Hexagon Nutrition Limited IPO: Opens on June 5, Price Band, Lot Size, OFS Structure, Business Overview, Risks and IPO Rupee Insight

IPO Rupee Pre-Apply Announcement

Price BandRs. 42 to Rs. 45

Lot Size333 Shares

Minimum InvestmentRs. 14,985

Issue SizeRs. 138.87 Cr

Issue Type100% OFS

Hexagon Nutrition IPO Basic Details

Particulars	Details
Company Name	Hexagon Nutrition Limited
IPO Type	Mainboard IPO
Issue Type	Book Built Issue
Open Date	June 5, 2026
Close Date	June 9, 2026
Price Band	Rs. 42 to Rs. 45 per equity share
Face Value	Rs. 1 per share
Lot Size	333 shares
Minimum Retail Investment	Rs. 14,985 at upper price band
Issue Size	Rs. 138.87 crore
Fresh Issue	Nil
Offer for Sale	Rs. 138.87 crore
Listing	BSE, NSE
Allotment Date	June 10, 2026
Listing Date	June 12, 2026
Registrar	KFin Technologies Limited
BRLMs	Cumulative Capital Private Limited and Catalyst Capital Partners Private Limited

Issue Structure: The IPO is entirely an Offer for Sale of up to 30,859,704 equity shares of face value Rs. 1 each. This means the company will not receive fresh funds from the IPO; the IPO proceeds will go to the selling shareholders.

Important Note on Lot Size and Application Amount

As per the IPO details screen, the lot size is 333 shares and the upper price band is Rs. 45 per share.

333 shares x Rs. 45 = Rs. 14,985

So, the minimum retail application amount is Rs. 14,985.

IPORupee Note: This is a mainboard IPO, so the lot size is more retail-friendly compared with SME IPOs. Still, investors should verify the final bid quantity and blocked amount on their broker platform before approving the UPI mandate.

IPO Rupee Opening Announcement

Hexagon Nutrition Limited IPO opens on June 5, 2026. The company is coming with a mainboard IPO of Rs. 138.87 crore, entirely through an Offer for Sale.

The IPO is in the nutrition, wellness, clinical nutrition, premix formulation and therapeutic nutrition space. The company operates across branded nutrition products, customised premix formulations and ready-to-use therapeutic foods / micronutrient powders.

Because this IPO is fully OFS, investors should clearly understand that IPO money will not be used for business expansion, debt repayment, working capital or new manufacturing facilities. Existing shareholders are selling part of their stake.

One-Minute IPO Summary

Hexagon Nutrition Limited is a nutrition-focused company with business across branded wellness nutrition and clinical nutrition products, premix formulations, and ready-to-use foods and micronutrient powders.

The company’s key brands include PENTASURE, OBESIGO and PEDIAGOLD. The company has exposure to consumer nutrition, institutional nutrition, clinical nutrition and food fortification.

IPORupee Quick View: Hexagon Nutrition IPO has positives like a growing nutrition theme, branded products, B2B premix business, export presence, institutional customers and improving profitability. But investors should carefully study the full OFS structure, high dependence on premix formulation segment, customer concentration, supplier concentration, quality risk, underutilised capacity, raw material price volatility, export exposure and regulatory risk.

Business Overview

Hexagon Nutrition operates in the nutrition and wellness industry. The company’s business is not limited to one product. It has a diversified product portfolio covering consumer nutrition, clinical nutrition, premix formulations and therapeutic nutrition.

1. Branded Wellness Nutrition / Clinical Nutrition

This is the B2C segment. Products are sold under brands such as PENTASURE, OBESIGO and PEDIAGOLD.

Brand	Focus Area
PENTASURE	Adult wellness and clinical nutrition
OBESIGO	Weight management
PEDIAGOLD	Pediatric nutrition

2. Premix Formulations

This is the B2B2C segment. The company supplies customised vitamin and mineral premixes to FMCG companies, dairy cooperatives, beverage companies, nutrition product manufacturers and international development organisations.

Malted health beverages

Premixes used for nutritional fortification.

Dairy products

Vitamin and mineral blends for dairy applications.

