H.R. Hygiene Products Ltd. IPO

H.R. Hygiene Products 

• H.R. Hygiene Products is coming out with an initial public offering (IPO) of 61,31,200 shares in a price band of Rs 83-88 per equity share.
• The issue will open on July 29, 2026 and will close on July 31, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 8.30 times of its face value on the lower side and 8.80 times on the higher side.
• Book running lead manager to the issue is Marwadi Chandarana Intermediaries Brokers.
• Compliance officer for the issue is Sagar Parmar.

Profile of the company

H.R. Hygiene Products 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, with Femiss catering to the economic segment through affordable and reliable sanitary napkins, Womanica offering premium high-absorbency solutions, ElderFit extending specialized hygiene care to the elderly, and Bloom Baby focusing on safe and comfortable baby care. It also manufactures its product sanitary napkin on white label for few customers. Its 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.

It had a diversified customer base of more than 227 customers in 28 states and 8 union territories in India for period ended March 31, 2026 and in the last three Fiscals, which enables it to de-risk and reduce its dependency on any customer or group of customers. It focuses on marketing and distributing its products to match the needs and preferences of consumers across its various brands. Its brands presence is particularly strong in western India, with Gujarat as the dominant market followed by its presence in Maharashtra and Rajasthan. 

It operates a manufacturing facility equipped with automated systems covering the entire process from raw material handling to finished products at Rajkot spread across 32,780.88 sq ft with an installed capacity of 6.41 lakh sanitary napkins/ pieces per day. The facility incorporates technologies majorly sourced from China. Its manufacturing processes are supported by quality assurance systems designed to ensure compliance with applicable health and hygiene standards. Over the years, it invested in expanding and upgrading its Manufacturing Facility. Its facility holds certifications including ISO 9001:2015 and WHO-GMP certified and also holds a BIS certification. It has implemented quality control and assurance systems to ensure compliance with applicable health and hygiene standards.

Proceed is being used for:

• Setting up a new manufacturing facility at Rajkot, Gujarat (Proposed facility Unit 2)
• Prepayment / repayment of Loan
• General corporate purposes

Industry overview

In 2024, Baby Diapers dominated the India Hygiene Product Market with a share of 48.86%. This is driven by increasing parental awareness, rising disposable incomes, and a shift toward convenient hygiene solutions, particularly in urban and semi-urban areas. Additionally, expanding product availability through modern retail and e-commerce channels, along with innovations such as rashfree, biodegradable, and ultra-absorbent diapers, have enhanced consumer preference. The continued rise of nuclear families and working mothers has further strengthened diaper usage across the country. Moreover, Sanitary napkins accounted for 32.53% of the market, reflecting their growing adoption across both rural and urban areas. The segment has benefitted from strong awareness campaigns, government programs, and NGO efforts to promote menstrual hygiene. Sanitary napkins remain the most accessible and familiar product for menstruation management, though competition from sustainable alternatives like menstrual cups and reusable pads is slowly gaining traction. 

In 2018, the India Hygiene Product Market was valued at $1,609.04 million, which grew to $2,258.30 million in 2024, reflecting a CAGR of 7.43% during this period. The market's expansion was driven by rising consumer awareness of personal hygiene, increasing disposable incomes, and supportive government initiatives focused on sanitation and menstrual health. A shift in consumer behavior, especially post-pandemic, reinforced the demand for modern hygiene products such as diapers, sanitary pads, wipes, and tampons and menstrual cups, etc. Looking ahead, the market is projected to expand further, reaching $3,463.86 million by 2030. Key growth factors include improved access in rural regions, expanding e-commerce penetration, and rising demand for sustainable and eco-conscious hygiene alternatives. Increasing participation of women in the workforce, evolving lifestyles, and a growing elderly population are also boosting demand across various product categories. 

