H.R. Hygiene Products Ltd. IPO

H.R. Hygiene Products Limited is engaged in the manufacturing and marketing of personal hygiene products, with sanitary napkins forming the core of its business. The company operates in the female care, baby care and adult care segments through its own brands and also undertakes white-label manufacturing for third-party customers.

The company was incorporated in 2016 and is based in Rajkot, Gujarat. Its portfolio includes products sold under the brands Femiss, Womanica, ElderFit and Bloom Baby, which are targeted at different consumer groups.

Femiss is positioned in the sanitary napkin segment, while Womanica serves the premium segment. ElderFit focuses on adult-care products and Bloom Baby addresses baby-care requirements. The company also manufactures sanitary napkins for third parties under white-label arrangements.

The company's existing manufacturing facility is located in Rajkot, Gujarat, and is spread across approximately 32,780.88 square feet. The facility has an installed production capacity of approximately 6.41 lakh sanitary napkins per day.

The manufacturing facility uses automated production systems covering processes from raw-material handling through finished-product packaging. The facility holds ISO 9001:2015, WHO-GMP and BIS certifications.

H.R. Hygiene Products follows a dual-channel distribution model, supplying products through its offline dealer and distributor network as well as e-commerce platforms. As of 31 March 2025, the company had approximately 182 distributors across India, supported by its sales and marketing network.

The company's products are sold across India and its business model combines branded products with white-label manufacturing. This provides exposure to both direct consumer demand and business-to-business orders.

H.R. Hygiene Products operates in the personal hygiene products segment, with sanitary napkins forming the core of its business. Its portfolio has expanded beyond women's hygiene into adult-care and baby-care products, giving the company exposure to multiple personal-care categories.

The company has developed its own brands including Femiss, Womanica, ElderFit and Bloom Baby. Alongside its branded products, it also undertakes white-label manufacturing, providing an additional business channel.

Its manufacturing facility in Rajkot is an important part of the business. The facility covers approximately 32,780.88 sq. ft. and has installed capacity of around 6.41 lakh sanitary napkins per day. The automated production systems and certifications provide support for its manufacturing and quality-control processes.

The company follows a dual-channel distribution strategy, combining offline distribution with e-commerce. Its distributor network gives it access to customers across different parts of India.

Financial performance improved in FY2026. Revenue from operations increased to ₹131.90 crore in FY2026 from ₹115.15 crore in FY2025. PAT increased to ₹11.41 crore from ₹9.08 crore over the same period.

The company's total assets increased substantially from ₹90.56 crore in FY2025 to ₹170.92 crore in FY2026. Net worth also increased from ₹31.44 crore to ₹42.38 crore during the same period.

For FY2026, H.R. Hygiene Products reported ROE of 30.90%, ROCE of 24.86%, RoNW of 26.91%, EBITDA margin of 13.07%, PAT margin of 8.73% and debt-to-equity of 0.51.

At the upper issue price of ₹88, the pre-IPO EPS was ₹6.41. Based on the post-issue share capital, the post-IPO EPS was approximately ₹4.53. The resulting pre-IPO P/E was approximately 13.73x, while the post-IPO P/E was approximately 19.43x.

The IPO proceeds were primarily intended to support business expansion. ₹31.36 crore was earmarked for setting up a new manufacturing facility at Rajkot, while ₹3.56 crore was proposed for prepayment or repayment of loans.

The proposed manufacturing expansion can provide additional capacity for future growth. However, the success of the expansion will depend on timely implementation, utilisation of the new capacity and the company's ability to generate sufficient demand for the additional production.

The IPO received strong demand during the three-day subscription period. The final overall subscription stood at 6.65 times, with particularly strong demand from NIIs at 11.83 times. QIBs subscribed 2.81 times and retail investors 6.74 times.

The IPO was priced at ₹88 at the upper end of the price band. Grey-market indications remained modest before listing, with the reported GMP moving between ₹1 and ₹2 during the final period. GMP is unofficial and should not be treated as a reliable guarantee of listing performance.

H.R. Hygiene Products shares were listed on BSE SME on 5 August 2026 at ₹90 against the issue price of ₹88, resulting in a listing gain of ₹2 per share, or 2.27%.

Overall, H.R. Hygiene Products has an established presence in personal hygiene products, a portfolio of own brands, white-label manufacturing capabilities, an automated manufacturing facility and a pan-India distribution network. Investors should nevertheless monitor competition, raw-material costs, debt, working-capital requirements and the execution and utilisation of the proposed new manufacturing facility.

Listing Performance

H.R. Hygiene Products shares were listed on BSE SME on 5 August 2026 at ₹90 against the IPO issue price of ₹88. The stock therefore debuted at a premium of ₹2 per share, representing a listing gain of 2.27%.

H.R. Hygiene Products IPO applications were made through the ASBA process and UPI-supported IPO applications. The IPO lot size was 1,600 shares, while Individual Investors were required to apply for a minimum of 2 lots, or 3,200 shares, requiring ₹2,81,600 at the upper price band of ₹88.

Through UPI

1. Log in to your stockbroker app or website.
2. Go to the IPO section.
3. Select H.R. Hygiene Products IPO.
4. Enter the required number of lots.
5. Enter your valid UPI ID.
6. Submit the IPO application.
7. Approve the UPI mandate received in your UPI application.
8. Confirm the mandate using your UPI PIN.
9. The application amount remains blocked in your bank account until the allotment process.
10. The applicable amount is debited after allotment, while the remaining blocked amount is released according to the IPO process.