Nobel Hygiene IPO plans have moved forward with 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, filing its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).
Backed by Quadria Capital, Nobel Hygiene has pioneered India’s adult absorbent hygiene category and has built a diversified presence across adult, baby and feminine absorbent hygiene segments.
Nobel Hygiene IPO Details
The Nobel Hygiene IPO 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.
The selling shareholders include Kamal Kumar Johari and Kamini Kamal Johari, who are the Promoter Selling Shareholders, along with Orbit Investment Holdings Pte. Ltd., Sixth Sense India Opportunities III, Bennett Trading LLP, Manish Dharanendra Ladage, Seema Manish Ladage and Lashit Lallubhai Sanghvi, who are the Investor Selling Shareholders.
The company has filed the DRHP with SEBI as it progresses towards the proposed Nobel Hygiene IPO.
The net proceeds from the fresh issue are proposed to be used for the prepayment or repayment of certain outstanding borrowings.
Nobel Hygiene also plans to invest in its subsidiary, Nobel Hygiene Baroda Private Limited (NHBPL), to part-finance the augmentation of production capacity at Halol.
The proposed capacity expansion includes setting up a brownfield manufacturing-cum-warehousing facility within the existing Halol land and purchasing and installing an adult diaper machine line.
Also Read: Infineon Acquires Bangalore-Based C2i Semiconductors for AI Power Innovation
Nobel Hygiene Product Portfolio
Nobel Hygiene has a legacy spanning more than two decades and operates across adult, baby and feminine absorbent hygiene categories through its Friends, B-Fit, Teddyy, Snuggy and RIO brands.
As of March 31, 2026, the company’s portfolio comprised more than 1,158 SKUs 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 Nobel Hygiene has developed a diversified product portfolio across multiple price points and usage requirements.
The company has established a strong position in the organised absorbent hygiene market. In Fiscal 2026, adult absorbent hygiene contributed 49.25% of revenue from operations, while baby absorbent hygiene contributed 45.32%.
Among the company’s brands, Friends and Teddyy accounted for 37.85% and 39.63%, respectively, of revenue from operations in Fiscal 2026. B-Fit contributed 10.83%.
Nobel Hygiene Manufacturing and Distribution Network
Nobel Hygiene operates 14 manufacturing lines across approximately 19 acres at its Nashik and Halol facilities.
The company has an 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. The network is supported by more than 296 stockists and 418 distributors.
Nobel Hygiene also has an international presence, exporting its products to 19 countries, including Sri Lanka, the United Arab Emirates, Australia and Mauritius.
Nobel Hygiene Financial Performance
Nobel Hygiene reported an improvement in financial performance in FY2026.
Revenue from operations increased 14.56% from ₹739.14 crore in FY2025 to ₹846.75 crore in FY2026. EBITDA rose from ₹65.57 crore in FY2025 to ₹84.76 crore in FY2026.
The company’s EBITDA margin improved from 8.87% in FY2025 to 10.01% in FY2026.
Nobel Hygiene also turned profitable during the period, with restated profit for the year increasing from ₹2.28 crore in FY2025 to ₹18.91 crore in FY2026.
Product margin improved from 42.13% in FY2025 to 44.43% in FY2026.
Nobel Hygiene Plans Feminine Hygiene Expansion
As part of its growth plans, Nobel Hygiene intends to strengthen its presence in the feminine absorbent hygiene category through the introduction of disposable period panties.
The company also plans to continue expanding its adult and baby hygiene businesses through deeper market penetration, product innovation and expanded manufacturing capacity.
Adult Absorbent Hygiene Market Growth
According to the DRHP, India’s adult absorbent hygiene market is at an inflection point.
The market was valued at ₹20.5 billion-₹21.5 billion in FY2026 and has grown at a CAGR of approximately 26% since FY2020.
The market is projected to reach ₹54 billion-₹61 billion by FY2031, representing a CAGR of 21%-23%.
According to the DRHP, this growth is expected to be driven primarily by expansion of the addressable user base and rising penetration.
The DRHP states that new user adoption is expected to lead market growth, with 1.5 million-1.8 million new users expected to be added by FY2031.
Low penetration, improving awareness, greater recommendations from pharmacists and healthcare professionals, and reduced stigma are expected to support adoption of the category.
Nobel Hygiene IPO Lead Managers
ICICI Securities Limited, Motilal Oswal Investment Advisors Limited and SBI Capital Markets Limited are the Book Running Lead Managers to the Nobel Hygiene IPO.
