About Hexagon Nutrition IPO
Hexagon Nutrition Limited is set to launch its IPO for public subscription on June 5, 2026, and will remain open until June 9, 2026.
The price band of the Hexagon Nutrition IPO is ₹42 to ₹45 per equity share. The IPO allotment is expected to be finalised on June 10, 2026.
The Hexagon Nutrition IPO will be listed on both the BSE and NSE on June 12, 2026.
This IPO is entirely an Offer for Sale (OFS) of up to 3,08,59,704 equity shares. Since this issue is a 100% OFS, the company will not receive any proceeds from this IPO – the entire amount goes to the selling shareholders.
Business Overview of Hexagon Nutrition
Hexagon Nutrition Limited (HNL) is a research-driven, pure-play nutrition company founded in 1993 and headquartered in Mumbai.
The company develops and manufactures products across micronutrient premixes, branded wellness and clinical nutrition, therapeutic formulations, and ready-to-use foods.
The company operates through three core business segments:
- B2C Segment: Branded wellness and clinical nutrition products under brands like Pentasure (adult wellness and clinical nutrition), Obesigo (weight management), Pediagold (paediatric nutrition), and Nutrone.
- B2B2C Segment: Customised vitamin and mineral premix formulations supplied to leading Indian and multinational FMCG companies for food fortification.
- ESG/Therapeutic Segment: Ready-to-Use Foods (RUFs) and Micronutrient Powders (MNPs) supplied under global health and UN-led nutrition programmes to address malnutrition.
Hexagon Nutrition operates four manufacturing facilities – three in India (Nasik, Chennai SEZ, and Thoothukudi SEZ) and one international unit in Tashkent, Uzbekistan. The SEZ-located plants provide strategic advantages for exports and duty-free imports.
The company has a PAN-India omnichannel distribution network with 358+ distributors, covering retail pharmacies, hospital networks, e-commerce platforms, and online pharmacies.
Between FY23 and FY25, the company exported to over 75 countries across Asia, Africa, Europe, and South America, with exports contributing over 61% of total revenue.
As of March 31, 2026, the company had 527 employees. Its facilities hold international certifications, including FSSC 22000, ISO 9001:2015, and Halal.
Hexagon Nutrition IPO Date, Price, and Other Details
The following are the details of the upcoming IPO of the Hexagon Nutrition IPO.
| Particulars | Details |
| IPO Size | Book Build issue of ₹138.87 crore |
| Offer Type | Offer for Sale (OFS) of up to 3,08,59,704 equity shares |
| Total Number of Equity Shares | 3,08,59,704 shares |
| Price Band | ₹42 to ₹45 per share |
| Issue Dates | Opens: Jun 5, 2026 Closes: Jun 9, 2026 |
| Anchor Investor Date | Jun 4, 2026 |
| Minimum Bid Lot | 1 lot of 333 shares |
| Minimum Investment (Retail) | ₹14,985 (at upper band) |
| Allotment Date | Jun 10, 2026 |
| Listing Date | Jun 12, 2026 |
| Face Value | ₹1 per share |
| Lead Managers (BRLMs) | Cumulative Capital Pvt. Ltd. and Catalyst Capital Partners Pvt. Ltd. |
| Registrar | Kfin Technologies Ltd. |
| Listing Exchanges | National Stock Exchange of India (NSE) & Bombay Stock Exchange (BSE) |
Hexagon Nutrition IPO Reservation: Who Can Apply?
The Hexagon Nutrition IPO has the following investor category reservation:
| Investor Category | (%) of Shares Offered |
| QIB Shares Offered | Not more than 50% |
| Retail Shares Offered | Not less than 35% |
| NII Shares Offered | Not less than 15% |
Strengths and Risks of Hexagon Nutrition IPO
With every business owning its strengths and risks, even the Hexagon Nutrition IPO has its potential plus points and downsides to be aware of.
Here is a brief business analysis (as per RHP) below:
Strengths
- Diversified product portfolio: Hexagon is a pure-play, research-driven nutrition company with a diversified product portfolio spanning premixes, branded wellness, clinical nutrition, and therapeutic formulations.
- Established branded presence: Pentasure, Obesigo, Pediagold, and Nutrone are recognised brands catering to different age groups and health needs across hospitals, pharmacies, and e-commerce.
- Strong export footprint: Exports to 75+ countries, contributing over 61% of revenue, reducing single-market dependency.
- Low leverage: The company operates with a debt-to-equity ratio of just 0.18, indicating a conservative capital structure.
- Manufacturing and R&D infrastructure: Two in-house R&D centres, four manufacturing facilities (including SEZ units), and certifications like FSSC 22000 and ISO 9001:2015.
- Multi-channel revenue model: Revenue from B2B premixes, B2C brands, and ESG/therapeutic products spreads risk across customer segments, including FMCG companies, hospitals, and multilateral institutions.
Risks
- Pure OFS structure: This is a 100% OFS – the company itself does not receive any proceeds. The funds go entirely to selling shareholders.
