- Price band
- —
- Issue size
- ₹1,000 Cr
- Lot size
- —
- Bidding
- —
- Grey market
- —
50% fresh capital
Listing date to be set
No quote recorded
Market data to 28 Oct 2026. Company figures are as filed, sourced 17 Oct 2026. Every figure’s origin is listed under Sources.
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
A trade-off in both directions
61% of the scoring model was backed by disclosed data for Swara Baby, 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.
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 · Pithampur, Dhar district, Madhya Pradesh · 775 employees · part of Brainbees Solutions Limited (FirstCry), corporate promoter holding 76.59% pre-offer
Swara Baby Products makes disposable hygiene products: baby tape and pant diapers, adult incontinence diapers, sanitary napkins and panty liners. Most output is contract manufacturing, made to another company's specification and sold under that company's label. Its largest such customer is Brainbees Solutions, the FirstCry parent, which also owns 76.59% of Swara and accounted for 22.64% of revenue in FY2026. Swara also sells two of its own brands to consumers through online marketplaces and modern trade: Cuddles baby diapers and Shields adult diapers. It ran 20 production lines across four plants at Pithampur and Indore in Madhya Pradesh, over about 24 acres, and employed 775 permanent staff as of 31 March 2026. Feminine hygiene was added by acquiring K.A. Enterprises (Hygiene) in December 2025.
Revenue is per-unit manufacturing against purchase orders, with no long-term volume commitments; the top five customers were 65.77% of FY2026 revenue. Raw materials dominate the cost base at 69.56% of revenue in FY2026, bought on purchase orders without price-locked contracts, so margin tracks superabsorbent polymer, non-woven fabric and PE film prices. Gross margin fell from 34.23% in FY2025 to 30.66% in FY2026, EBITDA margin from 17.26% to 16.56%. The structural constraint is capacity and the debt taken on to add it: utilisation was 64.89% of 3,543 million installed units in FY2026, and net debt rose to Rs 438.79 crore.
The company on paper
- Legal name
- Swara Baby Products Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 23 Nov 2016
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U36999MP2016PLC068986
- Parent group
- Brainbees Solutions Limited (FirstCry), corporate promoter holding 76.59% pre-offer
- Sector
- Consumer Staples · Disposable hygiene products, contract manufacturing
- Employees
- 775
- Registered office
- Pithampur, Dhar district, Madhya Pradesh
- Promoters
- Alok Birla, Sangita Birla, Udit Alok Birla, Brainbees Solutions Limited, Anadya Bon Merchari LLP
- Promoter holding, pre-issue
- 95.2%
- Website
- swarababy.com
The numbers
Financial performance
Revenue has compounded at 24.6% 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
Ratios as disclosed in the prospectus, calculated at the upper end of the price band. P/E is always shown on post-issue earnings so issues stay comparable with each other.
No price band has been fixed yet, so there is no multiple to quote
What you pay
Earnings and sales behind one share, and the multiple the band asks for them.
- EPS, pre-issue (FY26)
- ₹4.24
- EPS, post-issueNot disclosed, so computed from FY2026 profit after tax and the disclosed share count — this is the figure the multiple above is built on
- ₹3.91
- Price / sales
- —
- Net asset value per shareBook value behind one share — a floor, not a target
- ₹22.65
What it earns on what it has
Returns and margins on FY2026. These are the figures that say whether the multiple above is deserved.
- Return on net worthAs disclosed in the prospectus, on its own formula — Indian issuers define RoNW on average net worth, not closing.
- 17.3%
- Return on capital employed
- 16.2%
- EBITDA margin
- 16.6%
- Net margin
- 8.2%
What it owes
Gearing at the latest balance-sheet date.
- Debt to equityComputed as total borrowings over net worth attributable to owners, from this record’s own balance sheet.
- 0.80×
Valuation against listed peers
P/E against operating margin
The prospectus for this issue does not name a listed peer group, or it has not been captured yet.
