BSE: 544698
PAN HR SOLUTION LIMITED
Deploys over 11,000 personnel across 15 states for clients in e-commerce, quick commerce, logistics, manufacturing, warehousing and facility management, under a workforce outsourcing model the company describes as pay-and-collect. Revenue is reported as transaction value — Q1 FY27 alone recorded ₹73.85 cr, up 53.63% YoY, with June 2026 the strongest month at ₹28.95 cr. FY26 revenue from operations was ₹234.51 cr and net profit ₹7.50 cr. The cost structure is dominated by materials at 93.5% of revenue, reflecting the deployed workforce being the underlying cost, while employee costs run at 2.1% and capex at 0.1%. Following its February 2026 BSE SME listing, the company raised ₹1,404 lakh via IPO and ended FY26 virtually debt-free with cash and bank balance of ₹2,434 lakh and net worth of ₹3,751 lakh. Management is pivoting toward 3PL arrangements within existing clients, expanding into South and West India, and evaluating acquisitions in staffing, workforce management and payroll services. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Workforce staffing and outsourcing, Pay-and-collect operating model, 3PL services, HR, payroll and compliance solutions. Asset-light workforce outsourcing services, BSE SME listed since February 2026
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY26 |
|---|---|
| Revenue | 235 |
| EBITDA (ex other income) | — |
| margin % | — |
| Owners' profit | — |
| EPS, as reported (₹) | 13.26 |
| ROE % · ROCE % | — · 21.9 |
| Debt / equity (x) | — |
| Cash from operations | 4 |
| Capex | (0) |
Exhibit 2: Quarterly performance, last 1 quarters
| ₹ crore | Q4 FY26 |
|---|---|
| Revenue | 126 |
| Profit before tax | 5 |
| Net profit | — |
| EPS (₹) | 7.64 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INTL GEMOLOGICAL INST LTD | 16,876 | 27.7 | 11.34 | 16.2 | 47.8 | 58.1 | — | 64.6 |
| WEWORK INDIA MANAGEMENT L | 8,745 | 100.3 | 29.23 | 5.6 | 25.0 | 1.0 | — | 66.5 |
| NESCO LTD. | 7,045 | 16.9 | 2.35 | 11.9 | 13.8 | 14.8 | 26.2 | 68.9 |
| NIRLON LTD | 5,678 | 16.4 | 12.12 | — | 73.8 | 18.1 | — | 79.4 |
| SMARTWORKS COWORKING SP L | 5,302 | 190.2 | 9.99 | 4.5 | 2.0 | 0.3 | — | 65.8 |
| QUESS CORP LIMITED | 4,869 | 19.2 | 4.17 | 14.6 | 19.0 | 14.4 | 7.1 | 2.6 |
| INOX GREEN ENERGY SER LTD | 4,360 | 34.9 | 2.54 | 25.9 | 6.0 | 9.0 | — | 131.6 |
| INDIQUBE SPACES LIMITED | 3,549 | — | 6.89 | — | (20.7) | (2.5) | — | 67.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 7.0 | 13.0 | 24 of 79 | 71% |
| ROCE | 21.8 | 3.4 | 7 of 103 | 94% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Oct 2026 · Reg 74(5) compliance certificate for quarter ended Sept 30, 2026 | compliance | minimal | — | — |
| 30 Sept 2026 · Outcome of Arihant Capital investor conference participation | investor communications | low | — | — |
| 26 Sept 2026 · 11th AGM voting results: All 4 resolutions passed | board shareholder meetings | low | — | — |
| 26 Sept 2026 · PAN HR Solution 11th AGM: All 4 resolutions passed including AOA changes | compliance | minimal | — | — |
| 26 Sept 2026 · Trading Window Closure from October 01, 2026 | compliance | minimal | — | — |
| 25 Sept 2026 · PAN HR Solution 11th AGM held via VC; results to be declared within 2 days | board shareholder meetings | low | — | — |
| 25 Sept 2026 · PAN HR Solution postpones Arihant Capital investor meet to Sep 30 | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Management to attend Arihant Capital Rising Star 2026 virtual conference on Sep 25 | board shareholder meetings | low | — | — |
| 3 Sept 2026 · PAN HR Solution receives Best Supportive Vendor Award from Shadowfax | business updates | medium | — | — |
| 30 Aug 2026 · Newspaper notice published for 11th AGM on September 25, 2026 | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.