IPO Overview
Incorporated in June 2022, Himalaya Nutravedics India Limited is a Hyderabad-based integrated Ayurvedic and nutraceutical company engaged in the manufacturing, marketing, and distribution of its own branded formulations, while also providing third-party contract manufacturing services for other Ayurvedic and nutraceutical companies. Its portfolio includes classical Ayurvedic formulations, proprietary formulations, and nutraceutical supplements offered as tablets, soft and hard gelatin capsules, liquid orals, and medicated oils — addressing gut health, diabetes management, immunity, pain management, cardiac and metabolic wellness, women’s wellness, and general health. The company operates an integrated manufacturing facility in Hyderabad, Telangana, where production, formulation, quality control, packaging, and finished-product release are handled entirely in-house.
The company is now launching its SME IPO on the BSE SME platform to raise ₹26.50 crore through a fully fresh issue of 25 lakh equity shares. The price band is set at ₹100–₹106 per share, with a lot size of 1,200 shares and a minimum retail investment of ₹2,54,400 (2,400 shares). The IPO opens on 22 September 2026 and closes on 24 September 2026, with listing expected on 29 September 2026 on the BSE SME platform.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 22 September 2026 |
| IPO Close Date | 24 September 2026 |
| Allotment Date | 25 September 2026 (Expected) |
| Refund Initiation | 28 September 2026 |
| Credit to Demat | 28 September 2026 |
| Listing Date | 29 September 2026 (Tentative) |
| Price Band | ₹100 – ₹106 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,200 shares |
| Minimum Investment (Retail) | ₹2,54,400 (2 lots = 2,400 shares) |
| Issue Size | ₹26.50 crore |
| Fresh Issue | 24,99,600 shares (₹26.50 crore) |
| Offer For Sale (OFS) | Nil |
Note: The entire IPO is a fresh issue — no offer-for-sale component. All proceeds go directly to the company.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
| Market Maker | Reserved Portion |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The entire issue is a fresh issue — no promoter exit is involved, and all IPO proceeds will flow directly into the company.
Objects of the Issue (Fund Utilization)
Himalaya Nutravedics proposes to deploy ₹13.75 crore towards working capital requirements and ₹7.50 crore for business development and digital marketing. The remaining amount will support general corporate purposes.
- Funding working capital requirements — ₹13.75 crore
- Investment in branding, digital marketing, and sales expansion — ₹7.50 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Nirbhay Capital Services Private Limited
- Registrar to the Issue: Kfin Technologies Ltd.
- Market Maker: Allwin Securities Ltd.
Promoters & Management
The promoters of the company are Rohit Asawa, Divya Asawa, Chanda Asawa, and Rama Raju Penmatsa. Their combined holding will decline from 95.14% before the issue to 68.13% after it, while public shareholding will rise to 31.87%.
Company Details
Himalaya Nutravedics operates an integrated manufacturing facility in Hyderabad, Telangana. Production, formulation, quality control, packaging, and finished-product release are handled internally. Own-brand operations contributed approximately ₹22.03 crore, or 51.14% of FY26 revenue. As of July 31, 2026, the company employed 86 people.
Sectors Served:
- Ayurvedic Health & Wellness
- Nutraceuticals & Dietary Supplements
- Contract Pharma Manufacturing (B2B)
Key Products:
- Classical (Shastric) Ayurvedic Formulations
- Proprietary Ayurvedic Medicines
- Nutraceutical Supplements (Immunity, Gut Health, Metabolic, Women’s Wellness, Diabetes, Pain Management)
Dosage Forms Manufactured:
- Soft Gelatin Capsules, Hard Gelatin Capsules, Tablets, Liquid Orals, Medicated Oils
Certifications:
- WHO-GMP Compliant
- AYUSH & FSSAI Registered
- ISO 9001:2015 | ISO 22000:2018
- HACCP | HALAL | KOSHER
Financial Snapshot
| Period | Total Income (₹ Cr) | EBITDA (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹14.43 | ₹0.94 | ₹0.43 |
| FY25 | ₹21.00 | ₹2.99 | ₹2.23 |
| FY26 | ₹43.12 | ₹8.10 | ₹7.39 |
Key Financial Metrics
At the upper price of ₹106, the company will command a post-issue market capitalisation of approximately ₹93.35 crore. Based on diluted earnings, post-issue EPS is ₹8.39 and the P/E ratio is 12.63x. The price-to-book value is 3.97x. For FY26, the company reported ROE of 63.87%, ROCE of 36.41%, RoNW of 45.12%, EBITDA margin of 18.82%, and PAT margin of 17.16%. The debt-to-equity ratio stood at 0.31.
Company Strengths
- Revenue increased by approximately 105% during FY26, and PAT grew by approximately 231% over the previous financial year — among the strongest growth metrics in the SME IPO space
- Diversified business model combining own branded products and contract manufacturing — providing revenue diversification and better capacity utilisation
- Integrated, certified manufacturing facility with multiple dosage-form capabilities — WHO-GMP compliant with AYUSH, FSSAI, ISO, HACCP, HALAL, and KOSHER certifications
- Entire IPO is a fresh issue — no promoter exit; all funds directed towards working capital and brand-building
- Strong profitability metrics — ROE of ~63.87% and PAT margin of ~17.16% are impressive for a young SME company
- Broad therapeutic presence across immunity, gut health, metabolic wellness, women’s health, diabetes, and pain management
Key Risks & Challenges
- Revenue generated from the top 10 customers accounted for 81.24%, 86.97%, and 84.19% of revenue from operations during FY26, FY25, and FY24, respectively — high customer concentration risk
- Very young company: Operational only since September 2022 — limited operating history makes long-term performance assessment difficult
- Borrowings increased from ₹1.76 crore in FY25 to ₹5.13 crore in FY26 — rising debt despite strong profit growth
- Working capital requirements may rise sharply alongside business growth — cash from operations could turn negative if growth outpaces collections
- The Section 80-IAC tax holiday is set to expire in FY2028, which may impact profit margins and valuation multiples post-listing
- SME shares can experience high volatility, limited liquidity, and wide price fluctuations after listing
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