The terms
How the issue is structured
50% 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
- ₹500 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹500 Cr
- Total issue size
- ₹1,000 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- 24,42,84,747
- Employee discount
- —
Who the shares are reserved for
Share of the net offer set aside for each investor category
Select a category to see who bids in it and how allotment works there.
Percentages are of the net offer, which excludes any employee or shareholder reservation.
Use of proceeds
Stated objects of the fresh issue, largest first
- Invested in growth
- Repairs the balance sheet
- Funding inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes - left as a placeholder in the draft; the two together capped at 35% of the Gross Proceeds of the Fresh Issue, with either one alone not exceeding 25% — amount not quantified in the prospectus
Hover or focus an object to see whether that spending grows the business or repairs the balance sheet.
61% of the quantified proceeds is earmarked for growth; the rest repairs the balance sheet or is unallocated.
Who owns it before the issue
8 holders of record. Percentages are of pre-issue paid-up equity, as stated in the offer document.
Pre-issue. The offer document leaves the post-issue column to be filled at the prospectus stage, so it is not shown here.
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
No dates have been set yet, so bidding has not opened.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
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.
The lot size and price band are not fixed yet, so there is nothing to calculate.
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.
Retail subscription figures are not available yet, so there is nothing to estimate from.
What the grey market implies
Arithmetic on an unofficial quote. The grey market has no clearing house and no obligation to settle — this is sentiment made numeric, not a forecast.
No grey-market quote has been recorded for this issue.
Our read
Easy to misread
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
Easy to miss in the prospectus
- The Rs 500 crore fresh issue is an upper limit. The DRHP permits a pre-IPO placement of up to Rs 1,000 million (Rs 100 crore) before the RHP is filed with the RoC, and any amount so raised is deducted from the fresh issue. The final fresh-issue size is therefore not fixed yet.
- Restated consolidated financials for FY2024-FY2026 include Solis Hygiene for all three years as a common-control business combination, and KAEHPL only from 25 December 2025. The FY2026 revenue step-up is not purely organic.
- PAT fell in FY2025 (Rs 80.67 crore) from FY2024 (Rs 93.97 crore) even though revenue rose 25.7%, because gross margin and finance costs moved against the company. A revenue-only read of the three-year series is misleading.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
- Draft Red Herring Prospectus dated 2 July 2026 (full document, NSE archives)2 Jul 2026The first draft, filed for review. No price band and no dates.Opens on nsearchives.nseindia.com
- Draft Abridged Prospectus to the DRHP dated 2 July 2026 (SEBI, 12 pages)2 Jul 2026The statutory summary that goes out with the application form — a dozen pages, not the full filing.Opens on sebi.gov.in · about 0.5 MB
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
- JM Financial Limited, Avendus Capital Private Limited
- RegistrarAllotment status is checked on the registrar's own site
- MUFG Intime India Private Limited (formerly Link Intime India Private Limited)
How these figures were checked
Reconciled to Swara Baby's own prospectus and to exchange disclosures, then cross-checked against 3 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.
- Swara Baby Products Limited - Draft Red Herring Prospectus dated 2 July 2026 (NSE archives, full PDF; read directly for all financials, promoters, CIN, employees, capacity, customer concentration) · read 17 Oct 2026
- SEBI - Draft Offer Documents filed with SEBI: SWARA BABY PRODUCTS LIMITED - DRHP (listed 6 July 2026) · read 17 Oct 2026
- SEBI - Swara Baby Products Limited, Draft Abridged Prospectus (CIN confirmation) · read 17 Oct 2026
- SEBI - Red Herring Documents filed with RoC listing (checked: Swara Baby absent, i.e. no RHP filed) · read 17 Oct 2026
- SEBI - Final Offer Documents filed with RoC listing (checked: Swara Baby absent, i.e. no prospectus filed) · read 17 Oct 2026
- Swara Baby Products - Investor Relations (company website, CIN and contact confirmation) · read 17 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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