- Price band
- ₹83 – ₹88
- Issue size
- ₹53.95 Cr
- Lot size
- 1600 sh
- Bidding
- 29 – 31 Jul
- Grey market
- —
Face value ₹10.00
80% fresh capital
Lists 5 Aug 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
H. R. Hygiene Products makes disposable absorbent hygiene products at a single plant at Lothada, Rajkot, Gujarat, with 144 employees; sanitary napkins brought in Rs 12,462.11 lakhs, or 95.33% of revenue from operations, in FY26, against adult diapers at 1.88% and baby diapers at 0.27%. Revenue was Rs 84.35 Cr in FY24, Rs 114.63 Cr in FY25 and Rs 130.72 Cr in FY26, with profit after tax of Rs 4.66 Cr, Rs 9.08 Cr and Rs 11.41 Cr across the same three years. The Rs 53.95 Cr issue — Rs 43.17 Cr fresh and Rs 10.79 Cr offer for sale — was priced at Rs 83-88 and subscribed 6.65 times overall, with QIB at 2.81x, NII at 11.83x and retail at 6.74x. It listed on BSE SME on 5 August 2026 at Rs 90 against a band top of Rs 88, closed day one at Rs 87.97, and last traded at Rs 60.95 on 22 October 2026.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Broadly well-balanced
63% of the scoring model was backed by disclosed data for H.R. Hygiene, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2016 · Rajkot, Gujarat · 144 employees
H.R. Hygiene Products makes disposable absorbent hygiene products at a single plant at Lothada, Rajkot, Gujarat. Sanitary napkins are effectively the whole business: they brought in ₹12,462.11 lakhs, or 95.33% of revenue from operations, in FY26, while adult diapers (ElderFit, launched December 2024) and baby diapers (Bloom Baby, April 2025) contributed 1.88% and 0.27%. Own brands are Femiss, the value-priced napkin line, and Womanica, a premium high-absorbency range; the company also makes napkins on a white-label basis for other customers. Goods reach retailers through 25 consignment sale agents and about 202 distributors, and consumers directly on Meesho, Amazon, Flipkart, Snapdeal, GlowRoad and JioMart. It served more than 227 customers across 28 states and 8 union territories in FY26, with western India accounting for 84.42% of revenue.
Revenue is unit sales of a consumable — 18,13,00,285 sanitary napkin packets in FY26 — so this is volume on thin unit economics. Materials dominate the cost line: cost of materials consumed ₹6,044.48 lakhs plus purchases of stock-in-trade ₹6,338.91 lakhs against ₹13,072.09 lakhs of FY26 revenue from operations, leaving a 13.07% EBITDA margin and an 8.73% PAT margin. The structural constraints are input concentration, with the top ten suppliers at 84.57% of FY26 purchases and no fixed terms of trade with most of them, and single-site capacity of 6.41 lakh pieces a day at Rajkot — which ₹3,136.12 lakhs of fresh-issue proceeds is earmarked to extend via a second unit.
The company on paper
- Legal name
- H. R. Hygiene Products Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 21 Jul 2016
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U74999GJ2016PLC093028
- Sector
- Consumer Staples · Disposable absorbent hygiene products — sanitary napkins, adult and baby diapers
- Employees
- 144
- Registered office
- Rajkot, Gujarat
- Promoters
- Hemal Babubhai Borsadiya, Rahul Kishorbai Sheradia, Borsadiya Binita Hemalbhai, Sheradia Parth Damjibhai
- Promoter holding, pre-issue
- 68.8%
- Promoter holding, post-issue
- 48.5%
- Website
- hrhygiene.com
The numbers
Financial performance
Revenue has compounded at 24.5% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
80% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹43.17 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹10.79 Cr
- Total issue size
- ₹53.95 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
- Market maker portionSME issues require a market maker to provide two-way quotes
- 3,10,400
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 20.3% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹88.00
- Listed at
- ₹90.00
- Listing gain
- up 2.3%
- Since listing
- down 33.0%
- Against the issue price
- down 31.5%
Trading at ₹60.26 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 3,200
- At cut-off price
- ₹88.00
- Amount blocked
- ₹2,81,600
One lot is 1600 shares at ₹1,40,800. This issue requires a minimum of 2 lots, so the smallest application is ₹2,81,600. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~15%
chance of one lot, per application
- Retail subscription
- 6.74×
- Applicants per share available
- 6.7× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹90.00
listed at, 2.3% against the issue price
- Issue price
- ₹88.00
- Premium said
- —
- If allotted 1600 shares
- ₹3,200
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- Revenue rose 35.90% from Rs 84.35 Cr in FY24 to Rs 114.63 Cr in FY25, then 14.04% to Rs 130.72 Cr in FY26. Profit after tax rose 94.85% from Rs 4.66 Cr to Rs 9.08 Cr, then 25.66% to Rs 11.41 Cr.
