About H.R.Hygiene Products IPO
H. R. Hygiene Products IPO Details
H. R. Hygiene Products IPO is a 100% book-built issue of ₹54 crore, comprising a fresh issue of ₹40 crore and an offer for sale of ₹11 crore, with a face value of ₹10 per share. The company filed its DRHP with SEBI on September 28, 2025.
The price band of the issue is set between ₹83 to ₹88 per share and the lot size for an application is 1,600 shares. The minimum amount of investment required by an individual investor is ₹2,81,600 (3,200 shares). The IPO will open for subscription from July 29 to 31, 2026, on the BSE SME platform, with a tentative listing date fixed as August 5, 2026. The book-running lead manager of the issue is Marwadi Chandarana Intermediaries Brokers Private Limited, while the registrar to the offer is Purva Sharegistry (India) Private Limited.
H. R. Hygiene Products IPO Date & Timeline
The H. R. Hygiene Products IPO is officially set to open for subscription on Jul 29, 2026 and will close on Jul 31, 2026. The company initially filed its Draft Red Herring Prospectus (DRHP) on September 28, 2025 and has now finalized its schedule following SEBI approval. Once the subscription window closes, allotment is expected on Aug 3, 2026. Following this, the firm will initiate refunds and credit shares to successful investors' demat accounts on Aug 4, 2026. Finally, shares of H. R. Hygiene Products Ltd. are tentatively scheduled to list on the stock exchanges on Aug 5, 2026.
H.R.Hygiene Products IPO Timeline
| IPO Open Date | Wed, Jul 29, 2026 |
| IPO Close Date | Fri, Jul 31, 2026 |
| Basis of Allotment | Mon, Aug 3, 2026 |
| Initiation of Refunds | Tue, Aug 4, 2026 |
| Credit of Shares to Demat | Tue, Aug 4, 2026 |
| Listing Date | Wed, Aug 5, 2026 |
| Cut-off time for UPI mandate confirmation | - |
H.R.Hygiene Products IPO Details
| Detail | Description |
|---|---|
| IPO Date | 29 to 31 Jul, 2026 |
| Listing Date | 5 Aug, 2026 |
| Face Value | ₹ 10 Per Equity Share |
| Issue Price Band | ₹ 83 to ₹ 88 |
| Lot Size | 1,600 Shares |
| Sale Type | Fresh capital cum OFS |
| Total Issue Size | 61,31,200 shares (agg. up to ₹ 54 Cr) |
| Reserved for Market Maker | 3,10,400 shares (agg. up to ₹ 3 Cr) SMC Global Securities Ltd. |
| Fresh Issue(Ex Market Maker) | 45,95,200 shares (agg. up to ₹ 40 Cr) |
| Offer for Sale | 12,25,600 shares of ₹10 (agg. up to ₹ 11 Cr) |
| Net Offered to Public | 58,20,800 shares (agg. up to ₹ 51 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 1,78,06,438 shares |
| Share Holding Post Issue | 2,27,12,038 shares |
H. R. Hygiene Products IPO GMP (Grey Market Premium)
“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.
The H. R. Hygiene Products IPO GMP is currently trading at ₹0, reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹88, which is 0.00% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in investment decisions.
IPO Estimated Listing Return
Based on the IPO Price of ₹88 (highest price band), the latest uploaded Grey Market Premium (GMP) of ₹0 and a lot size of 1600 shares.
H.R.Hygiene Products GMP TREND (DAILY UPDATES)
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| 25 Jul, 2026 | ₹88 | ₹0 | 25 Jul, 202610:21 AM |
Company Background
H. R. Hygiene Products Ltd. was incorporated as a private limited entity on July 21, 2016, in Gujarat. Over time, the corporate structure evolved to align with its expansion strategy. On February 10, 2025, the company transformed into a public limited company to proceed with its further expansion and public listing procedures.
The company is primarily engaged in the manufacturing of hygiene products, which is operated out of its primary facility located in Rajkot. From its regional roots, the business has successfully grown its geographic presence to cover 28 states and 8 union territories across India. With this, the company also manufacture sanitary napkins on a white label for some selected customers.
Operations & Product Range
H. R. Hygiene Products Ltd. is a manufacturer of personal hygiene products for a wide range of customer demographics, from infants to the elderly. Its product line is divided into four primary brands:
- • Femiss: Focuses on the mass/economic market segment, delivering reliable and accessible feminine care products.
- • Womanica: Designed for the premium segment, offering high-absorbency sanitary solutions.
- • ElderFit: Dedicated to specialised adult care and wellness hygiene products.
- • Bloom Baby: Concentrates on baby care solutions.
In addition to branded sales, the firm offers white-label manufacturing services for select customers. As of August 31, 2025, the operating catalogue contained 25 distinct SKUs catering to both B2B and B2C markets.
Facilities & Capacity
H. R. Hygiene Products Ltd. operates a specialized manufacturing facility located at Lothada in Rajkot, Gujarat. The infrastructure is dedicated to producing key personal hygiene items, primarily baby diapers under brands like 'Bloom Baby' and sanitary napkins under 'Femiss' and 'Womanica'. To meet growing market demand across rural and urban distribution channels, the firm focuses on high capacity utilisation and is expanding its manufacturing scale through planned investments in additional production infrastructure.
Brands & Market Presence
Market operations of H. R. Hygiene Products Ltd. are structured around a multi-brand framework consisting of Femiss, Womanica, ElderFit and Bloom Baby. The enterprise maintains a robust distribution footprint spanning 28 states and 8 union territories. While the commercial footprint is national, regional market penetration is particularly pronounced in Western India, led by Gujarat and supported by an expanding customer footprint in Maharashtra and Rajasthan.
