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H R Hygiene Products

SME · BSE listed
+2.27%
Listing gain
Price Band
₹83 – ₹88
Issue Size
₹53.95 Cr
1 lot at upper band
₹1,40,800
Lot Size
1,600
Open
29 Jul 2026
Close
31 Jul 2026
Allotment
—
Listing
05 Aug 2026

Scheduled dates

  1. Open
    29 Jul 2026
  2. Close
    31 Jul 2026
  3. Refund
    04 Aug 2026
  4. Demat credit
    04 Aug 2026
  5. Listing
    05 Aug 2026

Listing Performance

Listing Price
₹90
Listing Gain
+2.27%
Day Close
—
Current (LTP)
— (—)

GMP Trend*

Daily grey market premium (₹). Unofficial.

Latest GMP: ₹1 7 sessions

Subscription (times)

Latest per-category subscription · as of 31 Jul, 06:56 pm IST.

QIB 2.81x
NII 11.83x
BHNI 12.39x
SHNI 10.71x
RII 6.74x
Total 6.65x

About H R Hygiene Products

The company is a manufacturer of hygiene products with a growing presence in the Indian market. Under its brand framework, it has developed Femiss, Womanica, ElderFit and Bloom Baby, each designed to address consumer needs across the hygiene care spectrum, from babies to young women and the elderly. While its core focus has been on sanitary napkins, it has progressively diversified its portfolio to include a broader range of female care and wellness products. The company's products are distributed pan-India through a dual-channel strategy comprising an extensive offline retail presence with network of dealers and e-commerce platforms including Meesho, Amazon, Glowroad, Flipkart, Snapdeal and JioMart, catering to both B2B and B2C customers.

www.hrhygiene.com ↗

Strengths

  • Modern manufacturing facility
    The company operates a state-of-the-art production facility spread across 32,780.88 sq. ft., equipped with fully automated systems from raw material handling to finished product packaging with minimal human intervention, ensuring hygienic production and holding ISO 9001:2015, WHO-GMP, and BIS certifications.
  • Distribution of personal health & hygiene products through Dual Channel Strategy
    The company operates an integrated business model with products distributed through both General Trade networks and major e-commerce platforms, selling through 25 CSA's with a network of 202 distributors as of March 31, 2026.
  • Brand affinity, loyalty and trust of customers in our brands
    The company's brand 'Femiss Sanitary Pad' received the National Award for Excellence in Healthcare in 2020 for 'Best Emerging Brand of the Year', with long-term customer relationships demonstrated by 5 customers associated for more than 5 years generating significant revenue.
  • Wide geographic presence in India
    The company has a diversified customer base of more than 227 customers across 28 states and 8 union territories in India, supported by 25 consignment sales agents and a sales force of over 99 personnel serving approximately 202 distributors.
  • Focus on quality
    The company maintains ISO 9001:2015 certification, CE certification, and WHO-GMP compliance with a dedicated in-house Testing and Quality Control Team of 5 members as of May 31, 2026, ensuring rigorous testing and quality management throughout the production cycle.
  • Founder-led company with a strong professional management
    The company is led by founders with about a decade of experience in the hygiene industry, complemented by a professional leadership team with over three decades of combined experience and a dedicated workforce of 27 staff and 18 unskilled workers as of May 31, 2026.

