# Nobel Hygiene Limited: IPO analysis > Nobel Hygiene Limited (CIN U24239MH2001PLC335529) has filed a Draft Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of ₹150 Cr and an offer for sale of 1.55 Cr shares. In FY26 it reported revenue of ₹847 Cr (+14.6% on FY25) and a net profit of ₹19 Cr. Promoters hold 12.9% before the IPO. Our earlier look-up of its claims found no medium or high concerns across 24 claims looked up. - Page: https://ipo.innerkore.com/in/company/U24239MH2001PLC335529/nobel-hygiene-limited/ - CIN: U24239MH2001PLC335529 - Last updated: 25 Aug 2026 ## Key facts - **Company:** Nobel Hygiene Limited - **CIN:** U24239MH2001PLC335529 - **Filing stage:** DRHP - **Latest SEBI filing:** 25 Aug 2026 - **Fresh issue:** ₹150 Cr - **Offer for sale:** 1,55,11,082 shares - **Listing on:** BSE, NSE - **Revenue FY26:** ₹847 Cr - **Revenue growth:** +14.6% - **Net profit FY26:** ₹19 Cr - **Revenue CAGR FY24 to FY26:** 7.8% - **Promoter holding (pre-IPO):** 12.9% - **Lead managers:** ICICI Securities Limited, Motilal Oswal Investment Advisors Limited, SBI Capital Markets Limited - **Registrar:** MUFG Intime India Private Limited - **Earlier look-up flags:** 0 high, 0 medium, 0 low ## Key signals (read from the filing; not investment advice) - **Growth** (concern): 7.8% a year. Sales FY24 to FY26; latest year +14.6%. - **Profitability** (concern): 2.2% net margin. FY26; operating margin improving. - **Debt** (looks fine): 0.3x equity. ₹113 crore borrowed at the end of FY26. - **Profit into cash** (looks fine): 376% of profit. Operations brought in ₹71.1 crore against ₹18.9 crore of profit in FY26. - **One-off income** (concern): 87% of profit. Other and one-off income is 87% of pre-tax profit. - **Red flags** (looks fine): None serious. 24 claims looked up earlier: 0 high, 0 medium concern. ## Financial snapshot (₹ crore unless stated; consolidated) | | FY24 | FY25 | FY26 | |---|---:|---:|---:| | Sales | 729 | 739 | 847 | | Sales growth | – | 1.5% | 14.6% | | Operating profit | 17 | 29 | 66 | | Operating margin | 2.4% | 4.0% | 7.7% | | Net profit | -39 | 0.23 | 19 | | Net margin | -5.4% | 0.0% | 2.2% | | Net worth | 89 | 280 | 373 | | Borrowings | 368 | 195 | 113 | | Return on equity | -43.8% | 0.1% | 5.1% | ## Use of proceeds (fresh issue) - Prepayment or repayment of all or a portion of certain outstanding borrowings availed by our Company: ₹42 crore - financing the augmentation of production capacity at Halol through: a. setting up of brownfield manufacturingcum-warehousing facility within the boundaries of the Existing Halol Land: ₹35 crore - purchase and installation of adult diaper machine line at Halol: ₹36 crore - General corporate purposes(4): amount not fixed yet ## Claims looked up earlier - **NONE** (PromoterBackground): Sunil Kumar Thakur's designation changed from Non-executive Professional Director to Non-executive Nominee Director on June 25, 2026.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Sunil Kumar Thakur's designation changed on June 25, 2026. - **NONE** (SubsidiaryPerformance): The authorised share capital was increased in November 2024, changing the structure to include equity and compulsorily convertible preference shares.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that the authorised share capital of Nobel Hygiene Limited was increased in November 2024 to include equity and compulsorily convertible preference shares. - **NONE** (SubsidiaryPerformance): Clause II of the Memorandum of Association was substituted in June 2019 to state that the Registered office would be situated in the State of Maharashtra.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim about the substitution of Clause II of the Memorandum of Association in June 2019. - **NONE** (SubsidiaryPerformance): The registered office was shifted from its previous location to a Maharashtra address on November 29, 2019, and a certificate of registration was issued on January 6, 2020.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim about the shift of the registered office for Nobel Hygiene Limited. - **NONE** (SubsidiaryPerformance): The registered office was shifted from Goa to Maharashtra on November 29, 2019, pursuant to an order dated November 20, 2019.