest year +0.8%.p.52
ProfitabilityConcern
1.8% net marginFY25; operating margin steady.p.52
DebtLooks fine
No borrowingsNothing borrowed at the end of FY25.p.52
Profit into cashConcern
15% of profitOperations brought in ₹0.8 crore against ₹5 crore of profit in FY25.p.52
One-off incomeLooks fine
7% of profitOther and one-off income is 7% of pre-tax profit.
Where the money goesConcern
All for saleEntirely an offer for sale: the company receives nothing.p.75
Red flagsLooks fine
None serious16 claims looked up earlier: 0 high, 0 medium concern.

How we rate these

Valuation: P/E at the top of the band: up to 25x good, up to 40x watch, above that concern.
Growth: Sales growth per year: 20% or more good, 8% or more watch, below that concern.
Profitability: Net profit margin: 10% or more good, 4% or more watch, below that concern. The trend note compares operating margin with the year before (1.5 points either way).
Debt: Borrowings / net worth: up to 0.5x good, up to 1.5x watch, above that concern.
Profit into cash: Cash from operations as a share of net profit: 80% or more good, 40% or more watch, below that (or negative) concern.
One-off income: Other and one-off income as a share of pre-tax profit: up to 10% good, up to 30% watch, above that concern. Any one-off item management itself describes moves "good" to "watch".
Where the money goes: Offer for sale as a share of the whole issue: under 40% good, under 75% watch, above that concern. In an offer for sale the money goes to the selling shareholders, not the company.
Red flags: Earlier web look-ups of the filing's claims: any high-concern finding is concern, any medium is watch, otherwise good.

Rules are rules of thumb, not a verdict: a fast-growing business can reasonably carry a higher P/E, and some sectors run on debt.

The IPO

What Pan HR Solution Limited is offering, at what price, and who owns it today. Read from the Prospectus; anything the company hasn't fixed yet shows as pending.

IPO dates announced

Bidding 6 Feb 2026 to 10 Feb 2026.

Fresh issue: Nil
Offer for sale: ₹3.0 Cr
Price band: To be announced
Final offer price: ₹78.00
Shares today: 54.11 lakh
Face value: ₹10
Listing on: BSESME
Bidding: 6 Feb 2026 to 10 Feb 2026

Lead managers

Marwadi Chandarana Intermediaries Brokers

Registrar

Maashitla Securities

Read from p.1 p.23 p.24 p.49+3

Where the money goes

Earmarked for specific objects

₹12 Cr

of a ₹12 Cr fresh issue (net proceeds)

Object	₹ crore	% of issue
Working capital Funding working capital requirements of our Company	9.8	82%
General corporate General Corporate Purposes	2.1	18%

The offer-for-sale portion is not shown here: that money goes to the selling shareholders, not the company. Source: page 75

Who owns it

Promoters hold before the IPO

90.5%

Promoters 90.5%Promoter group 0.5%Investors 9.1%

Holder	Shares	% before IPO
Rajeev KumarPromoter	26.86 lakh	49.6%
Rajeev KumarPromoter	26.86 lakh	49.6%
Rajni KumariPromoter	22.09 lakh	40.8%
Rajni KumariPromoter	22.09 lakh	40.8%
Lalit DuaInvestor	3.28 lakh	6.1%
Yashpal GargInvestor	81,826	1.5%
Cube Marketing Private LimitedInvestor	40,913	0.8%
Sheffy TrehanInvestor	40,913	0.8%
Antara ChoudharyPromoter group	25,100	0.5%
Antara ChoudharyPromoter group	25,100	0.5%

Valuation

At the price band	Low end	High end
Price per share	₹78.00	₹78.00
Market cap after IPO	₹42 Cr	₹42 Cr
P/E (FY25 profit)	8.41x	8.41x
Price / book value	1.14x	1.14x
Price / sales	0.15x	0.15x

Post-issue market cap divided by FY25 figures from the filing. A loss-making company has no P/E. Total issue size at the top of the band: ₹3.0 Cr.

Business model

Is Pan HR Solution Limited a good business, and why? Its market, industry, edge and team, each rated by a stated rule.

Each domain is scored from -10 to +10 by a stated rule, with the evidence behind it. There is no overall score and no buy or sell verdict.

Read the business-model analysis

Financials

What Pan HR Solution Limited earned and how, read straight from its Prospectus.

Sales FY25

₹283 Cr

+0.8% vs FY24

Net profit FY25

₹5.0 Cr

1.8% net margin

Net worth

₹37 Cr

Debt / equity 0.00x

Operating cash flow FY25

₹0.77 Cr

Cash generated by the business

₹ crore · Standalone · FY = year ended 31 MarchSource p.51 p.52 p.53

Metric	FY23	FY24	FY25	8M Nov-25
Profit & loss
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%
Other income	0.25	0.84	0.50	0.24
Interest	0.03	0.03	0.06	0.02
Depreciation	0.22	0.36	0.37	0.30
Profit before tax	5.4	5.6	6.9	6.3
Profit before tax excl. other & one-off income	5.1	4.8	6.4	6.0
Other & one-off income as % of PBT	4.7%	14.9%	7.3%	3.9%
Tax rate	27.7%	25.4%	27.6%	18.1%
Net profit	3.9	4.2	5.0	5.1
Net margin	1.5%	1.5%	1.8%	3.3%
EPS (₹)	1,981.38	2,145.21	2,552.05	31.39
Balance sheet
Net worth	38	44	37	45
Borrowings	0.60	0.03	0.00	0.08
Total assets	1.5	1.4	1.9	1.1
Debt / equity	0.02x	0.00x	0.00x	0.00x
Return on equity	10.2%	9.7%	13.6%	–
Cash flow
Cash from operations	2.0	6.8	0.77	-0.09
Cash from investing	-1.6	-2.0	-1.3	-0.58
Cash from financing	-0.19	-2.9	-0.89	0.06

Full statements

As printed in the filing's summary financial information, converted to ₹ crore.

₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.52

Line item	FY23	FY24	FY25	8M Nov-25
Revenue From Operations 17	256	281	283	154
Other Income 18	0.25	0.84	0.50	0.24
Total Revenue (1+2)	256	282	284	154
Finance Costs 21	0.03	0.03	0.06	0.02
Depreciation and Amortization Expenses 22	0.22	0.36	0.37	0.30
	251	276	277	148
Expenses
Cost of Services 19	242	265	266	144
Employee Benefits Expenses 20	6.8	8.5	7.9	3.1
Other Expenses 23	1.9	2.3	2.1	1.1
Profit/(Loss) Before Tax (3-5)	5.4	5.6	6.9	6.3
	1.5	1.4	1.9	1.1
Tax Expense:
Current Tax	1.5	1.5	1.9	1.1
Deferred Tax	-0.05	-0.05	0.02	-0.01
Profit/(Loss) for the Year (6-7)	3.9	4.2	5.0	5.1
ia) Earnings per equity share of Rs.10 each 27 (1) Basic (Rs.)	1,981.38	2,145.21	2,552.05	31.39
Diluted (Rs.)	1,981	2,145	2,552	31
Basic (Rs.)- after considering issue of bonus share	7.9	8.6	10	9.5
	7.9	8.6	10	9.5
ib) Earnings per equity share of Rs.10 each

₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.51 p.52

Line item	FY23	FY24	FY25	8M Nov-25
	12	14	18	23
EQUITY AND LIABILITIES
Shareholders' Funds
Share Capital 1	0.02	0.02	0.02	5.4
Reserves and Surplus 2	12	14	18	18
Long-Term Borrowings 3	0.42	0.00	0.00	0.05
	0.57	0.20	0.06	0.21
Non- Current Liabilities
Deferred Tax Liabilities (Net)	0.00	0.00	0.00	0.00
Other Long- term Liabilities	0.00	0.00	0.00	0.00
Long Term Provisions 4	0.16	0.20	0.06	0.15
Short Term Borrowings 5	0.18	0.03	0.00	0.02
Trade Payables 6	15	19	12	12
	24	28	18	20
Current Liabilities
Short Term Provisions 7	0.01	0.02	0.00	0.02
Other Current Liabilities 8	9.4	9.3	5.8	7.9
Total	37	42	36	44
Property, Plant and Equipment	1.1	1.2	0.91	0.78
Trade Receivables 13	12	14	8.1	11
Cash and Cash equivalents 14	3.2	5.1	3.7	3.1
Inventories	0.00	0.00	0.00	0.00
	37	42	36	44
ASSETS
Non- Current Assets
Property, Plant and Equipment and Intangible Assets 9
Intangible Assets	0.00	0.05	0.02	0.01
Intangible Assets under Development 10	0.02	0.02	0.00	0.00
Capital Work in progress	0.00	0.00	0.00	0.00
Non-Current Investment	0.00	0.00	0.00	0.00
Deferred Tax Assets (Net) 11	0.11	0.16	0.14	0.15
Long Term Loans and Advances	0.00	0.00	0.00	0.00
Other Non Current Assets 12	0.65	3.0	4.7	5.4
Current Assets
Current Investment	0.00	0.00	0.00	0.00
Short-Term Loans and Advances 15	0.37	0.21	1.5	1.7
Other Current Assets 16	20	19	17	22
	256	282	284	154
Revenue From Operations	256	281	283	154
Other Income	0.25	0.84	0.50	0.24
	251	276	277	148
Expenses
Cost of Services	242	265	266	144
Employee Benefits Expenses	6.8	8.5	7.9	3.1
Finance Costs	0.03	0.03	0.06	0.02
Depreciation and Amortization Expenses	0.22	0.36	0.37	0.30
Other Expenses	1.9	2.3	2.1	1.1
Profit/(Loss) Before Tax (3-5)	5.4	5.6	6.9	6.3
	1.5	1.4	1.9	1.1
Tax Expense:
Current Tax	1.5	1.5	1.9	1.1
Deferred Tax	-0.05	-0.05	0.02	-0.01
	3.9	4.2	5.0	5.1
ia) Earnings per equity share of Rs.10 each 27 (1) Basic (Rs.)	1,981.38	2,145.21	2,552.05	31.39
Diluted (Rs.)	1,981	2,145	2,552	31
ib) Earnings per equity share of Rs.10 each
Basic (Rs.)- after considering issue of bonus share	7.9	8.6	10	9.5
Diluted (Rs.)-after considering issue of bonus share	7.9	8.6	10	9.5

₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.53

Line item	FY23	FY24	FY25	8M Nov-25
Net Profit before tax as per Statement of Profit & Loss	5.4	5.6	6.9	6.3
Operating profit before working capital changes	5.5	5.2	7.2	6.6
	2.0	6.8	0.77	-0.09
Cash Flows From Operating Activities :
Adjustments for :
Depreciation and amortization	0.22	0.36	0.37	0.30
Bad Debts Written off	0.00	0.00	0.46	0.16
Intangible assets under development written off	0.00	0.00	0.02	0.00
Interest Expenses	0.03	0.03	0.06	0.02
Interest Income	-0.25	-0.84	-0.50	-0.24
Gratuity & Leave Encashment Expenses	0.17	0.05	-0.16	0.11
Changes in Working Capital
(Increase)/Decrease in Trade Receivables	-3.0	-1.9	5.1	-2.8
(Increase)/Decrease in Short Term Loans & Advances	-0.37	0.17	-1.3	-0.19
(Increase)/Decrease in Other Current assets	-10	1.5	2.0	-5.0
Increase/(Decrease) in Trade Payables	7.2	4.0	-6.8	0.28
Increase/(Decrease) in Other Current Liabilities	4.1	-0.13	-3.5	2.1
Cash generated from operations	3.1	8.9	2.6	1.1
Less:- Income Taxes paid (Net)	1.1	2.1	1.8	1.1
	-1.6	-2.0	-1.3	-0.58
Cash Flow From Investing Activities :
Purchase of Property, Plant & Equipment and Intangible Assets	-1.2	-0.47	-0.10	-0.16
(Increase)/Decrease Other Non Current Assets	-0.65	-2.4	-1.7	-0.66
Interest Income Received	0.25	0.84	0.50	0.24
	-0.19	-2.9	-0.89	0.06
Cash Flow From Financing Activities :
Payment of Long Term Borrowings	0.37	-0.42	0.00	0.00
Proceeds from Long Term Borrowings	0.00	0.00	0.00	0.05
Proceeds from Short Term Borrowings 17.98
Payment of Short Term Borrowings	0.00	-0.15	-0.03	0.02
Issue of share Capital	0.00	0.00	1.2	0.00
Interim Dividend Paid	-0.70	-2.3	-2.0	0.00
Interest Expenses Paid	-0.03	-0.03	-0.06	-0.02
Net Increase/(Decrease) In Cash & Cash Equivalents (A+B+C)	0.27	1.9	-1.4	-0.61
Cash and cash equivalents at the beginning of the year	2.9	3.2	5.1	3.7
Cash and cash equivalents at the end of the year	3.2	5.1	3.7	3.1
Total	3.2	5.1	3.7	3.1

Discounted cash flow

What Pan HR Solution Limited's cash flow would be worth today. Change the rate, time period or growth to see how sensitive the answer is.

Discount rate

% / yr

Time period

years

Cash flow growth

% / yr

Worth today (10 years of cash)

₹5.4 Cr

Per share

₹10.02

Top of the price band

₹78.00

DCF value is 87.2% below it.

Projected cash flow (₹ Cr) Worth today at 12.5% a yearAlong the bottom: years from now

Starting rate 12.5%: the cost of equity for the whole market, September 2026. It is the 10-year government bond yield of 7.41% less India's default spread of 1.87%, plus beta 0.98 from 2,111 listed companies times an equity risk premium of 7.08%. The yield is from Investing.com, India 10-year bond yield (historical data page); the premium is from Damodaran, Country Default Spreads and Risk Premiums (NYU Stern). This company's own industry group is not set yet, so the whole market's rate is used. Change the rate above to test other views.

Starts from FY25 cash from operations of ₹0.77 Cr, grown 5.2% a year (based on revenue growth FY23–FY25, capped at 20%) and discounted at 12.5% a year, with no value counted beyond year 10. Per share uses the shares outstanding after the IPO at the top of the band. A simple illustration from the filing's numbers, not a forecast or investment advice; small changes to the rate or growth move the answer a lot.

The short version

Start here. The story in a few minutes, with every fact tied to the page it came from.

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 listing.
AI-written summary of Pan HR Solution Limited's filings. Verify against the source documents.

Offer Structure and Investor Allocation

The offering structure specifies clear allocations for different investor categories. Fifty percent of the Net Offer is reserved for allocation to Qualified Institutional Buyers (QIBs).

Read more · 4 points, 4 supporting facts

The offering structure specifies clear allocations for different investor categories. Fifty percent of the Net Offer is reserved for allocation to Qualified Institutional Buyers (QIBs).

Fifty percent of the Net offer shall be allocated to QIBs. p.50

The structure also reserves a significant portion for individual investors, ensuring that not less than 35% of the Net Offer is available for their allocation.

Not less than 35% of the Net offer shall be available for allocation to Individual Investors. p.50

Non-Institutional Bidders are guaranteed a minimum allocation, with not less than 15% of the Net Offer being available for their participation.

Not less than 15% of the Net offer shall be available for allocation to Non-Institutional Bidders. p.50

The prospectus details that the promoter selling shareholder, Rajni Kumari, has consented to participate in the Offer for Sale component.

The Promoter Selling Shareholder, Rajni Kumari, has consented to participate in the Offer for Sale. p.50

IPO Offer Structure and Timeline

The public offering involved a specific timeline for the sale of equity shares. The offer opening date was set for Friday, February 06, 2026, with the closing date scheduled for Tuesday, February 10, 2026.

Read more · 4 points, 8 supporting facts

Offer Opening date was Friday, February 06, 2026. p.10
Offer Closing date was Tuesday, February 10, 2026. p.10

The price band for the equity shares was strictly defined, setting a floor and a ceiling for the final allotment price. The minimum price was set at ₹74, while the maximum price was capped at ₹78.

The Price Band had a minimum price (Floor Price) of ₹74. p.10
The Price Band had a maximum price (Cap Price) of ₹78. p.10

The total number of equity shares involved in the initial public offering was significant. The issue included 21,84,000 Equity Shares, aggregating to ₹1,703.52 lakhs.

The Initial Public Offering involved the issue of 21,84,000 Equity Shares. p.8
The total aggregation of the Initial Public Offering was ₹1,703.52 lakhs. p.8

A portion of the offer was reserved for the Designated Market Maker, specifically for the Market Maker Reservation. This included 3,79,200 Equity Shares at an Offer Price of ₹78, aggregating to ₹295.78 lakhs.

