H.R. Hygiene Products Ltd. Share Price

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.

S. K. Offset

• S. K. Offset is coming out with an initial public offering (IPO) of 23,25,000 shares in a price band of Rs 119-125 per equity share.
• The issue will open for subscription on September 23, 2026 and will close on September 25, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 11.90 times of its face value on the lower side and 12.50 times on the higher side.
• Book running lead manager to the issue is Comfort Securities.
• Compliance officer for the issue is Tripti Vats.

Profile of the company

The company is engaged in the business of printing and packaging solutions. The business originally started with offset printing operations, which are commonly used for medium- to large-scale print production. Offset printing is a conventional printing process in which ink is transferred from plates onto paper or other surfaces. This method is generally used for items such as text books, brochures, catalogues, stationery, pamphlets, business forms, marketing materials, and other commercial print requirements where uniformity and bulk production are involved. Over the time, the business added labelling and promotional printing activities to its operations. This area includes the printing of stickers, labels, barcodes, and related materials that are commonly used for product identification, packaging information, branding, and promotional communication. Label printing may include adhesive labels and product stickers produced in different sizes, formats, and finishes depending on application.

In recent years, the business expanded into in-house packaging solutions by acquiring new machines. This segment includes designing and printing cartons, boxes, and other packaging-related materials used for product storage, transport, display, and branding purposes across different sectors. Packaging work may involve printed outer boxes, folding cartons, mono cartons, and customized packaging formats depending on client requirements. As part of this segment, digital design services are also available for packaging artwork, layout preparation, colour formatting, and print-ready file development.

The company operates as an integrated provider of printing and packaging solutions, offering products such as offset printing of books, mono cartons, labels, master cartons. Its operations include printing, designing, graphics, lithography, and publication of general books, technical books, children’s books, textbooks, magazines, journals, and other materials. The company is also involved in trading, importing, and exporting printing and packaging related materials including paper, paperboard, foils, ink etc.

Proceed is being used for:

• Funding the capital expenditure towards purchase of plant and machinery
• Funding incremental working capital requirements of the company
• General corporate purpose

Industry overview

The Indian printing and packaging industry is an integral part of the country’s manufacturing and consumption ecosystem, supporting a wide range of end-use sectors including FMCG, pharmaceuticals, food processing, ecommerce, and consumer goods. The industry is undergoing a gradual shift toward organized operations, higher value-added packaging formats, and compliance-driven production, driven by evolving consumer preferences, branding requirements, and regulatory standards.

The Indian printing segment is estimated at $56.80 billion in 2025 and is projected to grow to $86.15 billion by 2035, reflecting a CAGR of 4.25% over the decade. Growth is driven by rising demand for marketing materials, catalogues, brochures, and corporate communications, coupled with increased adoption of digital printing technologies that enable faster turnaround, customization, and cost efficiency. Additionally, expansion of organized retail, e-commerce, and corporate branding initiatives is expected to support steady demand for highquality printed materials in both domestic and export markets.

The Indian printing and packaging industry is expected to witness sustained growth and structural transformation over the medium to long term, supported by rising demand from FMCG, pharmaceuticals, food & beverages, ecommerce, and consumer goods sectors. Rapid urbanisation, changing consumption patterns, and increasing focus on branding and product differentiation are driving higher demand for printed packaging, labels, cartons, and flexible packaging solutions. The continued shift from unorganized to organized retail, coupled with the expansion of e-commerce and last-mile delivery networks, is further strengthening demand for durable, high-quality, and visually appealing packaging formats.

Pros and strengths

In-House operational structure: The company handles most activities internally, including design, pre-press preparation, printing, finishing, packaging, and final delivery. Managing these processes within the organization reduces dependence on third party vendors and provides greater control over production scheduling and workflow management. It also allows better coordination between different stages of production, helping reduce delays, communication gaps, and operational inefficiencies. Since activities are closely monitored at each stage, the company can maintain consistency in output quality, manage timelines more effectively, and respond to customer requirements in a more structured manner.

Presence across multiple industries: The company caters to multiple industries such as publishing, FMCG, pharmaceuticals, packaging, and other commercial sectors, which provides a diversified business base. Serving customers across different industries reduces dependence on any single customer segment or market category, thereby lowering concentration risk. Demand conditions often vary across industries, and this diversified presence helps the company maintain business continuity even if one particular sector experiences slower growth or reduced demand. It also allows the company to utilize its production capabilities across a wider range of products and customer requirements. In addition, working with clients from different industries helps the company maintain a broader market presence and creates opportunities to secure repeat and cross-sector business over time.