Health supplements

Customised nutrition ingredients and formulations.

Biscuits

Fortification-focused ingredient blends.

Flour and edible oils

Premix solutions for staple food fortification.

Spreads

Nutrition value addition for processed food products.

3. Ready-to-Use Foods and Micronutrient Powders

This is the therapeutic nutrition / ESG segment. The company offers ready-to-use therapeutic foods, ready-to-use supplementary foods and micronutrient powders. These products are used for nutrition intervention, including severe acute malnutrition, moderate acute malnutrition and nutritional support for pregnant and lactating women.

Issue Structure: Entirely OFS

Hexagon Nutrition IPO is a 100% Offer for Sale. In a fresh issue, IPO money goes to the company. In an OFS, IPO money goes to the selling shareholders.

No fresh issue

No IPO money will come into the company.

No expansion funding

No IPO money will be used for expansion.

No debt repayment

No IPO money will be used for debt repayment.

Proceeds to sellers

Selling shareholders will receive the IPO proceeds.

IPORupee Interpretation: A full OFS IPO is not automatically negative. But it changes the way investors should analyse the IPO. In this case, investors should focus more on valuation, financial performance, growth visibility, promoter selling, customer concentration, margins and cash flow.

Hexagon Nutrition IPO - Peers Comparison

Company	P/B Ratio	P/E Ratio	RoNW	Revenue in Cr.
Hexagon Nutrition	N/A	N/A	12.46%	324
Zydus Wellness	N/A	46.22	6.12%	2780
Nestle India	N/A	88.86	77.91%	20201

IPORupee Peer View: Hexagon Nutrition is much smaller than Nestle India and Zydus Wellness in revenue scale. Nestle India is a very large FMCG company, so it should not be treated as a direct small-size comparison. Zydus Wellness is more relevant from the wellness and nutrition angle, but still much larger than Hexagon.

IPORupee Interpretation: Retail investors should not compare Hexagon only with Nestle India because Nestle has a very different scale, brand strength, distribution network and profitability profile. Hexagon should be studied as a mid-size nutrition and premix formulation company with institutional and export exposure.

Financial Performance Snapshot

Particulars	FY 2023	FY 2024	FY 2025	9M FY 2026
Net Sales	2,785 million	2,977 million	3,249 million	2,676 million
EBITDA	172 million	249 million	401 million	376 million
EBITDA Margin	6.2%	8.4%	12.3%	14.0%
Net Profit	58 million	122 million	244 million	270 million
Net Profit Margin	2.0%	4.1%	7.5%	10.1%
Debt-to-Equity	0.3x	0.2x	0.1x	0.2x
ROCE	7.4%	12.4%	18.1%	16.4%

IPORupee Financial Reading: The financial trend looks positive because revenue, EBITDA margin and net profit margin have improved. Net profit increased from Rs. 58 million in FY 2023 to Rs. 244 million in FY 2025, and further to Rs. 270 million for 9M FY 2026.

Key Risk Analysis

Segment Revenue Dependence

Hexagon Nutrition depends significantly on its premix formulations segment. Premix formulations contributed 51.47% in 9M FY 2026, 47.61% in FY 2025, 44.78% in FY 2024 and 54.86% in FY 2023 of revenue from operations.

IPORupee Interpretation: This is both a strength and a risk. It is a strength because the company has a strong position in customised premix formulations. But it is also a risk because any slowdown in this segment can affect overall revenue and profitability.

Customer Concentration

Revenue from top 10 customers was 41.82% in 9M FY 2026, 45.87% in FY 2025, 48.83% in FY 2024 and 45.65% in FY 2023 of revenue from operations.

IPORupee Interpretation: Top 10 customer contribution of around 42% to 49% is meaningful. If one or more large customers reduce orders, delay procurement, renegotiate prices or shift to another supplier, the company’s revenue and cash flow may be affected.

Supplier and Raw Material Risk

Hexagon Nutrition depends on raw materials such as vitamins, minerals, whey protein, spray-dried corn fat, groundnut base powder, protein concentrate, skimmed milk powder, soya protein isolate and palm oil.

