How did PAN HR's financials change in FY26?

Revenue from operations fell to ₹23.45 crore and net profit declined to ₹7.50 crore, both reflecting a contraction from the prior fiscal year.

How much of the IPO money is still unspent?

The filing includes a certificate showing a significant portion of the ₹14.04 crore raised in the IPO remains unutilised. The exact spent amount is not specified.

Why is the unused cash significant for a company of this size?

PAN HR's market capitalisation is ₹47 crore. The ₹14.04 crore in idle IPO proceeds therefore represents roughly 30% of its total market value.

Is this a routine earnings release?

It is a standard annual filing, but it combines two material items: a year-on-year earnings decline and a disclosure that most of the company's IPO capital is still unspent.

Earnings · Professional Services · Micro cap

PAN HR's profit shrinks as most of its IPO cash sits idle

A nano-cap posted a year-on-year decline in revenue and profit for FY26. A certificate shows most of its ₹14.04 crore IPO proceeds remain unspent.

— 1 earlier story on PAN HR Solution Ltd. →

PANHR By Tipsheet Editorial 29 May 2026 · 9:42 PM IST Verify on BSE · NSE

Mkt cap₹46.64 cr

P/E6.22×

ROE27.47%

Debt / eq.0.00

₹14.04 cr IPO proceeds still unutilised by the company.

What's new

PAN HR reported FY26 revenue of ₹23.45 crore and net profit of ₹7.50 crore, both down year-on-year.
A certificate shows most of the ₹14.04 crore it raised in its IPO remains unutilised.
The company has a market capitalisation of just ₹47 crore.

Why this matters

PAN HR is shrinking while sitting on public money. The company's entire market cap is barely three times the amount of unused IPO cash. That mismatch, declining operations next to idle capital, raises the question of what the money is actually for.

What we're watching

How management explains the unutilised ₹14 cr in its next filing or concall.
Whether the profit decline marks a one-off or a trend.
Any proposal to return the unused IPO capital to shareholders.

The full read

PAN HR, a nano-cap with a market capitalisation of ₹47 crore, posted a year-on-year decline in both revenue and profit for FY26. Revenue came in at ₹23.45 crore and net profit at ₹7.50 crore. More striking is what the filing says about the money it already has. A certificate confirms that most of the ₹14.04 crore raised in its IPO is still sitting idle. That sum alone is about 30% of the company's current market value. PAN HR is shrinking its operations while holding a large chunk of public capital unspent. The company has not explained why the funds remain unused or offered a revised timeline for deployment.

Questions answered

How did PAN HR's financials change in FY26?: Revenue from operations fell to ₹23.45 crore and net profit declined to ₹7.50 crore, both reflecting a contraction from the prior fiscal year.
How much of the IPO money is still unspent?: The filing includes a certificate showing a significant portion of the ₹14.04 crore raised in the IPO remains unutilised. The exact spent amount is not specified.
Why is the unused cash significant for a company of this size?: PAN HR's market capitalisation is ₹47 crore. The ₹14.04 crore in idle IPO proceeds therefore represents roughly 30% of its total market value.
Is this a routine earnings release?: It is a standard annual filing, but it combines two material items: a year-on-year earnings decline and a disclosure that most of the company's IPO capital is still unspent.

Mentioned: PAN HR Solution Ltd. · ₹14.04 cr IPO proceeds · FY26

Primary source BSE · NSE

An independent reading of the company's own disclosure — the primary filing above is the final word.

Story so far

All notes on PANHR →

29 May 2026 · 9:42 PM IST PAN HR's profit shrinks as most of its IPO cash sits idle
today PAN HR's profit jumps 158% on cost cuts after SME IPO