H R Hygiene Products
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 2.61×
- Big non-institutionalbNII · above ₹10 lakh
- 11.03×
- Small non-institutionalsNII · ₹2–10 lakh
- 7.61×
- Retail individualRII · up to ₹2 lakh
- 5.44×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 7 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 05 Aug 2026 | ₹1 | — | ₹1,200 | — | ₹1,600 |
| 04 Aug 2026 | ₹1 | — | ₹1,200 | — | ₹1,600 |
| 03 Aug 2026 | ₹2 | — | ₹2,400 | — | ₹3,200 |
| 02 Aug 2026 | ₹2 | — | ₹2,400 | — | ₹3,200 |
| 01 Aug 2026 | ₹2 | — | ₹2,400 | — | ₹3,200 |
| 31 Jul 2026 | ₹2 | — | ₹2,400 | — | ₹3,200 |
| 30 Jul 2026 | ₹2 | — | ₹2,400 | — | ₹3,200 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 29 Jul 2026 – 31 Jul 2026
- Listing date
- 05 Aug 2026
- Face value
- ₹10 per share
- Price band
- ₹83 – ₹88
- Issue price
- ₹88 per share
- Lot size
- 1,600 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹53.95 Cr
- Fresh issue
- ₹40.44 Cr 45,95,200 shares
- Offer for sale
- ₹10.79 Cr 12,25,600 shares
- Market cap at offer price
- ₹200 Cr
- Promoter holding
- 68.80% → 48.54% pre-issue → post-issue
- ISIN
- INE17DP01015
- CIN
- U74999GJ2016PLC093028
- Registrar
- Purva Sharegistry (India) Pvt.Ltd.
- Lead managers
- Marwadi Chandarana Intermediaries Brokers Pvt.Ltd.
- Registered office
- Survey No.125/P2/P2 Plot no. 1 to 3, Village: Lothada, Rajkot- 360002, Gujarat, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 12,22,400 | 29.57% | 27.50% |
| Anchor investor · within QIB | 16,86,400 | — | 37.94% |
| NII (HNI) | 8,73,600 | 21.13% | 19.65% |
| bNII > ₹10L · within NII | 5,82,400 | — | 13.10% |
| sNII < ₹10L · within NII | 2,91,200 | — | 6.55% |
| Retail (RII) | 20,38,400 | 49.30% | 45.86% |
| Employee | 0 | — | 0.00% |
| Market maker | 3,10,400 | — | 6.98% |
| Total issue | 44,44,800 | — | 100.00% |
Net offer to the public of 41,34,400 shares, out of a total issue of 44,44,800. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,600 shares per lot, in multiples, at ₹88
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,40,800 |
| S-HNI (min) | 2 | 3,200 | ₹2,81,600 |
| S-HNI (max) | 7 | 11,200 | ₹9,85,600 |
| B-HNI (min) | 8 | 12,800 | ₹11,26,400 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹88 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.41 | 5.02 |
| P/E (×) | 13.73 | 17.53 |
| Price to book (×) | 3.70 | — |
| Market cap | — | ₹200 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 26.91%
- ROCE
- 24.86%
- Debt / equity
- 0.51
- PAT margin
- 8.73%
- EBITDA margin
- 13.07%
- NAV per share
- ₹23.8
- Price to book
- 3.70
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 131.9 | 115.15 | 85.33 |
| Revenue from operations | 130.72 | 114.63 | 84.35 |
| Other income | 1.18 | 0.53 | 0.99 |
| Total expenses | 116.16 | 103.05 | 79.1 |
| Operating profit | 15.74 | 12.1 | 6.23 |
| Operating margin | 11.93% | 10.51% | 7.30% |
| Profit before tax | 15.74 | 12.12 | 6.23 |
| Profit after tax | 11.41 | 9.08 | 4.66 |
| PAT margin | 8.65% | 7.89% | 5.46% |
| Balance sheet | |||
| Total assets | 170.92 | 90.56 | 48.87 |
| Current assets | 164.19 | 83.03 | 40.32 |
| Current liabilities | 116.36 | 48.62 | 30.85 |
| Total liabilities | 128.54 | 59.13 | 42.97 |
| Net worth | 42.38 | 31.44 | 5.9 |
| Current ratio | 1.41× | 1.71× | 1.31× |
| Return on equity | 26.92% | 28.88% | 78.98% |
| Cash flow | |||
| Operating cash flow | 1.58 | -10.08 | 2.29 |
| Investing cash flow | -0.42 | -0.24 | -5.73 |
| Financing cash flow | -0.88 | 11.27 | 3.05 |
| Net cash flow | 0.29 | 0.95 | -0.39 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Setting up a new manufacturing facility at Rajkot, Gujarat (Proposed facility Unit 2) ₹31.36 Cr
The company proposes to establish a new manufacturing facility in proximity to its existing unit at Rajkot, Gujarat for manufacturing of diapers with an installed capacity of 6 crore pieces annually. The facility will be designed in line with WHO-GMP norms to meet stringent quality, safety, and regulatory requirements for global markets.
