Hexagon Nutrition Limited IPO: Opens on June 5, Price Band, Lot Size, OFS Structure, Business Overview, Risks and IPO Rupee Insight
Published on 03 Jun 2026, Wednesday
Hexagon Nutrition Limited IPO: Opens on June 5, Price Band, Lot Size, OFS Structure, Business Overview, Risks and IPO Rupee Insight
Published on 03 Jun 2026, Wednesday
Hexagon Nutrition Limited IPO is opening on Friday, June 5, 2026 and will close on Tuesday, June 9, 2026. The IPO is a mainboard book-built issue proposed to be listed on BSE and NSE. The price band is Rs. 42 to Rs. 45 per equity share, and the lot size is 333 shares
Hexagon Nutrition Limited IPO
Business overview, IPORupee business insight and investor education based on the Red Herring Prospectus dated May 25, 2026.
Company Overview
Hexagon Nutrition Limited is a Mumbai-based nutrition company incorporated in 1993. The company started as a micronutrient formulations player and later expanded into branded wellness nutrition, clinical nutrition and therapeutic nutrition products. Its registered and corporate office is located at Andheri West, Mumbai, Maharashtra.
The company operates in the nutrition and wellness space with a product portfolio across three major segments: branded wellness nutrition and clinical nutrition products, premix formulations, and therapeutic nutrition products such as ready-to-use foods and micronutrient powders.
The company has developed brands such as PENTASURE, OBESIGO, PEDIAGOLD and NUTRONE. Its products have been exported to more than 75 countries during the nine-month period ended December 31, 2025 and the previous three fiscals.
Business Segments
Branded Wellness and Clinical Nutrition
This is the company’s B2C segment. Hexagon Nutrition offers wellness and clinical nutrition products for different age groups, from pediatric to geriatric population.
Key brands include PENTASURE, OBESIGO, PEDIAGOLD and NUTRONE.
Premix Formulations
This is the company’s B2B2C segment and the largest revenue contributor. The company supplies customised vitamin and mineral premixes to Indian and multinational FMCG companies.
These premixes are used in malted health beverages, biscuits, dairy products, spreads, flour, edible oils, snacks and health supplements.
Therapeutic Nutrition Products
This is the company’s ESG-focused segment. It includes ready-to-use foods and micronutrient powders.
Ready-to-use therapeutic food is used for severe acute malnutrition, while ready-to-use supplementary food is used for moderate acute malnutrition.
Institutional and Export Business
The company serves FMCG companies, public health agencies, global organisations, distributors and development bodies. Exports are a major part of the company’s revenue base.
Manufacturing Facilities
Hexagon Nutrition operates three manufacturing facilities in India and one international manufacturing facility. These facilities support premix, clinical nutrition, therapeutic nutrition and micronutrient powder products.
| Facility | Location | Main Purpose |
|---|---|---|
| Nashik Facility | Maharashtra | Premix dry and oil premix, wellness and clinical nutrition, RUF and MNP |
| Chennai Facility | Tamil Nadu | Dry powder premix, oil premix and micronutrients |
| Thoothukudi Facility | Tamil Nadu | RUF products |
| Uzbekistan Facility | Tashkent, Uzbekistan | Dry powder premix |
The Chennai and Thoothukudi facilities are located in SEZ zones, which can support export-oriented operations and access to duty-free imports. The company’s facilities have certifications and accreditations such as FSSC 22000, GMP, ISO 9001:2015 and Halal certification.
IPO Offer Details
Hexagon Nutrition Limited IPO is a 100% book-built offer. The IPO is entirely an Offer for Sale. Since there is no fresh issue, the company will not receive proceeds from the IPO. The proceeds will go to the selling shareholders.
