Nobel Hygiene files IPO draft papers with Sebi; plans Rs 150 crore fresh issue, OFS
The proposed IPO comprises a fresh issue of equity shares worth up to Rs 150 crore and an offer-for-sale (OFS) of up to 15,511,082 equity shares by existing shareholders.
- Aug 21, 2026,
- Updated Aug 21, 2026 1:22 PM IST
Nobel Hygiene Ltd, a manufacturer of absorbent hygiene products, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for an initial public offering (IPO).
The proposed IPO comprises a fresh issue of equity shares worth up to Rs 150 crore and an offer-for-sale (OFS) of up to 15,511,082 equity shares by existing shareholders.
The selling shareholders include promoters Kamal Kumar Johari and Kamini Kamal Johari, along with investor selling shareholders Orbit Investment Holdings Pte Ltd, Sixth Sense India Opportunities III, Bennett Trading LLP, Manish Dharanendra Ladage, Seema Manish Ladage and Lashit Lallubhai Sanghvi.
Where will IPO proceeds be used?
According to the DRHP, the net proceeds from the fresh issue will be used for the prepayment or repayment of certain outstanding borrowings and investment in its subsidiary, Nobel Hygiene Baroda Pvt Ltd (NHBPL).
The company also plans to use part of the proceeds to part-finance the augmentation of production capacity at Halol. This includes setting up a brownfield manufacturing-cum-warehousing facility on its existing Halol land and purchasing and installing an adult diaper machine line. The remaining proceeds will be used for general corporate purposes.
Nobel Hygiene has a presence in the organised absorbent hygiene market, with products spanning adult hygiene, baby hygiene and underpads.
In FY26, adult absorbent hygiene accounted for 49.25 per cent of the company's revenue from operations, while baby absorbent hygiene contributed 45.32 per cent. Its Friends and Teddyy brands accounted for 37.85 per cent and 39.63 per cent, respectively, of revenue from operations, while B-Fit contributed 10.83 per cent.
The company operates 14 manufacturing lines across its facilities in Nashik and Halol. It exports products to 19 countries, including Sri Lanka, the United Arab Emirates, Australia and Mauritius.
Financial performance
Nobel Hygiene's revenue from operations rose 14.56 per cent year-on-year (YoY) to Rs 846.75 crore in FY26 from Rs 739.14 crore in FY25.
EBITDA increased to Rs 84.76 crore in FY26 from Rs 65.57 crore a year earlier, while the EBITDA margin improved to 10.01 per cent from 8.87 per cent.
The company turned profitable, with restated profit for the year increasing from Rs 2.28 crore in FY25 to Rs 18.91 crore in FY26. Product margin also increased from 42.13 per cent in FY25 to 44.43 per cent in FY26.
The company plans to expand its presence in the feminine absorbent hygiene segment through the introduction of disposable period panties. It also intends to expand its adult and baby hygiene businesses through deeper market penetration, product innovation and additional manufacturing capacity.
Adult absorbent hygiene market
According to the DRHP, India's adult absorbent hygiene market was valued at Rs 2,050 crore-Rs 2,150 crore in FY26 and has grown at a compound annual growth rate (CAGR) of around 26 per cent since FY20.
The market is projected to reach Rs 5,400 crore-Rs 6,100 crore by FY31, implying a CAGR of 21-23 per cent, according to the company's DRHP.
ICICI Securities, Motilal Oswal Investment Advisors and SBI Capital Markets are the book running lead managers to the issue.
Nobel Hygiene Ltd, a manufacturer of absorbent hygiene products, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for an initial public offering (IPO).
The proposed IPO comprises a fresh issue of equity shares worth up to Rs 150 crore and an offer-for-sale (OFS) of up to 15,511,082 equity shares by existing shareholders.
The selling shareholders include promoters Kamal Kumar Johari and Kamini Kamal Johari, along with investor selling shareholders Orbit Investment Holdings Pte Ltd, Sixth Sense India Opportunities III, Bennett Trading LLP, Manish Dharanendra Ladage, Seema Manish Ladage and Lashit Lallubhai Sanghvi.
Where will IPO proceeds be used?
According to the DRHP, the net proceeds from the fresh issue will be used for the prepayment or repayment of certain outstanding borrowings and investment in its subsidiary, Nobel Hygiene Baroda Pvt Ltd (NHBPL).
The company also plans to use part of the proceeds to part-finance the augmentation of production capacity at Halol. This includes setting up a brownfield manufacturing-cum-warehousing facility on its existing Halol land and purchasing and installing an adult diaper machine line. The remaining proceeds will be used for general corporate purposes.
Nobel Hygiene has a presence in the organised absorbent hygiene market, with products spanning adult hygiene, baby hygiene and underpads.
In FY26, adult absorbent hygiene accounted for 49.25 per cent of the company's revenue from operations, while baby absorbent hygiene contributed 45.32 per cent. Its Friends and Teddyy brands accounted for 37.85 per cent and 39.63 per cent, respectively, of revenue from operations, while B-Fit contributed 10.83 per cent.
The company operates 14 manufacturing lines across its facilities in Nashik and Halol. It exports products to 19 countries, including Sri Lanka, the United Arab Emirates, Australia and Mauritius.
Financial performance
Nobel Hygiene's revenue from operations rose 14.56 per cent year-on-year (YoY) to Rs 846.75 crore in FY26 from Rs 739.14 crore in FY25.
EBITDA increased to Rs 84.76 crore in FY26 from Rs 65.57 crore a year earlier, while the EBITDA margin improved to 10.01 per cent from 8.87 per cent.
The company turned profitable, with restated profit for the year increasing from Rs 2.28 crore in FY25 to Rs 18.91 crore in FY26. Product margin also increased from 42.13 per cent in FY25 to 44.43 per cent in FY26.
The company plans to expand its presence in the feminine absorbent hygiene segment through the introduction of disposable period panties. It also intends to expand its adult and baby hygiene businesses through deeper market penetration, product innovation and additional manufacturing capacity.
Adult absorbent hygiene market
According to the DRHP, India's adult absorbent hygiene market was valued at Rs 2,050 crore-Rs 2,150 crore in FY26 and has grown at a compound annual growth rate (CAGR) of around 26 per cent since FY20.
The market is projected to reach Rs 5,400 crore-Rs 6,100 crore by FY31, implying a CAGR of 21-23 per cent, according to the company's DRHP.
ICICI Securities, Motilal Oswal Investment Advisors and SBI Capital Markets are the book running lead managers to the issue.