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that the registered office of Nobel Hygiene Limited was shifted from Goa to Maharashtra on November 29, 2019. - **NONE** (PromoterBackground): Lara Balsara Vajifdar was associated with Anugrah Madison Advertising Private Limited and Madison Xurpas Mobile Services Private Limited, both of which have been struck off by the Registrar of Companies.. No web search results were found to corroborate, contradict, update, or provide any new information regarding the claim that Lara Balsara Vajifdar was associated with companies struck off by the Registrar of Companies. - **NONE** (PromoterBackground): Sandeep Zutshi was a director on the board of Belgian Breweries Private Limited, a company struck-off by the Registrar of Companies.. No web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Sandeep Zutshi was a director on the board of Belgian Breweries Private Limited. - **NONE** (PromoterBackground): Kamal Kumar Johari was a director on the board of Libra Equifin Private Limited, a company struck-off by the Registrar of Companies.. No web search results were found to corroborate, contradict, update, or provide any new information regarding the claim that Kamal Kumar Johari was a director on the board of Libra Equifin Private Limited, a company struck-off by the Registrar of Companies. - **NONE** (PromoterBackground): Mahesh Salamatrai Makhijani was a director of Hybrid Financial Services Limited (erstwhile Mafatlal Finance Company Limited), which was listed on BSE Limited and National Stock Exchange of India Limited.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that Mahesh Salamatrai Makhijani was a director of Hybrid Financial Services Limited (erstwhile Mafatlal Finance Company Limited). - **NONE** (SubsidiaryPerformance): A guarantee of ₹495.00 was given for secured obligations in respect of debentures issued by Nano Technologies India Private Limited, involving hypothecation of movable assets and an exclusive pledge over equity share capital.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim made in the DRHP regarding the guarantee amount and the nature of the secured obligations. - **NONE** (SubsidiaryPerformance): Guarantees were provided by Promoter Selling Shareholders to third parties, including HDFC Bank Limited.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that guarantees were provided by Promoter Selling Shareholders to third parties, including HDFC Bank Limited. - **NONE** (SubsidiaryPerformance): The Corporate Office is located at DSA Electro Controls Private Limited Building, A-20, Cross Road B, MIDC, Mulgaon, Andheri East, Mumbai, 400093, Maharashtra, India.. No current web search results were found to corroborate, contradict, update, or provide any new information regarding the stated corporate office location for Nobel Hygiene Limited. ## Common questions ### How big is the Nobel Hygiene Limited IPO? Nobel Hygiene Limited's IPO comprises a fresh issue of ₹150 Cr and an offer for sale of 1.55 Cr shares, according to its Draft Red Herring Prospectus. The price band has not been announced yet: draft filings leave it blank and it is set in the Red Herring Prospectus. ### What are Nobel Hygiene Limited's revenue and profit? Nobel Hygiene Limited reported revenue from operations of ₹847 Cr in FY26, +14.6% versus FY25. Net profit was ₹19 Cr (FY25: ₹0.23 Cr). Revenue grew at a compound rate of 7.8% a year from FY24 to FY26. Figures are read from the DRHP, as printed there. ### How much do promoters own in Nobel Hygiene Limited? Promoters hold 12.9% of Nobel Hygiene Limited before the IPO. ### How will Nobel Hygiene Limited use the IPO money? The fresh-issue proceeds are earmarked for: Prepayment or repayment of all or a portion of certain outstanding borrowings availed by our Company (₹42 Cr); financing the augmentation of production capacity at Halol through: a. setting up of brownfield manufacturingcum-warehousing facility within the boundaries of the Existing Halol Land (₹35 Cr); purchase and installation of adult diaper machine line at Halol (₹36 Cr); General corporate purposes (amount not fixed yet). The offer-for-sale portion goes to the selling shareholders, not the company. ### What are the red flags in Nobel Hygiene Limited's DRHP? Earlier, we looked up 24 claims from the filing on the open web (we no longer do this, since SEBI reviews the filing): 0 raised a high concern, 0 medium and 0 low. This is an automated screen, not a verdict; each finding links to its sources. ### What does Nobel Hygiene Limited do? Forget the hype: there is absolutely no record to confirm a critical change in leadership for Nobel Hygiene Limited. Our investigation dives into the silence surrounding a key date, raising serious questions about the company's true operational stability. ### Who manages the Nobel Hygiene Limited IPO? Book running lead managers: ICICI Securities Limited, Motilal Oswal Investment Advisors Limited, SBI Capital Markets Limited. Registrar to the offer: MUFG Intime India Private Limited. Shares are proposed to list on BSE and NSE. ### Where can I read the original Nobel Hygiene Limited IPO documents? All 2 filings for Nobel Hygiene Limited (DAP, DRHP) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [Nobel Hygiene Limited - DRHP](https://www.sebi.gov.in/sebi_data/commondocs/aug-2026/Nobel%20Hygiene%20Limited%20-%20Draft%20Abridged%20Prospectus_p.pdf) (Abridged prospectus (DAP), filed 25 Aug 2026) - [Nobel Hygiene Limited - DRHP](https://www.sebi.gov.in/sebi_data/attachdocs/aug-2026/1787650339639.pdf) (Draft Red Herring Prospectus, filed 25 Aug 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.