2 Prepayment / repayment of Loan ₹3.57 Cr
The company intends to utilize the proceeds towards repayment/pre-payment of certain borrowings to reduce outstanding indebtedness and debt servicing costs, maintain a favourable debt to equity ratio and enable utilization of internal accruals for further investment in business growth and expansion.
3 General corporate purposes —
The company will have flexibility in utilizing the proceeds for general corporate purposes including initial development costs for new products, meeting operating expenses, strengthening business development and marketing capabilities, meeting exigencies, and other purposes as approved by the Board of Directors.
1 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
Selling shareholders
Existing holders selling into the offer — these proceeds go to the seller, not to the company
| Seller | Capacity | Shares offered | Avg. cost |
|---|---|---|---|
| Hemalbhai Babubhai Borsadiya | Promoter Selling Shareholder | 3,06,400 | ₹1.14 |
| Rahul Kishorbhai Sheradia | Promoter Selling Shareholder | 3,06,400 | ₹2.05 |
| Sheradia Parth Damjibhai | Promoter Selling Shareholder | 3,06,400 | ₹1.14 |
| Borsadiya Binita Hemalbhai | Promoter Selling Shareholder | 3,06,400 | ₹1.14 |
4 sellers offering 12,25,600 shares.
About H R Hygiene Products
H.R. Hygiene Products Limited, incorporated in 2016, is a Gujarat-based manufacturer and distributor of personal hygiene products in India. The company operates a state-of-the-art manufacturing facility in Rajkot with fully automated systems producing sanitary napkins, baby diapers, adult diapers, and related products. Its brands—Femiss (affordable sanitary napkins), Womanica (premium range), ElderFit (adult incontinence), and Bloom Baby (infant care)—are distributed pan-India through both offline retailers with 25 consignment sales agents and 202 distributors, and online channels including Amazon, Flipkart, and Meesho. The company serves over 227 customers across 28 states and 8 union territories, with revenue growing from ₹8,434.76 lakhs in FY2024 to ₹13,072.09 lakhs in FY2026. It holds ISO 9001:2015, WHO-GMP, and BIS certifications.
Management
Hemalbhai Babubhai Borsadiya
MD
Rahul Kishorbhai Sheradia
CEO
Sheradia Parth Damjibhai
COO
Borsadiya Binita Hemalbhai
Director
Sumit Sureshbhai Govani
Director
Jyotiben Hemal Vekariya
Director
Vasoya Ashvinkumar Vallabhbhai
CFO
Sagar Parmar
Director of Operations
Sunny Bhadania
Director of Operations
Ashutosh Upadhyay
CTO
Strengths
As stated in the offer document
Modern manufacturing facility
The company operates a state-of-the-art production facility spread across 32,780.88 sq. ft., equipped with fully automated systems from raw material handling to finished product packaging with minimal human intervention, ensuring hygienic production and holding ISO 9001:2015, WHO-GMP, and BIS certifications.
Distribution of personal health & hygiene products through Dual Channel Strategy
The company operates an integrated business model with products distributed through both General Trade networks and major e-commerce platforms, selling through 25 CSA's with a network of 202 distributors as of March 31, 2026.
