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Swara Baby gets SEBI approval for IPO
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Our Bureau, Mumbai
October 12 , 2026
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Swara Baby, contract manufacturer of disposable hygiene products, has received approval from the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO). The company manufactures baby diapers, adult incontinence products and feminine hygiene products for domestic and multinational customers.
The IPO comprises a fresh issue of equity shares aggregating up to Rs5 00 crore and an offer for sale (OFS) of shares worth up to Rs 500 crore, taking the total issue size to Rs1,000 crore. Under the OFS, promoter selling shareholder Brainbees Solutions Limited will divest shares worth up to Rs300 crore, while Anadya Bon Merchari LLP will offer shares worth up to Rs200 crore. The equity shares have a face value of Rs 2 each. The company may also consider a pre-IPO placement of up to Rs100 crore in consultation with the book-running lead managers.
The net proceeds from the fresh issue will be used to finance capital expenditure of Rs198.2 crore for establishing a new manufacturing facility in Madhya Pradesh. A further Rs100 crore will be allocated towards repayment or prepayment of certain company borrowings, while Rs27.5 crore will be invested in subsidiaries Solis Hygiene, Swara Hygiene and K.A. Enterprises Hygiene Private Limited (KAEHPL) to facilitate repayment or prepayment of their outstanding borrowings. The remaining proceeds will support inorganic growth through unidentified acquisitions and general corporate purposes.
Established in 2018, Swara Baby is an independent contract manufacturer of disposable consumer 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 has established long-standing relationships with its corporate promoter, Brainbees Solutions, and other Indian and multinational customers, including Piramal Pharma Limited and Himalaya Wellness Company. It also manufactures and sells products under its own brands, Cuddles for baby diapers and Shield for adult diapers, through online commerce and modern trade channels.
In December 2025, the company acquired KAEHPL, a manufacturer of feminine hygiene products, strengthening its presence in the category.
According to the draft red herring prospectus (DRHP), Swara Baby held a 37per cent share of India’s baby diaper contract manufacturing market by value in FY25, making it the segment leader. The company recorded year-on-year growth of 21.9 per cent in this segment in FY26. It also led the adult diaper contract manufacturing segment, with an estimated 36per cent market share by value in FY25, and registered 24.9per cent year-on-year growth in FY26.
Swara Baby operates four manufacturing facilities spread across 24 acres in Pithampur and Indore, Madhya Pradesh, supported by warehouses across India. From one manufacturing line in 2018, the company has expanded to 20 lines, comprising 12 for baby diapers, four for adult incontinence products and period panties, and four for sanitary napkins and panty liners.
Its annual production capacity stands at approximately 2,660 million baby diapers, 253 million adult diapers and period panties, and 756 million sanitary napkins and panty liners.
Research and development is another focus area for the company. Its 13-member in-house R&D team works on new product development, product enhancement and sustainability initiatives. These include plant-based ‘Tree Free’ diapers and ultra-thin sanitary napkins. A patent application for the Tree Free diaper is currently under review.
Swara Baby reported revenue from operations of Rs1,163.9 crore in FY26, compared with Rs942.97 crore in FY25 and Rs749.96 crore in FY24. Profit for FY26 stood at Rs 95.58 crore, against Rs80.67 crore in FY25 and Rs93.97 crore in FY24. EBITDA increased to Rs192.77 crore in FY26 from Rs162.72 crore in FY25 and Rs153.58 crore in FY24.
Baby diapers remained the largest product category, generating Rs911.81 crore in FY26, equivalent to 79.06 per cent of total product sales. Adult incontinence diapers contributed Rs185.35 crore, or 16.07 per cent, while feminine hygiene products accounted for Rs31.35 crore, representing 2.72 per cent. Together, the three core categories generated Rs1,128.52 crore, accounting for 97.85per cent of total product sales.
The company’s own brands also contributed to its revenue. Sales of Cuddles products generated Rs 204.18 crore in FY26, representing 22.39per cent of revenue from baby diapers. Shield products recorded revenue of Rs38.45 crore, accounting for 20.74per cent of revenue from adult diapers.
JM Financial Limited and Avendus Capital Private Limited are the book-running lead managers to the issue.
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