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Hexagon Nutrition Ltd IPO
Hexagon Nutrition Ltd
₹13,986 /333 sharesMinimum investment
IPO details
Minimum investment
₹13,986
Price range
₹42 - ₹45
Lot size
333
Issue size
138.87 Cr
Face value
1
IPO document
Subscription rate
Data will be available soon
Schedule
5 Jun 2026
IPO open date
9 Jun 2026
IPO close date
10 Jun 2026
Allotment date
10 Jun 2026
Funds unblock or debit
12 Jun 2026
Tentative listing date
About
Founded in
1993
MD/CEO
Mr Vikram Arun Kelkar
Parent organisation
Hexagon Nutrition Ltd
Hexagon Nutrition Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company claims to operate as a fully integrated nutrition player with presence across the entire value chain, including research and development (R&D), manufacturing, quality assurance, regulatory compliance, and marketing. According to the CARE report commissioned by the company, it is among the few holistic nutrition companies offering products ranging from micronutrient premixes to therapeutic and clinical nutrition products. The company also claims to be one of the largest premix players in India and among the largest licensed suppliers of micronutrient powders (MNPs) under UN programmes, catering to FMCG companies, institutional clients, and public health initiatives through its diversified B2C, B2B2C, and ESG-focused product portfolio.
The company claims to have established recognised nutrition brands such as ‘PENTASURE,’ ‘OBESIGO,’ ‘PEDIAGOLD,’ and ‘NUTRONE,’ catering to wellness, weight management, pediatric, and clinical nutrition segments. Backed by manufacturing facilities in India and exports to over 75 countries, the company claims to develop a diversified international presence.
The company claims to have developed long-standing relationships with customers across its B2C, B2B2C, and ESG segments through consistent product quality, customised solutions, and timely delivery. During the nine months ended December 31, 2025, FY25, FY24 and FY23, the company served 423, 456, 491, and 462 customers, respectively, of which 286, 294, 284, and 246 customers were repeat customers.
The company claims to operate two in-house R&D centres located in Nasik and Chennai, supported by a team of qualified professionals. The company states that its R&D capabilities enable the development of customised formulations while maintaining sensory characteristics such as taste, texture, and aroma. During the period ended December 31, 2025, and through FY25, FY24, and FY23, the company developed 11 new products and had approximately nine products under development.
The company claims to operate four manufacturing facilities, including three in India and one in Uzbekistan, supported by advanced machinery and automated production systems. Two of its Indian facilities are located in SEZs, providing logistical and import-related advantages. The company further claims that its manufacturing operations are supported by stringent food safety and quality systems, evidenced by certifications such as FSSC 22000, GMP, and ISO 9001:2015.
The company claims to have established a pan-India omnichannel distribution network supported by retail pharmacies, hospital networks, e-commerce platforms, online pharmacies, and its own branded websites. Its branded nutrition products are also exported to over 22 countries. The company operates through more than 358 non-exclusive distributors and a sales force of 167 members that reached over 20,843 healthcare professionals during the nine months ended December 31, 2025.
The company has seen a consistent increase in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 278.50 crore in FY23 to Rs 297.73 crore in FY24 to Rs 324.93 crore in FY25, while PAT increased from Rs 5.82 crore in FY23 to Rs 12.21 crore in FY24 to Rs 24.38 crore in FY25.
The company derives a substantial portion of its revenue from the premix formulations segment, making its business performance significantly dependent on this segment. Revenue from premix formulations stood at approximately Rs 154.70 crore, Rs 133.31 crore, and Rs 152.80 crore in FY25, FY24, and FY23, respectively, contributing 47.61%, 44.78%, and 54.86% of total revenue from operations during the respective periods. Any adverse developments such as reduced demand, loss of key customers, regulatory changes, pricing pressure, or increased competition in the premix formulations segment could materially affect the company’s revenue, profitability, and overall financial condition.
The company is dependent on a limited number of institutional customers, including multinational FMCG companies, government agencies, and international organisations, for a significant portion of its revenue. Revenue from the top 10 customers stood at approximately Rs 149.05 crore, Rs 145.37 crore, and Rs 127.13 crore in FY25, FY24, and FY23, respectively, contributing 45.87%, 48.83%, and 45.65% of revenue from operations. Any loss of one or more key customers, reduction in order volumes, contract termination, or adverse changes in customer procurement strategies may materially impact the company’s business operations, cash flows, and financial performance.
