Hexagon Nutrition IPO

Hexagon Nutrition Limitedhexagonnutrition.com

ListedMainboardConsumer StaplesNSE · BSE

Price band: ₹42 – ₹45
Issue size: ₹139 Cr
Lot size: 333 sh
Bidding: 5 – 9 Jun
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Hexagon Nutrition, incorporated on 27 May 1993 and employing 527 people, makes micronutrient premixes, branded clinical nutrition and ready-to-use therapeutic foods; the record's business description puts those three lines at 51.5%, 30.3% and 17.9% of Rs 267.59 Cr of 9M FY26 revenue from operations. Revenue was Rs 278.50 Cr in FY23, Rs 297.73 Cr in FY24 and Rs 324.93 Cr in FY25, with EBITDA of Rs 22.38 Cr, Rs 24.38 Cr and Rs 40.87 Cr and profit after tax of Rs 5.82 Cr, Rs 12.21 Cr and Rs 24.38 Cr. The Rs 138.87 Cr issue was priced at Rs 42 to Rs 45 on a face value of Rs 1 and carried no fresh component (freshIssueCr is Rs 0 Cr); the book closed on 9 June 2026 subscribed 53.68 times overall, with NII at 161.49 times, retail at 26.85 times and QIB at 19.77 times. It listed on 12 June 2026 at Rs 48.25 against the Rs 45 band top, 7.22% above it, closed day one at Rs 50.39, and last traded at Rs 61.36 on 23 October 2026, 36.36% above the band top.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

63Balanced

IPOVista score

A trade-off in both directions

63% of the scoring model was backed by disclosed data for Hexagon Nutrition, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

Entirely an offer for sale
None of the money raised reaches the company. Existing shareholders are selling down; the balance sheet is unchanged by the listing.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 1993 · 404 Global Chamber, Adarsh Nagar Link Road, Andheri (West), Mumbai 400053, Maharashtra · 527 employees

Hexagon Nutrition makes nutritional products at four plants — Nashik, Chennai and Thoothukudi in India, and Tashkent in Uzbekistan — and sells them through three distinct channels. It blends customised vitamin and mineral premixes for FMCG manufacturers who fortify malted drinks, dairy, biscuits, wheat flour and edible oils. It sells branded clinical nutrition to patients and consumers under Pentasure, which has more than 12 disease-specific variants, alongside Obesigo for bariatric use, Pediagold for children and Nutrone for sports and wellness, reaching them through roughly 350 domestic distributors plus pharmacies, hospitals and e-commerce. And it supplies ready-to-use therapeutic foods and single-dose micronutrient powder sachets to UNICEF, the World Food Programme, health ministries and NGOs. Products reach more than 75 countries.

The three verticals carry different economics. In 9M FY26 (to 31 December 2025) premix formulations were 51.5% of ₹267.59 Cr revenue from operations, branded clinical nutrition 30.3%, and the UN-facing therapeutic foods business 17.9%. Raw material is the dominant cost: ₹165.45 Cr against ₹324.93 Cr of revenue in FY25, with employee cost ₹41.91 Cr. Cheaper inputs and a richer branded mix lifted EBITDA margin from 8.03% in FY23 to 12.58% in FY25. The structural constraint is utilisation — plants ran at about 28.76% in 9M FY26 — so fixed costs are already absorbed and incremental volume largely drops through to EBITDA.

The company on paper

Legal name: Hexagon Nutrition Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 27 May 1993
Sector: Consumer Staples · Micronutrient premixes, branded clinical nutrition and ready-to-use therapeutic foods
Employees: 527
Registered office: 404 Global Chamber, Adarsh Nagar Link Road, Andheri (West), Mumbai 400053, Maharashtra
Promoters: Arun Purushottam Kelkar, Subhash Purushottam Kelkar, Vikram Arun Kelkar, Nikhil Arun Kelkar
Promoter holding, pre-issue: 89.4%
Promoter holding, post-issue: 64.3%
Website: hexagonnutrition.com

The numbers

Financial performance

Revenue has compounded at 8.0% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as published in the accounts this record was built from. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

This is entirely an offer for sale: none of the money raised reaches the company.

