PAN HR Solution Limited is a human resource services company incorporated in 2015, providing end-to-end workforce solutions. The company earns revenue through staffing services, payroll management, compliance support and HR outsourcing. Its services are primarily used by corporates across manufacturing, infrastructure, logistics and services sectors to manage manpower efficiently, reduce compliance risk and optimise operational costs.

Key Clients and Manufacturing/Operational Facilities

PAN HR Solution Limited caters to corporate and institutional clients across multiple industries requiring large-scale workforce deployment. The company operates through its registered office in Noida, Uttar Pradesh, and manages workforce operations across client locations rather than owning manufacturing units. Its facility infrastructure focuses on HR operations, compliance management, payroll processing and client servicing, enabling scalable service delivery across regions.

Product Portfolio, Order Book and Execution

The company’s service portfolio includes staffing solutions, payroll processing, labour law compliance and HR outsourcing. These services support clients throughout the employee lifecycle, from recruitment to separation. Order execution is service-based and recurring in nature, linked to client manpower requirements. The company executes contracts through structured processes and continuous client engagement, ensuring timely deployment and consistent service delivery.

Mergers, Capex and Expansion Plans

As per the prospectus, PAN HR Solution Limited has not announced any completed mergers. The company plans to utilise IPO proceeds primarily for business expansion, strengthening working capital and enhancing operational capabilities. Future growth is expected through geographic expansion, onboarding new clients and increasing service penetration among existing customers, supported by improved systems and infrastructure.

Employees and Bankers

As on November 30, 2025, the company had 178, full time employees. The Banker to the Company is HDFC Bank Limited, IndusInd Bank Limited, RBL Bank Limited and ICICI Bank Limited.

Management and Growth Vision

The promoters and management of PAN HR Solution Limited focus on sustainable growth through client diversification, service expansion and operational efficiency. Their near-term vision includes strengthening client relationships and expanding service offerings, while long-term goals involve scaling operations across geographies. Funding for capex and expansion is planned through IPO proceeds, internal accruals and efficient working capital management.

Industry Overview

PAN HR Solution Limited operates in India’s human resource and staffing services industry. The industry is driven by organised workforce demand, compliance requirements and increasing outsourcing by corporates. India’s staffing industry is growing steadily, supported by infrastructure growth, manufacturing expansion and services sector hiring. Globally, the HR services market is large and growing at a mid-single-digit rate, with organised staffing gaining share over informal employment.

Key Risk Factors

1. Client Concentration Risk
   A significant portion of revenue may depend on a limited number of clients. Loss of any major client or reduction in workforce deployment could adversely impact revenue, profitability and cash flows.
2. Regulatory and Compliance Risk
   The company operates in a highly regulated labour environment. Changes in labour laws, compliance norms or penalties for non-compliance could increase operational costs and impact business continuity.
3. Working Capital Intensity
   HR and staffing businesses require significant working capital to manage salary payouts and statutory dues. Any delay in client payments may strain liquidity and affect day-to-day operations.
4. Dependence on Skilled Management
   The business relies heavily on experienced promoters and senior management. Loss of key personnel or inability to attract skilled professionals may negatively affect execution and growth plans.
5. Industry Competition Risk
   The HR services industry is competitive with the presence of organised and unorganised players. Increased competition could lead to pricing pressure, reduced margins and slower client acquisition.

Key Strengths, Moat and Opportunities

1. Integrated HR Service Model
   The company offers end-to-end HR solutions, enabling clients to outsource multiple workforce functions to a single service provider, improving stickiness and long-term client relationships.
2. Recurring Revenue Nature
   Staffing and payroll services generate recurring revenue linked to workforce deployment, providing revenue visibility and stability compared to project-based businesses.
3. Promoter Experience
   The promoters possess industry experience and operational understanding, supporting client acquisition, compliance management and business scalability.
4. Growing Organised Staffing Demand
   With increasing compliance complexity, corporates are shifting from informal labour to organised HR service providers, creating strong growth opportunities.
5. Scalable Business Model
   The asset-light and service-oriented model allows PAN HR Solution Limited to scale operations without heavy capital expenditure, supporting faster expansion and return on capital.
6. IPO-Led Growth Support
   IPO proceeds will strengthen working capital and operational infrastructure, enabling the company to onboard larger clients and expand geographically in the near future.

