Himalaya Nutravedics IPO
Himalaya Nutravedics India Limitedhimalayanutravedics.com
- Price band
- ₹100 – ₹106
- Issue size
- ₹26.50 Cr
- Lot size
- 1200 sh
- Bidding
- 22 – 24 Sep
- Grey market
- —
Face value ₹10.00
100% fresh capital
Lists 29 Sep 2026
No quote recorded
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
Himalaya Nutravedics India Limited makes Ayurvedic formulations and nutraceutical supplements at a single WHO-GMP plant in Cherlapally, Hyderabad, and was incorporated on 16 June 2022. Across the three years the record carries, revenue was Rs 14.43 Cr in FY24, Rs 21.00 Cr in FY25 (a rise of 45.53%) and Rs 43.07 Cr in FY26 (a rise of 105.10%), with EBITDA of Rs 0.94 Cr, Rs 2.99 Cr and Rs 8.10 Cr and profit after tax of Rs 0.43 Cr, Rs 2.23 Cr and Rs 7.39 Cr. The Rs 26.5 Cr issue was wholly fresh, priced at Rs 100-106 with a lot of 1,200 shares, and the one subscription row on record (day three, 24 September 2026) shows it subscribed 2.33 times overall. It listed on BSE SME on 29 September 2026 at Rs 118 against the band top of Rs 106, closed day one at Rs 122.90 and last traded at Rs 137.20 on 23 October 2026.
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.
IPOVista score
Broadly well-balanced
63% of the scoring model was backed by disclosed data for Himalaya Nutravedics, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow 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
SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.
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 2022 · Hyderabad, Telangana · 86 employees
Himalaya Nutravedics India Limited makes Ayurvedic medicines and nutraceutical supplements at a single WHO-GMP plant in Cherlapally, Hyderabad, which it has run since September 2022. Its range covers classical Ayurvedic formulations prepared to compositions set out in texts such as Charaka Samhita and Bhaishajya Ratnavali, proprietary Ayurvedic formulations of its own design, and supplements built from vitamins, minerals and herbal extracts regulated under FSSAI. Dosage forms include soft and hard gelatin capsules, tablets, liquid orals and medicated oils. Roughly half the output carries the company's own brands and is sold through a stockist network across several states; the remainder is manufactured under contract for other Ayurvedic and nutraceutical firms. Selling is doctor-facing — scientific detailing, medical camps and continuing medical education rather than advertising. It employed 86 people at 31 July 2026, 58 of them in marketing.
Revenue comes from two streams. In FY26 own-brand sales were Rs 2,202.54 lakh (51.14% of revenue) and third-party contract manufacturing Rs 2,104.21 lakh (48.86%); a year earlier that split was 19.65% own-brand to 80.35% contract. The shift is the margin story: EBITDA margin moved from 6.48% in FY24 to 14.24% in FY25 to 18.82% in FY26 on revenue of Rs 4,306.75 lakh. Materials dominate the cost base, at Rs 2,590.72 lakh consumed in FY26. The structural constraint is working capital, which rose from Rs 287.25 lakh (FY24) to Rs 1,748.53 lakh (FY26); Rs 1,375.00 lakh of the Rs 2,441.59 lakh net proceeds was earmarked to fund it.
The company on paper
- Legal name
- Himalaya Nutravedics India Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 16 Jun 2022
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U24110TG2022PLC163732
- Sector
- Health Care · Ayurvedic and nutraceutical formulations, own-brand plus third-party contract manufacturing
- Employees
- 86
- Registered office
- Hyderabad, Telangana
- Promoters
- Rohit Asawa, Divya Asawa, Chanda Asawa, Rama Raju Penmatsa
- Promoter holding, pre-issue
- 95.1%
- Promoter holding, post-issue
- 68.1%
- Website
- himalayanutravedics.com
The numbers
Financial performance
Revenue has compounded at 72.8% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. 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
100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹26.50 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹0
- Total issue size
- ₹26.50 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
- Market maker portionSME issues require a market maker to provide two-way quotes
- 1,26,000
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 27.0% 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.
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
- ₹106.00
- Listed at
- ₹118.00
- Listing gain
- up 11.3%
- Since listing
- up 2.4%
- Against the issue price
- up 14.0%
Trading at ₹120.80 on 30 Oct 2026
What an allotment is worth now, before costs
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.
- Shares applied for
- 2,400
- At cut-off price
- ₹106.00
- Amount blocked
- ₹2,54,400
One lot is 1200 shares at ₹1,27,200. This issue requires a minimum of 2 lots, so the smallest application is ₹2,54,400. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.
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.
~39%
chance of one lot, per application
- Retail subscription
- 2.56×
- Applicants per share available
- 2.6× 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.
