H. R. Hygiene Products Limited
1. Executive Overview
H. R. Hygiene Products Limited ("HRHPL" or "the Company") is a Rajkot, Gujarat-based manufacturer of personal hygiene products, originally incorporated in 2016. The Company operates across three core consumer segments — female care, adult care and baby care — through a house of brands comprising Femiss (economy sanitary napkins), Womanica (premium high-absorbency napkins), ElderFit (adult diapers) and Bloom Baby (baby diapers). Sanitary napkins are the anchor category, contributing roughly 95% of FY26 revenue.
The Company runs a single automated manufacturing facility at Rajkot spanning 32,780.88 sq. ft., with technology majorly sourced from China and an installed capacity of 6.41 lakh sanitary napkin pieces per day as on the date of the RHP. Aggregate installed capacity scaled from 12 crore pieces per annum in FY24 to 20 crore pieces per annum in FY26. The facility holds ISO 9001:2015, WHO-GMP and BIS certifications.
Distribution follows a dual-channel strategy — an extensive offline distributor network alongside e-commerce platforms including Meesho, Amazon, Flipkart, Snapdeal, Glowroad and JioMart — servicing both B2B and B2C customers. As of March 31, 2026 the Company served 227+ customers across 28 states and 8 union territories, supported by a sales team of 99+ personnel and 25 Consignment Sale Agents (CSAs) covering ~202 distributors. Its brand presence is strongest in Western India, with Gujarat as the dominant market.
On the financial front, the Company grew revenue from operations from ₹84.35 Cr (FY24) to ₹114.63 Cr (FY25) to ₹130.72 Cr (FY26), with profit after tax rising from ₹4.66 Cr to ₹9.08 Cr to ₹11.41 Cr.
2. Business Model and Revenue Streams
The Company operates an integrated manufacture-and-distribute model across female healthcare, adult care and baby care, selling both own-brand products and white-label sanitary napkins for select customers.
Revenue by Distribution Channel (₹ Crore)
| Channel | FY26 | % | FY25 | % | FY24 | % |
|---|---|---|---|---|---|---|
| Online (E-commerce) | 9.42 | 7.21% | 6.88 | 6.00% | 4.20 | 4.98% |
| Offline (Distributor) | 121.30 | 92.79% | 107.75 | 94.00% | 80.15 | 95.02% |
| Total | 130.72 | 100% | 114.63 | 100% | 84.35 | 100% |
Offline distribution remains dominant at ~93% of revenue, though the online mix is gradually rising. Within online, Meesho is the largest platform (₹8.93 Cr in FY26), followed by Flipkart.
Revenue by Brand Ownership (₹ Crore)
| Type | FY26 | % | FY25 | % | FY24 | % |
|---|---|---|---|---|---|---|
| Own Brand | 123.50 | 94.47% | 90.62 | 79.06% | 4.53 | 5.37% |
| White Labelling | 3.93 | 3.00% | 3.00 | 2.62% | 51.52 | 61.08% |
The strategic pivot toward own-brand is stark: own-brand revenue rose from ~5% of operations in FY24 to ~94% in FY26, reflecting a deliberate slowdown of branded sales in FY24 to reposition, followed by re-launch in FY25.
Revenue by Geography (₹ Crore, FY26)
| Region | FY26 | % |
|---|---|---|
| Western India | 110.36 | 84.42% |
| Southern India | 10.07 | 7.70% |
| Northern India | 5.65 | 4.32% |
| Eastern India | 3.09 | 2.36% |
| Central India | 1.55 | 1.19% |
| Total | 130.72 | 100% |
Pricing / contract model: The Company deals with customers largely on a purchase-order basis, without long-term contracts, and has no fixed-term agreements with most suppliers — a flexible but risk-bearing arrangement.
Client concentration: The top 10 customers contributed ~80.41% of FY26 revenue (₹105.11 Cr), the top 5 ~70.13%, and the single largest customer ~48.35% (₹63.21 Cr) — a high concentration that is a central investment consideration.
Vendor dependency: The top 10 suppliers accounted for ~84.57% of FY26 purchases (86.86% FY25; 90.50% FY24), across raw materials such as absorbent polymers, non-woven fabrics, chemicals and adhesives.
