Swara Baby eyes ₹558 crore plant as IPO approaches

Swara Baby Products Ltd plans to invest ₹558.47 crore in a new manufacturing facility in Pithampur, Madhya Pradesh, with ₹198.21 crore of that amount to be funded from its upcoming initial public offering.

The hygiene products manufacturer will use the new plant to add annual capacity of 1,464 million baby diapers, 252 million adult diapers and 192 million sanitary napkins. Once operational, Swara Baby’s total installed capacity will rise to 4,124 million baby diapers, 505 million adult diapers and 948 million sanitary napkins per year.

Of the total project cost, the company had already deployed ₹159.65 crore as of May 31, 2026. It has made firm arrangements for a further ₹160.55 crore, covering 75 per cent of the finances excluding the IPO portion. The remaining funds are expected to come from external debt and internal accruals.

Swara Baby currently operates four manufacturing facilities across 24 acres in Pithampur and Indore, running 20 production lines. Its total installed capacity grew from 2,491 million units in fiscal 2024 to 3,543 million units in fiscal 2026, with actual production rising to 2,299 million units in the same year. Capacity utilisation stood at 64.89 per cent in fiscal 2026.

According to an industry report cited in its filings, the company was India’s largest contract manufacturer by value in the hygiene products segment in fiscal 2025, holding a 37 per cent share of the baby diaper contract manufacturing market and 36 per cent of the adult diaper segment. Its sanitary napkin share stood at 5.5 per cent, including revenue from KA Enterprises, acquired in December 2025.

The company’s contract manufacturing business grew 19 per cent y-o-y in value from fiscal 2025 to fiscal 2026. Swara Baby says it plans to deepen ties with existing customers and expand exports to West Asia, North Africa and Asia-Pacific markets.

Published on August 24, 2026