| Particulars | Details |
|---|---|
| IPO Type | Offer for Sale |
| Fresh Issue | Not Applicable |
| Offer for Sale | Up to 30,859,704 equity shares |
| Face Value | Rs. 1 per equity share |
| Listing | BSE and NSE |
| Designated Stock Exchange | NSE |
| Registrar | KFin Technologies Limited |
| Anchor Investor Bidding Date | June 4, 2026 |
| Bid Opens | June 5, 2026 |
| Bid Closes | June 9, 2026 |
Selling Shareholders
| Selling Shareholder | Type | Equity Shares Offered |
|---|---|---|
| Arun Purushottam Kelkar | Promoter Selling Shareholder | 1,536,477 |
| Subhash Purushottam Kelkar | Promoter Selling Shareholder | 24,188,993 |
| Aditya Kelkar | Promoter Selling Shareholder | 1,526,092 |
| Nutan Subhash Kelkar | Promoter Group Selling Shareholder | 3,608,142 |
Revenue Mix by Business Segment
| Segment | 9M FY2026 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Premix Formulations | Rs. 1,377.26 million | Rs. 1,546.95 million | Rs. 1,333.13 million | Rs. 1,527.99 million |
| Branded Nutrition and Clinical Nutrition | Rs. 811.93 million | Rs. 920.94 million | Rs. 710.65 million | Rs. 626.99 million |
| Therapeutic Nutrition, RUF and MNP | Rs. 479.76 million | Rs. 778.44 million | Rs. 930.74 million | Rs. 627.83 million |
| Other Revenue | Rs. 6.92 million | Rs. 2.95 million | Rs. 2.79 million | Rs. 2.20 million |
| Total Revenue from Operations | Rs. 2,675.87 million | Rs. 3,249.29 million | Rs. 2,977.31 million | Rs. 2,785.01 million |
The premix formulation segment contributed 51.47% of revenue from operations in 9M FY2026 and 47.61% in FY2025. This shows that the company is significantly dependent on the premix business.
Financial Performance
| Particulars | 9M FY2026 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Net Sales | Rs. 2,676 million | Rs. 3,249 million | Rs. 2,977 million | Rs. 2,785 million |
| EBITDA | Rs. 376 million | Rs. 401 million | Rs. 249 million | Rs. 172 million |
| EBITDA Margin | 14.0% | 12.3% | 8.4% | 6.2% |
| Net Profit | Rs. 270 million | Rs. 244 million | Rs. 122 million | Rs. 58 million |
| Net Profit Margin | 10.1% | 7.5% | 4.1% | 2.0% |
| Debt-to-Equity | 0.2x | 0.1x | 0.2x | 0.3x |
| ROCE | 16.4% | 18.1% | 12.4% | 7.4% |
The company’s financial performance has improved from FY2023 to FY2025. EBITDA margin increased from 6.2% in FY2023 to 12.3% in FY2025, and net profit margin improved from 2.0% in FY2023 to 7.5% in FY2025. For the nine-month period ended December 31, 2025, net profit margin further improved to 10.1%.
Domestic and International Revenue
Hexagon Nutrition has a strong domestic and international presence. During the nine-month period ended December 31, 2025 and the previous three fiscals, the company exported products to more than 75 countries.
| Particulars | 9M FY2026 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Revenue from India | Rs. 1,175.29 million | Rs. 1,256.28 million | Rs. 1,096.46 million | Rs. 1,005.44 million |
| Revenue from Rest of World | Rs. 1,493.66 million | Rs. 1,990.06 million | Rs. 1,878.06 million | Rs. 1,777.37 million |
Revenue from the rest of the world contributed 55.82% in 9M FY2026 and 61.25% in FY2025, showing that exports are a major part of the company’s business.
Key Strengths
Hexagon Nutrition is a fully integrated nutrition company with presence across research, product development, manufacturing, quality assurance, regulatory compliance and marketing. This allows the company to manage multiple stages of the nutrition value chain internally.
| Strength | Explanation |
|---|---|
| Integrated nutrition platform | Presence across premixes, branded nutrition, clinical nutrition and therapeutic nutrition. |
| Established brands | PENTASURE, OBESIGO, PEDIAGOLD and NUTRONE. |
| Export presence | Products exported to more than 75 countries. |
| Manufacturing base | Three Indian facilities and one Uzbekistan facility. |
| Quality certifications | FSSC 22000, GMP, ISO 9001:2015 and Halal certifications. |
| Institutional customer base | Serves FMCG companies, public health agencies, global organisations and distributors. |
| Improving profitability | EBITDA margin and net profit margin have improved over recent periods. |
Key Risks
Dependence on Premix Formulation Segment
The premix formulation segment is the largest revenue contributor. It contributed 51.47% of revenue in 9M FY2026 and 47.61% in FY2025. Any adverse development in this segment may materially affect the company’s business and financial performance.
Customer Concentration
The company depends on a limited number of customers. Revenue from the top 10 customers was 41.82% in 9M FY2026, 45.87% in FY2025, 48.83% in FY2024 and 45.65% in FY2023. Loss of key customers or reduction in order volume may impact revenue.
Raw Material and Supplier Risk
The company does not have long-term contracts with raw material suppliers. It depends on vitamins, minerals, whey protein, protein concentrate, skimmed milk powder, soya protein isolate, palm oil and other inputs. Price volatility or supply disruption can affect margins and production schedules.
