Synopsis: A nutrition-focused company is set to raise around Rs. 139 crore through an Offer for Sale of 3.08 crore shares in the Rs. 42–Rs. 45 price band, drawing market attention ahead of its listing.
A research-driven nutrition company is in the spotlight as it prepares to tap the capital markets with its upcoming public issue. It operates across clinical nutrition, micronutrient premixes, and branded wellness products, catering to both healthcare institutions and consumer markets.
With a strong manufacturing base in India and an expanding international footprint, the company is gaining attention for its diversified product portfolio and steady growth in the nutrition and health segment. The upcoming issue has further brought it into focus among market participants.
Key IPO Details
This IPO is scheduled to open for subscription from 5 June 2026 to 9 June 2026, with the listing expected on Friday, 12 June 2026 on both BSE and NSE. The face value of each share is Rs. 1, and the issue will be offered through the book-building process. The price band has been set between Rs. 42 and Rs. 45 per share.
The total issue size consists of 3,08,59,704 equity shares, aggregating up to approximately Rs. 139 crore. Importantly, the entire issue is structured as an Offer for Sale (OFS), meaning the company will not receive fresh capital from this IPO; instead, existing shareholders will be selling their stake. Cumulative Capital Pvt Ltd is acting as the Book Running Lead Manager for the issue, while Kfin Technologies Ltd. is serving as the registrar to the IPO.
IPO Tentative Timetable
The IPO opens for subscription on Friday, June 5, 2026, and closes on Tuesday, June 9, 2026. During this window, investors can apply for shares within the specified price band and lot size through the book-building process.
The allotment of shares is expected to be finalised on Wednesday, June 10, 2026. Following this, refunds for unallotted applications and credit of shares to successful applicants’ demat accounts will take place on Thursday, June 11, 2026. Finally, the company is scheduled to list its shares on both BSE and NSE on Friday, June 12, 2026, marking the start of trading in the secondary market.
IPO Lot size and Reservation
The IPO allows investors to bid for a minimum of 333 shares, and applications must be made in multiples of this lot size. For retail investors, the minimum application is 1 lot (333 shares), which amounts to Rs. 14,985 at the upper price band. The maximum retail subscription is capped at 13 lots, which equals 4,329 shares, requiring an investment of Rs. 1,94,805.
For higher investor categories, the structure is divided into S-HNI and B-HNI segments. The Small HNI (S-HNI) category starts from 14 lots (4,662 shares) worth Rs. 2,09,790 and goes up to 66 lots (21,978 shares) costing Rs. 9,89,010. The Big HNI (B-HNI) category begins at 67 lots (22,311 shares) with a minimum investment of Rs. 10,03,995, allowing larger-scale investors to participate with significantly higher application sizes.
The IPO has a standard investor category-wise reservation structure. Qualified Institutional Buyers (QIBs) are allocated not more than 50% of the net offer, meaning up to half of the total shares can go to institutional investors such as mutual funds, banks, and FIIs.
Retail investors are assured a minimum allocation of 35% of the net offer, ensuring significant participation from individual investors. The Non-Institutional Investors (NII) category, which includes HNIs and large investors, is allotted not less than 15% of the net offer, covering the remaining portion of the issue after QIB and retail allocations.
About the company
Hexagon Nutrition Ltd., incorporated in 1993, is a research-driven nutrition company focused on developing and manufacturing a wide range of nutrition-based products. Its portfolio includes micronutrient premixes, branded wellness and clinical nutrition products, therapeutic formulations, and ready-to-use foods. The company operates across multiple segments, including B2C branded wellness and clinical nutrition, B2B2C premix formulations, and ESG-focused products such as ready-to-use foods (RUFs) and micronutrient powders (MNPs).
The company has a strong manufacturing footprint with three facilities in India, located at Nasik (Maharashtra), Chennai (Tamil Nadu), and Thoothukudi (Tamil Nadu), along with an international unit in Tashkent, Uzbekistan. Two of its Indian plants are situated in Special Economic Zones, providing advantages like proximity to ports and duty-free imports. It also maintains dedicated in-house R&D centres at Nasik and Chennai, supported by a skilled team of professionals to drive product innovation and development.