The Market Maker Reservation Portion included 3,79,200 Equity shares. p.9
The Market Maker Reservation aggregated to ₹295.78 lakhs. p.9

Directors Face Outstanding Tax Actions

We turn to the legal scrutiny surrounding the company's leadership. While the prospectus claims no major civil or criminal proceedings against the company or its group, we found a significant red flag: outstanding tax actions against the directors. These actions amount to 1.09 lakhs.

Read more · 3 points, 3 supporting facts

Outstanding tax actions against the directors amount to 1.09 lakhs. p.25

Investors need to be aware of the scrutiny on the company's financial dealings. The DRHP directs readers to review the 'Risk Factors' section on page 26 for a deeper dive into these potential liabilities.

Investors are directed to review the 'Risk Factors' section on page 26. p.26

Regarding financial transactions, the prospectus summarizes related party dealings. This summary covers transactions for the period ended November 30, 2025, and for the financial years ending March 31, 2025, 2024, and 2023.

Summary of related party transactions provided for periods ending November 30, 2025, and financial years ending March 31, 2025, 2024, and 2023. p.25

Medium concern

Regulatory Approvals and Compliance Checks

The company has secured crucial approvals, including in-principle approval from BSE for listing, based on a letter dated December 26, 2025. This suggests a formal step towards the listing process.

Read more · 4 points, 6 supporting facts

The company has secured crucial approvals, including in-principle approval from BSE for listing, based on a letter dated December 26, 2025. This suggests a formal step towards the listing process.

The company received In-principle approval from BSE for the listing of Equity Shares pursuant to a letter dated December 26, 2025. p.211

The documentation confirms that the offer was formally authorized by the Board and Shareholders through resolutions dated September 24, 2025, establishing the legal basis for the issuance.

The Offer was authorized by the Board pursuant to its resolution dated September 24, 2025. p.211
The Fresh Issue has been authorized by Shareholders pursuant to their special resolution dated September 24, 2025. p.211

The selling shareholder provided assurances regarding their eligibility, confirming they held the offered shares for at least one year prior to the filing date and complied with SEBI ICDR Regulations.

The Selling Shareholder confirmed they have held the offered shares for a period of at least one year prior to the date of filing of this Prospectus and are in compliance with the SEBI ICDR Regulations and eligible for the Offer. p.211

Crucially, the company and its key personnel have been cleared regarding capital market access, with confirmations that they are not prohibited from trading and have not been debarred by SEBI or other regulators.

Promoters and Directors have not been prohibited from accessing the capital markets and have not been debarred from buying, selling or dealing in securities under any order or direction passed by SEBI or any securities market regulator. p.211
Promoter and Directors are not directors or promoters of any other company which is debarred from accessing the capital market under any order or direction passed by SEBI or any other authorities. p.211

Promoter Control and Equity Stakes

We look at who controls this company. Rajeev Kumar is listed as a promoter, holding a significant stake of 49.63% of the equity shares. This puts him in a dominant position within the company's structure.

Read more · 4 points, 4 supporting facts

Rajeev Kumar holds 49.63% of the equity shares. p.23 p.24

Rajni Kumari is also a promoter and a Promoter Selling shareholder, holding 40.82% of the equity. This indicates another key individual with substantial equity ownership.

Rajni Kumari holds 40.82% of the equity shares. p.23 p.24

The Promoter Group, which includes Antara Choudhary, collectively holds 0.46% of the equity shares. This shows a small, yet defined, group influence.

The Promoter Group holds 0.46% of the equity shares. p.23 p.24

Despite the promoter holdings, the aggregate pre-Offer shareholding of Promoters and the Promoter Group totals 90.92% of the pre-Offer paid-up Equity Share capital.

Aggregate pre-Offer shareholding of Promoters and Promoter Group is 90.92% of the pre-Offer paid-up Equity Share capital. p.23

Bottom line

In summary, the IPO for Pan HR Solution Limited featured a structured offer with specific allocations reserved for QIBs, individual investors, and Non-Institutional Bidders. While regulatory approvals were secured, the process involved defined timelines and price bands, alongside disclosures regarding outstanding tax actions against directors. Furthermore, the ownership structure showed significant control, with key promoters holding a substantial majority of the equity shares.

Red flags from earlier look-ups

For this filing we looked up selected claims (promoters, court cases, subsidiaries) on the open web earlier. We no longer check what a filing says; SEBI reviews it.

LowSubsidiary
PAN HR Solution Private Limited
95% confidence
What the filing says
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.
p.124
What we found
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.
- trendlyne.com
  PAN HR Solution (PANHR) live share price today on NSE/BSE at 3:31 p.m. on Sep 11, 2026 is Rs 48.00. Explore financials, technicals, Deals, Corporate actions ...
- ticker.finology.in
  PAN HR Solution Ltd. Share Price Today: CLOSE 49, HIGH 49, LOW: 48. Get latest balance sheet, annual reports, quarterly results, and price chart.
- kotakneo.com
  PAN HR Solution Limited was originally incorporated as PAN HR Solution Private Limited on December 23, 2015 with the Registrar of Companies, Uttar Pradesh.
- dhan.co
  Today PAN HR Solutions opened at 48.00 while its previous close was at 48.20. In todays trading session PANHR reached a high of 48.00 and low of 48.00. The ...
- bajajfinserv.in
  PAN HR Solution Limited was originally incorporated as 'PAN HR Solution Private Limited' on December 23, 2015 with the Registrar of Companies, Uttar Pradesh.

Inside the filing

Section-by-section summaries of the Prospectus. Turn on Detailed view at the top to expand everything.