Product Quality Risk
The company operates in a sensitive nutrition and health-related category. Any defective, expired, contaminated or non-compliant product can damage reputation and may result in recalls, penalties or customer loss. The RHP mentions past product quality-related incidents, including contamination at the Thoothukudi facility and incorrect selenium dosage in certain MNP batches.
Capacity Utilisation Risk
The company’s manufacturing facilities have shown underutilisation across several product categories. In FY2025, capacity utilisation was 31.04% for dry pre-mix, 18.72% for liquid premix, 10.04% for MNP, 28.51% for RUF and 47.01% for clinical nutrition.
Export and Currency Risk
The company has a large export business and imports some raw materials. Therefore, it is exposed to foreign exchange fluctuations, trade restrictions, logistics issues, geopolitical risks and country-specific regulatory requirements.
IPORupee Business Insight
Hexagon Nutrition is not a simple packaged food company. It operates in a specialised nutrition space where science, formulation capability, regulatory compliance and quality control are very important.
The company’s business has three different layers. The first layer is premix formulations, where the company supplies nutrition ingredients and fortification solutions to larger companies and institutions. This segment gives scale but also creates dependency.
The second layer is branded nutrition, where brands like PENTASURE, OBESIGO and PEDIAGOLD can create direct market recognition. This segment may offer better brand value over the long term if distribution, doctor acceptance, hospital acceptance and consumer trust improve.
The third layer is therapeutic nutrition, where the company supplies products for malnutrition and public health programmes. This segment can create institutional demand, but it is also dependent on tenders, quality standards and global agency procurement cycles.
From IPORupee’s view, the company has a specialised business model, improving margins and a global footprint. However, investors should not ignore the risks. The IPO is entirely an Offer for Sale, which means no fresh funds will come into the company. The company also has customer concentration, segment concentration, export exposure, product quality risk and underutilised capacity.
The most important point for retail investors is valuation. A good company at an expensive valuation may not give good listing or long-term returns. Investors should compare the final price band with revenue growth, margin improvement, ROCE, debt level, peer valuation and QIB demand before taking a decision.
IPORupee Education
What is a nutrition company?
A nutrition company makes products that support health, wellness, clinical nutrition or nutritional deficiencies. These products may include protein powders, disease-specific nutrition products, vitamin and mineral premixes, fortified food ingredients and therapeutic nutrition products.
What is a premix formulation?
Premix formulation means a customized blend of vitamins, minerals and other nutrients. These blends are added into food and beverage products to improve their nutritional value.
For example, a food company may add a vitamin and mineral premix into biscuits, milk powder, health drinks, flour or edible oil.
What is B2C in this IPO?
B2C means Business-to-Consumer. In Hexagon Nutrition’s case, branded products such as PENTASURE, OBESIGO and PEDIAGOLD are sold to consumers through offline and online channels.
What is B2B2C in this IPO?
B2B2C means Business-to-Business-to-Consumer. Hexagon Nutrition sells premixes to another company, and that company uses the premix in its own consumer product.
What is therapeutic nutrition?
Therapeutic nutrition refers to nutrition products used for special health needs. These products can support patients, children with malnutrition, pregnant and lactating women or people with specific medical nutrition requirements.
Why is Offer for Sale important?
In an Offer for Sale, existing shareholders sell their shares to the public. The money goes to the selling shareholders, not to the company.
In Hexagon Nutrition IPO, there is no fresh issue. Therefore, the IPO will not directly bring new capital into the company for expansion, debt reduction or working capital.
What should retail investors check?
- Final price band
- Valuation compared with listed nutrition and wellness companies
- Whether FY2025 and 9M FY2026 margin improvement is sustainable
- Dependence on premix formulation segment
- Customer concentration
- Export exposure and currency risk
- Product quality history and compliance standards
- Capacity utilisation trend
- QIB subscription and overall demand
IPORupee View
Hexagon Nutrition Limited is a specialised nutrition company with a diversified product portfolio across premix formulations, branded nutrition and therapeutic nutrition. The company has improving margins, established brands, export presence and manufacturing capabilities across India and Uzbekistan.
However, the IPO is fully an Offer for Sale, so no fresh money will come into the company. The business also carries risks related to quality compliance, customer concentration, export dependence, raw material sourcing and underutilised capacity.
For retail investors, this IPO should be studied as a specialised nutrition and healthcare-linked business, not as a normal FMCG IPO. The final decision should depend heavily on valuation, QIB demand, financial sustainability and risk comfort.
Disclaimer
This article is for educational and informational purposes only. It is not a recommendation to apply, buy, sell or hold any securities. IPO investments are subject to market risk, business risk and valuation risk. Investors should read the RHP, consult their financial advisor and make their own decision before investing. We are not SEBI registered investment advisors.