Swara Baby gets Sebi nod for Rs 1,000 crore IPO as hygiene products maker eyes expansion

Swara Baby has received approval from the regulator Sebi for its proposed Rs 1,000 crore IPO, moving the disposable hygiene products maker closer to a public listing. The company, which is described in its IPO note as India’s largest contract manufacturer by value in FY25 of disposable hygiene products including baby diapers, adult diapers and sanitary napkins, will raise funds through a mix of fresh issue and offer for sale.

The IPO will comprise a fresh issue of shares worth up to Rs 500 crore and an offer for sale of up to Rs 500 crore. Under the OFS, promoter selling shareholder Brainbees Solutions will sell shares worth up to Rs 300 crore, while Anadya Bon Mercari LLP will sell shares worth up to Rs 200 crore.

The company may also consider a pre-IPO placement of Rs 100 crore in consultation with the book-running lead managers. If the pre-IPO placement takes place, the fresh issue size may be adjusted accordingly.


Swara Baby plans to use Rs 198.2 crore from the net proceeds to set up a new manufacturing facility in Madhya Pradesh. It also intends to use Rs 100 crore for repayment or prepayment of certain borrowings and Rs 27.5 crore for investment in subsidiaries Solis Hygiene, Swara Hygiene and KAEHPL to repay or prepay their outstanding borrowings. The company also plans to use part of the proceeds for inorganic growth through unidentified acquisitions and general corporate purposes.

About the company

Founded in 2018 as a baby diaper manufacturer, Swara Baby has expanded into a specialised disposable consumer hygiene company with products across baby care, adult incontinence and feminine hygiene categories. Its portfolio includes baby pant-style diapers, baby tape-style diapers, adult pant-style diapers, adult tape-style diapers, sanitary napkins and panty liners. The company mainly contract manufactures products for customers who sell them to end consumers.

Swara Baby has built relationships with Brainbees Solutions, Piramal Pharma and Himalaya Wellness in the hygiene products segment. It also sells its own baby diaper brand Cuddles and adult diaper brand Shield through online commerce and modern trade channels. In December 2025, it acquired K.A. Enterprises Hygiene Private Limited, a manufacturer of feminine hygiene products.

The company’s scale is one of its key selling points. According to its DRHP, Swara Baby held a 37% market share by value in India’s baby diaper contract manufacturing segment in FY25 and grew 21.9% year-on-year in FY26. In adult diaper contract manufacturing, it held an estimated 36% market share by value in FY25 and grew 24.9% year-on-year in FY26.

Swara Baby operates four manufacturing facilities across 24 acres in Pithampur and Indore in Madhya Pradesh. Since 2018, it has scaled from one manufacturing line to 20 lines. Its annual capacity stands at about 2,660 million baby diapers, 253 million adult diapers and period panties, and 756 million sanitary napkins and panty liners.

Revenue from operations rose to Rs 1,163.9 crore in FY26 from Rs 942.97 crore in FY25 and Rs 749.96 crore in FY24. Profit for the year stood at Rs 95.58 crore in FY26, compared with Rs 80.67 crore in FY25 and Rs 93.97 crore in FY24. EBITDA rose to Rs 192.77 crore from Rs 162.72 crore a year earlier.

Baby diapers remain the company’s largest business, contributing Rs 911.81 crore, or 79.06% of total product sales, in FY26. Adult incontinence diapers contributed Rs 185.35 crore, while feminine hygiene products contributed Rs 31.35 crore. Together, the three core categories accounted for 97.85% of product sales.

The IPO comes as India’s hygiene market continues to expand. According to the TKC Report cited in the filing, the overall hygiene market is projected to grow at a CAGR of 12.7% across key product categories, supported by long-term consumption trends.

JM Financial and Avendus Capital are the bankers to the issue.