Brand affinity, loyalty and trust of customers in our brands
The company's brand 'Femiss Sanitary Pad' received the National Award for Excellence in Healthcare in 2020 for 'Best Emerging Brand of the Year', with long-term customer relationships demonstrated by 5 customers associated for more than 5 years generating significant revenue.
Wide geographic presence in India
The company has a diversified customer base of more than 227 customers across 28 states and 8 union territories in India, supported by 25 consignment sales agents and a sales force of over 99 personnel serving approximately 202 distributors.
Focus on quality
The company maintains ISO 9001:2015 certification, CE certification, and WHO-GMP compliance with a dedicated in-house Testing and Quality Control Team of 5 members as of May 31, 2026, ensuring rigorous testing and quality management throughout the production cycle.
Founder-led company with a strong professional management
The company is led by founders with about a decade of experience in the hygiene industry, complemented by a professional leadership team with over three decades of combined experience and a dedicated workforce of 27 staff and 18 unskilled workers as of May 31, 2026.
Risk factors
As stated in the offer document
Revenue Concentration in Single Product Category
The company's revenue is highly concentrated in sanitary napkins, representing 95.33% of revenue in Fiscal 2026. Any adverse development affecting this category could materially impact business operations and financial performance.
Customer Concentration and Lack of Long-term Contracts
The company operates on purchase order basis without long-term contracts, with top 10 customers contributing 80.41% of revenue in Fiscal 2026. Loss of key customers or inability to maintain relationships could severely impact revenues.
Supplier Dependency and Supply Chain Concentration
The company depends on limited suppliers with top 10 suppliers contributing 84.57% of purchases in Fiscal 2026, without long-term agreements. Supply disruptions or cost increases could adversely affect production and margins.
Geographic Revenue Concentration in Gujarat
The company derives 77.02% of revenue from Gujarat in Fiscal 2026. Any adverse developments in this region, including regulatory changes or disruptions, could materially impact business operations.
Negative Cash Flows and Liquidity Risks
The company experienced negative operating cash flows of ₹1,008.38 Lakhs in FY 2025 and negative investing cash flows across multiple years. Continued negative cash flows could affect liquidity and financial condition.
Outstanding Legal Proceedings
The company faces 9 tax proceedings against it with aggregate amount of ₹381.95 Lakhs. Adverse judgments could impact financial condition and divert management attention and resources.
Dependency on Single Manufacturing Facility
The company's business depends entirely on its manufacturing facility in Rajkot, Gujarat. Any shutdown, breakdown, or operational disruption at this facility could have material adverse effects on business operations.
Labour Dependency and Workforce Risks
The company's manufacturing is labour intensive with 45 employees as of May 31, 2026. Labour shortages, strikes, or inability to retain skilled workers could significantly impact production and operations.
Raw Material Price Volatility
Raw material costs represented 46.24% of revenue in Fiscal 2026. Price fluctuations in absorbent polymers, non-woven fabrics, and other materials could adversely affect margins and profitability.
Multiple Statutory Auditor Changes
The company has experienced multiple changes in statutory auditors since incorporation, with the latest change in April 2026. Frequent changes may affect financial reporting processes and corporate governance profile.
Company Analysis
from DRHPH.R. Hygiene Products Limited manufactures and distributes personal hygiene products including sanitary napkins, diapers, and wipes across India through brands Femiss, Womanica, ElderFit, and Bloom Baby.
H.R. Hygiene Products Limited, incorporated in 2016, is a Gujarat-based manufacturer and distributor of personal hygiene products in India. The company operates a state-of-the-art manufacturing facility in Rajkot with fully automated systems producing sanitary napkins, baby diapers, adult diapers, and related products. Its brands—Femiss (affordable sanitary napkins), Womanica (premium range), ElderFit (adult incontinence), and Bloom Baby (infant care)—are distributed pan-India through both offline retailers with 25 consignment sales agents and 202 distributors, and online channels including Amazon, Flipkart, and Meesho. The company serves over 227 customers across 28 states and 8 union territories, with revenue growing from ₹8,434.76 lakhs in FY2024 to ₹13,072.09 lakhs in FY2026. It holds ISO 9001:2015, WHO-GMP, and BIS certifications.
