Nobel Hygiene Limited
DRHP · filed 25 Aug 2026
This is a draft. SEBI has not cleared it, there is no final price yet, and it may never become an IPO.
Nobel Hygiene Limited is a manufacturer of adult and baby absorbent hygiene products, with Friends and Teddyy brands contributing over 35% of its revenue. The IPO consists of a fresh issue of Rs 1,500 crore with no offer for sale component. The company reported a revenue of Rs 846.75 crore and a profit of Rs 18.909 crore in the latest fiscal year, with a revenue CAGR of 7.81%. The prospectus highlights high risks related to brand dependence, product category dependence, and potential disruptions to manufacturing facilities and warehouses.
What stands out
Risk factor. Our inability to maintain or grow our brands Friends and Teddyy, which contributed 37.85%, 37.65% and 37.42%, and 39.63%, 38.26%, and 35.87%, respectively, of our revenue from operations in Fiscals 2026, 2025 and 2024, may adversely affect our business, results of operations, financial condition and
Risk factor. Any adverse development relating to our brands, primarily Friends and Teddyy, including shifts in consumer preferences, perceived or actual quality concerns, pricing dynamics, disruption in our supply chain or availability, or adverse customer feedback, may adversely affect our business and operatio
Primarily fresh capital. 100% of the offer is fresh issue, so most proceeds fund the company.
Low leverage. Debt-to-equity of 0.30x.
How the offer is structured
Fresh issue
₹1.50k Cr
New capital into the company
OFS share
0%
- Prepayment or repayment of all or a portion of certain outstanding borrowings availed by our Company₹420 Cr
- Investment in our Subsidiary, NHBPL for part financing the augmentation of production capacity at Halol through: setting up of the brownfield manufacturing-cum-warehousing facility within the boundaries of the Existing Halol Land₹352 Cr
- Investment in our Subsidiary, NHBPL for part financing the augmentation of production capacity at Halol through: purchase and installation of adult diaper machine line at Halol₹362 Cr
- General corporate purposes
Restated financials
Revenue
₹847 Cr
Latest fiscal year
Profit after tax
₹18.9 Cr
Revenue CAGR
7.8%
Return on equity
5.1%
Debt / equity
0.30
| Fiscal year | Revenue | EBITDA | PAT | Net worth |
|---|---|---|---|---|
| 2024 | ₹729 Cr | ₹-39.0 Cr | ₹89.1 Cr | |
| 2025 | ₹739 Cr | ₹0.2 Cr | ₹280 Cr | |
| 2026 | ₹847 Cr | ₹18.9 Cr | ₹373 Cr |
Promoters, litigation & related parties
Promoter (pre)
12.9%
Related-party
2.6%
Share of revenue
Except as stated below, there are no outstanding (i) criminal proceedings, (ii) actions taken by statutory and/or regulatory authorities, (iii) claims and proceedings relating to direct and indirect taxes, and (iv) other pending litigations (including civil and arbitration proceedings) involving the Relevant Parties, Key Managerial Personnel, members of Senior Management, or group companies, which have been determined to be material pursuant to the Materiality Policy. There are no disciplinary actions (including penalties) imposed by SEBI or stock exchanges against Promoters in the last five Fiscals. Pre-litigation notices received by the Relevant Parties, Key Managerial Personnel, members of Senior Management and group companies from third parties (excluding those issued by statutory or regulatory or governmental or tax or judicial authorities or notices threatening criminal action or FIRs) shall not be considered as litigation and accordingly not be disclosed until impleaded as a party in proceedings.
Risks the company discloses
Our inability to maintain or grow our brands Friends and Teddyy, which contributed 37.85%, 37.65% and 37.42%, and 39.63%, 38.26%, and 35.87%, respectively, of our revenue from operations in Fiscals 2026, 2025 and 2024, may adversely affect our business, results of operations, financial condition and cash flows.(Brand Dependence)
Any adverse development relating to our brands, primarily Friends and Teddyy, including shifts in consumer preferences, perceived or actual quality concerns, pricing dynamics, disruption in our supply chain or availability, or adverse customer feedback, may adversely affect our business and operations.(Brand Dependence)
Any misuse or infringement of the intellectual property associated with our brands Friends and Teddyy may adversely affect their performance.(Brand Dependence)
Any inability to sustain adequate brand visibility, secure appropriate retail shelf presence, maintain distribution efficiency or preserve strong brand recall could adversely affect the performance of these brands.(Brand Dependence)
Revenues from the adult absorbent hygiene product category and the baby absorbent hygiene product category accounted for 49.25%, 47.77% and 46.02%, and 45.32%, 47.63% and 48.73%, respectively, of our revenue from operations in Fiscals 2026, 2025 and 2024. If we experience a slowdown in demand for these products, our business, results of operations, financial condition, and cash flows may be adversely affected.(Product Category Dependence)
Revenues from the sale of our products may be adversely affected by factors such as increased competition from existing players and new players, including potential new entrants due to relatively low entry barriers in certain segments of the industry.(Product Category Dependence)
Any disruption to the operations of our manufacturing facilities and warehouses could adversely affect our business, results of operations, financial condition and cash flows.(Operational Risk)
Any unscheduled or prolonged disruption at our manufacturing facilities in Nashik, Maharashtra and Halol, Gujarat, or our network of 10 warehouses, including due to labour shortages, strikes, lockouts or other industrial disputes, unexpected mechanical failure of equipment, disruptions in critical resources like electricity or water, and natural disasters such as earthquakes, could adversely affect our operations.(Operational Risk)
How this document reads, dimension by dimension
Each bar is a fixed formula applied to the figures shown above, scored 0–100. This is a reading of what the company disclosed — not a recommendation to apply or avoid, not a price target, and not a prediction of listing performance. Dimensions that could not be extracted are excluded rather than assumed, so coverage varies between documents.