What the company does and how it got here

Business & industry

What the company actually does, its customers, competition and the industry it sells into.

pp. 96–123

This section provides an overview of the global economic landscape, detailing projections for growth, inflation, and the impact of trade policies. It discusses how shifting policies, particularly regarding tariffs, have affected economic activity and market expectations. The text also covers changes in international development aid and migration patterns, as well as the resilience observed in emerging markets against global shocks. Finally, it delves into the nuances of monetary policy frameworks in emerging markets, including the challenges posed by fiscal dominance and the evolution of central bank independence.

Key points (85, showing 60)

Global growth is projected at 3.0 percent for 2025 and 3.1 percent in 2026. p.96
Global headline inflation is expected to fall to 4.2 percent in 2025 and 3.6 percent in 2026. p.96
A series of new tariff measures by the United States lifted tariff rates to levels not seen in a century. p.96
The downward revision of the global growth projection for 2025 by 0.5 percentage point to 2.8 percent was observed in the April 2025 WEO. p.97
Inflation forecasts were revised upward in the United States but downward in many other jurisdictions, consistent with the expectation that the shifting international trade landscape would imply a supply shock in the tariffing country and a demand shock in the tariffed countries. p.97
Emerging markets have historically been vulnerable to global financial shocks, often experiencing significant economic and financial instability during periods of heightened risk aversion. p.98
Some emerging markets display remarkable resilience to external shocks, which could be due to steady growth in advanced economies, favorable terms of trade, and easier financial conditions. p.98
The monetary policy reaction function showed a progressive decline in the magnitude of the Taylor rule coefficient on expected inflation over time, pointing to gains in monetary policy credibility. p.100
Fiscal dominance can challenge central bank independence in emerging markets, as the government may rely on the central bank to finance expenses, limiting the monetary authority’s ability to raise interest rates. p.100
India's nominal GDP is Rs. 3,31,3,000 crore (US$ 3.78 trillion). p.100
India is projected to reach a GDP of Rs. 4,26,45,000 crore (US$ 5 trillion) by 2027 and is on course to surpass Germany by 2028. p.100
India’s real GDP for FY25 was estimated at Rs. 1,87,97,000 crore (US$ 2.20 trillion), growing from Rs. 1,76,51,000 crore (US$ 2.06 trillion) in FY24 with a 6.5% growth rate. p.101
Exports reached Rs. 37,31,000 crore (US$ 436.6 billion) in FY25, with Engineering Goods accounting for 26.88%, Petroleum Products for 13.86%, and Electronic Goods for 8.89%. p.101
Union Minister of Commerce and Industry Mr. Piyush Goyal projects exports to reach Rs. 85,44,000 crore (US$ 1 trillion) by 2030. p.101
Record FDI inflows amounting to Rs. 4,21,929 crore (US$ 49.3 billion) were received in FY25, marking a 15% increase over FY24. p.101
India’s current account deficit narrowed to Rs. 1,98,726 crore (US$ 23.30 billion), or 0.6% of GDP, in FY25 from 0.7% in FY24. p.101
India is primarily a domestic demand-driven economy, with consumption and investments contributing to 70% of the economic activity. p.101
The cumulative FDI inflow between April 2000 and March 2025 stood at Rs. 91,45,988 crore (US$ 1.07 trillion), with Mauritius being the major source at 25%. p.101
India secured the 39th position out of 133 economies in the Global Innovation Index 2024, having risen from 81st in 2015. p.101
The Government of India approved a Rs. 1,0 crore (US$ 11.72 billion) Research, Development and Innovation (RDI) Scheme in July 2025. p.102
The Government of India proposed doubling the investment cap for individual foreign investors in listed firms from 5% to 10% and the combined foreign individual limit to 24%. p.102
The Government of India allocated Rs. 22,000 crore (US$ 2.6 billion) to the BharatNet project in the Union Budget 2025-26, marking a 238% increase from the previous fiscal year. p.102
The draft National Telecom Policy 2025 (NTP-25) aspires to achieve 100% 4G coverage and 90% 5G population coverage by 2030. p.102
India’s services sector has steadily increased its share of Gross Value Added, rising from 50.6% in FY14 to about 55.3% in FY25. p.103
India’s fintech sector ranked third globally in H1 2025, raising Rs. 7,618 crore (US$ 889 million). p.104
India stays in the lead with the fintech adoption rate of 87%, substantially higher than the world average of 67%. p.104
India’s services sector was the largest recipient of FDI inflows worth Rs. 10,46,481 crore (US$ 122 billion) between April 2000 and June 2025. p.104
India’s services exports stood at approximately Rs. 11,517 crore (US$ 128 billion) in FY26 (April to July 2025). p.105
The Ministry of Health and Family Welfare is leveraging artificial intelligence (AI) to strengthen public health services through initiatives like the Ayushman Bharat Digital Mission (ABDM). p.105
The company operates on a B2B model and provides comprehensive manpower solutions for roles ranging from unskilled to skilled blue-collar workers. p.107
The company provides human resource, staffing services, and compliance solutions to customers in E-commerce, logistics, manufacturing, information technology, and other sectors. p.107
Services offered include Manpower Services, Payroll Services, Facility Management, Staffing Solutions, and Compliance Audit. p.107
The company offers end-to-end payroll management services ensuring compliance with statutory regulations like EPF, ESIC, LWF, and Professional Tax. p.107
The company is in the process of implementing a 'Pay and Collect' model, which involves making disbursements in advance to personnel followed by invoice raising and recovery from the client. p.107
The company has served approximately 25 customers who are well-established and renowned companies with national and regional operations. p.107
The company has received awards from clients for providing services. p.107
The company plans to expand its service portfolio into leadership hiring, digital workforce solutions, skills-based training, project-based, and contract staffing. p.107
The company plans to introduce the Third-Party Logistics (3PL) model to provide end-to-end logistics operations. p.107
As of November 30, 2025, the company had 10,374 non-core personnel deployed at various locations of its customers. p.109
The company is in compliance with statutory requirements such as GST, PF, ESIC, and labour laws for all employees. p.109
The company aims to drive organic growth by expanding its presence into new geographic regions and strengthening its footprint in existing ones. p.110
The company intends to expand its presence into industries such as Healthcare, Renewable energy, Fintech, and the government sector. p.111
The key business processes focus on competent technological capability and streamlined operations to ensure operational efficiency. p.111
Market Research and Development involves systematic analysis of industry trends, regulatory developments, and workforce dynamics to pinpoint sectors and regions with growth potential. p.112
A database is developed within a CRM system to classify clients by sector, location, business scale, and service requirements for efficient tracking and outreach across PAN India. p.112
Client support includes help desks, regular performance reviews, compliance tracking tools, and feedback channels to ensure long-term engagement. p.112
The company has a cloud-based HRMS portal for data management of employees working on its payroll (internal/external). p.112
The company has availed various insurance policies, including Car Insurance, Employees Compensation Insurance, and Group Term Life Insurance Plans. p.115
The company has a registered office located in Noida, Uttar Pradesh, India. p.115
The company has not entered into any technical or financial collaboration agreements. p.115
The Companies Act regulates the formation, financing, functioning, and restructuring of companies as separate legal entities, covering organizational, financial, and managerial aspects. p.116
SEBI is the regulatory body for securities market transactions, including the regulation of listing and delisting of securities and various rules and regulations. p.116
The Income Tax Act, 1961 is applicable to domestic and foreign companies based on their residential status and type of income. p.116
The Central Goods and Services Tax Act, 2017 (CGST Act) deals with the levy and collection of tax on intra-State supply of goods or services. p.116
The Goods and Services Tax (GST) is a comprehensive indirect tax on the manufacture, sale, and consumption of goods and services throughout India. p.116
The National Policy on Skill Development and Entrepreneurship, 2015 aims to provide an umbrella framework for skilling activities and align them with common standards. p.117
The Apprentices Act, 1961, was enacted to regulate and control the training of apprentices and formatters. p.117
The Employment Agencies (Regulation) Bill, 2019 is a bill to regulate employment agencies for helping workers seek employment, apprenticeship, or internship. p.117
The Contract Labour (Regulation and Abolition) Act, 1970 (CLRA) and related rules aim to protect the rights of contract workers. p.117
The Information Technology Act, 2000 governs transactions carried out by means of electronic data and electronic communication. p.118

