PAN HR Solution IPO

PAN HR Solution Limited is a Noida-based staffing contractor that supplies blue-collar and support workers to other companies on a B2B basis. Clients outsource hiring and workforce administration to it: the company sources candidates, carries them on its own payroll, deploys them at client sites, and handles payroll processing, statutory compliance and compliance audits. Alongside staffing it provides facility management and e-commerce logistics manpower. The workers it places range from unskilled to skilled blue-collar roles, and its customers sit in e-commerce, logistics, manufacturing and information technology. The company reports a presence across 23 states, with revenue concentrated in Delhi, Haryana and Uttar Pradesh. As on 30 November 2025 it had 178 core employees and 10,374 deployed non-core workers.

Revenue is the fee billed to clients for workers deployed, so it scales with headcount on contract rather than with pricing. The dominant cost is paying those same workers: cost of services was Rs 266.36 crore of Rs 283.69 crore total revenue in FY25, leaving an EBITDA margin of 2.42% and a PAT margin of 1.77%. Margins that thin make working capital the binding constraint, since wages are paid before clients settle, and Rs 9.75 crore of the fresh issue was earmarked for working capital. Customer concentration is the other constraint: the top five customers were 95.61% of revenue in the eight months to 30 November 2025.