A hygiene products manufacturer operating under the Femiss, Womanica, ElderFit, and Bloom Baby brands plans to raise Rs 53.95 crore via the BSE SME platform.
H. R. Hygiene Products Ltd., a manufacturer and marketer of personal hygiene products serving both B2B and B2C segments, opens for subscription on July 29 with the issue closing on July 31. The company is listing on the BSE SME platform.
What the Company Does
HRHPL manufactures hygiene products across four proprietary brands targeting distinct consumer segments: Femiss serves the economy segment with affordable sanitary napkins, Womanica offers premium high-absorbency feminine care solutions, ElderFit addresses the specialised hygiene needs of the elderly, and Bloom Baby focuses on infant care. The company also undertakes white-label manufacturing of sanitary napkins for a few institutional customers.
The products are distributed pan-India through a dual-channel model — an offline network of dealers and distributors, alongside e-commerce platforms including Meesho, Amazon, GlowRoad, Flipkart, Snapdeal, and JioMart. As of March 31, 2026, the company served more than 227 customers across 28 states and 8 union territories.
The brand presence is strongest in western India, with Gujarat as the dominant market followed by Maharashtra and Rajasthan. As of May 31, 2026, the company had 25 SKUs across its product range and 144 employees on its payroll, including 99 in sales and marketing.
The majority of IPO proceeds — Rs 31.36 crore — will fund a new manufacturing facility at Unit 2, supplemented by Rs 3.57 crore for debt repayment and the balance for general corporate purposes.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | July 29, 2026 |
| Issue Closes | July 31, 2026 |
| Listing | BSE SME |
| Price Band | Rs 83 – Rs 88 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 53.95 crore |
| Fresh Issue | Rs 43.17 crore |
| OFS | Rs 10.78 crore |
| Lot Size | 1,600 shares (min 2 lots = 3,200 shares) |
| Min. Retail Investment | Rs 2,81,600 |
| Post-IPO Market Cap | Rs 199.87 crore |
| IPO Constitutes | 27.00% of post-IPO paid-up equity |
| BRLM | Marwadi Chandarana Intermediaries Brokers Pvt. Ltd. |
| Registrar | Purva Sharegistry (India) Pvt. Ltd. |
| Market Maker | SMC Global Securities Ltd. |
Post-IPO, paid-up equity will increase from Rs 17.81 crore to Rs 22.71 crore.
Financial Performance
| Particulars (Rs cr) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total Income | 85.33 | 115.16 | 131.90 |
| PAT | 4.66 | 9.08 | 11.41 |
| PAT Margin | 5.53% | 7.92% | 8.73% |
| RoCE | 23.10% | 25.48% | 24.86% |
Revenue has grown steadily from Rs 85.33 crore in FY24 to Rs 131.90 crore in FY26. The profit story is similarly consistent, with PAT growing from Rs 4.66 crore to Rs 11.41 crore and margins expanding from 5.53% to 8.73%. Average EPS over the reported periods is Rs 5.43 and average RoNW is 36.27%. At the upper band of Rs 88, the P/E is 17.53x on FY26 earnings and 22.00x on FY25 earnings, and the P/BV is 3.70x on pre-IPO NAV of Rs 23.80.
BRLM Track Record: This is the 12th mandate from Marwadi Chandarana Intermediaries in the last three fiscals. Of the last 11 listings, 2 opened at par and the rest with premiums ranging from 0.45% to 90%.
Risks to Consider
The hygiene products segment — particularly sanitary napkins — is intensely competitive and fragmented, with national FMCG giants, private labels, and regional brands all competing for shelf space and e-commerce visibility. Marketing and distribution costs in this segment are high, which makes the expansion of PAT margins from 5.53% to 8.73% in three years a pattern that analysts flag as requiring scrutiny in the context of the pre-IPO period. The brand presence is currently concentrated in western India, and the planned geographic expansion carries execution risk. The missing promoter acquisition cost data in the offer documents is a disclosure gap that investors should follow up on in the RHP. The OFS component means Rs 10.78 crore exits with existing shareholders rather than being deployed into the business.
Analyst View
Analysts note that the company posted growth in its top and bottom lines for the reported periods, but that the boosted profits for FY25 and FY26 raise eyebrows in a highly competitive and fragmented segment. The issue appears aggressively priced based on recent earnings, note analysts.