History & corporate structure

How the company came to be: key milestones, subsidiaries, acquisitions and restructurings.

pp. 124–127

The company's history began with its incorporation as a private limited company on December 23, 2015, and it was subsequently converted into a public limited company on April 18, 2025, resulting in a name change. The company has undergone several amendments to its Memorandum of Association over the last ten years, including changes to its objects and authorized share capital. The company has received numerous awards and recognitions from Flipkart in various years, and there have been no reported defaults on borrowings or material acquisitions/divestments in the preceding decade. Currently, the company does not have any holding companies, subsidiaries, associates, or subsisting shareholders' agreements.

Key points (12)

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. p.124
The company was converted into a public limited company on April 18, 2025, and the name was changed to “Pan HR Solution Limited” following resolutions from the Board and shareholders. p.124
The registered office of the company was changed on October 8, 2020, from H No 731, Sector 1, Vasundhara, Ghaziabad - 201012, Uttar Pradesh, India, to Plot no. 9 sector 4, Vaishali, Ghaziabad - 201010, Uttar Pradesh, India. p.124
The company's Memorandum of Association was amended on February 16, 2017, to insert provisions related to fleet carriers and transporters. p.125
The company's Memorandum of Association was amended on March 16, 2017, to substitute existing clauses with the provision to provide corporate and individual logistic services. p.125
The company's Memorandum of Association was amended on April 21, 2025, to reflect the name change from ‘PAN HR Solution Private Limited’ to ‘Pan HR Solution Limited’. p.125
The authorized share capital was increased on April 21, 2025, from ₹ 10,0/- to ₹ 7,00,0/-. p.125
The company received various awards and certificates from Flipkart between 2021 and 2024, including awards for best support partner, runners-up, and winners. p.126
The company has not experienced any time or cost overrun in setting up projects as of the date of this Prospectus. p.126
The company has not made any material acquisitions or divestments of any business or undertakings in the last ten years preceding the date of this Prospectus. p.127
The company does not have any holding company, subsidiary, associate, or joint ventures as of the date of this Prospectus. p.127
The company does not have any subsisting shareholders’ agreements or other material agreements as of the date of this Prospectus. p.127

The IPO terms and where the money goes

The offer

How many shares are being sold, by whom, and on what terms.

pp. 49–64

The prospectus details an offer of equity shares, including a fresh issue and an offer for sale, with various components broken down by investor category. The offer structure includes different portions for QIBs, Non-Institutional investors, and Individual Investors, with specific reservations for certain application sizes. The document also outlines the pre and post-issue equity share counts and various financial statements.