₹118.00
listed at, 11.3% against the issue price
- Issue price
- ₹106.00
- Premium said
- —
- If allotted 1200 shares
- ₹14,400
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, EBITDA and profit after tax each rose in both comparable years on record. Revenue was Rs 14.43 Cr in FY24, Rs 21.00 Cr in FY25 (+45.53%) and Rs 43.07 Cr in FY26 (+105.10%); EBITDA Rs 0.94 Cr, Rs 2.99 Cr and Rs 8.10 Cr; profit after tax Rs 0.43 Cr, Rs 2.23 Cr and Rs 7.39 Cr. FY26 revenue is 2.98 times the FY24 level of Rs 14.43 Cr.
- Margins widened across both comparable years. The company's business-model note puts EBITDA margin at 6.48% in FY24, 14.24% in FY25 and 18.82% in FY26; computed from the financials on record, EBITDA of Rs 8.10 Cr on revenue of Rs 43.07 Cr is 18.81%. Profit after tax against revenue works out at 2.98% (Rs 0.43 Cr on Rs 14.43 Cr), 10.62% (Rs 2.23 Cr on Rs 21.00 Cr) and 17.16% (Rs 7.39 Cr on Rs 43.07 Cr).
- Net worth was Rs 1.34 Cr in FY24, Rs 6.75 Cr in FY25 and Rs 16.38 Cr in FY26. Set against it, total borrowings of Rs 3.24 Cr in FY24 are 2.42 times net worth, Rs 1.76 Cr in FY25 are 0.26 times, and Rs 5.13 Cr in FY26 are 0.31 times.
- The Rs 26.5 Cr offer was a fresh issue in full, with the offer-for-sale component recorded at nil on both the low and high ends. Promoter holding is recorded at 95.14% before the issue and 68.13% after.
What to weigh against it
- Total borrowings did not move in one direction across the three years: Rs 3.24 Cr in FY24, Rs 1.76 Cr in FY25 and Rs 5.13 Cr in FY26. The FY26 figure is 2.91 times the FY25 figure, or Rs 3.37 Cr higher.
- Working capital rose from Rs 287.25 lakh in FY24 to Rs 1,748.53 lakh in FY26, 6.09 times the FY24 level, while revenue over the same two years went from Rs 14.43 Cr to Rs 43.07 Cr, 2.98 times. Rs 1,375.00 lakh of the Rs 2,441.59 lakh net proceeds, or 56.32%, was earmarked to fund working capital.
- The revenue mix changed over within a single year. Own-brand sales were 19.65% of revenue in FY25 and Rs 2,202.54 lakh, or 51.14%, in FY26; third-party contract manufacturing was 80.35% and then Rs 2,104.21 lakh, or 48.86%. The record gives no mix figure for FY24.
- The record is thin in several places. It carries no valuation figures, no peer set, no allocation split, no anchor book and no grey-market series; no operating cash flow or total assets for any of FY24, FY25 or FY26; and empty lists for facilities, segments, key customers and geographies, with export share recorded as null. Only one subscription row exists, day three on 24 September 2026, at QIB 1.00 times, NII 3.58 times, retail 2.56 times and 2.33 times overall.
Easy to miss in the prospectus
- The own-brand to contract-manufacturing split, recorded at 19.65% / 80.35% in FY25 and at Rs 2,202.54 lakh / Rs 2,104.21 lakh, or 51.14% / 48.86%, in FY26.
- Working capital, at Rs 1,748.53 lakh as at FY26 against Rs 287.25 lakh at FY24, and the Rs 1,375.00 lakh of the Rs 2,441.59 lakh net proceeds earmarked for it.
- Materials consumed, at Rs 2,590.72 lakh in FY26 against FY26 revenue of Rs 4,306.75 lakh, which is 60.15%.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- Nirbhay Capital Services Private Limited
- RegistrarAllotment status is checked on the registrar's own site
- KFin Technologies Limited
How these figures were checked
Reconciled to Himalaya Nutravedics's own prospectus and to exchange disclosures, then cross-checked against 4 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- Prospectus dated 24 September 2026 (final), Himalaya Nutravedics India Ltd — issuer website · read 16 Oct 2026
- BSE equity bhavcopy 29 September 2026 (listing day) — scrip 544943 / HNIL / ISIN INE1OTR01013, series MT · read 16 Oct 2026
- BSE equity bhavcopy 30 September 2026 (ISIN/price cross-check) · read 16 Oct 2026
- Certificate of Incorporation (MCA, 16 June 2022) — issuer website material documents · read 16 Oct 2026
- Notice of the 4th Annual General Meeting — CIN and registered office · read 16 Oct 2026
- Misfiled document on issuer site: file named Red-Herring-Prospectus.pdf is in fact the RHP of Unitec Fibres Limited (cited only to document the correction; not used for any figure) · read 16 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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