Swara Baby Products IPO

About Swara Baby Products IPO

The public issue of the Swara Baby Products IPO, a Mainboard IPO, opens on TBA and closes on TBA. The allotment of shares will take place on TBA. The credit of shares to the demat account will take place on TBA. The initiation of refunds will take place on TBA. The listing of shares will take place on TBA. The equity shares offered through the IPO are proposed to be listed on the BSE and the NSE.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include [TBA] shares (aggregating up to ₹500 crores). The offer for sale portion includes [TBA] shares of ₹2 (aggregating up to ₹500 crores). The total number of shares is TBA and the aggregate amount is up to ₹1,000 crores.

Swara Baby Products IPO’s price band is set at TBA to TBA per share. The lot size for an application is TBA. The minimum amount of investment required by a retail investor is ₹TBA (TBA shares) (based on upper price). The minimum lot size investment for HNI is TBA.

Swara Baby Products is a specialized, independent manufacturer of disposable consumer hygiene products, across baby care, adult incontinence and feminine hygiene product categories, with a focus on research and development and quality. Their diversified product portfolio includes baby pant style diapers, baby tape style diapers, adult pant style diapers, adult tape style diapers, sanitary napkins and panty liners amongst a range of other products.

Objectives of Swara Baby Products IPO

• Part-financing the capital expenditure towards setting up of a new manufacturing facility of the company at Pithampur, Madhya Pradesh, India (the Project).
  
• Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by the company.
  
• Investment in their wholly-owned subsidiaries, Solis Hygiene, Swara Hygiene and KAEHPL, for repayment/prepayment, in full or in part, of certain outstanding borrowings availed by them.
  
• Funding inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes.
  

Industry Outlook

The hygiene products market in India, comprising baby diapers, adult incontinence products, feminine hygiene products, and wet wipes, represents a structurally underpenetrated but rapidly formalising segment within the broader consumer healthcare and FMCG landscape. Unlike traditional FMCG categories that are driven primarily by discretionary consumption, hygiene products are increasingly being adopted as functional and preventive healthcare solutions, with demand driven by necessity, medical guidance, and evolving household behaviour. The overall Indian hygiene market grew at a CAGR of 10.4% during the period FY 2020-25 valued at INR 24060 crores in FY 2025. Building on this momentum, the Indian hygiene industry is projected to grow at a CAGR of 12.7% across all categories to reach a market size of INR 43840 crores. This growth is supported by rising awareness, expanding organised retail and e-commerce reach, and increasing acceptance of hygiene-led products across age cohorts and income segments.

About Swara Baby Products

Swara Baby Products is a specialised, independent manufacturer of disposable consumer hygiene products, across baby care, adult incontinence and feminine hygiene product categories, with a focus on research and development and quality. Their diversified product portfolio includes baby pant style diapers, baby tape style diapers, adult pant style diapers, adult tape style diapers, sanitary napkins and panty liners amongst a range of other products. They contract manufacture products for their customers for sale to their end consumers. In addition, they also manufacture, market and sell their home brand products (baby diapers under the Cuddles brand and adult diapers under the Shields brand for sale to end consumers through online commerce and modern trade channels.

Strengths of Swara Baby Products

• Largest contract manufacturer in the large, fast-growing hygiene manufacturing industry in fiscal 2025, per the TKC Report.
  
• They are a one-stop solution for the manufacturing of disposable consumer hygiene products.
  
• High-quality, large-scale manufacturing expertise and centralized R&D capabilities.
  
• Centralized, strategically located, production lines supported by an efficient supply chain and a diversified vendor ecosystem.
  
• Focus on environmental, social and governance initiatives.
  
• Experienced promoters and management team.
  

Risks of Swara Baby Products

• They manufacture their products at four manufacturing facilities, all of which are located in the state of Madhya Pradesh, India.
  
• Revenue from their top 10 customers comprises a significant portion of their revenue from operations.
  
• The arrangements with their customers do not obligate them to place orders with them.
  
• Purchases from their top ten suppliers comprise a significant portion of their total purchases of raw material, traded goods and packing material.
  
• They derive a significant portion of their revenue from operations from the sale of baby diapers.
  
• They import certain key raw materials required in the production of their products, from the United States and China.
  
• They experience competition from domestic and international branded product manufacturers and contract manufacturers.
  
• Pricing pressure from customers may adversely affect their profitability.
  

Anchor Investor Bidding Date: TBA

Registrar Details
MUFG Intime India Pvt.Ltd.
Email: swarababy.ipo@in.mpms.mufg.com
Tel: 022-49186000

Book Running Lead Managers

• JM Financial Ltd.
  
• Avendus Capital Pvt.Ltd.
  

Swara Baby Products Contact Details
Plot No. 381 to 388, Sector 3, Industrial Area, Pithampur III,
Dhar, Madhya Pradesh, 454774
Email: company.secretary@swarababy.com
Phone: 731 4038927

Swara Baby Products Business Model

The company earns its revenue as a specialised, independent manufacturer of disposable consumer hygiene products, across baby care, adult incontinence and feminine hygiene product categories.

Swara Baby Products Growth Trajectory

Swara Baby Products ’s Total Income for FY26 was ₹1212.44 crores, whereas in FY25 and FY24 it was ₹959.66 crores and ₹766.60 crores, respectively.

The Profit After Tax for FY26 was ₹95.59 crores, whereas in FY25 and FY24 it was ₹80.67 crores and ₹93.97 crores, respectively.

Their EBITDA for FY26 was ₹192.77 crores, whereas in FY25 and FY24 it was ₹162.72 crores and ₹153.59 crores, respectively.

Swara Baby Products Market Position

As of the date of this Draft Red Herring Prospectus, the company has four manufacturing facilities which comprise 20 manufacturing lines that are distributed across 24 acres at Pithampur and Indore, Madhya Pradesh, India. In addition, they have warehouses in multiple cities across India.

As of 31 March 2026, the company’s Total Income, Profit After Tax, and EBITDA were ₹1212.44 crores, ₹95.59 crores, and ₹192.77 crores, respectively.

How to apply for Swara Baby Products IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your 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.