Swara Baby Products IPO Details
Swara Baby Products Limited filed its draft red herring prospectus with SEBI on 2 Jul 2026 and Sebi Approval received on 6 Oct 2026 for an issue of about ₹1,000.00 Cr. Price band, lot size and issue dates are announced only after SEBI observations and the RHP filing.
Last updated
- Stage
- SEBI Approved
- DRHP filed
- 2 Jul 2026
- SEBI Approval
- 6 Oct 2026
- Issue size
- ₹1,000.00 Cr
- Board
- Mainboard
- Price band
- TBA
Swara Baby Products IPO status
Swara Baby Products Limited filed its draft red herring prospectus (DRHP) with SEBI on and SEBI Approval received on . The issue can open only after SEBI issues its observations and the company files the RHP with the price band.
| DRHP filed | 2 Jul 2026 |
|---|---|
| Days since filing | 121 |
| SEBI observation | 6 Oct 2026 |
| Price band | TBA |
| Issue dates | TBA |
Share reservation by category
| Category | Shares Details |
|---|---|
| Qualified Institutions | Not More Than 50% of the Net Issue |
| Non-Institutional | Not Less Than 15% of the Net Issue |
| Retail Investors | Not Less Than 35% of the Net Issue |
Swara Baby Products Limited financials
Between 31 Mar 2025 and 31 Mar 2026, Income rose from ₹959.67 Cr to ₹1,212.44 Cr, and profit after tax rose from ₹80.67 Cr to ₹95.59 Cr. The PAT margin for 31 Mar 2026 was 7.88%.
| Period ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 1,368.20 | 1,002.31 | 780.15 |
| Total Income | 1,212.44 | 959.67 | 766.61 |
| Profit After Tax | 95.59 | 80.67 | 93.97 |
| EBITDA | 192.77 | 162.72 | 153.59 |
| Net Worth | 553.22 | 399.92 | 319.36 |
| Reserve & Surplus | 504.58 | 367.25 | 286.58 |
| Total Borrowings | 443.06 | 354.82 | 260.08 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | Mar 2026 | Mar 2025 | Mar 2024 |
|---|---|---|---|
| ROE % | 10.58 | 35.05 | 174.70 |
| ROCE % | 14.48 | 26.08 | 80.68 |
| Debt / Equity | 10.12 | 9.93 | 35.68 |
| RoNW % | 17.28 | 20.17 | 29.43 |
| Pat Margin % | 8.21 | 8.56 | 12.53 |
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Part-financing the capital expenditure towards setting up of the Project | 198.21 |
| 2 | Repayment/pre-payment, in full or part, of certain outstanding borrowings availed by our Company | 100.00 |
| 3 | Investment in our wholly-owned Subsidiaries, Solis Hygiene, Swara Hygiene and KAEHPL, for repayment/prepayment, in full or in part, of certain outstanding borrowings availed by them | 27.50 |
| 4 | Funding inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purpose | — |
| Total | 325.71 |
About Swara Baby Products Limited
Incorporated in November 2016, Swara Baby Products Limited is a specialized contract manufacturer of disposable consumer hygiene products, with operations spanning baby care, adult incontinence and feminine hygiene. Its product portfolio includes baby pant and tape-style diapers, adult diapers, sanitary napkins, panty liners and other hygiene products. In addition to contract manufacturing for leading Indian and multinational brands, the company markets its own products under the “Cuddles” brand for baby diapers and “Shields” for adult diapers through online commerce and modern retail channels.
According to the TKC Report, Swara Baby Products was India’s largest contract manufacturer of disposable hygiene products by value in Fiscal 2025. It held a 37% market share in baby diaper contract manufacturing and a 36% market share in adult diaper contract manufacturing by value in Fiscal 2025. The company has expanded its presence across the hygiene value chain, commencing adult incontinence manufacturing in Fiscal 2023 and entering the feminine hygiene segment through the acquisition of KAEHPL in December 2025.
The company operates four manufacturing facilities with 20 manufacturing lines across 24 acres in Pithampur and Indore, Madhya Pradesh, supported by warehouses across multiple locations in India. Its operations are complemented by an in-house R&D team focused on product innovation, design optimization and environmentally conscious solutions, including its recently developed “Tree-Free” diaper technology.
Swara Baby Products places strong emphasis on quality and product safety. It was the first Indian manufacturer to receive BIS certification for disposable baby diapers under IS 17509:2021 in Fiscal 2024, according to the TKC Report. Its manufacturing facilities follow quality systems aligned with ISO 9001:2015, GMP, ISO 13485:2016 and HACCP, while its products are also certified under OEKO-TEX standards. The company serves established customers, including Brainbees Solutions, Piramal Pharma and Himalaya Wellness Company.
As of March 31, 2026, the company employed 775 permanent personnel, including a 13-member R&D team.
Key Strengths
Leading contract manufacturer: Largest disposable hygiene contract manufacturer in India by value in Fiscal 2025, according to the TKC Report.
Diversified product portfolio: Presence across baby care, adult incontinence and feminine hygiene.
Strong market position: 37% market share in baby diaper contract manufacturing and 36% in adult diaper contract manufacturing in Fiscal 2025.
Integrated manufacturing capabilities: Four facilities with 20 manufacturing lines spread across 24 acres.
Focus on R&D and innovation: In-house R&D capabilities with development of new products such as Tree-Free diapers.
Strong quality framework: BIS, OEKO-TEX, HACCP, ISO 9001:2015, GMP and ISO 13485:2016-aligned quality systems.
Established customer relationships: Long-term relationships with prominent Indian and multinational customers.
Expanding product portfolio: Entry into feminine hygiene through the acquisition of KAEHPL in December 2025.
Promoters
- Alok Birla
- Sangita Birla
- Udit Alok Birla
- Brainbees Solutions Ltd.
- Anadya Bon Merchari LLP
Contact details
Swara Baby Products Limited
Plot No. 381 to 388, Sector 3
Industrial Area, Pithampur III
Dhar, Madhya Pradesh, 454774
Tel: +91 731 4038927
E-mail: company.secretary@swarababy.com
Website: https://swarababy.com/
Swara Baby Products IPO FAQs
- Has Swara Baby Products IPO filed for an IPO?
- Swara Baby Products Limited filed its draft red herring prospectus (DRHP) with SEBI on 2 Jul 2026.
- When will the Swara Baby Products IPO open?
- Issue dates are announced after SEBI observations and the RHP filing. They are not available yet.
- What is the Swara Baby Products IPO price band?
- The price band is announced a few days before the issue opens. It is not available yet.
- What is the Swara Baby Products IPO size?
- The DRHP proposes an issue of about ₹1,000.00 Crore. The final size can change in the RHP.
Details are from the draft prospectus and can change in the final RHP. This is not investment advice.