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H. R. Hygiene Products Ltd IPO
H. R. Hygiene Products Ltd
₹2,65,600 /3200 sharesMinimum investment
IPO details
Minimum investment
₹2,65,600
Price range
₹83 - ₹88
Lot size
1,600
Issue size
53.95 Cr
Face value
10
IPO document
Subscription rate
Data will be available soon
Schedule
29 Jul 2026
IPO open date
31 Jul 2026
IPO close date
3 Aug 2026
Allotment date
3 Aug 2026
Funds unblock or debit
5 Aug 2026
Tentative listing date
About
Founded in
2016
MD/CEO
Mr. Hemalbhai Babubhai Borsadiya
Parent organisation
H. R. Hygiene Products Ltd
H.R.Hygiene Products Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company claims to operate a modern manufacturing facility in Rajkot, Gujarat, spread across 32,780.88 sq. ft., with a fully automated production process from raw material handling to finished product packaging.
The company claims to follow a dual-channel distribution strategy through an offline distributor network and e-commerce platforms. Offline sales contributed Rs 121.30 crore (92.79% of revenue) and online sales contributed Rs 9.42 crore (7.21%) in FY26, compared with Rs 107.75 crore (94.00%) and Rs 6.88 crore (6.00%) in FY25, and Rs 80.15 crore (95.02%) and Rs 4.20 crore (4.98%) in FY24, respectively.
The company claims to have established brand recognition across its hygiene product portfolio through its Femiss, Womanica, ElderFit, and Bloom Baby brands. Its "Femiss Sanitary Pad" received the National Award for Excellence in Healthcare in 2020 under the "Best Emerging Brand of the Year" category.
The company claims to have a wide distribution network across India, serving more than 227 customers in 28 states and 8 Union Territories. As of March 31, 2026, its distribution network comprised 25 consignment sales agents, approximately 202 distributors, and a sales and marketing team of over 99 personnel, enabling it to cater to both urban and rural markets.
The company claims to maintain quality standards through its manufacturing facility, which holds ISO 9001:2015, WHO-GMP, CE, and BIS certifications. It also has an in-house quality control team comprising two members who monitor product quality from raw material inspection to finished goods testing.
The company claims to benefit from the experience of its founders and senior management team in the hygiene industry. Its founders have around a decade of combined industry experience, while the senior management team has over three decades of cumulative experience across the hygiene sector, supported by a workforce of 27 staff and 18 unskilled workers as of March 31, 2026.
The company has seen a consistent increase in revenue from operations and PAT. Revenue from operations increased from Rs 84.35 crore in FY24 to Rs 114.62 crore in FY25 to Rs 130.72 crore in FY26, while PAT increased from Rs 4.66 crore in FY23 to Rs 9.08 crore in FY24 to Rs 11.41 crore in FY26.
The company, its promoters, directors, and subsidiaries are involved in ongoing material proceedings and tax proceedings. Any adverse judgments in the cases could be detrimental to the company’s business prospects.
The company's revenue is highly concentrated in sanitary napkins, which contributed Rs 124.62 crore (95.33% of revenue) in FY26, Rs 93.38 crore (81.47%) in FY25, and Rs 56.05 crore (66.45%) in FY24. Any decline in demand, changes in consumer preferences, raw material shortages, pricing pressures, manufacturing disruptions, or regulatory changes affecting this product category could materially impact the company's revenue, profitability, and financial performance.
The company operates in the highly competitive hygiene and personal care industry, where consumer preferences and product trends evolve rapidly. Its ability to sustain growth depends on continuously introducing products that align with changing customer preferences across its Femiss, Womanica, ElderFit, and Bloom Baby brands. Any failure to adapt to changing consumer demand, technological advancements, or emerging product categories could reduce product sales and adversely affect the company's business, revenue, cash flows, and financial performance.
The company derives significant value from its brands, including Femiss, Womanica, ElderFit, and Bloom Baby. Any deterioration in brand reputation due to product quality issues, regulatory non-compliance, counterfeit products, distributor misconduct, adverse media coverage, or cybersecurity and data privacy incidents could reduce customer confidence and adversely affect the company's sales, revenue, profitability, and financial performance.
The company does not have long-term contracts with its customers and operates primarily on a purchase order basis, making revenue dependent on continued customer relationships. Its largest customer contributed Rs 63.21 crore (48.35% of revenue) in FY26, Rs 39.16 crore (34.16%) in FY25, and Rs 26.46 crore (31.38%) in FY24. The top five customers accounted for Rs 91.67 crore (70.13%), Rs 73.38 crore (64.01%), and Rs 53.02 crore (62.86%) during the same period, while the top 10 customers contributed Rs 105.11 crore (80.41%), Rs 89.77 crore (78.32%), and Rs 67.11 crore (79.57%), respectively. The loss of key customers or failure to secure repeat purchase orders could hurt the company's revenue, cash flows, and financial performance.
