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Swara Baby Products Limited, incorporated 2018 and based in Madhya Pradesh, is India's largest contract manufacturer of disposable hygiene products by value in FY25 (37% market share in baby diaper contract manufacturing, 36% in adult diaper contract manufacturing). Products: baby pant-style and tape-style diapers, adult diapers, sanitary napkins, panty liners — manufactured under contract for brands (Brainbees/FirstCry, Piramal Pharma, Himalaya Wellness) and sold under own brands Cuddles and Shield. Expanded into feminine hygiene via acquisition of K.A. Enterprises Hygiene Private Limited (KAEHPL) in December 2025. Four facilities in Madhya Pradesh: 20 production lines, annual capacity ~2.66 billion baby diapers, 253 million adult diapers/period panties, 756 million sanitary napkins/panty liners. Revenue ₹1,163.9 Cr (FY26) vs ₹942.97 Cr (FY25); PAT ₹95.58 Cr (FY26) vs ₹80.67 Cr (FY25). IPO: ₹500 Cr fresh issue + ₹500 Cr OFS (Brainbees Solutions ₹300 Cr + Anadya Bon Merchari LLP ₹200 Cr). Fresh proceeds: ₹198.2 Cr new MP facility, ₹100 Cr debt repayment, ₹27.5 Cr subsidiary debt repayment, remainder acquisitions and general corporate. Pre-IPO placement up to ₹100 Cr possible. DRHP filed July 2, 2026.