- Raw material price volatility: Fluctuations in prices of key raw materials such as vitamins, minerals, and food-grade ingredients could impact margins.
- Competitive industry: The nutrition and wellness sector has established domestic and multinational players, which may impact pricing and market share.
- Currency and regulatory risks: With over 61% revenue from exports, the company is exposed to foreign currency fluctuations and regulatory changes across international markets.
- Demand sensitivity: Business performance depends on nutrition demand trends, healthcare awareness, and government health programme funding.
- Profit consistency: While PAT margins have improved from 2.07% (FY23) to 9.81% (9M FY26), consistency of earnings over longer cycles needs to be observed.
Future Plans/Strategies:
- Expand distribution: Strengthen branded product reach through hospitals, pharmacies, and digital channels.
- Product innovation: Continue developing new nutritional formulations and enter adjacent wellness categories.
- Scale international footprint: Tap into more geographies and deepen presence in existing 75+ export markets.
- Leverage technology: Use technology and digital platforms for better reach and operational efficiency.
- Public market listing: Listing on exchanges is expected to improve brand visibility and provide liquidity to shareholders.
Hexagon Nutrition IPO Objectives – How Will the Funds Be Used?
The Hexagon Nutrition IPO is entirely an Offer for Sale (OFS). The company will not receive any proceeds from this IPO. The entire amount raised will go to the selling shareholders – Arun Purushottam Kelkar, Subhash Purushottam Kelkar, Nutan Subhash Kelkar, and Aditya Kelkar.
The key objectives of the offer, as stated in the RHP, include:
- Achieving the benefits of listing equity shares on the stock exchanges.
- Enhancing brand visibility and market presence.
- Providing liquidity to existing shareholders.
Promoter Shareholding of Hexagon Nutrition IPO
The promoter group of Hexagon Nutrition Limited comprises the Kelkar family. Pre-IPO, the promoters hold approximately 89.41% of the company’s equity, which is expected to reduce to approximately 64.29% post-IPO.
Here’s a breakdown of the promoter shareholding:
| Promoter | Pre-Issue Holding | Post-Issue Holding (est.) |
| Promoter Group (Kelkar Family) | 89.41% | ~64.29% |
The promoters include Arun Purushottam Kelkar, Subhash Purushottam Kelkar, Vikram Arun Kelkar, and Nikhil Arun Kelkar.
Financial Performance (₹ in crores) of Hexagon Nutrition IPO
Here’s the table outlining the financial performance of Hexagon Nutrition Limited from FY 2023 to FY 2025, and as of Dec 31, 2025.
| Period Ended | 31 Dec 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 327.60 | 261.36 | 250.54 | 288.90 |
| Total Income | 275.57 | 331.29 | 304.62 | 281.65 |
| Profit After Tax | 27.03 | 24.38 | 12.21 | 5.82 |
| EBITDA | 37.55 | 40.07 | 24.88 | 17.17 |
| NET Worth | 223.05 | 195.60 | 176.29 | 163.84 |
| Reserves and Surplus | 210.92 | 183.89 | 164.51 | 152.30 |
| Total Borrowing | 39.79 | 26.60 | 36.89 | 51.87 |
Key Performance Metrics of Hexagon Nutrition
Based on the financials available in the RHP, the following key performance metrics of Hexagon Nutrition Limited IPO can be considered.
| KPI | As of Dec 31, 2025 | Values (as of FY 2024-25) |
| Return on Equity (ROE) | 13.02% | 10.47% |
| Net Asset Value (NAV) | 18.15 | 15.91 |
| Price/Earnings (P/E) Ratio | - | |
| Earnings Per Share (EPS - Diluted) | 2.20 | 1.75 |
| EBITDA Margin (%) | 14.03% | 12.33% |
| PAT Margin (%) | 9.81% | 7.36% |
| Debt to Equity Ratio | 0.18 | 0.14 |
(Note: P/E, market capitalisation, and post-IPO NAV are subject to final pricing and allotment. Refer to the RHP for complete details.)
Registrar of Hexagon Nutrition IPO
The Registrar of Hexagon Nutrition IPO is Kfin Technologies Ltd.
Phone: 04067162222, 04079611000
Email: einward.ris@kfintech.com
Website: https://www.kfintech.com
Lead Manager of Hexagon Nutrition IPO
In total, 2 lead managers are handling the IPO process of Hexagon Nutrition Limited:
- Cumulative Capital Pvt. Ltd.
- Catalyst Capital Partners Pvt. Ltd.
How To Apply for the Hexagon Nutrition IPO?
You can apply for the Hexagon Nutrition IPO on any financial platform by following these simple steps:
Step 1: Open a Demat and trading account with a broker
Step 2: Log in and go to the IPO section
Step 3: Select Hexagon Nutrition IPO
Step 4: Enter the lot size (minimum 333 shares) and bid price (₹42–₹45)
Step 5: Approve the UPI mandate to block funds
Step 6: Submit your application
Once applied, you can track the Hexagon Nutrition IPO allotment status, and if allotted, shares will be credited to your Demat account before listing.