PAN HR Solution Limited is a human resource services company incorporated in 2015, providing end-to-end workforce solutions. The company earns revenue through staffing services, payroll management, compliance support and HR outsourcing. Its services are primarily used by corporates across manufacturing, infrastructure, logistics and services sectors to manage manpower efficiently, reduce compliance risk and optimise operational costs.

Key Clients and Manufacturing/Operational Facilities

PAN HR Solution Limited caters to corporate and institutional clients across multiple industries requiring large-scale workforce deployment. The company operates through its registered office in Noida, Uttar Pradesh, and manages workforce operations across client locations rather than owning manufacturing units. Its facility infrastructure focuses on HR operations, compliance management, payroll processing and client servicing, enabling scalable service delivery across regions.

Product Portfolio, Order Book and Execution

The company’s service portfolio includes staffing solutions, payroll processing, labour law compliance and HR outsourcing. These services support clients throughout the employee lifecycle, from recruitment to separation. Order execution is service-based and recurring in nature, linked to client manpower requirements. The company executes contracts through structured processes and continuous client engagement, ensuring timely deployment and consistent service delivery.

Mergers, Capex and Expansion Plans

As per the prospectus, PAN HR Solution Limited has not announced any completed mergers. The company plans to utilise IPO proceeds primarily for business expansion, strengthening working capital and enhancing operational capabilities. Future growth is expected through geographic expansion, onboarding new clients and increasing service penetration among existing customers, supported by improved systems and infrastructure.

Employees and Bankers

As on November 30, 2025, the company had 178, full time employees. The Banker to the Company is HDFC Bank Limited, IndusInd Bank Limited, RBL Bank Limited and ICICI Bank Limited.

Management and Growth Vision

The promoters and management of PAN HR Solution Limited focus on sustainable growth through client diversification, service expansion and operational efficiency. Their near-term vision includes strengthening client relationships and expanding service offerings, while long-term goals involve scaling operations across geographies. Funding for capex and expansion is planned through IPO proceeds, internal accruals and efficient working capital management.

Industry Overview

PAN HR Solution Limited operates in India’s human resource and staffing services industry. The industry is driven by organised workforce demand, compliance requirements and increasing outsourcing by corporates. India’s staffing industry is growing steadily, supported by infrastructure growth, manufacturing expansion and services sector hiring. Globally, the HR services market is large and growing at a mid-single-digit rate, with organised staffing gaining share over informal employment.

Key Risk Factors

1. Client Concentration Risk
   A significant portion of revenue may depend on a limited number of clients. Loss of any major client or reduction in workforce deployment could adversely impact revenue, profitability and cash flows.
2. Regulatory and Compliance Risk
   The company operates in a highly regulated labour environment. Changes in labour laws, compliance norms or penalties for non-compliance could increase operational costs and impact business continuity.
3. Working Capital Intensity
   HR and staffing businesses require significant working capital to manage salary payouts and statutory dues. Any delay in client payments may strain liquidity and affect day-to-day operations.
4. Dependence on Skilled Management
   The business relies heavily on experienced promoters and senior management. Loss of key personnel or inability to attract skilled professionals may negatively affect execution and growth plans.
5. Industry Competition Risk
   The HR services industry is competitive with the presence of organised and unorganised players. Increased competition could lead to pricing pressure, reduced margins and slower client acquisition.

Key Strengths, Moat and Opportunities

1. Integrated HR Service Model
   The company offers end-to-end HR solutions, enabling clients to outsource multiple workforce functions to a single service provider, improving stickiness and long-term client relationships.
2. Recurring Revenue Nature
   Staffing and payroll services generate recurring revenue linked to workforce deployment, providing revenue visibility and stability compared to project-based businesses.
3. Promoter Experience
   The promoters possess industry experience and operational understanding, supporting client acquisition, compliance management and business scalability.
4. Growing Organised Staffing Demand
   With increasing compliance complexity, corporates are shifting from informal labour to organised HR service providers, creating strong growth opportunities.
5. Scalable Business Model
   The asset-light and service-oriented model allows PAN HR Solution Limited to scale operations without heavy capital expenditure, supporting faster expansion and return on capital.
6. IPO-Led Growth Support
   IPO proceeds will strengthen working capital and operational infrastructure, enabling the company to onboard larger clients and expand geographically in the near future.