The Indian government has played a crucial role in transforming the hygiene product market through a series of targeted initiatives and policies designed to improve public health and promote hygiene awareness across the country. One of the most notable programs is the Menstrual Hygiene Scheme (MHS), launched with the objective of providing affordable and accessible sanitary napkins to adolescent girls in schools, particularly in rural and underserved regions. This scheme not only addresses the direct need for menstrual products but also works to improve menstrual health education, thereby reducing stigma and encouraging school attendance among girls. By subsidizing the cost of sanitary pads, the government has made menstrual hygiene more attainable for millions of young women who might otherwise forgo these essential products due to financial constraints.

Pros and strengths

Modern manufacturing facility: Its manufacturing operations are anchored by a state-of-the-art production facility spread across 32,780.88 sq. ft., equipped with fully automated systems that span from raw material handling to finished product packaging. It integrates advanced technologies sourced from China creating a synergistic platform that enables it to produce high-quality hygiene products tailored for both Indian and global markets. Its plant is fully automated with minimal human intervention, ensuring hygienic production. It enables real-time monitoring, reduces human error, improves production speed, and ensures consistency in every unit produced. This ensures optimal product performance, skin compatibility, and comfort, offering a superior fit and freedom of movement with high absorbency. The facility operates under rigorous hygiene standards and is supported by robust quality assurance systems and compliance. Further, its facility holds certifications including ISO 9001:2015 and WHO-GMP certified and also holds a BIS certification.

Distribution of personal health & hygiene products through dual channel strategy: It operates under an integrated business model primarily focused on the manufacturing and distribution of essential personal hygiene products across three core segments: female healthcare, adult care, and baby care. Its flagship products include sanitary napkins marketed under the brands ‘Femiss’ and ‘Womanica’, which are distributed through both General Trade (GT) networks and major e-commerce platforms. It sells its products through 25 CSA’s who had network of 202 distributors.

Wide geographic presence in India: Its manufacturing facilities and arrangement with consignment sales agent are strategically located to ensure its wide geographic presence in key markets. It had a diversified customer base of more than 227 customers in 28 states and 8 union territories in India for the last three Fiscals, During the Fiscal 2026, it engaged with 25 consignment sales agents for storage and distribution of its goods who sell its products. through a network of around 202 distributors, supported by a sales force of over 99 personnel. This wide-reaching distribution model allows it to effectively penetrate both urban and rural markets.

Risks and concerns

Changing consumer preferences and market dynamics: The hygiene and personal care industry are characterized by rapidly evolving consumer preferences, product innovations, and changing lifestyle and health awareness trends. Consumers increasingly demand products that are safe, effective, convenient, and environmentally sustainable. For instance, a shift in consumer behaviour, especially post-pandemic, reinforced the demand for modern hygiene products such as diapers, sanitary pads, wipes, and tampons and menstrual cups, etc. To address these trends, it has developed and marketed product portfolios under its brands such as Femiss, Womanica, ElderFit, and Bloom Baby, each designed to cater to specific consumer segments and needs. It continuously invests in product innovation, and marketing initiatives to align its offerings with emerging consumer expectations and market trends. However, there can be no assurance that these efforts will be sufficient or timely to match the pace of changing consumer preferences. Failure to successfully anticipate or respond to these changes could result in reduced demand for its products, loss of market share, or diminished brand loyalty. Any such outcome may materially and adversely affect its business, results of operations, financial condition, and cash flows.

Dependence on limited numbers of suppliers: Its business depends on a limited number of suppliers for key raw materials, absorbent polymers, non-woven fabrics, packaging material, chemicals and adhesives, of its hygiene products. For the year ended March 31, 2026, March 31, 2025 and March 31, 2024 its top 10 suppliers contributed around 84.57%, 86.86% and 90.50% respectively of its purchases, reflecting a significant concentration in its supply chain. The availability, quality, and timely delivery of these materials are critical to its production processes, and any disruption could adversely impact its ability to meet customer demand.

