Quadria Capital backed Absorbent Hygiene Products Maker Nobel Hygiene Files for IPO 

DRHP & Abridged DRHP Link:  

Nobel Hygiene Limited, India’s largest home-grown branded manufacturer of absorbent hygiene products in value terms among pure-play branded companies in Fiscal 2026, has filed its Draft Red Herring Prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI). The company pioneered India’s adult absorbent hygiene category and has built a diversified presence across adult, baby and feminine absorbent hygiene segments. 

The issue comprises a fresh issue of up to ₹150 crore and an offer for sale (OFS) of up to 15,511,082 equity shares by existing shareholders, including Kamal Kumar Johari and Kamini Kamal Johari (Promoter Selling Shareholders), and Orbit Investment Holdings Pte. Ltd., Sixth Sense India Opportunities III, Bennett Trading LLP, Manish Dharanendra Ladage, Seema Manish Ladage and Lashit Lallubhai Sanghvi (Investor Selling Shareholders). 

The net proceeds from the fresh issue are proposed to be utilised towards prepayment/repayment of certain outstanding borrowings, investment in its subsidiary, Nobel Hygiene Baroda Private Limited (NHBPL), to part-finance the augmentation of production capacity at Halol through the setting up of a brownfield manufacturing-cum-warehousing facility within the existing Halol land and purchase and installation of an adult diaper machine line, as well as for general corporate purposes. 

Nobel Hygiene has a legacy spanning over two decades and operates across adult, baby and feminine absorbent hygiene through its Friends, B-Fit, Teddyy, Snuggy and RIO brands. Its portfolio comprised more than 1,158 SKUs as of March 31, 2026, covering adult diapers, baby diapers, underpads, insert pads, maternity pads, bed bath towels, wet wipes and sanitary pads. Friends is the largest adult absorbent hygiene brand in India by value, while the company has developed a diversified portfolio across multiple price points and usage needs. 

The company has established a strong position in the organised absorbent hygiene market. In Fiscal 2026, adult absorbent hygiene contributed 49.25% and baby absorbent hygiene 45.32% of revenue from operations. Friends and Teddyy accounted for 37.85% and 39.63%, respectively, of revenue from operations, while B-Fit contributed 10.83%. 

The company operates 14 manufacturing lines across approximately 19 acres at its Nashik and Halol facilities, with aggregate annual installed capacity of 1,890.57 million units across adult diapers, baby diapers and underpads. Its pan-India distribution network spans 0.27 million retail outlets across 31 States and Union Territories, supported by over 296 stockists and 418 distributors. It also exports to 19 countries, includes Sri Lanka, the United Arab Emirates, Australia and Mauritius. 

On financials, revenue from operations increased by 14.56% from ₹739.14 crore in FY2025 to ₹846.75 crore in FY2026, while EBITDA rose from ₹65.57 crore to ₹84.76 crore, with EBITDA margin improving from 8.87% to 10.01%. The company turned profitable, with restated profit for the year increasing from ₹2.28 crore in FY2025 to ₹18.91 crore in FY2026. Product margin also improved from 42.13% in FY2025 to 44.43% in FY2026. 

The company also intends to strengthen its presence in the feminine absorbent hygiene category through the introduction of disposable period panties, while continuing to expand its adult and baby hygiene businesses through deeper penetration, product innovation and expanded manufacturing capacity. 

According to the DRHP, India’s adult absorbent hygiene market is at an inflection point, with the market valued at ₹20.5-21.5 billion in FY2026, having grown at a CAGR of approximately 26% since FY2020. The market is projected to reach ₹54-61 billion by FY2031, representing a CAGR of 21%-23%, driven primarily by expansion of the addressable user base and rising penetration. The DRHP notes that growth is expected to be led by new user adoption, with 1.5-1.8 million new users expected to be added by FY2031. Low penetration, improving awareness, greater pharmacist and healthcare professional recommendations and reduced stigma are expected to support category adoption. 

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

https://www.bseindia.com/corporates/download/347004/IPO%20Prior/2DRHPNobelhygiene_20260821041616.zip