Key points (39)

The total offer involves a Fresh Issue of 18,0 Equity Shares. p.49
The total offer involves an Offer for Sale of 3,84,000 Equity Shares. p.49
The Net Offer to the Public is for 18,4,800 Equity Shares. p.49
The offer is being made in terms of Chapter IX of the SEBI (ICDR) Regulations, 2018. p.49
The Offer has been authorized by the Board of Directors vide a resolution passed on September 24, 2025. p.49
The Promoter Selling Shareholder, Rajni Kumari, has consented to participate in the Offer for Sale. p.50
The company may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis. p.50
Fifty percent of the Net offer shall be allocated to QIBs. p.50
Not less than 35% of the Net offer shall be available for allocation to Individual Investors. p.50
Not less than 15% of the Net offer shall be available for allocation to Non-Institutional Bidders. p.50
The Statutory Auditors of the company are M/s. Vinay I Aggarwal and Associates. p.56
The Legal Counsel for the offer is Asha Agarwal & Associates. p.56
The Registrar to the Offer is Maashitla Securities Private Limited. p.56
IndusInd Bank Limited is listed as a Banker to the Offer/Refund Bank/Sponsor Bank. p.56
The Book Running Lead Manager for the offer is Marwadi Chandarana Intermediaries Brokers Private Limited. p.57
No credit rating agency registered with SEBI has been appointed for obtaining grading for the Offer. p.59
A monitoring agency is not required because the Net Proceeds of the Offer will be less than ₹ 5,000 lakhs, as per SEBI ICDR Regulations. p.59
None of the objects of the offer have been appraised by any agency. p.59
There is no requirement to obtain a credit rating for the Offer as it consists only of Equity Shares. p.59
The appointment of a debenture trustee is not required as the Offer consists of Equity Shares. p.59
No green shoe option is contemplated under the Offer. p.59
A copy of the Draft Red Herring Prospectus has been filed with the SME Platform of BSE Limited. p.59
The Draft Red Herring Prospectus will not be filed with SEBI, nor will SEBI issue any observation under Regulation 246 (2) of SEBI ICDR Regulations. p.59
The Draft Red Herring Prospectus will be made public for comments for at least twenty-one days from the filing date, by hosting it on the website of the Issuer company, BSE SME, and the Book Running Lead Manager. p.59
The Draft Red Herring Prospectus will be made public in English national daily newspapers (Financial Express), Hindi national daily newspapers (Jansatta), and Hindi edition of a regional daily newspaper (Gurgaon Mail). p.60
A copy of the Red Herring Prospectus/Prospectus was filed online through the SEBI Intermediary Portal. p.60
A copy of the Red Herring Prospectus along with material contracts and documents was filed under Sections 26 and 32 of the Companies Act, 2013 with the RoC. p.60
Book Building refers to the process of collecting bids based on the Prospectus within the Price Band, which is determined in consultation with the Book Running Lead Manager. p.60
Principal parties in the Book Building Process include the Company, the Book Running Lead Manager, Syndicate Member(s), Registrar, Escrow Collection Bank/Bankers, Designated Intermediaries, and Sponsor bank. p.60
All Bidders, except Anchor Investors, are mandatorily required to use the ASBA process for participating in the Offer. p.61
Individual Bidders applying in a public offer shall use only the ASBA process, providing details of the bank account to be blocked by Self Certified Syndicate Banks (SCSBs). p.61
Individual Investors with an application size up to ₹ 5.00 Lakhs shall use the UPI Mechanism. p.61
The Book Running Lead Manager is responsible for underwriting a portion of the issue, subject to finalization of the Basis of Allotment. p.62
The Market Maker is Giriraj Stock Broking Private Limited, and a Market Making Agreement was entered into with them. p.62
The Market Maker shall provide a 2-way quote for 75% of the time in a day, and the minimum depth of the quote shall be ₹ 1,0. p.63
The market maker spread (difference between the sell and the buy quote) shall be within 10% or as intimated by the Exchange. p.63
Limits on the upper side for Market Makers during the market making process are based on the offer size, with different re-entry thresholds depending on the offer size. p.63
The price band in the normal trading session is 5% of the equilibrium price if it is discovered in the Call Auction. p.64
Securities of the Company will be placed in SPOS and remain in Trade for Trade settlement for the first 10 days from the commencement of trading. p.64

Capital structure

Who owns what today, past share issues and what the shareholding looks like after the IPO.

pp. 65–74

This section details the authorized and issued equity share capital of the company as of the prospectus date, including various components of the offer structure. It outlines the details of the present offer, which involves a fresh issue and an offer for sale of equity shares. Furthermore, the document provides a history of equity share allotments and various shareholding patterns of the company as of different points in time relative to the filing.

Key points (23)

The aggregate nominal value of the Issued, Subscribed and Paid-up share Capital before the Offer was 54,11,058 Equity Shares. p.65
The total number of Equity Shares issued, subscribed and paid-up after the Offer is 72,11,058 Equity Shares. p.65
The shareholding pattern shows the Promoter and Promoter Group holding 90.92% of the total Equity Shares. p.68
The shareholding pattern shows that 1. Rajeev Kumar held 49.63% of the pre-offer Equity Share capital. p.69
The shareholding pattern shows that 2. Rajni Kumari held 40.82% of the pre-offer Equity Share capital. p.69
The shareholding pattern shows that 3. Ravi Shekhar held 33.16% of the pre-offer Equity Share capital. p.69
The total shareholding of Promoters and Promoter Group amounted to 90.82% of the post-offer capital. p.70
Rajeev Kumar held 37.24% of the total shareholding as Promoters. p.70
Rajni Kumari held 25.31% of the total shareholding as Promoters. p.70
A specific transaction occurred on December 23, 2015 involving Rajeev Kumar's subscription to MOA. p.70
A transfer occurred on June 30, 2019 involving Rajeev Kumar's transfer from Shivendu Tiwari. p.70
A Rights Issue occurred on October 12, 2020 involving Rajeev Kumar. p.70
A Transfer occurred on January 17, 2022 involving Rajeev Kumar's transfer from Poonam Tiwari. p.70
A Transfer occurred on November 25, 2024 involving Rajeev Kumar's transfer from Ravi Shekhar. p.70
A Bonus issue occurred on September 18, 2025 for Rajeev Kumar, resulting in 37.10% of the post-offer capital. p.70
Rajni Kumari's shareholding showed a build-up resulting in 30.64% of the post-offer capital. p.70
Antara Choudhary held 0.35% of the total shareholding. p.70
The total Promoter Group holding was 67.88% of the Post Issued, subscribed and Paid up Equity Share Capital. p.71
A transfer occurred on April 10, 2025 involving Antara Choudhary's transfer from Rajeev Kumar (Gift Deed). p.71
A Bonus issue occurred on September 18, 2025 for Antara Choudhary, resulting in 0.35% of the post-offer capital. p.71
A specific amount of Equity Shares held by Promoters is eligible for Promoter’s Contribution and is locked in for three years. p.71
Rajeev Kumar's holding is locked in for a period of 3 years. p.71
A specific number of Equity Shares held by Rajeev Kumar is locked in for three years. p.71