Geographic concentration of revenue and operations in Gujarat: Its revenue from operations is concentrated in the region of Gujarat contributing a substantial portion. For the Fiscals 2026, 2025 and 2024 it derived Rs 10,067.70 lakh (77.02%), Rs 8,630.26 lakh (75.29%) and Rs 5,289.86 lakh (62.72%) of revenue from operation, respectively. Any adverse developments affecting its operations in these states, particularly Gujarat such as changes in state specific regulations, introduction of new levies, disruptions in logistics networks, political or social unrest, natural calamities, or weakening of economic conditions - could materially disrupt its business activities and supply chains in those regions. Although it is gradually expanding its operations and customer base across multiple states to diversify its geographical concentration, there can be no assurance that such initiatives will sufficiently reduce its dependence on a few key states. Any material adverse impact on its operations in these states could result in reduced sales, profitability, and market share, and may materially and adversely affect its business, results of operations, financial condition and cash flows.

Outlook

H.R. Hygiene Products is engaged in manufacturing, processing, trading, importing, exporting or otherwise dealing of Sanitary Napkins and Medical Hygienic related products. It is committed to maintaining the highest standards of quality and sustainability in its operations. Its manufacturing facility meets globally recognized quality and hygiene standards, being ISO 9001:2015 certified for its Quality Management System, independently assessed and approved by QRO. On the concern side, its business is dependent on its operating facility in Rajkot, Gujarat. The loss or shutdown of its facilities could have a material adverse effect on its business, financial condition and results of operations.

The company is coming out with a maiden IPO of 61,31,200 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 83-88 per equity share. The aggregate size of the offer is around Rs 50.89 crore to Rs 53.95 crore based on lower and upper price band respectively. On performance front, the revenue from operations of the company for FY25-26 was Rs 13,072.09 lakh as against Rs 11,462.56 lakh for FY24-25, an increase of 14.04%. Profit after tax for the FY25-26 was at Rs 1,140.66 lakh against profit after tax of Rs 908.10 lakh in FY24-25, a surge of 25.61%.

Meanwhile, it focuses on operational efficiency and supply chain optimization as core components of its manufacturing and distribution strategy. Through the adoption of lean manufacturing practices, it aims to control production costs by implementing process automation, optimizing labour deployment, procuring raw materials in bulk, and incorporating energy-efficient technologies across its facilities. These practices contribute to consistent product quality and resource efficiency. Going forward, it intends to focus on expanding its geographical footprint in rural and semi-urban markets through the development of a robust and decentralized distribution network. This strategy includes partnering with regional distributors and leveraging rural retail channels.

Sham Foam 

• Sham Foam is coming out with an initial public offering (IPO) of 31,14,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 130 per equity share.
• The issue will open on August 11, 2026 and will close on August 13, 2026.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 13 times higher to its face value of Rs 10.
• Book running lead managers to the issue are Corporate Makers Capital and Navigant Corporate Advisors.
• Compliance Officer for the issue is Reetika Dhain.

Profile of the company

Sham Foam is primarily engaged in the business of manufacturing, distribution, marketing and selling of polyurethane foam (PU Foam), mattresses and other allied home comfort products targeted primarily at Indian consumers. It also manufactures Industrial grades of PU Foam that is used in a wide range of industries in India. It offers a diversified product portfolio catering to consumers with varied preferences and requirements. Its foam-based product line comprises mattresses, pillows, furniture-cushions, cushions as well as PU foam cores utilised for manufacturing finished home comfort products. It specializes in manufacturing of customized PU Foam and Mattress to suit the specific requirements of its customers. Its mattresses are primarily offered under its brand Featherfresh and Restivia range, includes both pure foam mattresses as well as hybrid mattress combining spring and rebounded foam, that are capable of bespoke customisation as per the requirements of consumers. Further, its pillow and cushions are primarily offered under the brand Featherfresh range, comprises PU Foam that constitutes upholstery material of different densities to ensure greater comfort and durability.