Revenue Streams & Business Model
H. R. Hygiene Products Ltd. operates a dual-channel business model that includes both physical offline and digital platforms to monetise its operations. The offline channel is supported by a dedicated sales force of over 96 personnel, along with 11 Consignment Sale Agents (CSAs) and a network that services nearly 182 distributors. On the other hand, the e-commerce channel directly meets retail demand through major digital platforms such as Amazon, Flipkart, Meesho, Glowroad, Snapdeal, and JioMart. The company generates revenue from sales across its 25 SKUs and through white-label contracts, catering to a diverse client base that exceeds 200 customers in both B2B and B2C segments.
Financial Performance
H. R. Hygiene Products Ltd. has shown significant revenue growth and operational expansion in recent financial years. Revenue from operations increased from ₹82.71 crore in FY24 and further rose to ₹115.01 crore in FY25. In terms of profitability, the Restated Net Profit (PAT) was ₹5.03 crore in FY24 to rise to ₹9.09 crore in FY25. The balance sheet profile reflects a substantial increase in net worth, which expanded to ₹31.82 crore as of March 31, 2025, compared to ₹6.26 crore in FY24. Additionally, total outstanding borrowings were recorded at ₹21.27 crore at the end of FY25.
Management & Shareholding
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 and the additional top 10 shareholders, including Varshaben Sheradia and Sonam Limited and others, held a 23.89% stake in the company’s ownership. But after the listing, the shareholding of promoters and additional shareholders will be diluted as the offering includes a 12,25,600 shares to be sold by its existing shareholders.
Board & Key Management
The leadership of H. R. Hygiene Products Ltd. is led by a team of experts with many years of experience. Hemalbhai Babubhai Borsadiya serves as the Chairman and gives strategic direction to the firm. The daily operations are managed by Hemalbhai Babubhai Borsadiya, the Managing Director, along with Whole-Time Directors. To ensure good governance, the board includes Independent Directors for honest oversight. Together, this team uses its knowledge to help the company grow and stay successful.
H.R.Hygiene Products IPO Financial Information
Latest Revenue
130.72
₹ Crore
Profit After Tax
11.41
₹ Crore
Net Worth
42.38
₹ Crore
Total Borrowing
21.53
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2026 | 170.92 | 130.72 | 11.41 | 42.38 | 24.58 | 21.53 | |||
| 31 Mar 2025 | 90.56 | 114.63 | 9.08 | 31.44 | 24.31 | 21.19 | |||
| 31 Mar 2024 | 48.87 | 84.35 | 4.66 | 5.90 | 4.15 | 24.68 | |||
| Amount in ₹ Crore | |||||||||
H.R.Hygiene Products Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 30.90 % |
| ROCE | 24.86 % |
| Debt/Equity | 0.51 |
| RoNW | 26.91 % |
| PAT Margin | 8.73 % |
| EBITDA Margin | 13.07 % |
| Price to Book Value | 1.97 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 6.41 | 5.02 |
| P/E (x) | 13.73 | 17.53 |
H. R. Hygiene Products IPO Objectives
The company intended to utilise the H.R. Hygiene Products IPO proceeds for the strategic purposes:
- • Setting up the new manufacturing facility in Gujarat
- • Repayment or prepayment of debt (in part or in full)
- • General corporate purposes
H. R. Hygiene Products IPO Review
H. R. Hygiene Products Ltd. operates within the Indian hygiene products industry, which has expanded steadily due to rising personal care awareness, evolving consumer preferences and growing sanitary health initiatives. By maintaining a multi-tier brand structure—ranging from budget feminine care to premium absorbency, baby care and adult care—the business addresses a comprehensive consumer demographic across modern and traditional commerce channels.
Financially, the company delivered strong financial growth, recording a total revenue of ₹115.56 crore, up from ₹84.93 crore in the previous fiscal year. Additionally, the firm's profit after tax increased substantially to ₹9.09 crore from ₹5.03 crore, while total assets expanded to ₹90.56 crore.
However, potential investors must be aware that the operational risk of the company includes reliance on regional markets like Gujarat for a major portion of sales, key raw material price volatility, operational risks related to managing new manufacturing capacity at Unit 2 and broader competition in the Indian personal care sector.
Overall, the IPO shows a planned capital deployment toward new manufacturing facilities and partial debt reduction, indicating a management focus on scaling operational capacity and optimising capital structure. While investors need to keep an eye on the RHP to ensure the risk factors and to make an insightful decision.
Conclusion
H. R. Hygiene Products IPO present an opportunity for investors to invest in a growing company that is scaling its presence in the domestic hygiene and personal care market. The firm’s established distribution network, multi-brand strategy and focus on expanding manufacturing capacity through internal investments highlight its core operational direction. As the Indian consumer wellness sector evolves, the enterprise aims to leverage its capacity expansion to address market demand across urban and regional sales territories. However, investors need to be aware of the risks also and keep an eye on the RHP to make a strategic decision.
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Competitive Strengths
Diversified Brand and Product Portfolio: Offers 25 SKUs catering to multiple market segments including mass feminine care, premium absorbency, adult diapers and baby hygiene.
Dual-Channel Distribution Footprint: Supported by an offline network across 28 states and 8 union territories, alongside presence on major e-commerce platforms.
Broad Customer Base: Serves over 200 customers across institutional, B2B and B2C channels, helping mitigate revenue concentration risks.
Integrated Manufacturing Focus: In-house facility in Rajkot complemented by planned capacity expansion to scale future volume demands.
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IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 3200 | 281600 |
| Individual investors (Retail) (Max) | 2 | 3200 | 281600 |
| S-HNI (Min) | 3 | 4800 | 422400 |
| S-HNI (Max) | 7 | 11200 | 985600 |
| B-HNI (Min) | 8 | 12800 | 1126400 |