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₹45 - 45
Hexagon Nutrition Ltd
FMCGIPO
₹45 - 45
We are a differentiated and research-oriented pure play nutrition Company. We are holistic nutrition player that offers products across a whole range starting with micronutrient premixes, right up to therapeutic and clinical products (Source: CARE Report). We are also one of the largest premix players in India, offering customised vitamin and mineral premixes to leading Indian and multinational FMCG companies. It is also one of the largest licensed suppliers of Micronutrient Powders (MNPs) under UN programmes, supporting global food fortification and public health initiatives (Source: CARE Report). Our product portfolio addresses a broad spectrum of nutritional aspects such as fortification of foods, therapeutic nutrition, clinical nutrition and alleviation of malnutrition. We are a fully integrated company engaged across the entire value chain, right from research and product development to manufacturing and marketing, with a focus on quality.
Lot333Min Invest₹14,985Face Value₹1Issue Size₹139 CrOffer for Sale₹139 CrListing Price₹48CMP₹61
Timeline
5 Jun
Bidding opens
9 Jun
Bidding closes
10 Jun
Allotment
11 Jun
Refund & demat credit
12 Jun
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹139 Cr3.09 Cr shares
Offer for Sale₹139 Cr
Face Value₹1
Lot Size333 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,9851-13 lots
sNII₹2,09,790from 14 lots
bNII₹10,03,995from 67 lots
Managers & Registrar
Lead ManagerCumulative Capital Private Limited
Co-ManagerCatalyst Capital Partners Private Limited
RegistrarKFin Technologies Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrArun Purushottam KelkarPRMTR15,36,4776.91Subhash Purushottam KelkarPRMTR2,41,88,993108.85Aditya KelkarPRMTR15,26,0926.87Nutan Subhash KelkarPRMTR36,08,14216.24Total3,08,59,704138.87
Shareholding
CategoryPre IPOPost IPOPromoter Group89.41%64.3%Public10.59%35.7%
Objects of the Issue
- Listing the Equity Shares on the Stock Exchanges.
Anchor Book
Bid Date04-Jun-2026Shares92,57,696Amount₹42 Cr30-day lock-in09-Jul-202690-day lock-in07-Sep-2026
Financials
Profit & Loss
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| RevenueCr | 271 | 279 | 298 | 325 | 383 |
| Operating ProfitCr | 36 | 22 | 25 | 41 | 53 |
| OPM% | 13.4 | 8.0 | 8.2 | 12.6 | 13.8 |
| PBTCr | 32 | 9 | 20 | 34 | 51 |
| PATCr | 23 | 6 | 12 | 24 | 38 |
| EPS | 2 | 1 | 1 | 2 | 3 |
Balance Sheet
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity CapitalCr | 11 | 11 | 11 | 11 | 11 |
| ReservesCr | 149 | 140 | 153 | 171 | 222 |
| BorrowingsCr | 40 | 52 | 37 | 27 | 33 |
| Fixed AssetsCr | - | - | - | 65 | 64 |
| Total AssetsCr | 257 | 289 | 251 | 261 | 318 |
Cash Flow
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 11 | 0 | 23 | 38 | 6 |
| Investing Cash FlowCr | -21 | -19 | 4 | -22 | -6 |
| Financing Cash FlowCr | 16 | 7 | -19 | -19 | 0 |
| Net Cash FlowCr | 6 | -12 | 8 | -3 | 0 |
Strengths & Risks
Strengths · as stated in the DRHP
- A fully integrated holistic nutrition company offering end-to-end solutions across the value chain and a market leader in customized micronutrient formulations.
- Recognized wellness and clinical nutrition brand in the market.
- Long Standing Relationships with our customers.
- Established R&D capabilities with focus on innovation.
- Manufacturing capabilities of products with quality and food safety procedures.
- Well established pan India omnichannel distribution with presence across various geographies.
Strategies · as stated in the DRHP
- Growth through entry into new categories of products.
- Strengthen our domestic footprint and broaden our customer base across India.
- Further enhance emphasis on branded nutrition product segment.
- Capitalising on growing nutritional awareness and requirements post Covid-19.
- International expansion by creating geographical footprints.
- Launch products in new therapy areas/ new delivery systems.
Risks · as stated in the DRHP
- The company is significantly dependent on the premix formulation segment for a substantial portion of its revenues. During the nine month period ended December 31, 2025, Fiscal 2025, Fiscal 2024, and Fiscal 2023, revenue from the premix formulations segment amounted to Rs. 1,377.26 million, Rs. 1,546.95 million, Rs. 1,333.13 million, and Rs. 1,527.99 million, respectively, contributing 51.47%, 47.61%, 44.78%, and 54.86% of the company revenue from operations for the respective Fiscals. Any adverse development affecting this segment may has a material adverse effect on its business, financial condition, and results of operations.
- The company is dependent on a limited number of customers for a significant portion of its revenue. During the nine month period ended December 31, 2025, Fiscal 2025, Fiscal 2024, and Fiscal 2023, revenue from its top 10 customers aggregated to Rs. 1,118.97 million, Rs. 1,490.49 million, Rs. 1,453.69 million, and Rs. 1,271.29 million, constituting approximately 41.82%, 45.87%, 48.83%, and 45.65% of the company revenue from operations, respectively. Loss of one or more such customers or a reduction in their order volumes may adversely affect its business, financial condition, and results of operations.
- Reconstruction of a portion of the company Nashik Facility pursuant to past regulatory actions may lead to temporary production disruptions, operational inefficiencies, and potential revenue impact.
- Sale of expired, defective, or non-compliant products, or failures to meet applicable quality standards, could expose the company to significant liability, damage its reputation, and adversely affect the company business, results of operations, and financial condition.
- The company does not has long-term contracts with its raw material suppliers, and volatility in raw material prices or adverse sourcing conditions may adversely impact the company operations, profitability, and financial performance.
- The company efforts to introduce new products is dependent on the success of its research and development initiatives. The company inability to successfully develop and commercialise new products in a timely manner could adversely impact its business, growth, and financial condition.