H.R. Hygiene Products IPO

The H.R. Hygiene Products SME IPO is open between 29 Jul 2026 and 31 Jul 2026, offered at a price band of ₹83–88 per share, and is set to list on BSE. The IPO seeks to raise ₹53.95 crore. Retail investors bid in lots of 1600 shares, a minimum application of ₹2,81,600.

Issue structure

The offer combines a fresh issue of ₹40.44 crore with an offer for sale (OFS) of ₹10.79 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.

Objects of the issue

Per the offer document, the company intends to deploy the net proceeds primarily toward setting up a new manufacturing facility at rajkot, gujarat (proposed facility unit 2) (₹31.36 crore), alongside prepayment / repayment of loan (₹3.57 crore). In all, 3 objects are disclosed — the full break-up is in the table above.

Financials

In FY2026, H.R. Hygiene Products reported revenue of ₹131.9 crore and a net profit of ₹11.41 crore. Revenue grew from ₹85.33 crore in FY2024 to ₹131.9 crore in FY2026 (+55.0%). Net worth stood at ₹42.38 crore at the end of FY2026. At the upper band, that puts the issue at roughly 13.7× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.

Valuation

At the upper band, the issue is priced at 17.53× post-issue earnings and 1.97× book value, against a return on net worth of 26.91% and a debt-to-equity ratio of 0.51. These ratios come from the offer document and are for comparison, not a recommendation.

Promoters

The promoters of the company are <p>Hemal Babubhai Borsadiya, Rahul Kishorbai Sheradia, Borsadiya Binita Hemalbhai, Sheradia Parth Damjibhai</p>. Promoter holding is 68.8% before the issue.

Grey market premium (GMP)

In the unofficial grey market, H.R. Hygiene Products shares are quoted at a premium of ₹0 implying an expected listing around ₹88, about +0.0% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.

What to weigh

When evaluating the H.R. Hygiene Products IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.

About H.R. Hygiene Products

Incorporated in 2016, H.R. Hygiene Products Limited is engaged in the manufacturing and marketing of hygiene products (sanitary napkins). The company operates under multiple in-house brands &mdash; Femiss, Womanica, ElderFit, and Bloom Baby &mdash; designed to address hygiene and personal care needs across various consumer segments, from babies and young women to the elderly. The company&rsquo;s core business focuses on sanitary napkins, which it manufactures under both its own brands and white-label arrangements for select customers. Over time, it has expanded its product portfolio to include female care, adult care, and baby care products, catering to diverse consumer requirements. Femiss targets the affordable hygiene segment with reliable sanitary napkins, Womanica offers premium high-absorbency products, ElderFit provides adult care solutions such as absorbent adult diapers, and Bloom Baby focuses on baby diapers designed for comfort and skin safety. H.R. Hygiene Products distributes its products pan-India through a dual-channel strategy &mdash; an extensive offline retail network supported by consignment sale agents and distributors, and online sales through major e-commerce platforms including Meesho, Amazon, Glowroad, Flipkart, Snapdeal, and JioMart. As of March 31, 2025, the company operated with 11 Consignment Sale Agents (CSAs) and a network of 182 distributors, supported by a sales and marketing team of over 96 personnel. It had a diversified customer base of over 200 clients across 28 states and 8 union territories, reducing dependency on any single customer. The company&rsquo;s manufacturing facility is located in Rajkot, enabling efficient production and nationwide supply. As of September 29, 2025, the company had a total of 141 employees.