Objects of the Issue
- Setting up a new manufacturing facility at Rajkot, Gujarat (Proposed facility Unit 2) for manufacturing baby and adult diapers ₹3,136.12 lakhs p.87
- Prepayment/repayment of Loan ₹356.59 lakhs p.97
- General corporate purposes ₹392.53 lakhs p.99
Issue Structure
- Total Issue
- ₹5,395.46 lakhs (Upto 61,31,200 Equity Shares of face value ₹10 each at Offer Price of ₹88 per share)
- Fresh Issue
- ₹4,316.93 lakhs (Upto 49,05,600 Equity Shares)
- Offer for Sale
- ₹1,078.53 lakhs (Upto 12,25,600 Equity Shares)
- Price Band
- Floor Price ₹83 per share, Cap Price ₹88 per share
- Lot Size
- Minimum Bid Lot Size of two lots i.e., 3,200 Equity Shares; Market lot and Trading lot of 1,600 shares with minimum allotment of 3,200 Equity Shares to successful applicants
- Face Value
- ₹10 per Equity Share
Business Model
The company manufactures hygiene products using imported and domestic raw materials (primarily superabsorbent polymers and fluff pulp), and distributes them through a dual-channel strategy comprising general trade networks (offline) and e-commerce platforms (online). Revenue comes from manufacturing finished consumer goods (97.48% of revenue in FY2026) and trading/white-label production. The manufacturing facility operated at 92.75% capacity utilization in FY2026 producing 18.15 crore sanitary napkin pieces annually.
Business Segments
SWOT Analysis
- • State-of-the-art manufacturing facility with automated systems(p.136)
- • Dual channel distribution strategy (offline and e-commerce)(p.136)
- • Strong brand recognition and customer loyalty(p.137)
- • Wide geographic presence across India(p.138)
- • Quality certifications and compliance(p.136)
- • Strong financial performance with revenue CAGR of 24.49%(p.135)
- • Founder-led company with experienced professional management(p.140)
- • Extreme concentration in top customer(p.29)
- • Dependence on few suppliers for raw materials(p.30)
- • No long-term contracts with suppliers(p.30)
- • No long-term contracts with customers(p.28)
- • Heavy reliance on single manufacturing facility(p.32)
- • High concentration on Gujarat market(p.32)
- • Dependence on contract manufacturer for diapers(p.32)
- • Negative cash flows in certain years(p.31)
- • Multiple changes in statutory auditors(p.34)
- • Delayed payment of statutory dues(p.36)
- • Expanding market for hygiene products in India(p.115)
- • Growing rural market penetration(p.27)
- • Rising awareness and demand for menstrual hygiene(p.115)
- • Emerging adult diaper segment opportunity(p.131)
- • Rapid growth of e-commerce channels(p.131)
- • Government support through menstrual hygiene schemes(p.117)
- • Expansion plans for new manufacturing facility(p.93)
- • Increasing demand for eco-friendly products(p.117)
- • Intense competition from larger multinational players(p.128)
- • Regulatory risks and compliance requirements(p.48)
- • Increased taxation and government levies(p.49)
- • Price volatility of raw materials(p.30)
- • Disruption in transportation and logistics(p.33)
- • Cultural taboos and stigma around menstruation(p.118)
- • Environmental disposal challenges for hygiene products(p.119)
- • Risk of counterfeit and look-alike products(p.28)
- • Economic slowdown and inflation risks(p.23)
- • Limited access in rural areas(p.119)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Hemal Babubhai Borsadiya | Promoter/Promoter Selling Shareholder | 45,93,750 shares (25.80%) | 42,87,350 shares (18.88%) |
| Rahul Kishorbhai Sheradia | Promoter/Promoter Selling Shareholder | 22,96,875 shares (12.90%) | 19,90,475 shares (8.76%) |
| Sheradia Parth Damjibhai | Promoter/Promoter Selling Shareholder | 22,96,875 shares (12.90%) | 19,90,475 shares (8.76%) |
| Borsadiya Binita Hemalbhai | Promoter/Promoter Selling Shareholder | 30,62,500 shares (17.20%) | 27,56,100 shares (12.13%) |
Leadership
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.