Hexagon Nutrition has built a wide distribution and global presence, with a PAN-India omnichannel network covering pharmacies, hospitals, e-commerce platforms, and online pharmacies, along with its own brands such as Pentasure, Obesigo, Pediagold, and Nutrone. The company works with over 358 distributors in India and has expanded internationally through offices in South Africa, Uzbekistan, and Hong Kong. Its products have been exported to more than 75 countries across Asia, Africa, Europe, and South America between FY23 and FY25, supported by a workforce of over 500 employees as of March 2026.
Financials of the company
The company’s financial performance shows steady improvement in profitability over the years. Total income stood at Rs. 281.65 crore in FY23, increased to Rs. 304.62 crore in FY24, and further rose to Rs. 331.29 crore in FY25, before reaching Rs. 275.57 crore for the nine months ended December 2025. Despite some fluctuation in revenue, the company has shown consistent operational growth over the period.
Profit After Tax (PAT) has improved significantly, rising from Rs. 5.82 crore in FY23 to Rs. 12.21 crore in FY24 and Rs. 24.38 crore in FY25, reaching Rs. 27.03 crore by December 2025 (annualised trend indicates continued growth momentum). EBITDA also strengthened from Rs. 17.17 crore in FY23 to Rs. 40.07 crore in FY25, reflecting improved operational efficiency and better cost management.
On the balance sheet side, total assets have decreased from Rs. 288.90 crore in FY23 to Rs. 261.36 crore in FY25 and increased to Rs. 327.60 crore in December 2025, indicating business expansion. Net worth has also grown steadily from Rs. 163.84 crore in FY23 to Rs. 223.05 crore by December 2025, supported by rising reserves and surplus. Meanwhile, total borrowings have reduced from Rs. 51.87 crore in FY23 to Rs. 26.60 crore in FY25, before rising slightly to Rs. 39.79 crore in December 2025, suggesting a generally improving but moderately leveraged financial position.
Key Indicators
The company’s profitability and efficiency metrics show a generally improving trend. Return on Equity (ROE) increased from 10.47% in March 2025 to 13.02% in December 2025, indicating better returns generated on shareholders’ funds. Profit margins also strengthened, with PAT margin improving from 7.36% to 9.81% and EBITDA margin rising from 12.33% to 14.03%, reflecting improved operational efficiency and cost control.
Return on Capital Employed (ROCE) slightly declined from 17.06% to 14.82%, suggesting a moderate reduction in capital efficiency despite overall profit growth. The company maintains a low leverage position with a Debt/Equity ratio improving from 0.14 to 0.18 (still relatively comfortable), while RoNW remains stable around 12%. The Price to Book Value has also reduced from 2.83 to 2.48, indicating a relatively more attractive valuation compared to the previous year.
The company’s EPS improves from Rs. 1.98 pre-IPO to Rs. 2.93 post-IPO, while the P/E ratio drops from 22.69x to 15.35x, indicating a more attractive valuation after the issue. Promoter holding reduces from 89.41% to 64.29% due to the OFS structure, and the market capitalisation is Rs. 553.13 crore, placing it in the small-cap segment.
IPO expenses
The IPO expenses include various costs associated with managing and executing the issue. These primarily cover fees and commissions paid to the Book Running Lead Managers, syndicate members, brokers, and banking partners involved in the offer.
Additional expenses include payments to the registrar, legal advisors, statutory auditors, and other consultants, along with regulatory costs such as SEBI filing fees, stock exchange listing fees, and processing charges from BSE and NSE. The total also accounts for marketing, advertising, printing of issue materials, and other miscellaneous expenses required to complete the IPO process.
Risk Factors of the Company
The company is highly dependent on its premix formulation segment, which contributes a significant share of revenue (around 45%–55% across FY23–FY25 and recent periods). Any slowdown or adverse impact in this segment could significantly affect overall business performance.
It also relies heavily on a limited number of key customers, with the top 10 customers contributing around 41%–49% of total revenue over the same period. Losing any major customer or a reduction in orders could negatively impact revenues and profitability.
Additionally, reconstruction work at the Nashik facility resulting from past regulatory actions may cause temporary production disruptions and operational inefficiencies, which could further affect short-term output and financial performance.
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