Home-grown hygiene products maker Nobel Hygiene files DRHP with SEBI for IPO

The selling shareholders include promoters Kamal Kumar Johari and Kamini Kamal Johari, as well as Orbit Investment Holdings Pte Ltd, Sixth Sense India Opportunities III, Bennett Trading LLP, Manish Dharanendra Ladage, Seema Manish Ladage and Lashit Lallubhai Sanghvi.

Orbit Investment Holdings is an investment vehicle managed by healthcare-focused private equity firm Quadria Capital.

Nobel Hygiene may also consider raising up to Rs 30 crore through a pre-IPO placement, in consultation with the book-running lead managers. If the placement is completed, the size of the fresh issue will be reduced accordingly.

Where will the money be used?

Nobel Hygiene plans to use proceeds from the fresh issue to repay or prepay some of its outstanding borrowings and invest in its subsidiary, Nobel Hygiene Baroda Private Limited.

Part of the money will be used to expand production capacity at its Halol site in Gujarat. The plans include a brownfield manufacturing and warehousing facility on existing land and the purchase and installation of an additional adult diaper production line.

The remaining proceeds will be used for general corporate purposes.

The offer is being made under Regulation 6(2) of SEBI's Issue of Capital and Disclosure Requirements regulations, as Nobel Hygiene does not meet the eligibility conditions under Regulation 6(1).

Under this route, at least 75% of the net offer must be allocated to qualified institutional buyers. Non-institutional investors can receive no more than 15%, while retail individual investors can be allocated up to 10%.

Profit rises sharply in FY26

Nobel Hygiene's revenue from operations increased by 14.56% to Rs 846.75 crore in the financial year ended March 2026, from Rs 739.14 crore a year earlier.

Its restated profit for the year rose to Rs 18.91 crore from Rs 2.28 crore in FY25. The company had recorded a restated consolidated loss of Rs 39.01 crore in FY24.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased to Rs 84.76 crore in FY26 from Rs 65.57 crore in the previous year. Its EBITDA margin rose to 10.01% from 8.87%.

Adult absorbent hygiene products accounted for 49.25% of revenue from operations in FY26, while baby absorbent hygiene products contributed 45.32%.

The Friends brand accounted for 37.85% of revenue and Teddyy contributed 39.63%, while B-Fit accounted for 10.83%.

Expansion in hygiene products

Nobel Hygiene was incorporated in 2001 and has its corporate office in Mumbai. Its portfolio spans adult, baby and feminine hygiene products under brands including Friends, B-Fit, Teddyy, Snuggy and RIO.

The FMCG company said it pioneered the adult absorbent hygiene category in India.

Its portfolio had more than 1,158 stock-keeping units as of 31 March 2026, covering products including adult and baby diapers, underpads, insert pads, maternity pads, wet wipes and sanitary pads.

Nobel Hygiene operates 14 manufacturing lines across its Nashik and Halol facilities and exports to 19 countries, including Sri Lanka, the United Arab Emirates, Australia and Mauritius.

It plans to expand its feminine hygiene range by introducing disposable period panties, while increasing its presence in the adult and baby hygiene markets through new products, wider distribution and additional manufacturing capacity.