A portion of the company’s Nashik manufacturing facility has been subject to regulatory notices relating to alleged unauthorised industrial construction and commercial use of agricultural land under applicable Maharashtra laws. Any reconstruction, compliance requirements, or regulatory action in relation to the facility may lead to temporary production disruptions, operational inefficiencies, increased compliance costs, and delays in manufacturing activities. Such disruptions may adversely affect production capacity, supply commitments, revenue generation, and the overall operational performance of the company.
The company faces risks arising from counterfeit and imitation products, particularly in the domestic market, where enforcement against such activities may be challenging. Counterfeit products resembling the company’s brands, packaging, or formulations may negatively impact customer trust, brand reputation, and market share. Inferior or unsafe counterfeit products may also expose the company to reputational damage and consumer complaints.
A substantial portion of the company’s domestic revenue is concentrated in a limited number of states, particularly Maharashtra, Karnataka, Tamil Nadu, and Gujarat, exposing it to regional concentration risks. During the nine months ending December 31, 2025, and FY25, FY24, and FY23, Maharashtra contributed Rs 26.06 crore, Rs 35.05 crore, Rs 35.41 crore and Rs 31.06 crore, respectively, towards domestic sales. In FY25, Maharashtra, Karnataka, Tamil Nadu, and Gujarat together accounted for approximately 57.51% of domestic sales revenue. Any adverse developments in these regions, including economic slowdowns, regulatory changes, disruptions in distribution channels, increased competition, or changes in consumer demand patterns, may adversely impact the company’s operations, revenues, cash flows, and overall financial performance.
The company has significant international operations and derives a substantial portion of its revenue from exports, exposing it to cross-border operational, regulatory, geopolitical, and macroeconomic risks. During the period ended December 31, 2025, and FY25, FY24, and FY23, export revenue contributed Rs 149.37 crore, Rs 199.01 crore, Rs 187.81 crore, and Rs 177.74 crore, respectively, accounting for 55.82%, 61.25%, 63.08%, and 63.82% of revenue from operations. The company exports to over 75 countries and operates overseas facilities and offices, including in Uzbekistan, South Africa, and Hong Kong. Any adverse changes in international trade policies, political instability, foreign regulations, sanctions, economic slowdowns, or disruptions in overseas operations may adversely affect the company’s business.
The company’s operations are subject to various health, safety, environmental, and hazardous waste management laws and regulations across the jurisdictions in which it operates. Any non-compliance with applicable laws or changes in environmental and safety regulations may result in penalties, liabilities, operational disruptions, or increased compliance costs.
The company is exposed to foreign currency fluctuation risks due to its dependence on imported raw materials and export-oriented operations. During the nine months ended December 31, 2025, FY25, FY24, and FY23, the company imported raw materials from countries, including China, Singapore, Malaysia, Germany, and the Netherlands. Imports from China alone amounted to Rs 22.55 crore (58.38%) of total procurement costs from foreign suppliers, Rs 15.45 crore (64.36%), Rs 20.12 crore (39.52%), and Rs 23.58 crore (52.56%), respectively. Any sharp fluctuation in foreign exchange rates may increase procurement costs, impact margins, affect cash flows, and adversely affect the company’s financial performance.
As of the period ended December 31, 2025, the company has total trade receivables amounting to Rs 84.95 crore. Any failure to collect these receivables on time or at all can negatively impact the business and its financial condition.
The company, its subsidiaries, and promoters are involved in certain ongoing legal proceedings, including criminal proceedings, civil litigation, actions by statutory or regulatory authorities, and tax-related cases. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
As of March 31, 2026, the company had outstanding financial indebtedness of Rs 25.53 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
Application details
For Hexagon Nutrition IPO, eligible investors can apply as Regular.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Regular | ₹42 - ₹45 | Upto ₹2 Lakhs | 333 |
| High Networth Individual | ₹42 - ₹45 | ₹2 - ₹5 Lakhs | 333 |