Industry-Specific Operating Metrics
| Metric | FY26 | FY25 | FY24 |
|---|---|---|---|
| Installed capacity (crore pieces p.a.) | 20 | — | 12 |
| Sanitary napkin packets sold (units) | 18,13,00,285 | 17,07,28,984 | 11,40,18,721 |
| Diaper packets sold (units) | 4,24,110 | 2,75,880 | Nil |
| Net Fixed Asset Turnover (x) | 20.40 | 16.02 | 10.30 |
| Marketing spend as % of revenue | 4.69% | 3.95% | 3.27% |
3. Products and Service Portfolio
The Company's portfolio is organised under four consumer brands, each targeting a defined segment:
- Femiss — economy-segment sanitary napkins (affordable, reliable); flagship brand and largest revenue contributor.
- Womanica — premium, high-absorbency feminine-care napkins.
- ElderFit — adult diapers, launched December 2024, addressing adult incontinence.
- Bloom Baby — baby diapers, launched April 2025, focused on skin safety and comfort.
As on May 31, 2026 the Company had 25 SKUs across its product range.
Revenue by Product Category (₹ Crore)
| Category | FY26 | % | FY25 | % | FY24 | % |
|---|---|---|---|---|---|---|
| Sanitary Napkin | 124.62 | 95.33% | 93.38 | 81.47% | 56.05 | 66.45% |
| Adult Diaper (ElderFit) | 2.45 | 1.88% | 0.24 | 0.21% | — | — |
| Baby Diaper (Bloom Baby) | 0.35 | 0.27% | — | — | — | — |
| Total (Finished Consumer Goods) | 127.43 | 97.48% | 93.62 | 81.67% | 56.05 | 66.45% |
Sanitary napkins remain the overwhelming revenue driver at ~95%, while adult and baby diapers represent emerging growth segments still at an early scale.
Revenue by Segment (Manufacturing vs Trading), ₹ Crore
| Segment | FY26 | % | FY25 | % | FY24 | % |
|---|---|---|---|---|---|---|
| Manufacturing | 67.22 | 51.42% | 93.38 | 81.47% | 55.87 | 66.24% |
| Trading | 63.50 | 48.58% | 21.24 | 18.53% | 28.30 | 33.55% |
| Total | 130.72 | 100% | 114.63 | 100% | 84.35 | 100% |
Notably, the trading share of revenue rose sharply to ~49% in FY26, indicating an increased reliance on traded (rather than in-house manufactured) volumes during the year — a mix shift worth monitoring for margin implications.
Capacity expansion: A key use of IPO proceeds is a new manufacturing facility ("Proposed Facility Unit 2") at Rajkot, with planned diaper capacity of 6 crore pieces per annum, backed by up to ₹26.63 Cr of net proceeds toward plant & machinery.
4. Key Business Strengths
- Modern, automated manufacturing base — a fully automated 32,780.88 sq. ft. Rajkot facility with China-sourced technology, real-time monitoring and minimal manual intervention, ensuring hygienic, consistent output.
- Recognised quality credentials — ISO 9001:2015, WHO-GMP and BIS certifications, supported by a dedicated 5-member quality team and multiple industry awards (2020, 2021 and 2025).
- Dual-channel distribution reach — an integrated offline distributor network plus presence across major e-commerce marketplaces, spanning 28 states and 8 union territories.
- House of purpose-built brands — Femiss, Womanica, ElderFit and Bloom Baby address distinct demographics from young women to the elderly and infants, enabling cross-selling.
- Demonstrated brand loyalty — several customers associated for more than five years, plus loyalty programs and reminder-based engagement for cyclical-use products.
- Strong revenue trajectory — ~24% revenue CAGR (FY25→FY26 basis) with improving EBITDA margin (13.07% in FY26 vs 8.98% in FY24).
5. Future Growth Strategy
- Expand geographical footprint into rural markets — deepen distribution reach and penetration in underpenetrated regions, building on Western-India strength.
- Scale adult and baby diaper segments — leverage ElderFit and Bloom Baby launches and the proposed Unit 2 (6 crore pieces p.a. diaper capacity) to diversify beyond sanitary napkins.
- Deepen product differentiation — antibacterial/antiviral, natural/organic, hypoallergenic and age-specific variants to align with evolving consumer preferences.
- Strengthen brand building — integrated online-plus-offline campaigns, social-cause activations (menstrual hygiene awareness) and loyalty programs to reinforce trust.
- Accelerate digital and e-commerce growth — SEO-led and social-media-driven strategies to grow the online channel from its current ~7% mix.
- Capacity augmentation — deploy IPO fresh proceeds toward the new Rajkot manufacturing facility to support volume-led growth.
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