The company does not have long-term, fixed-volume or price-protected agreements with suppliers. Top 10 suppliers accounted for 53.15% of total raw material purchases in 9M FY 2026, 46.19% in FY 2025, 48.02% in FY 2024 and 51.54% in FY 2023.

IPORupee Interpretation: Nutrition products require specialised raw materials, and many inputs are linked to global supply chains. If raw material prices rise or supply is delayed, margins and order execution can be impacted.

Capacity Utilisation Watch

The company has manufacturing facilities at Nashik, Chennai and Thoothukudi in India, and also an overseas facility in Tashkent, Uzbekistan. Capacity utilisation has remained low in several categories. For 9M FY 2026, capacity utilisation was 27.59% for dry premix, 17.04% for liquid premix, 31.57% for MNP, 27.39% for RUF and 49.70% for clinical nutrition.

IPORupee Interpretation: Low capacity utilisation can be read in two ways. The company has capacity available for future growth, but low utilisation may also affect operating efficiency and fixed cost absorption.

Export and Foreign Exchange Risk

Hexagon Nutrition has international exposure and has exported products to over 75 countries during the reporting period. Exports and global operations expose the company to currency fluctuations, import-export regulations, international approvals, geopolitical risks, logistics disruptions and foreign customer payment risk.

Quality and Product Safety Risk

Nutrition and therapeutic food products are sensitive categories. Any quality failure can damage brand trust and institutional relationships. Past quality-related incidents, including contamination in certain RUF batches and an incorrect selenium dosage incident, led to financial losses and corrective actions.

IPORupee Interpretation: In food, nutrition and therapeutic products, quality control is not optional. A single product safety issue can affect reputation, contracts, exports and regulatory approvals.

Our Management

The promoters of Hexagon Nutrition Limited are Arun Purushottam Kelkar, Subhash Purushottam Kelkar, Vikram Arun Kelkar, Nikhil Arun Kelkar and Aditya Kelkar.

Name	Role
Arun Purushottam Kelkar	Chairman and Executive Director
Vikram Arun Kelkar	Managing Director
Nikhil Arun Kelkar	Joint Managing Director
Subhash Purushottam Kelkar	Executive Director
Aditya Kelkar	Non-Executive Director
Soman Nemai Jana	Chief Financial Officer
Vedanti Swapnil Vartak	Company Secretary and Compliance Officer

IPORupee Management View: Hexagon Nutrition is a promoter-led business with family involvement in key management roles. This can provide continuity and long-term business understanding. However, after listing, investors should monitor governance, related-party transactions, professional management depth, quality-control systems and disclosure standards.

Green Flags

1. Nutrition and wellness theme

The company operates in a growing nutrition and wellness space.

2. Three business segments

The company has B2C, B2B2C and therapeutic nutrition segments.

3. Branded products

Brands like PENTASURE, OBESIGO and PEDIAGOLD give consumer-facing visibility.

4. Premix formulation strength

The company has a meaningful presence in customised premix formulations.

5. Export presence

The company has exported products to more than 75 countries.

6. Improving profitability

EBITDA margin improved from 6.2% in FY 2023 to 14.0% in 9M FY 2026.

7. Low debt-to-equity

Debt-to-equity remained relatively low at 0.2x in 9M FY 2026.

8. Mainboard listing

The IPO is proposed to list on BSE and NSE.

Red Flags

1. Entire IPO is OFS

The company will not receive IPO proceeds.

2. No fresh issue

No IPO money will be used for expansion, debt reduction or working capital.

3. Premix segment dependence

Premix formulations contributed more than 50% of revenue in 9M FY 2026.

4. Customer concentration

Top 10 customers contributed 41.82% of revenue in 9M FY 2026.

5. Supplier concentration

Top 10 suppliers accounted for 53.15% of raw material purchases in 9M FY 2026.

6. Quality risk

Past quality incidents show that food safety and process control are very important.

7. Capacity underutilisation

Several manufacturing categories show low capacity utilisation.

8. Export and forex risk

International sales expose the company to currency and country-level risks.