Fresh issueNew shares — proceeds go to the company: ₹0
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹139 Cr
Total issue size: ₹139 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 25.1% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription53.68×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹45.00
Listed at: ₹48.25
Listing gain: up 7.2%
Since listing: up 12.1%
Against the issue price: up 20.2%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 333
At cut-off price: ₹45.00
Amount blocked: ₹14,985

One lot is 333 shares at ₹14,985. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~4%

chance of one lot, per application

Retail subscription: 26.85×
Applicants per share available: 26.9× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹48.25

listed at, 7.2% against the issue price

Issue price: ₹45.00
Premium said: —
If allotted 333 shares: ₹1,082

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue from operations was higher in each full year on record: Rs 278.50 Cr in FY23, Rs 297.73 Cr in FY24 (6.90% above FY23) and Rs 324.93 Cr in FY25 (9.14% above FY24). Nine-month FY26 revenue was Rs 267.59 Cr to 31 December 2025.
EBITDA was Rs 22.38 Cr in FY23, Rs 24.38 Cr in FY24 and Rs 40.87 Cr in FY25, against revenue of Rs 278.50 Cr, Rs 297.73 Cr and Rs 324.93 Cr — margins of 8.19% in FY24 and 12.58% in FY25; the record's business description puts the FY23 margin at 8.03%. In 9M FY26 EBITDA was Rs 37.55 Cr on Rs 267.59 Cr of revenue, a margin of 14.03%.
Profit after tax was Rs 5.82 Cr in FY23, Rs 12.21 Cr in FY24 (109.79% higher) and Rs 24.38 Cr in FY25 (99.67% higher). The nine-month FY26 figure of Rs 27.03 Cr, earned on Rs 267.59 Cr of revenue against Rs 324.93 Cr for the whole of FY25, is already above the FY25 full-year profit; it is a nine-month figure and has not been annualised here.
Net worth was Rs 163.84 Cr at FY23 and higher at every later period on record — Rs 176.29 Cr at FY24, Rs 195.60 Cr at FY25 and Rs 223.05 Cr at 31 December 2025. Total borrowings fell across the three full years, from Rs 51.87 Cr at FY23 to Rs 36.89 Cr at FY24 and Rs 26.60 Cr at FY25.

What to weigh against it

The offer was entirely secondary: freshIssueCr is Rs 0 Cr of the Rs 138.87 Cr total, the whole of it an offer for sale, and the record's offerObjects list is empty.
Total borrowings stood at Rs 39.79 Cr at 31 December 2025, Rs 13.19 Cr above the Rs 26.60 Cr carried at FY25, after three full years of decline (Rs 51.87 Cr, Rs 36.89 Cr, Rs 26.60 Cr).
The record's business description gives raw material cost as Rs 165.45 Cr against Rs 324.93 Cr of FY25 revenue — 50.92% of that revenue — with employee cost of Rs 41.91 Cr, a further 12.90% of the same revenue.
Promoters held 89.41% before the issue and 64.30% after it, a reduction of 25.11 percentage points. The record names four promoters, all of the Kelkar family.

Easy to miss in the prospectus

The record carries no valuation block, no peer set, no anchor allocation and no category-wise allocation, and no operating cash flow or total assets at any of the four periods, so the profit and EBITDA figures above cannot be checked against cash or against comparable companies from this record alone.
Only one subscription data point is present — day 3, 9 June 2026, at 53.68 times overall. The day-one and day-two books are absent, as is the anchor book.
The record's business description states the plants ran at about 28.76% in 9M FY26 across the four sites it names (Nashik, Chennai, Thoothukudi and Tashkent), but the record carries no capacity figures by plant or by vertical against which that can be checked.

Straight from the filing

Read it yourself

The prospectus for this issue exists, but the only copy held here is a third party’s mirror of it. We link filings from the issuer, the exchanges or the regulator, never somebody else’s copy.

The paperwork

Who is running the issue

Lead managers: Cumulative Capital Private Limited, Catalyst Capital Partners Private Limited
RegistrarAllotment status is checked on the registrar's own site: KFin Technologies Limited

How these figures were checked

Built from 12 independently published accounts of this issue, agreeing with each other. No copy of the filing itself is linked here, so nothing on this page has been reconciled against the primary document — treat every figure as reported rather than verified.

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: Mainboard
Opens: 5 Jun 2026
Closes: 9 Jun 2026
Allotment: 10 Jun 2026
Lists: 12 Jun 2026
Revenue (FY25): ₹325 Cr
Profit (FY25): ₹24.38 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.