Risk Factors

  • Revenue Concentration in Single Product Category
    The company's revenue is highly concentrated in sanitary napkins, representing 95.33% of revenue in Fiscal 2026. Any adverse development affecting this category could materially impact business operations and financial performance.
  • Customer Concentration and Lack of Long-term Contracts
    The company operates on purchase order basis without long-term contracts, with top 10 customers contributing 80.41% of revenue in Fiscal 2026. Loss of key customers or inability to maintain relationships could severely impact revenues.
  • Supplier Dependency and Supply Chain Concentration
    The company depends on limited suppliers with top 10 suppliers contributing 84.57% of purchases in Fiscal 2026, without long-term agreements. Supply disruptions or cost increases could adversely affect production and margins.
  • Geographic Revenue Concentration in Gujarat
    The company derives 77.02% of revenue from Gujarat in Fiscal 2026. Any adverse developments in this region, including regulatory changes or disruptions, could materially impact business operations.
  • Negative Cash Flows and Liquidity Risks
    The company experienced negative operating cash flows of ₹1,008.38 Lakhs in FY 2025 and negative investing cash flows across multiple years. Continued negative cash flows could affect liquidity and financial condition.
  • Outstanding Legal Proceedings
    The company faces 9 tax proceedings against it with aggregate amount of ₹381.95 Lakhs. Adverse judgments could impact financial condition and divert management attention and resources.
  • Dependency on Single Manufacturing Facility
    The company's business depends entirely on its manufacturing facility in Rajkot, Gujarat. Any shutdown, breakdown, or operational disruption at this facility could have material adverse effects on business operations.
  • Labour Dependency and Workforce Risks
    The company's manufacturing is labour intensive with 45 employees as of May 31, 2026. Labour shortages, strikes, or inability to retain skilled workers could significantly impact production and operations.
  • Raw Material Price Volatility
    Raw material costs represented 46.24% of revenue in Fiscal 2026. Price fluctuations in absorbent polymers, non-woven fabrics, and other materials could adversely affect margins and profitability.
  • Multiple Statutory Auditor Changes
    The company has experienced multiple changes in statutory auditors since incorporation, with the latest change in April 2026. Frequent changes may affect financial reporting processes and corporate governance profile.

Objects of the Issue

  • Setting up a new manufacturing facility at Rajkot, Gujarat (Proposed facility Unit 2)
    The company proposes to establish a new manufacturing facility in proximity to its existing unit at Rajkot, Gujarat for manufacturing of diapers with an installed capacity of 6 crore pieces annually. The facility will be designed in line with WHO-GMP norms to meet stringent quality, safety, and regulatory requirements for global markets.
    31.36 crores
  • Prepayment / repayment of Loan
    The company intends to utilize the proceeds towards repayment/pre-payment of certain borrowings to reduce outstanding indebtedness and debt servicing costs, maintain a favourable debt to equity ratio and enable utilization of internal accruals for further investment in business growth and expansion.
    3.57 crores
  • General corporate purposes
    The company will have flexibility in utilizing the proceeds for general corporate purposes including initial development costs for new products, meeting operating expenses, strengthening business development and marketing capabilities, meeting exigencies, and other purposes as approved by the Board of Directors.

Financial Snapshot

Annual values as reported in the offer document.

Year endRevenueRev. growthProfitProfit growthAssetsEquityOperating cash flow
31/03/2026131.90+14.5%11.41+25.7%170.9242.381.58
31/03/2025115.15+34.9%9.08+94.8%90.5631.44-10.08
31/03/202485.33—4.66—48.875.902.29
Units: crores

Issue Details

Face Value
₹10
P/E
13.73
ROCE
24.86%
Shares / Lot
1,600
Minimum Bid
3,200 shares
Refund
04 Aug 2026
Credit to Demat
04 Aug 2026
ISIN
INE17DP01015
CIN
U74999GJ2016PLC093028
Registrar
Purva Sharegistry (India) Pvt.Ltd.
Lead Managers
Marwadi Chandarana Intermediaries Brokers Pvt.Ltd.
Registered Office
Survey No.125/P2/P2 Plot no. 1 to 3, Village: Lothada, Rajkot- 360002, Gujarat, India
RHP ↗DRHP ↗

Management

Hemalbhai Babubhai BorsadiyaMD
Rahul Kishorbhai SheradiaCEO
Sheradia Parth DamjibhaiCOO
Borsadiya Binita HemalbhaiDirector
Sumit Sureshbhai GovaniDirector
Jyotiben Hemal VekariyaDirector
Vasoya Ashvinkumar VallabhbhaiCFO
Sagar ParmarDirector of Operations
Sunny BhadaniaDirector of Operations
Ashutosh UpadhyayCTO

* Grey Market Premium is unofficial, indicative data from unregulated grey-market dealers. It is not published by NSE, BSE, SEBI or the issuer, and is not a forecast of the listing price.