It is engaged in the manufacture and supply of PU Foam, catering primarily to the mattress and furniture industry, as well as applications in sports products, seat cover, Shoes, innerwear, jackets and related apparel. It also specializes in PU foam production, supplying customized grades/ density as per customer requirements. Certain finished products, such as pillows, are manufactured on a job-work basis through third-party manufacturers, as per customer specifications. It is a full-stack vertically integrated company, enabling it to control every aspect of its operations, from conceptualizing, designing and engineering its products to manufacturing, distributing and providing customer experience and engagement.

It currently owns and operates from its state of art manufacturing facility accredited with ISO 9001:2015 and BIS Certification no. IS 7933:2022 for quality management systems and situated at Khasra No. 18/16/2, Shahzadpur Yamunanagar Road, Nh-344, Village Rajpura, Tehsil Shahzadpur, Ambala, Shahzadpur, Ambala, Ambala City, Haryana, India. Its installed capacity for foam production in India is currently at 15,000 TPA. Its manufacturing facility is strategically located near to majority of its customers’ manufacturing facilities allowing it to optimise its deliveries, reduce lead times and facilitate greater interaction with its customers.

Proceed is being used for:

• Financing the capital expenditure requirements for civil construction and purchase of machineries and equipment for existing manufacturing facility
• Part financing the requirement of working capital
• Metting general corporate purposes

Industry Overview

The India mattress market is segmented by product type (Innerspring/Coil, Foam Including Memory Foam, Latex, Hybrid, Other Mattress Types), Mattress Size (Single-Size, Double-Size, Queen Size, King-Size, Custom & Specialty Sizes), End User (Residential, Commercial), Distribution Channel (B2C/Retail, B2B/Project), and Geography. The India mattress market size is $2.40 billion in 2025 and is forecast to reach $3.65 billion by 2030, expanding at an 8.80% CAGR across the period. Surging sleep-health awareness, higher urban disposable income, and an expanding omnichannel retail network have repositioned mattresses from basic furniture to health investments. Organized players are capitalizing on the trend by integrating AI enabled products, tightening supply chains and widening show-room footprints to reach digitally-savvy consumers in Tier-II and Tier-III cities. Hospitality growth linked to India’s G20 tourism push and the hotel sector’s $31.01 billion 2029 revenue target is creating incremental B2B volume that supports factory utilization rates. Meanwhile, direct-to-consumer (D2C) brands have disrupted legacy pricing by offering 25-50% lower ticket sizes and reinforcing the premiumization narrative through health-centric positioning.

Urban population share is poised to exceed 50% by 2047, requiring 78 million new housing units and driving consistent bedding demand. Real-estate value is projected to climb from $482 billion in 2024 to $1.5 trillion in 2034, catalyzing mattress replacement and first-time purchases. Luxury housing’s share rose from 16% in 2018 to 34% in 2023, lifting average selling prices. Smart-home integrations encourage the adoption of IoT-enabled mattress technologies. Developers bundling fully-furnished apartments further stimulate B2B sales. Real estate developers' focus on wellness amenities creates B2B opportunities for mattress manufacturers to supply furnished apartments and corporate housing projects. The urbanization trend establishes sustainable demand fundamentals that support long-term market expansion while creating geographic diversification opportunities for manufacturers seeking growth beyond traditional metropolitan markets. 

Meanwhile, more than 35% of volumes originate from unorganized producers operating at 30-40% lower price points. Their agile customization and low overheads help capture buyers, prioritizing affordability over brand. Distribution reach into remote geographies gives them a defensive moat against larger brands. Quality gaps have narrowed as local firms adopt improved foaming and spring units. Inconsistent enforcement of safety and labeling standards perpetuates an uneven competitive field. Regulatory enforcement variations across states create inconsistent competitive environments that complicate strategic planning for organized players seeking national market expansion and standardized positioning strategies.

