H.R.Hygiene Products IPO
H.R.Hygiene Products IPO is a sme IPO raising ₹54 Cr at ₹83 – ₹88 a share. The smallest application you can make is 1600 shares, costing ₹1,40,800 at the top of the band. Bidding closes on 31 Jul 2026 and the shares list on 5 Aug 2026. So far it has been subscribed 0.00× in total.
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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 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 |
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