H.R. Hygiene Products Limited
H.R. Hygiene Products Limited is a Rajkot-based manufacturer of personal hygiene goods including sanitary napkins, adult diapers, and baby diapers, selling under brands like Femiss and Womanica through both offline and online channels. The company is raising funds via an SME IPO on BSE SME to expand its manufacturing capacity with a second production unit.
Overview
About the Company
H.R. Hygiene Products Limited is engaged in the manufacturing and sale of personal hygiene products, with sanitary napkins forming the core of its business, complemented by adult and baby diaper lines. The company operates through both offline distribution networks and online e-commerce platforms including Amazon, Flipkart, and Meesho, as well as consignment selling agent partnerships. It runs an automated manufacturing facility in Rajkot, Gujarat, producing sanitary pads under the Femiss and Womanica brands. Baby diapers are manufactured under the Bloom Baby brand via third-party contract manufacturers. The company also exports products and is in the process of establishing a second manufacturing facility in Rajkot to bring diaper production in-house.
Company Details
📋 Objects of Issue (Use of Proceeds)
- › Establishing a second manufacturing unit (Unit 2) in Rajkot, Gujarat, to expand production capacity and bring diaper manufacturing in-house, requiring an estimated ₹31.36 crore (72.64% of fresh issue proceeds).
- › Prepayment or full repayment of certain outstanding borrowings, amounting to ₹3.57 crore (8.27% of fresh issue proceeds).
- › General corporate purposes, allocated ₹8.24 crore (19.09% of fresh issue proceeds).
✅ Strengths
- ✓ The company operates a technologically advanced production facility spanning over 32,780 square feet, fully automated from raw material intake through to finished goods packaging.
- ✓ A dual-channel distribution model combines an established offline distributor network with major online retail platforms, broadening market reach.
- ✓ The company has built recognisable proprietary brands—Femiss, Womanica, ElderFit, and Bloom Baby—that have earned consumer trust and loyalty.
- ✓ Products are distributed and marketed across the entire country, giving the company a pan-India commercial footprint.
- ✓ The manufacturing facility holds internationally recognised quality and safety certifications, including ISO 9001:2015, WHO-GMP, and BIS standards.
⚠️ Risks
- ! The business is heavily dependent on sanitary napkins as a single product category, making revenue vulnerable to shifts in demand or competition in that segment.
- ! Sales are conducted on the basis of individual purchase orders rather than long-term contractual agreements, creating revenue unpredictability.
- ! The supply chain depends on a small group of raw material suppliers with no long-term procurement agreements in place, posing continuity risks.
- ! Operations are concentrated in a single manufacturing plant in Rajkot, exposing the business to location-specific disruptions.
- ! A large share of revenues originates from the state of Gujarat, resulting in high geographic concentration risk.