Pros and strengths

In-house manufacturing facility supported by technology driven process: It presently carry all its manufacturing operations through its state of art manufacturing facility accredited with ISO 9001:2015 and BIS Certification no. IS 7933:2022 for quality management systems situated at Shahzadpur Yamunanagar Road, Rajpura, Tehsil Shahzadpur, Ambala, Shahzadpur, Ambala, Ambala City, Haryana, India, which manufacture PU Foam and has 15,000 TPA installed capacity. It has established an efficient, technology-driven manufacturing process that enables it to produce its products in accordance with the specific requirements and specifications of its customers in a cost-effective manner. This includes the integration of QR codes on PU foam sheets and cushions, allowing carpenters to easily access product information and benefit from associated schemes. Additionally, it has integrated QR codes across its mattress range, enabling customers to access product details and complete warranty registration with a simple scan, making its offerings transparent, reliable, and truly tech-enabled.

Extensive and well-developed pan-India sales and distribution network: It has established a strong and far-reaching sales and distribution network that spans 13 states and union territories, supported by a robust base of dealers. Its distribution network provides support to its business operations. It sells its products through a pan-India network of dealers. Its well-developed sales and distribution network gives it a standing in a market where the lack of distribution channels can create natural entry barriers. It conducts periodic training programmes for sales personnel of its dealers to ensure appropriate marketing and showcase of its brands. It also provides sales incentives to its dealers, whereby, incentive coupons/credits are provided to dealers who achieve sales targets during a specified period. Such initiatives encourage its dealers to effect greater sales, and increase its brand visibility.

Focus on quality and timely delivery: Meeting deadlines along with managing quality are bed rock of successful strategy. It stresses on and constantly strives to maintain and improve its quality. Its focus on quality and innovation helps it to complete in the segment it deals. Intensive care is taken to determine the standard of every material/ product dispatched. Further, as a certification of the quality assurance, it has received ISO 9001:2015 and BIS Certification no. IS 7933:2022 for quality management systems. Its focus on quality of products has enabled it to sustain its business model to benefit its customers.

Risks and concerns

Operational disruption risk: Its business is dependent on its manufacturing facility. Any shutdown of operations of its manufacturing facility may have an adverse effect on its business and results of operations. It has a Manufacturing Facility situated at Khasra No. 18/16/2, Shahzadpur Yamunanager Road, Nh-344, Village Rajpura, Tehsil Shahzadpur, Ambala, Shahzadpur, Ambala, Ambala City, Haryana, India. Its manufacturing facility is supported by infrastructure for storage of raw materials and finished goods, together with quality control equipment and processing team. This manufacturing facility is subject to the normal risks of industrial production, including natural disasters, directives from government agencies and power interruptions.

Reliance on limited customers for revenue: Its revenues have been significantly dependent on few customers and its inability to maintain such business may have an adverse effect on its results of operations. For the period ended March 31, 2024, March 31, 2025 and March 31, 2026 its revenue from operations from its top 10 customers contributed to 28.02%, 26.83% and 25.06% respectively of its revenues from operations as per its Restated Financial Statements. Its reliance on a limited number of customers for its business exposes it to risks, that may include, but are not limited to, reductions, delays or cancellation of orders from its significant customers, a failure to negotiate favourable terms with its key customers or the loss of these customers, all of which would have a material adverse effect on the business, financial condition, results of operations, cash flows and future prospects of the company.

High working capital requirements: Its business requires significant amount of working capital and major portion of its working capital is utilized towards inventories and trade receivables. Its growing scale and expansion, if any, may result in increase in the quantum of current assets. Its inability to maintain sufficient cash flow, and other sources of funding, in a timely manner, or at all, to meet the requirement of working capital, could adversely affect its financial condition and result of its operations. Further, it has high outstanding amount due from its debtors which may result in a high risk in case of non-payment by these debtors. In case of any such defaults from its debtors, may affect its business operations and financials.

