Nobel Hygiene IPO: ₹150 Cr Fresh Issue Filed with SEBI

Nobel Hygiene Limited has filed its Draft Red Herring Prospectus (DRHP) with SEBI for an Initial Public Offering (IPO). The move marks a significant step for India’s largest home-grown manufacturer of absorbent hygiene products, with the IPO featuring a ₹150 crore fresh issue.

This IPO also includes an Offer for Sale (OFS) of up to 15,511,082 equity shares. Existing shareholders, including promoters and investors, are participating in this sale.

The net proceeds from the fresh issue are earmarked for strategic financial and operational goals. These include the prepayment or repayment of outstanding borrowings.

Funds will also support investment in its subsidiary, Nobel Hygiene Baroda Private Limited (NHBPL). A significant portion will finance the expansion of production capacity at Halol, specifically for a brownfield manufacturing-cum-warehousing facility and a new adult diaper machine line.

Product Portfolio & Market Presence

With over two decades of market experience, Nobel Hygiene operates across adult, baby, and feminine absorbent hygiene segments. Their well-known brands include Friends, B-Fit, Teddyy, Snuggy, and RIO.

Friends stands out as India’s largest adult absorbent hygiene brand by value. As of March 31, 2026, the company’s product portfolio boasted over 1,158 SKUs, encompassing various adult diapers, baby diapers, underpads, and sanitary pads.

Financial Performance Highlights

Nobel Hygiene demonstrated robust financial growth between FY2025 and FY2026. The company saw a notable increase in revenue from operations and achieved substantial profitability improvements.

• Revenue from operations: ₹846.75 crore in FY2026, marking a 14.56% increase from ₹739.14 crore in FY2025.
• EBITDA: grew from ₹65.57 crore to ₹84.76 crore.
• EBITDA margin: improved to 10.01%.
• Restated profit: ₹18.91 crore in FY2026, significantly up from ₹2.28 crore in FY2025.
• Product margin: also saw an improvement from 42.13% to 44.43%.

Market Trajectory & Growth Strategy

The company plans to strengthen its footprint in the feminine hygiene category by introducing disposable period panties. They also aim to expand adult and baby hygiene businesses through deeper market penetration, product innovation, and increased manufacturing capacity.

India’s adult absorbent hygiene market was valued at ₹20.5-21.5 billion in FY2026. Projections indicate it will reach ₹54-61 billion by FY2031, driven by new user adoption and increasing penetration.

ICICI Securities Limited, Motilal Oswal Investment Advisors Limited, and SBI Capital Markets Limited are the Book Running Lead Managers for this issue.