PAN HR Solutions Limited operates on a B2B model and provides comprehensive manpower solutions, catering to a range of roles from unskilled to skilled blue-collar workers. They have a PAN India presence and provide human resource, staffing services and compliance solutions to customers in E-commerce, logistics, manufacturing, information technology and other sectors which enables them in streamlining the hiring process, reduces administrative burden, and ensuring suitable candidates. Company offers range of services i.e. Manpower services, Payroll services, Facility management, staffing solutions, Compliance Audit and E-commerce Logistics which enables them to design and deliver a range of customized solutions suited to the specific needs of the customers, which strengthens their customer acquisition and retention capabilities. As a part of facility management services, they provide personnel for roles such as housekeeping staff, pantry boys, office assistants, and other support roles. They currently operate under a 'Collect and Pay' Model, wherein the Company raises invoices on its Customers/Principal Employers for services rendered in accordance with the applicable terms and subsequently receives payment. The payments are then disbursed to the employees deployed at the client place. In addition, the Company is in process of gradually implementing 'Pay and Collect' model wherein the Company shall make disbursements in advance to the concerned personnel or beneficiaries followed by the raising of invoices and recovery of the corresponding amounts from the Client/Principal Employer in accordance with agreed contractual terms. As on November 30, 2025, they have 10,374 personnel (non-core employees) deployed at various locations of the customers. Till date, company has served to approximately 25 customers, who are well-established and renowned companieshaving presence in national and regional operations. As per financial performance, PAN HR Solutions Limited has posted total income / net profits of Rs 256.35 / 3.88 Cr (FY23), Rs 281.91 / Rs 4.20 Cr (FY24), Rs 283.69 Cr / 5.01 Cr (FY25) and Rs 154.23 Cr / 5.13 Cr (upto 30.11.25 FY26). So as per previous financials data, company has shown steady growth, but sudden rise in net-profit just before IPO raises doubts. Company has an average EPS of Rs 9.25 and average RoNW of 29.05% for last three fiscals. Issue is priced at a P/BV of 1.80 as per NAV of Rs 43.23/- as on 30.11.25. If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 13.38, 11.21 and 7.31 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Marwadi Chandarana Intermediaries Brokers Private Limited is associated with this IPOs, and has handled 8 IPOs in last three fiscal years. From last 8 IPOs, all opened above issue price or at par, on the day of listing. As of now, from last 8 IPOs, four are trading below issue price and remaining all are trading above issue price or at par. (as on 03.02.26 ) As per financials, PAN HR Solutions Limited has shown steady growth, RoNW is 27.4% and P/E is 13.38, 11.21 and 7.31 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced, but sudden rise in net profit just before IPO raises doubts. Company operates on a B2B model and provides comprehensive manpower solutions, which is very competitive business segment. Performance of BRLM is average post listing. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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