H.R. Hygiene Products Limited IPO Overview
H.R. Hygiene Products Limited was originally incorporated as a Private Limited Company on July 21, 2016, and was subsequently converted into a public company in February 2025. The company is a manufacturer of personal hygiene products, focused primarily on sanitary napkins while expanding into adult and baby care categories. It markets its products under four owned brands — Femiss, Womanica, ElderFit, and Bloom Baby — covering the value, premium, elderly care, and infant care segments respectively. In addition to branded sales, it also manufactures sanitary napkins on a white-label basis for select customers. The company operates an automated manufacturing facility in Rajkot with an installed capacity of 20 crore sanitary napkins annually, achieving capacity utilisation above 87% across its production lines in FY26.
The company plans to raise ₹53.95 crore through its SME IPO, which opens for public subscription on July 29 and closes on July 31, 2026. The price band has been set between ₹83 and ₹88 per share. The issue will be listed on the BSE SME platform with a tentative listing date of August 5, 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 29 July 2026 |
| IPO Close Date | 31 July 2026 |
| Allotment Date | 03 August 2026 (Expected) |
| Refund Initiation | 04 August 2026 |
| Credit to Demat | 04 August 2026 |
| Listing Date | 05 August 2026 (Tentative) |
| Price Band | ₹83 – ₹88 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,600 shares |
| Minimum Investment (Retail) | ₹2,81,600 (2 lots = 3,200 shares) |
| Issue Size | ₹53.95 crore |
| Fresh Issue | 49,05,600 shares (₹43.17 crore) |
| Offer For Sale (OFS) | 12,25,600 shares (₹10.78 crore) |
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
| Market Maker | 3,10,400 shares (Reserved) |
OFS / Selling Shareholders
All four promoters are participating equally in the OFS — Hemal Babubhai Borsadiya, Rahul Kishorbhai Sheradia, Borsadiya Binita Hemalbhai, and Sheradia Parth Damjibhai — each offloading 3,06,400 equity shares, totalling 12,25,600 shares under the Offer for Sale.
The fresh issue proceeds will go to the company, while the OFS proceeds will be received by the promoter selling shareholders.
Objects of the Issue (Fund Utilization)
IPO proceeds will be used to fund a new manufacturing unit in Gujarat, repayment of debt (in part or in full), and general corporate purposes.
- Setting up a new manufacturing facility in Gujarat (diaper production expansion)
- Repayment / prepayment of existing borrowings
- General corporate purposes
Lead Managers & Registrar
- Book Running Lead Manager: Marwadi Chandarana Intermediaries Brokers Private Limited
- Registrar to the Issue: Purva Sharegistry (India) Private Limited
- Market Maker: Hem Finlease Pvt. Ltd.
Promoters & Management
The promoters of H.R. Hygiene Products Ltd. are Hemalbhai Babubhai Borsadiya, Rahul Kishorbhai Sheradia, Sheradia Parth Damjibhai, and Borsadiya Binita Hemalbhai. Before the IPO, the promoters held a 68.80% stake.
Company Details
H.R. Hygiene Products operates an automated manufacturing facility in Rajkot, Gujarat, with an installed capacity of 20 crore sanitary napkins annually. As of May 2026, the company offered 25 SKUs and served customers through a pan-India distribution network spanning over 227 customers across 28 states and 8 union territories, supported by 202 distributors, 25 consignment sales agents, and more than 99 sales personnel.
Brands:
- Femiss — Value segment sanitary napkins
- Womanica — Premium segment sanitary napkins
- ElderFit — Adult care / elderly hygiene
- Bloom Baby — Infant / baby care
Sectors Served:
- Personal Hygiene & Feminine Care
- Adult & Elderly Care
- Baby & Infant Care
- White-label / Private Label Customers
Key Capabilities:
- Automated manufacturing with 87%+ capacity utilisation in FY26
- Multi-brand portfolio covering value to premium segments
- Pan-India distribution across 28 states and 8 union territories
- Investing in a new manufacturing facility to expand into diaper production, positioning itself to capture growing demand across India’s broader hygiene products market.
Employees: As of May 31, 2026, the company had 144 permanent employees.
Manufacturing Location: Rajkot, Gujarat
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹82.71 | ₹5.03 |
| FY25 | ₹115.01 | ₹9.09 |
| FY26 | ₹131.90 | ₹11.41 |
Key Financial Metrics
- Revenue grew from ₹115.15 crore in FY25 to ₹131.90 crore in FY26, and PAT rose from ₹9.08 crore to ₹11.41 crore — reflecting consistent growth in both topline and profitability.
- Net worth expanded significantly to ₹31.82 crore as of March 31, 2025, compared to ₹6.26 crore in FY24, indicating strong balance sheet strengthening.
- Total outstanding borrowings stood at ₹21.27 crore at the end of FY25 — part of which will be retired using IPO proceeds.
- Revenue CAGR (FY24–FY26): ~26% | PAT CAGR (FY24–FY26): ~51%
Company Strengths
- Multi-brand product portfolio spanning value, premium, adult care, and baby care segments — reducing dependence on any single product or customer type.
- Strong and consistent revenue and PAT growth over the past three financial years
- High capacity utilisation of 87%+ at existing Rajkot facility, signalling strong operational efficiency and product demand
- Pan-India distribution network spanning 28 states and 8 union territories with 202 distributors and 25 consignment sales agents — providing wide geographic reach
- Expanding into fast-growing diaper segment through new Gujarat facility — opening a new revenue stream
- India’s personal hygiene market is growing rapidly driven by rising awareness, rural penetration, and government initiatives like free sanitary napkin schemes
Key Risks & Challenges
- Promoter OFS: All four promoters are selling shares — partial promoter exit at IPO stage can be viewed as a negative signal by some investors
- Outstanding borrowings of ₹21.27 crore as of FY25 — leverage remains a concern until debt is fully repaid using IPO proceeds
- Intense competition from large FMCG players such as P&G (Whisper), J&J (Stayfree), and Unicharm (Sofy) in the feminine hygiene segment
- Dependence on raw material prices (super absorbent polymers, non-woven fabric) which are largely import-linked and subject to price volatility
- New diaper manufacturing facility is still under planning — execution risk and time-to-revenue delay could impact near-term financials
- SME IPO liquidity risk — limited secondary market depth on BSE SME platform
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