- Both margins on record were higher in each successive year. EBITDA margin was 8.99% in FY24 (Rs 7.58 Cr on Rs 84.35 Cr), 12.88% in FY25 (Rs 14.77 Cr on Rs 114.63 Cr) and 13.07% in FY26 (Rs 17.08 Cr on Rs 130.72 Cr); PAT margin on those same revenues was 5.52%, 7.92% and 8.73%.
- The record puts distribution at 25 consignment sale agents and about 202 distributors, with direct consumer sales on Meesho, Amazon, Flipkart, Snapdeal, GlowRoad and JioMart, serving more than 227 customers across 28 states and 8 union territories in FY26. Own brands are Femiss, described as the value-priced napkin line, and Womanica, described as a premium high-absorbency range, and the company also makes napkins on a white-label basis.
What to weigh against it
- Sanitary napkins were 95.33% of FY26 revenue from operations at Rs 12,462.11 lakhs, with adult diapers (ElderFit, launched December 2024) at 1.88% and baby diapers (Bloom Baby, April 2025) at 0.27%. That napkin revenue came from 18,13,00,285 packets, which works out at Rs 6.87 a packet.
- Western India accounted for 84.42% of FY26 revenue, and production sits at a single plant at Lothada, Rajkot, with capacity of 6.41 lakh pieces a day.
- The record states that the top ten suppliers were 84.57% of FY26 purchases and that there are no fixed terms of trade with most of them.
- The shares last traded at Rs 60.95 on 22 October 2026, 30.74% below the Rs 88 band top and 32.28% below the Rs 90 at which they listed on 5 August 2026.
Easy to miss in the prospectus
- Net worth was Rs 5.90 Cr in FY24, Rs 31.44 Cr in FY25 and Rs 42.38 Cr in FY26. The FY25 rise of Rs 25.54 Cr sits against FY25 profit after tax of Rs 9.08 Cr, and the FY26 rise of Rs 10.94 Cr against FY26 profit after tax of Rs 11.41 Cr; the record does not say what accounts for either difference. Total borrowings are carried for FY26 only, at Rs 21.53 Cr, or 0.51 times that year's net worth of Rs 42.38 Cr.
- The fresh issue was Rs 43.17 Cr of the Rs 53.95 Cr total, and the record states that Rs 3,136.12 lakhs of it — Rs 31.36 Cr, or 72.65% of the fresh issue — is earmarked for a second unit. Promoter holding is given as 68.8% pre-issue and 48.54% post-issue, a fall of 20.26 percentage points.
- This record carries no total assets and no cash flow from operations for FY24, FY25 or FY26, and no valuation, peer or allocation data, so profit-to-cash conversion and relative pricing cannot be checked from it.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- Marwadi Chandarana Intermediaries Brokers Private Limited
- RegistrarAllotment status is checked on the registrar's own site
- Purva Sharegistry (India) Private Limited
How these figures were checked
Reconciled to H.R. Hygiene's own prospectus and to exchange disclosures, then cross-checked against 6 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- Red Herring Prospectus dated July 21, 2026 (company website) · read 16 Oct 2026
- BSE cash-market bhavcopy, 05 Aug 2026 (listing day) — row for scrip 544848 / HRHYGIENE, series MT · read 16 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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