Swara Baby Files DRHP with SEBI for ₹1,000 Crore IPO
Company has filed its DRHP with SEBI for a ₹1,000 crore IPO. The company plans to expand manufacturing, repay debt, pursue acquisitions, and strengthen its position in India’s growing hygiene products market.
Swara Baby Products
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Swara Baby, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise ₹1,000 crore through an initial public offering (IPO).
The proposed IPO comprises a fresh issue of equity shares worth up to ₹500 crore and an offer for sale (OFS) of up to ₹500 crore. The OFS includes shares worth up to ₹300 crore by Brainbees Solutions Limited and up to ₹200 crore by Anadya Bon Merchari LLP.
The company plans to utilize the net proceeds from the fresh issue to establish a new manufacturing facility in Madhya Pradesh with an investment of ₹198.2 crore, repay borrowings worth ₹100 crore, invest ₹27.5 crore in subsidiaries—Solis Hygiene, Swara Hygiene, and K.A. Enterprises Hygiene Private Limited (KAEHPL)—for debt repayment, and pursue inorganic growth through acquisitions, along with general corporate purposes. The company may also undertake a pre-IPO placement of up to ₹100 crore.
Founded in 2018, Swara Baby manufactures disposable hygiene products across baby care, adult incontinence, and feminine hygiene categories. Its product portfolio includes baby pant-style and tape-style diapers, adult diapers, sanitary napkins, and panty liners. The company primarily operates as a contract manufacturer for leading consumer brands while also selling products under its own brands—Cuddles for baby diapers and Shield for adult diapers.
The company counts Brainbees Solutions, Piramal Pharma Limited, and Himalaya Wellness Company among its customers. It further expanded its portfolio by acquiring K.A. Enterprises Hygiene Private Limited, a feminine hygiene products manufacturer, in December 2025.
According to the DRHP, Swara Baby held a 37% market share by value in India’s baby diaper contract manufacturing segment in FY25 and a 36% share in the adult diaper contract manufacturing segment. The company reported year-on-year growth of 21.9% in baby diapers and 24.9% in adult diapers during FY26.
Swara Baby currently operates four manufacturing facilities spread across 24 acres in Pithampur and Indore, Madhya Pradesh. Since commencing operations, it has expanded from a single production line to 20 manufacturing lines, with an annual production capacity of approximately 2.66 billion baby diapers, 253 million adult diapers and period panties, and 756 million sanitary napkins and panty liners. The company also maintains an in-house R&D team focused on product innovation, including plant-based “Tree Free” diapers and ultra-thin sanitary napkins.
On the financial front, Swara Baby reported revenue from operations of ₹1,163.9 crore in FY26, up from ₹942.97 crore in FY25 and ₹749.96 crore in FY24. Net profit stood at ₹95.58 crore in FY26, while EBITDA increased to ₹192.77 crore.
Baby diapers remained the company’s largest revenue contributor, accounting for 79.06% of product sales in FY26, followed by adult incontinence products at 16.07% and feminine hygiene products at 2.72%. Together, these three categories contributed nearly 98% of total product sales.
According to the TKC Report cited in the DRHP, India’s hygiene products market is expected to grow at a 12.7% compound annual growth rate (CAGR), driven by rising demand across baby care, feminine hygiene, and adult incontinence products, positioning Swara Baby to benefit from the sector’s long-term growth trajectory.
Swara Baby, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise ₹1,000 crore through an initial public offering (IPO).
The proposed IPO comprises a fresh issue of equity shares worth up to ₹500 crore and an offer for sale (OFS) of up to ₹500 crore. The OFS includes shares worth up to ₹300 crore by Brainbees Solutions Limited and up to ₹200 crore by Anadya Bon Merchari LLP.
The company plans to utilize the net proceeds from the fresh issue to establish a new manufacturing facility in Madhya Pradesh with an investment of ₹198.2 crore, repay borrowings worth ₹100 crore, invest ₹27.5 crore in subsidiaries—Solis Hygiene, Swara Hygiene, and K.A. Enterprises Hygiene Private Limited (KAEHPL)—for debt repayment, and pursue inorganic growth through acquisitions, along with general corporate purposes. The company may also undertake a pre-IPO placement of up to ₹100 crore.
