IPO Overview
Hexagon Nutrition is a research-oriented pure-play nutrition company incorporated in 1993 and headquartered in Mumbai. The company is one of the few holistic nutrition companies offering a full range of products — from micronutrient premix formulations all the way up to therapeutic and clinical nutrition. It is also one of the largest premix players in India and among the largest licensed suppliers of Micronutrient Powders (MNPs) under United Nations programmes that support global food fortification and public health initiatives. What makes the company stand out is that it is fully integrated across the value chain — research and product development, manufacturing, quality assurance, regulatory compliance, and marketing all sit in-house.
The IPO is a mainboard issue and will be listed on both BSE and NSE. The issue is entirely an Offer for Sale (OFS) of up to 3,08,59,704 equity shares — meaning the company will not receive any proceeds from this IPO. The entire amount goes to the selling shareholders. The price band has been fixed at ₹42 to ₹45 per share, with the IPO opening on June 5, 2026 and closing on June 9, 2026. The total issue size aggregates to ₹138.87 crore at the upper end.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – Mainboard |
| Listing Exchange | BSE & NSE |
| Anchor Investor Date | 4 June 2026 |
| IPO Open Date | 5 June 2026 |
| IPO Close Date | 9 June 2026 |
| Allotment Date | 10 June 2026 (Expected) |
| Refund / Credit to Demat | 11 June 2026 |
| Listing Date | 12 June 2026 (Tentative) |
| Price Band | ₹42 – ₹45 per share |
| Face Value | ₹2 per share |
| Lot Size | 333 shares |
| Minimum Investment (Retail) | ₹14,985 (1 lot) |
| Minimum Investment (sNII) | ₹2,09,790 (14 lots = 4,662 shares) |
| Minimum Investment (bNII) | ₹10,03,995 (67 lots = 22,311 shares) |
| Issue Size | ₹138.87 crore |
| Fresh Issue | Nil |
| Offer For Sale (OFS) | 3,08,59,704 shares (₹138.87 crore) |
Note: The IPO is 100% OFS — the company receives no proceeds. All funds go to the selling shareholders.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
OFS / Selling Shareholders
The OFS comprises sale of shares by the following existing shareholders: up to 77 lakh shares by Arun Purushottam Kelkar, up to 61.36 lakh shares by Subhash Purushottam Kelkar, up to 15 lakh shares by Anuradha Arun Kelkar, up to 25 lakh shares by Nutan Subhash Kelkar, up to 1.22 crore shares by Somerset Indus Healthcare Fund I Ltd, and up to 73,668 shares by Mayur Sirdesai.
Promoters currently hold 89.41% of the company, which will come down to approximately 64.29% after IPO listing.
Objects of the Issue (Fund Utilization)
Since the IPO is entirely an OFS, the company will not receive any proceeds from the issue. The selling shareholders will receive the net proceeds after deducting applicable expenses and taxes.
Lead Managers & Registrar
- Book Running Lead Managers: Cumulative Capital Private Limited and Catalyst Capital Partners Private Limited
- Registrar to the Issue: Kfin Technologies Ltd.
Promoters & Management
The promoters of the company are Arun Purushottam Kelkar, Subhash Purushottam Kelkar, Vikram Arun Kelkar, and Nikhil Arun Kelkar. The Kelkar family has led the company since its founding in 1993, bringing over three decades of expertise in nutrition science and product development.
Company Details
Hexagon Nutrition is a pure-play, research-driven nutrition company with a diversified product portfolio spanning premixes, branded wellness, clinical nutrition, and therapeutic formulations. The company operates through three core segments: B2C (branded wellness and clinical nutrition), B2B (micronutrient premixes and institutional supply), and exports.
Sectors Served:
- Clinical & Therapeutic Nutrition
- Wellness & Consumer Health
- Micronutrient Fortification (UN / Public Health Programmes)
- Food & Pharma Industry (B2B Premix Supply)
Key Brands:
- Pentasure, Obesigo, Pediagold, Nutrone
Key Products:
- Micronutrient Premixes & Powders (MNPs)
- Clinical Nutrition Formulations
- Therapeutic & Ready-to-Use Foods
- Branded Wellness Supplements
Key Capabilities:
- Fully integrated across the value chain — R&D, manufacturing, quality assurance, regulatory compliance, and marketing all managed in-house.
- Established overseas offices in South Africa, Uzbekistan, and Hong Kong. Products exported to over 75 countries across Asia, Africa, Europe, and South America.
Manufacturing & R&D Facilities:
- Two dedicated in-house R&D centres at Nashik and Chennai, supported by a team of 12 qualified professionals. Four manufacturing facilities including SEZ-based units.
Certifications:
- FSSC 22000 (Food Safety System Certification)
- ISO 9001:2015
- Halal Certification
Financial Snapshot
| Period | Total Income (₹ Cr) | PAT (₹ Cr) | PAT Margin |
| FY23 | ₹281.65 | ₹5.82 | 2.07% |
| FY24 | ₹304.62 | ₹12.21 | 4.01% |
| FY25 | ₹331.29 | ₹24.38 | 7.36% |
| 9M FY26 (Dec 2025) | ₹275.57 | ₹27.03 | 9.81% |
Key Financial Metrics
- PAT has grown roughly 4x in three years — from ₹5.82 crore in FY23 to ₹24.38 crore in FY25. The 9M FY26 profit of ₹27.03 crore already exceeds the full-year FY25 number, which is a notable data point. Debt is very low — a debt-to-equity ratio of just 0.14, which is generally considered a healthy sign for a mid-sized business.
- P/E based on FY25 earnings: ~22.73x. P/E based on annualised FY26 earnings: ~15.36x. Average EPS over last 3 years: ₹1.29. Average RoNW: 9.13%.
- Market capitalization at issue price: ~₹553.13 crore.
- Exports contributed approximately 61% of total revenue in FY25. Premix formulations segment contributed approximately 47.6% of FY25 revenue.
Company Strengths
- Established nutrition and healthcare brand with more than three decades of operating history and a diversified product portfolio across clinical nutrition, wellness, premixes, and public health nutrition.
- Exports to over 75 countries — one of the largest licensed MNP suppliers under United Nations food fortification and public health programmes.
- Sharply improving profitability — PAT margin expanded from 2.07% in FY23 to 9.81% in 9M FY26, with 9M FY26 profits already exceeding full-year FY25
- Multi-channel revenue model spanning B2B premixes, B2C branded products, and institutional/government nutrition programs — reducing dependence on any single revenue stream.
- Very low debt-to-equity ratio of 0.14 — lean balance sheet with strong financial discipline
- Affordable minimum retail investment of ~₹14,985 — accessible to a wide range of retail investors
Key Risks & Challenges
- Pure OFS — No funds to company: Since the issue is entirely an OFS, the company will not receive any proceeds. All funds go to the selling shareholders.
- Revenue is heavily export-driven at ~61% of FY25 revenue, exposing the company to cross-border operational, regulatory, geopolitical, and foreign currency risks. Imports from China also add FX exposure.
- Customer concentration risk — top 10 customers contributed around 46% of FY25 revenue.
- Geographic concentration in domestic sales — Maharashtra, Karnataka, Tamil Nadu, and Gujarat together contributed about 57.5% of domestic revenue in FY25.
- Regulatory issues at the Nashik manufacturing facility (alleged unauthorised construction) that could lead to temporary production disruptions and additional compliance costs.
- Valuation appears fully priced at P/E of ~22.73x on FY25 earnings. Listed peers Zydus Wellness and Nestle India trade at 69.5x and 79.4x respectively — but these are not truly comparable on an apple-to-apple basis.
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.