Relationships with clients and suppliers: The company has developed long-standing relationships with both clients and suppliers, which play an important role in supporting its day-to-day operations and overall business continuity. These relationships have been built through consistent business engagements, operational coordination, and repeat transactions over time. The promoters are actively involved in sales and marketing activities and continue to oversee and maintain these associations closely. Stable relationships with suppliers help ensure timely procurement of raw materials and smoother execution of production activities, while ongoing engagement with customers supports repeat business and operational visibility. Such business relationships contribute to continuity in operations and support the company’s future growth and market presence.

Risks and concerns

Significant revenue dependence on top 10 customers: A considerable portion of its revenue is derived from a limited number of key customers, making its business partially dependent on their continued association. Revenue generated from its top 10 customers accounted for 86.14%, 78.61%, and 81.56%, of its revenue from operations during the Fiscals 2026, 2025 and 2024, respectively. Any decline in orders, delays, cancellations, inability to negotiate favorable terms, or the loss of a major customer could have a material adverse impact on its financial condition, operational performance and future growth prospects. Additionally, it does not have firm commitment in the form of long-term supply agreements with its customers, and the company has not entered into any long-term agreements with any of its top 10 customers. 

Business is dependent on a limited number of key suppliers: The company is significantly dependent on a limited number of suppliers for the procurement of raw materials required for manufacturing printing, packaging & labelling products such as paper and paperboard, inks, adhesives, foils, films and other consumables from third-party suppliers. Purchases from its top 10 suppliers accounted for 65.59%, 55.47%, and 89.71% of its total purchases during the Fiscals 2026, 2025 and 2024, respectively. Any disruption, delay, or termination of business relationships with one or more of these key suppliers could adversely affect its ability to maintain inventory levels, fulfill customer demand, and operate efficiently. Factors such as changes in pricing terms, credit arrangements, supply chain disruptions, operational constraints, capacity limitations, quality issues, regulatory restrictions, logistical challenges, geopolitical developments, or other unforeseen circumstances beyond control from these suppliers could have a material adverse impact on its business operations, profitability, and financial condition

Business is geographically concentrated in Uttar Pradesh: The company derives a significant portion of its revenue from operations in one state i.e., Uttar Pradesh. Revenue generated from Uttar Pradesh constituted around 69.43% for FY 2025-26, 89.97% for FY 2024-25 and 89.41% for FY 2023- 24, while the remaining portion was derived from other states. Any adverse developments affecting this state, including changes in economic conditions, regulatory environment, political stability, or market demand, could have an adverse impact on the company’s revenue, results of operations, and financial condition.

Outlook

S. K. Offset, incorporated in 2007, is an India-based printing and packaging solutions company primarily engaged in offset printing and value-added print applications. The Company serves a diversified customer base spanning FMCG, pharmaceuticals, consumer goods, corporates, institutional clients, and the education segment, delivering high-quality printed products in line with customer specifications and applicable regulatory requirements. On the concern side, its operations are dependent on third-party transportation and logistics service providers for the transportation of raw material, import of printing machines or delivery of finished goods to its customers. Neither it owns or operates its transportation fleet nor it has any long-term agreements with any logistic service provider. It relies on external logistics providers, many of whom operate in the unorganized sector and are engaged on a non-exclusive and short-term basis. Any disruption in logistics operations or increase in freight costs could adversely affect its business.

The company is coming out with a maiden IPO of 23,25,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 119-125 per equity share. The aggregate size of the offer is around Rs 27.67 crore to Rs 29.06 crore based on lower and upper price band respectively. On performance front, revenue from operations increased from Rs 4,820.34 lakh in Fiscal 2025 to Rs 6,667.29 lakh in the Fiscal 2026, representing a growth of 38.32%. Profit for the period in Fiscal 2026 increased to Rs 747.96 lakh, compared to Rs 154.41 lakh in Fiscal 2025.

Meanwhile, the company’s business strategy is focused on strengthening its position as an integrated mid-scale packaging and printing solutions provider. Over the years, the business has gradually evolved from conventional printing activities toward value-added packaging products, supported by investments in technology, process improvement, and customer diversification. The strategic direction of the company is aligned with broader industry trends, including the increasing shift from traditional print products to packaging applications, rising demand for premium and compliant packaging solutions, and growing opportunities in organised domestic and export markets. The company aims to enhance operational scale while maintaining a balanced and disciplined approach to capital allocation and expansion.