H.R.Hygiene Products IPO
H.R.Hygiene Products IPO is an SME IPO raising ₹54 Cr at ₹83 – ₹88 a share. It listed on 5 Aug 2026 at ₹90, +2.3% against its issue price of ₹88, and trades at ₹65 today (−26.1% since issue). It was subscribed 6.26× in total.
6.3 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
H.R. Hygiene Products Limited is a Rajkot-based manufacturer of personal hygiene products, principally sanitary napkins, sold under four own brands — Femiss (economic), Womanica (premium), ElderFit (adult diapers) and Bloom Baby (baby diapers) — and also made on white-label for other customers. Products are distributed pan-India (28 states and 8 union territories, over 227 customers) through a dealer/offline network and e-commerce platforms such as Meesho, Amazon, Flipkart, Glowroad, Snapdeal and JioMart.
How it earns
Revenue comes from manufacturing and selling own-brand and white-label hygiene products (sanitary napkins, adult diapers, baby diapers, tissue paper, cotton swabs and buds) through offline distributors and online channels; a large chunk of FY26 revenue was a single third-party government contract executed on a contractor basis.
Who buys
Customer base of 227+ across 28 states and 8 union territories; sales are heavily concentrated in Gujarat (77.02% of FY26 revenue). High concentration risk: top customer alone is 48.35% of FY26 revenue (₹63.21 crore / ₹6,320.81 lakh) — disclosed as a third-party contractor executing a government order — and top 10 customers account for 80.41% (₹105.11 crore / ₹10,511.29 lakh) of FY26 revenue. Five named customers have been associated for more than 5 years.
Scale
One owned manufacturing facility at Rajkot (32,780.88 sq ft) with installed capacity of 6.41 lakh sanitary napkins/day; FY26 revenue from operations of ₹13,072.09 lakh (≈₹130.72 crore, growing at 24.49% CAGR over FY24–FY26); ~202 distributors, 25 consignment sales agents, 99 sales & marketing personnel, 45 employees on payroll (144 total workforce including contract labour) as of May 31, 2026.
What it says sets it apart
- Fully automated single-site manufacturing facility at Rajkot spanning 32,780.88 sq ft, with technology largely sourced from China, covering raw material handling to finished packaging with minimal human intervention.
- Aggregate installed sanitary napkin capacity scaled from 12 crore pieces/year in FY24 to 20 crore pieces/year in FY26; capacity utilisation around 87–95% in FY25–FY26.
- Dual-channel distribution: offline network of ~202 distributors supported by 25 consignment sales agents plus e-commerce presence on Meesho (6.83% of FY26 revenue, the largest online channel), Amazon, Flipkart, JioMart, Snapdeal, Glowroad.
- Own-brand portfolio covering four price/segment tiers — Femiss (mass-market), Womanica (premium), ElderFit (adult incontinence), Bloom Baby (baby diapers) — with a heavy shift to own-brand revenue (5.37% in FY24 rising to 94.47% in FY26).
- Quality credentials: ISO 9001:2015, WHO-GMP, BIS, CE and FDA-related certifications, supported by a dedicated 5-member in-house quality team.
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs88 / stated EPS Rs6.41 (FY26 (year ended March 31, 2026), Diluted EPS as printed in 'Adjusted Basic EPS' table of Restated Financial Statements (weighted average diluted EPS across FY26/FY25/FY24 = 5.43)). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated standalone). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹131 Cr+14% | ₹11 Cr+26% | 8.7% | ₹42 Cr | ₹22 Cr |
| FY2025 | ₹115 Cr+36% | ₹9 Cr+95% | 7.9% | ₹31 Cr | ₹21 Cr |
| FY2024 | ₹84 Cr | ₹5 Cr | 5.5% | ₹6 Cr | ₹25 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
131 SME issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
Non-institutional: 8.99× their allocation. QIB: 2.81×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 14risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
What happens when
Next: the UPI mandate expires on 11 Sept 2026.
What to watch
- The asking multiple is 13.7× earnings, and the issuer names no listed peers to compare it against.
- The register's top risk: Revenue concentrated 95% in sanitary napkins (prospectus page 27).
- Its cohort's record: median +8.4% since issue price, 46.6% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track H. R. HYGIENE PRODUCTS LIMITED
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.