Outlook

Sham Foam is engaged in the business of manufacturing of PU Foam, Mattress, Pillow and Other comfort products. It has established a strong and far-reaching sales and distribution network that spans 13 states and union territories, supported by a robust base of dealers. Its distribution network provides support to its business operations. It sells its products through a pan-India network of dealers. Its well-developed sales and distribution network gives it a standing in a market where the lack of distribution channels can create natural entry barriers. On the concern side, it derives a significant portion of its revenue from the sale of PU Foam. It manufactures, markets and sells PU Foam to various dealers across India. For Fiscals 2026, 2025 and 2024, its revenue from its sale of PU Foam amounted to Rs 7,960.10 lakh, Rs 7,184.30 lakh and Rs 6,782.23 Lakh representing 86.22%, 88.53% and 91.99% of its revenue from operations, respectively. Consequently, any reduction in demand from the costumers of PU Foam or lack of preference could have an adverse effect on its business, results of operations and financial condition.

The company is coming out with an IPO of 31,14,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 130 per equity share to mobilize Rs 40.48 crore. On performance front, its revenue from operations increased by 13.77% to Rs 9,231.92 lakh for FY 2026 from Rs 8,114.82 lakh for FY 2025. Profit after tax has increased by 141.51% from Rs 358.19 lakh for FY 2025 to Rs 865.06 lakh for FY 2026.

Meanwhile, a key strategy for increasing and growing its business is to increase the strength of its relationship with its existing customers, reaching out for new customers & widen its customer base. Its strategy is to widen its customer base geographically as well as demographically. It intends to continue to invest in its existing products so as to provide better experiences to its existing clients and also provide products for increasing the client base of the company. Going forward, it intends to expand its geographical reach and enter the large domestic market for growth opportunities of its business. Currently, it has presence in the state of Bihar, Chandigarh, Delhi, Gujarat, Haryana, Himachal Pradesh, Jammu & Kashmir, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Uttar Pradesh and Uttarakhand and it plans to deepen its presence in the existing market and expand its reach and penetrate into the large available market by giving scale down low-price solution and grab major market share.

In continuation of letter dated August 03, 2026, pursuant to regulation 33 read with Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, Aryaman Capital Markets has informed that the Board of Directors of the Company at its meeting held today, Monday, August 10, 2026, considered and approved the following: 1. The Unaudited Financial Results set out in compliance with Indian Accounting Standards (Ind–AS) for the quarter ended June 30, 2026 together with Limited review report thereon. 2. The Material Transactions with Related Parties under the Companies Act, 2013, and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 3. The Board’s Report and other annexures to the reports for the Financial Year ended 2025-26. 4. The Notice of 18th Annual General Meeting of the members of the Company to be held on Wednesday, September 02, 2026 through Video Conferencing. 5. Appointment of JNG&CO.LLP (Firm Registration Number L2024MH017500) Practising Company Secretaries (COP No. 8108, Membership No. 7569), as Scrutinizer for the purpose of 18th Annual General Meeting. The Unaudited Financial Results, duly approved by the Board of Directors of the Company in their meeting held today on Monday, August 10, 2026, together with Limited review report thereon are enclosed as - Annexure A. The Board Meeting commenced at 01.30 PM and concluded at 02.30 PM. The aforesaid results are also being disseminated on Company’s website at https://afsl.co.in/acml/investor.php.

The above information is a part of company’s filings submitted to BSE.  

Pursuant to Regulation 30 and 33 of SEBI (Listing Obligations and Disclosure Requirements), 2015 (‘Listing Regulations’), DMCC Speciality Chemicals has informed that the Board of Directors of the Company at its meeting held today, on August 10, 2026, considered and approved the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter ended June 30, 2026, along with the Limited Review Reports thereon issued by the Statutory Auditors of the Company. The Meeting of the Board of Directors commenced at 12:30 PM (IST) and concluded at 2:55 PM (IST). The aforesaid results are also being made available on the Company's website at www.dmcc.com.