H.R. Hygiene ProductsIPO Review — Financials, Valuation & Peers
A data-only look at the H.R. Hygiene Products IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 85.33 | 4.66 | 7.58 | 5.9 | 48.87 | 24.68 | — |
| FY 2025 | 115.15 | 9.08 | 14.77 | 31.44 | 90.56 | 21.19 | — |
| FY 2026 | 131.9 | 11.41 | 17.08 | 42.38 | 170.92 | 21.53 | 6.41 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 13.73x
- P/E (post-issue)
- 17.53x
- RoNW
- 26.91%
- RoE
- 30.9%
- RoCE
- 24.86%
- Debt / Equity
- 0.51
- EPS (pre-issue)
- ₹6.41
- EPS (post-issue)
- ₹5.02
- EBITDA Margin
- 13.07%
- PAT Margin
- 8.73%
- P/BV
- 1.97x
- NAV / share
- ₹23.8
- Market Cap
- ₹199.87 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Promoters & Shareholding
Promoters: <p>Hemal Babubhai Borsadiya, Rahul Kishorbai Sheradia, Borsadiya Binita Hemalbhai, Sheradia Parth Damjibhai</p>
- Holding (pre-issue)
- 68.8%
Analysis in brief
Margin and return profile
Away from the price multiples, the offer document also discloses the shape of the underlying business. H.R. Hygiene Products operates at an EBITDA margin of 13.07% and a net (PAT) margin of 8.73% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 24.86% and a return on equity (RoE) of 30.9%. At the upper band, the post-issue market capitalisation works out to about ₹199.87 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
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.
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.
Frequently asked questions
- What is the reservation split in the H.R. Hygiene Products IPO?
- Of the total shares offered, retail investors get 35.02%, QIBs 21% (plus 28.97% anchor), non-institutional investors 15.01%.
- Who are the promoters of H.R. Hygiene Products and what is their holding?
- The promoters are <p>Hemal Babubhai Borsadiya, Rahul Kishorbai Sheradia, Borsadiya Binita Hemalbhai, Sheradia Parth Damjibhai</p>. Promoter holding is 68.8% before the issue.
- What is the P/E ratio of the H.R. Hygiene Products IPO?
- At the upper price band, the H.R. Hygiene Products IPO is valued at 13.73× pre-issue earnings and 17.53× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the H.R. Hygiene Products IPO?
- The net proceeds go primarily toward setting up a new manufacturing facility at rajkot, gujarat (proposed facility unit 2), among 3 disclosed objects.