The company is dependent on a limited number of suppliers for key raw materials, including absorbent polymers, non-woven fabrics, packaging materials, chemicals, and adhesives. Its top 10 suppliers accounted for 84.57% of purchases in FY26, 86.86% in FY25, and 90.50% in FY24. As the company does not have long-term agreements with most suppliers, any disruption in raw material availability, pricing, or supplier relationships could adversely affect its production, revenue, and financial performance.
The company derives a significant portion of its revenue from Gujarat, contributing Rs 100.68 crore (77.02% of revenue) in FY26, Rs 86.30 crore (75.29%) in FY25, and Rs 52.90 crore (62.72%) in FY24. Any adverse developments in the state, including regulatory changes, logistics disruptions, natural calamities, or weaker economic conditions, could materially affect the company's sales, profitability, cash flows, and financial performance.
The company reported negative cash flows from operating activities of Rs 10.08 crore in FY25, primarily due to an increase in trade receivables. It also reported negative cash flows from investing activities of Rs 0.42 crore in FY26, Rs 0.24 crore in FY25, and Rs 5.73 crore in FY24, mainly on account of the acquisition of new machinery for operational and efficiency enhancement purposes. Additionally, the company reported negative cash flows from financing activities of Rs 0.88 crore in FY26 due to the repayment of secured borrowings and unsecured loans from related parties. Continued negative cash flows could put pressure on the company's cash flows, bottomline, and financial flexibility.
The company depends on a single third-party contract manufacturer for the production of diapers, while sanitary napkins are manufactured in-house. Any disruption at the contract manufacturer's facility, including labour shortages, quality issues, equipment breakdowns, or regulatory non-compliance, could delay production and product deliveries, adversely affecting the company's revenue, operations, and financial performance.
The company's profitability is exposed to fluctuations in raw material prices, including absorbent polymers, non-woven fabrics, packaging materials, chemicals, and adhesives. Raw material costs accounted for 46.24% of revenue in FY26, 42.11% in FY25, and 46.30% in FY24. Any increase in input costs or disruption in raw material supply that cannot be passed on to customers could adversely affect the company's margins, cash flows, and financial performance.
The company relies on third-party logistics providers for procuring raw materials and distributing finished products. Loading, unloading, and transportation expenses amounted to Rs 5.18 crore (4.46% of total expenses) in FY26, Rs 4.59 crore (4.46%) in FY25, and Rs 2.92 crore (3.69%) in FY24. In the event of any disruption in transportation services or an increase in logistics costs, the company's supply chain, product deliveries, and bottomline could be negatively impacted.
As of FY26, the company’s trade receivables were Rs 104.76 crore. If the company fails to collect these receivables on time or at all, it could hurt its business and financial condition.
As of the period ended June 30, 2026, the company had outstanding financial indebtedness of Rs 23.07 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
Application details
For H.R.Hygiene Products IPO, eligible investors can apply as Individual investor.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Individual investor | ₹83 - ₹88 | ₹2 - ₹5 Lakhs | 1600 |
About
Objective of H.R. Hygiene Products IPO Proceeds
|
Particulars |
Estimated Amount (in ₹ Cr.) |
|
Setting up a new manufacturing facility at Rajkot, Gujarat |
31.36 |
|
Prepayment or repayment of loan |
3.56 |
|
General corporate purposes |
[.] |
|
Total |
[.] |
Book Running Lead Manager & Registrar of H.R. Hygiene Products IPO
|
Book Running Lead Manager |
Marwadi Chandarana Intermediaries Brokers Private Limited |
|
Registrar to the Issue |
Purva Sharegistry (India) Private Limited |
|
Market Maker to the Issue |
SMC Global Securities Limited |
Key Performance Indicators (KPIs) of H.R. Hygiene Products Ltd.
|
KPI |
Value (for the fiscal year ended March 31, 2026) |
|
ROE (%) |
30.90 |
|
ROCE (%) |
24.86 |
|
EBITDA Margin (%) |
13.07 |
|
Debt/Equity Ratio |
0.51 |
|
PAT Margin (%) |
8.73 |
|
Return on Net Worth (RoNW) (%) |
26.91 |
|
EPS (Pre-IPO) (₹) |
6.41 |
H.R. Hygiene Products IPO Contact Details
|
Company Name |
H.R. Hygiene Products Limited |
|
Registered Office |
Survey No. 125/P2/P2, Plot No. 1 to 3, Village: Lothada, Rajkot – 360002, Gujarat, India |
|
Phone |
+91 63545 54191 |
|
|
H.R. Hygiene Products IPO Registrar Contact Details
|
Company Name |
Purva Sharegistry (India) Private Limited |
|
Phone |
+91 22 4961 4132 |
|
|
|
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Website |