9. Regulatory risk

Nutrition, clinical nutrition, food safety and therapeutic products are highly regulated.

10. Peer comparison limitation

Nestle India and Zydus Wellness are much larger companies, so direct comparison has limitations.

Nutrition Business Risk Explainer

Nutrition companies can look attractive because demand for health, wellness, clinical nutrition and fortified foods is increasing. But this business has specific risks.

Product quality

Product quality is critical because nutrition products are directly linked with health.

Regulatory approvals

Food safety and clinical nutrition products need compliance with regulatory standards.

Raw material quality

Input quality directly affects final product safety and effectiveness.

Brand trust

Trust takes time to build and can be damaged quickly by quality issues.

Institutional orders

Some orders can be tender-based and irregular in timing.

Export compliance

Exports require country-wise regulatory and documentation compliance.

IPORupee Education: A nutrition IPO should not be analysed only like a simple FMCG IPO. Investors should also study R&D, quality systems, certifications, product safety, export approvals, institutional customer dependence and raw material sourcing.

IPO Rupee Education: How to Analyse an OFS IPO

Hexagon Nutrition IPO is entirely OFS. In such cases, investors should ask whether valuation is reasonable, whether the company is growing after listing, whether margins are sustainable and whether cash flow is healthy.

Why are shareholders selling?

Understand the selling shareholder profile.

Is valuation reasonable?

OFS IPOs need valuation comfort.

Are margins sustainable?

Check if profitability improvement can continue.

Is cash flow healthy?

Profit without cash flow may not be enough.

Can brands grow?

Brand scale matters for long-term consumer business.

Can utilisation improve?

Better capacity utilisation can improve operating efficiency.

IPORupee Simple Rule: A full OFS IPO should not be rejected only because it is OFS. But investors should not treat it like a growth-funding IPO. Here, the company is not receiving money from the IPO.

IPORupee Deep Insight

Hexagon Nutrition IPO is a nutrition and wellness sector IPO with an interesting business mix. The company has branded products, B2B premix formulations and therapeutic nutrition products. This gives the company exposure to consumer wellness, institutional nutrition, food fortification and global development-agency demand.

The financial trend is positive. Revenue has grown, EBITDA margin has improved and net profit margin has expanded. The debt-to-equity ratio is also not very high. These are good signs.

However, the IPO structure is the biggest point to understand. This is a 100% OFS issue. So the company will not receive funds from the IPO. For retail investors, this means the investment decision should depend on business quality, valuation comfort, profitability trend, customer base, product quality and growth visibility.

The business also carries meaningful risks. Premix formulation contributes a large portion of revenue. Top customers and top suppliers contribute a significant share. Capacity utilisation is low in several product categories. The company also operates in regulated nutrition and food safety segments, where product quality failure can seriously affect reputation.

IPORupee View: Hexagon Nutrition IPO may attract investors because of the nutrition theme, improving margins, branded portfolio, export presence and mainboard listing. But conservative investors should carefully study the OFS structure, customer concentration, supplier dependence, product safety history, capacity utilisation and peer valuation before applying.

Final IPORupee View

Hexagon Nutrition Limited IPO is opening on June 5, 2026 with a price band of Rs. 42 to Rs. 45 per share. The minimum retail application amount is Rs. 14,985.

The company has a good business theme in nutrition, wellness, premix formulations and therapeutic nutrition. Financial performance has improved, and the company has both domestic and export presence.

However, the IPO is entirely OFS, so the company will not receive fresh funds. Investors should not ignore risks like customer concentration, supplier concentration, premix segment dependence, quality incidents, low capacity utilisation and export-related risks.

Final View: Hexagon Nutrition IPO is a good business-study IPO, not a blind-apply IPO. Investors should review valuation, subscription trend, QIB demand and final GMP before taking a decision.

Disclaimer

This article is for educational and informational purposes only. We are not SEBI registered investment advisors. GMP and market sentiment are unofficial and may change quickly. This is not investment advice, recommendation, or a buy/sell call. IPO investments are subject to market risks. Investors should read the RHP carefully and consult their financial advisor before making any investment decision.