Use of proceeds

What the money raised will be spent on: growth, debt repayment or promoters cashing out.

pp. 75–95

The Offer involves a Fresh Issue of 18,0 Equity Shares for ₹ 1,404.00 lakhs and an Offer for Sale of 3,84,000 Equity Shares for ₹ 299.52 lakhs by the Promoter Selling Shareholder. The Net Proceeds from the Fresh Issue are proposed for funding working capital requirements and general corporate purposes. The company anticipates benefits from the listing of Equity Shares on the BSE SME, including enhancing visibility and creating a public market. The utilization of funds is subject to various factors and compliance with SEBI ICDR Regulations.

Key points (31)

The Offer comprises a Fresh Issue of 18,0 Equity Shares aggregating to ₹ 1,404.00 lakhs. p.75
The Offer includes an Offer for Sale of 3,84,000 Equity Shares aggregating to ₹ 299.52 lakhs by the Promoter Selling Shareholder. p.75
The Net Proceeds of the Fresh Issue are estimated to be ₹ 1,185.60 lakhs after deducting offer related expenses. p.75
The Net Proceeds are proposed to be used for funding working capital requirements of the Company. p.75
The Net Proceeds are proposed to be used for General Corporate Purposes. p.75
The estimated total expenses of the Offer are approximately ₹ 264.98 lakhs. p.75
The amount utilized for general corporate purpose shall not exceed 15% of the gross proceeds or ₹ 1,000 lakhs whichever is lower. p.76
Fees payable to the Book Running Lead Manager and commissions include underwriting commission, brokerage, and selling commission. p.80
Advertising, selling and marketing expenses account for 41.85% of the total offer size. p.80
Miscellaneous fees include listing fees, printing and distribution of stationery, and fees payable to legal counsel. p.80
Selling commission payable to SCSBs on the portion for IBs and Non-Institutional Bidders is 0.10% of the amount allotted. p.81
Processing fees payable to SCSBs on applications procured by members of the Syndicate/sub-Syndicate/Registered Broker/CRTAs/CDPs for Non-Institutional Bidders is ₹ 10 per valid application (plus applicable taxes). p.81
Bidding charges payable to Registered Brokers on applications made using 3-in-1 accounts would be ₹ 10 plus applicable taxes per valid application. p.81
The total uploading charges/processing fees payable to Members of the Syndicate, RTAs, CDPs, Registered Brokers will be subject to a maximum cap of ₹ 1.00 lakh. p.81
The Board and management will monitor the utilization of Net Proceeds through the Audit Committee. p.82
The Issuer company shall submit a certificate of the statutory auditor for utilization of money raised through the public issue (excluding offer for sale by Promoter selling shareholder) to SME exchange(s) while filing quarterly financial results, for working capital use if the amount exceeds five crore rupees. p.82
The Offer price is determined by the Company in consultation with the Book Running Lead Manager based on market demand assessment. p.84
The highest Industry P/E Ratio was recorded by Itcons E-Solutions Limited at 59.91. p.85
The lowest Industry P/E Ratio was recorded by Happy Square Outsourcing Services Limited at 7.07. p.85
The Weighted Average Return on Net Worth (RoNW) for the period ended November 30, 2025, was 21.94. p.85
Net Asset Value per Equity Share as on March 31, 2025, was ₹37.01. p.85
The Offer Price was 44.79. p.85
The KPIs disclosed have been approved by a resolution of the Audit Committee dated September 30, 2025. p.87
The ongoing KPIs will continue to be disclosed periodically for a duration of one year or until the complete utilization of the offer proceeds. p.87
A cash preferential allotment of 1,958 equity shares was made on March 22, 2025, with an offer price of 6,123. p.90
A secondary transaction involving the transfer of 6,500 equity shares for a total consideration of 1,312.34 was recorded on November 25, 2024. p.90
The Offer Price is 7.80 times the face value of the equity shares, as the Offer Price of ₹ 78/- per share is 7.80 times the face value of ₹ 10/- per share. p.91
The company operates on a B2B model providing comprehensive manpower solutions for various roles, including unskilled to skilled blue-collar workers. p.91
The company has a PAN India presence and provides human resource, staffing services, and compliance solutions across sectors like E-commerce, logistics, and manufacturing. p.91
The company offers services such as Manpower services, Payroll services, Facility management, staffing solutions, Compliance Audit, and E-commerce Logistics. p.91
The Company is not entitled to any special tax benefits under the GST Act. p.95

Pan HR Solution Limited IPO: common questions

Short answers drawn from the filings above.

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?

Earlier, we looked up 16 claims from the filing on the open web (we no longer do this, since SEBI reviews the filing): 0 raised a high concern, 0 medium and 1 low. 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

Every page reference on this site links to the original SEBI PDF.

Document	Filed	Pages	On this page	Source
ProspectusProspectus PAN HR SOLUTION LIMITED · 10 Jun 2026	10 Jun 2026	291	Full analysis	PDF

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