H.R. Hygiene Products Limited

Here is the complete overview of H.R. Hygiene Products Limited IPO, including company fundamentals, issue schedule, subscription status, and Grey Market Premium (GMP).

1. Company Overview & Business Profile

Incorporated in 2016 and headquartered in Rajkot, Gujarat, H.R. Hygiene Products Limited is an Indian personal hygiene product manufacturer specializing in female healthcare, adult care, and baby care solutions.

  • Core Products: Primary revenue driver is sanitary napkins (~vast majority of sales), alongside adult diapers and baby diapers.

  • Proprietary Brands: Products are sold under in-house brands including Femiss, Womanica, ElderFit, and Bloom Baby, alongside private-label manufacturing arrangements for select B2B clients.

  • Distribution Footprint: Dual distribution model operating through 25 Consignment Sale Agents (CSAs), a network of 202+ distributors across 28 states, and direct e-commerce channels (Amazon, Flipkart, Meesho).

  • Objects of the Issue: Fresh issue proceeds (~₹40.44–₹43.17 Crore) are allocated primarily toward:

    1. Setting up a new manufacturing facility (Unit 2) in Rajkot, Gujarat (~₹31.36 Cr).

    2. Loan prepayments/repayments (~₹3.57 Cr).

    3. General corporate purposes.

2. Key Company Fundamentals & Financial Overview

The company has consistently grown its revenue and profitability over the past three fiscal years:

Financial Metric (Consolidated) FY2024 FY2025 FY2026
Total Income ₹85.33 Cr ₹115.15 Cr ₹131.90 Cr
Profit After Tax (PAT) ₹4.66 Cr ₹9.08 Cr ₹11.41 Cr
EBITDA ₹7.58 Cr ₹14.77 Cr ₹17.08 Cr
Net Worth ₹5.90 Cr ₹31.44 Cr ₹42.38 Cr
Total Borrowings ₹24.68 Cr ₹21.19 Cr ₹21.53 Cr

Key Ratios & Valuation

  • P/E Ratio (Post-Issue): ~17.53x (at upper price band based on FY26 post-issue EPS)

  • Return on Equity (ROE): ~30.90%

  • Debt-to-Equity Ratio: ~0.51x

  • EBITDA Margin: ~13.07% | PAT Margin: ~8.73%

  • Key Strengths: Strong brand equity in regional markets, expanding distribution, and robust financial metrics.

  • Key Risks: Heavy revenue concentration in a single product category (sanitary pads) and reliance on a single operational manufacturing cluster in Rajkot.

3. IPO Key Details & Schedule

  • IPO Price Band: ₹83 to ₹88 per share

  • Total Issue Size: ₹53.95 Crore

    • Fresh Issue: ₹43.17 Crore (0.49 crore shares)

    • Offer for Sale (OFS): ₹10.79 Crore (12.25 lakh shares)

  • Listing Exchange: BSE SME Platform

  • Lot Size & Retail Application: Minimum 2 lots (3,200 shares) = ₹2,81,600 (at upper price band)

  • Lead Manager: Marwadi Chandarana Intermediaries Brokers Pvt. Ltd.

  • Registrar: Purva Sharegistry (India) Pvt. Ltd.

Important Dates Schedule

  • IPO Open Date: July 29, 2026

  • IPO Close Date: July 31, 2026

  • Basis of Allotment: August 3, 2026

  • Refunds / Credit to Demat: August 4, 2026

  • Tentative Listing Date: August 5, 2026

4. Subscription Status

  • Status: Bidding officially opens tomorrow, July 29, 2026.

  • Categories reserved include 50% for Qualified Institutional Buyers (QIB), 15% for Non-Institutional Investors (NII), and 35% for Retail Individual Investors (RII). Bidding numbers will update live during the 3-day issue period.

5. Grey Market Premium (GMP)

  • Current Live GMP: ₹0 to ₹2 per share

  • Estimated Indicative Listing Price: ₹88 to ₹90 per share (~0.0% to 2.27% premium over upper price band of ₹88)

Note: Initial grey market activity indicates modest expectations, reflecting cautious short-term sentiment typical for SME segment issues with larger minimum application sizes (~₹2.81 Lakh).

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