H. R. Hygiene Products IPO

About H. R. Hygiene Products IPO

The H. R. Hygiene Products IPO, an SME IPO, opens on Wednesday, July 29, 2026 and closes on Friday, July 31, 2026. The allotment of shares will take place on Monday, August 3, 2026. The credit of shares to the demat account will take place on Tuesday, August 4, 2026. The initiation of refunds will take place on Tuesday, August 4, 2026. The listing of shares will take place on Wednesday, August 5, 2026.

The equity shares of the company are proposed to be listed on the BSE SME platform. The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 49,05,600 shares aggregating up to ₹43.17 crores. The offer for sale portion includes 12,25,600 shares of ₹10 aggregating up to ₹10.79 crores. The total number of shares and aggregate amount are 61,31,200 shares aggregating up to ₹53.95 crores. H. R. Hygiene Products IPO's price band is set at ₹83 to ₹88 per share. The lot size for an application is 1,600. The minimum amount of investment required by a retail investor is ₹2,81,600 (3,200 shares) (based on upper price).

The Company manufactures personal hygiene products across female care, adult care, and baby care under the Femiss, Womanica, ElderFit, and Bloom Baby brands.

Objectives of H. R. Hygiene Products IPO

The Company proposes to utilise the Net Proceeds of the fresh issue towards the following objects:

• Setting up a new manufacturing facility at Rajkot, Gujarat (the "Proposed facility Unit 2").
  
• Prepayment or repayment, in full or in part, of certain borrowings availed by the company.
  
• General corporate purposes.
  

Industry Outlook

India’s hygiene product market covers sanitary napkins, baby and adult diapers, wipes, and related personal-care categories. It was valued at USD 1,609.04 million in 2018 and grew to USD 2,258.30 million in 2024, a CAGR of 7.43% over the period. Demand rose. Rising disposable incomes, a growing female workforce, and better access to affordable products in rural regions drove much of this expansion.

The market is projected to reach USD 3,463.86 million by 2030. Baby diapers led the category in 2024 with a 48.86% share, while sanitary napkins accounted for 32.53%. Growth is expected to come from deeper penetration in Tier 2 and Tier 3 cities, wider e-commerce reach, and rising demand for premium and eco-friendly products.

The sector is competitive. Global players such as Procter & Gamble, Unicharm, and Kimberly-Clark compete alongside domestic brands including Nobel Hygiene and Redcliffe Hygiene Private Limited. The Company positions itself in the affordable-to-premium female care and baby care segments, where its dual-channel distribution and manufacturing capacity are intended to capture demand as adoption widens across underserved markets.

About H. R. Hygiene Products

The Company manufactures hygiene products across three core segments: female healthcare, adult care, and baby care. Its brand portfolio comprises Femiss and Womanica for feminine care, ElderFit for adult incontinence care, and Bloom Baby for baby care. As on August 31, 2025, the Company had 25 SKUs across its product range. Sanitary napkins remain its flagship line, sold under the Femiss and Womanica brands. Manufacturing is anchored at a Rajkot facility spread across 32,780.88 sq. ft. with an installed capacity of 6.41 lakh sanitary napkin pieces per day. The plant runs automated systems sourced largely from China. In FY25, the Company sold 17,07,28,984 sanitary napkin pieces and 2,75,880 diaper pieces.

Distribution follows a dual-channel model. As of March 31, 2025, the Company served more than 200 customers across 28 states and 8 union territories, supported by 11 consignment sale agents, roughly 182 distributors, and a sales team of over 96 personnel. Western India, led by Gujarat, remains its strongest region. Online sales run through Meesho, Amazon, Flipkart, Glowroad, Snapdeal, and JioMart. Hemalbhai Babubhai Borsadiya, the Managing Director, leads the promoter group that built the business.

Strengths of H. R. Hygiene Products

• Modern manufacturing facility with integrated production capabilities.
• Dual-channel distribution strategy for personal health and hygiene products.
• Strong brand recognition, customer loyalty, and consumer trust.
• Wide distribution network with a pan-India presence.

Risks of H. R. Hygiene Products

• Dependence on raw material suppliers without long-term agreements may disrupt the supply chain.
• Reliance on a single manufacturing facility in Rajkot increases operational and business continuity risks.
• Intense competition and aggressive pricing by competitors may impact margins and profitability.
• Changes in government regulations, quality standards, and indirect tax policies could increase compliance costs.
• Business performance is exposed to adverse macroeconomic conditions, including inflation, interest rate fluctuations, and volatility in crude oil prices.

Peer Comparison

There are no listed companies in India engaged in the business segment in which the Company operates or of a comparable size to the Company. Accordingly, an industry comparison is not available.

Anchor Investor Bidding Date

Tuesday, July 28, 2026

IPO Registrar and Book Running Lead Managers

IPO Registrar
Purva Sharegistry (India) Private Limited
Email: newissue@purvashare.com
Phone: +91 22 4961 4132

Book Running Lead Manager
Marwadi Chandarana Intermediaries Brokers Private Limited

H. R. Hygiene Products Contact Details
Survey No.125/P2/P2 Plot no. 1 to 3, Village: Lothada, Rajkot360002, Gujarat, India.
Phone: +91 6354554191
Email Id: compliance@hrhygiene.com

H. R. Hygiene Products Business Model

The company earns its revenue through the manufacture and sale of personal hygiene products across female care, adult care, and baby care segments. Sales are generated under its own brands, Femiss, Womanica, ElderFit, and Bloom Baby, as well as through white-label manufacturing of sanitary napkins for select customers. In FY25, own-brand sales contributed 78.79% of branded revenue.

Products are distributed through a dual-channel model combining offline distributors, which contributed 94.02% of FY25 revenue, and e-commerce platforms including Meesho, Amazon, Flipkart, Glowroad, Snapdeal, and JioMart. The Company serves both B2B and B2C customers across urban and rural markets.

H. R. Hygiene Products Growth Trajectory

H. R. Hygiene Products Limited's Total Income for FY25 was ₹115.56 crores, whereas in FY24 and FY23 it was ₹84.93 crores and ₹42.19 crores, respectively.

The Profit After Tax for FY25 was ₹9.09 crores, whereas in FY24 and FY23 it was ₹5.03 crores and ₹0.19 crores, respectively.

Their EBITDA for FY25 was ₹14.38 crores, whereas in FY24 and FY23 it was ₹5.87 crores and ₹1.55 crores, respectively.

H. R. Hygiene Products Market Position

The Company has built a pan-India distribution footprint reaching more than 200 customers across 28 states and 8 union territories, served by 11 consignment sale agents, around 182 distributors, and a sales team of over 96 personnel as of March 31, 2025. Western India, led by Gujarat, remains its core market, complemented by a growing online presence across major e-commerce platforms. As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹115.56 crores, ₹9.09 crores, and ₹14.38 crores, respectively.

How to apply for H. R. Hygiene Products IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.