Swara Baby Products Secures SEBI Nod For ₹1,000 Cr IPO

Swara Baby Products, a contract manufacturer of disposable hygiene products and a subsidiary of omnichannel kidswear brand FirstCry’s parent Brainbees Solutions, has received approval from SEBI for its proposed ₹1,000 Cr IPO.

Swara Baby Products filed its DRHP in July this year. According to SEBI’s latest processing status update, the regulator issued the final observation today.

The IPO will comprise a fresh issue of equity shares worth up to ₹500 Cr and an offer for sale (OFS) of shares aggregating up to ₹500 Cr.

Brainbees Solutions, which owns a 76.6% stake in Swara Baby Products, will sell shares worth up to ₹300 Cr through the OFS. Another promoter selling shareholder, Anadya Bon Merchari LLP, will offload shares worth up to ₹200 Cr. The company may also consider a pre-IPO placement of up to ₹100 Cr. 

Swara Baby Products plans to use the net proceeds from the fresh issue primarily to expand its manufacturing capacity and pare debt.

Around ₹198.2 Cr will be used to set up a new manufacturing facility in Madhya Pradesh, while ₹100 Cr will go towards repayment or prepayment of certain borrowings. Another ₹27.5 Cr will be invested in subsidiaries Solis Hygiene, Swara Hygiene and K.A. Enterprises Hygiene Pvt Ltd (KAEHPL) for debt repayment.

The company also plans to pursue inorganic growth through unidentified acquisitions, alongside general corporate purposes.

Inside Swara Baby Products’ Business

Founded in 2018 by Alok Birla, Rahul Bubna and Ritum Jain, Swara Baby Products manufactures disposable hygiene products across the baby care, adult incontinence, and feminine hygiene categories.

Its 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 corporate customers, while also selling its own brands, including Cuddles in baby diapers and Shield in adult diapers.

Swara Baby Products counts Brainbees Solutions, Piramal Pharma, and Himalaya Wellness among its customers. It acquired feminine hygiene manufacturer KAEHPL in December 2025.

According to the DRHP, Swara Baby Products was India’s largest hygiene contract manufacturer by value in FY25 across baby diapers, adult diapers and sanitary napkins.

It held a 37% market share by value in India’s baby diaper contract manufacturing segment in FY25 and grew 21.9% YoY in FY26. In adult diapers, it held an estimated 36% market share by value in FY25, with the business growing 24.9% YoY in FY26.

The company currently operates four manufacturing facilities spread across 24 acres in Pithampur and Indore in Madhya Pradesh.

On the financial front, it reported a net profit of ₹95.6 Cr in FY26, up 18.5% from ₹80.7 Cr in FY25. Operating revenue grew 23.4% to ₹1,163 Cr from ₹943 Cr in FY25.

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