Hexagon Nutrition Ltd IPO
FMCG
Price Band
₹42 – ₹45
Lot Size
333
Minimum Bid Quantity
333
Minimum Investment
₹14985
Issue Size
₹138.87Cr
Opens
2026-06-05
Closes
2026-06-09
Listing
12-06-2026
Subscription Status
Qualified Institutional Buyers
19.77 x
Non-Institutional Investor
160.35 x
Retail Individual Investor
25.01 x
Total
52.52 x
IPO Details
Issue Type
EQUITY
Face Value
₹1
Tick Size
1
ISIN
INE0JUI01012
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Hexagon Nutrition is a research-oriented nutrition company engaged in the development, manufacturing, and marketing of a diversified portfolio of nutrition and wellness products. The company operates across multiple segments, including branded wellness and clinical nutrition products, premix formulations, and therapeutic nutrition solutions such as ready-to-use foods (RUFs) and micronutrient powders (MNPs). Established in 1993, the company initially operated as a micronutrient formulations player and subsequently expanded into branded health and clinical nutrition products. Hexagon Nutrition operates manufacturing facilities in Maharashtra, Tamil Nadu, and Uzbekistan, with two Indian facilities located in Special Economic Zones (SEZs). The company exports its products to more than 75 countries and serves domestic and international FMCG companies, healthcare organisations, and public health programmes. Its operations are supported by integrated manufacturing processes and certifications, including FSSC 22000, GMP, and ISO 9001:2015.
Pros
- • The company claims to operate as a fully integrated nutrition player with presence across the entire value chain, including research and development (R&D), manufacturing, quality assurance, regulatory compliance, and marketing. According to the CARE report commissioned by the company, it is among the few holistic nutrition companies offering products ranging from micronutrient premixes to therapeutic and clinical nutrition products. The company also claims to be one of the largest premix players in India and among the largest licensed suppliers of micronutrient powders (MNPs) under UN programmes, catering to FMCG companies, institutional clients, and public health initiatives through its diversified B2C, B2B2C, and ESG-focused product portfolio.
- • The company claims to have established recognised nutrition brands such as ‘PENTASURE,’ ‘OBESIGO,’ ‘PEDIAGOLD,’ and ‘NUTRONE,’ catering to wellness, weight management, pediatric, and clinical nutrition segments. Backed by manufacturing facilities in India and exports to over 75 countries, the company claims to develop a diversified international presence.
- • The company claims to have developed long-standing relationships with customers across its B2C, B2B2C, and ESG segments through consistent product quality, customised solutions, and timely delivery. During the nine months ended December 31, 2025, FY25, FY24 and FY23, the company served 423, 456, 491, and 462 customers, respectively, of which 286, 294, 284, and 246 customers were repeat customers.
Cons
- • The company derives a substantial portion of its revenue from the premix formulations segment, making its business performance significantly dependent on this segment. Revenue from premix formulations stood at approximately Rs 154.70 crore, Rs 133.31 crore, and Rs 152.80 crore in FY25, FY24, and FY23, respectively, contributing 47.61%, 44.78%, and 54.86% of total revenue from operations during the respective periods. Any adverse developments such as reduced demand, loss of key customers, regulatory changes, pricing pressure, or increased competition in the premix formulations segment could materially affect the company’s revenue, profitability, and overall financial condition.
- • The company is dependent on a limited number of institutional customers, including multinational FMCG companies, government agencies, and international organisations, for a significant portion of its revenue. Revenue from the top 10 customers stood at approximately Rs 149.05 crore, Rs 145.37 crore, and Rs 127.13 crore in FY25, FY24, and FY23, respectively, contributing 45.87%, 48.83%, and 45.65% of revenue from operations. Any loss of one or more key customers, reduction in order volumes, contract termination, or adverse changes in customer procurement strategies may materially impact the company’s business operations, cash flows, and financial performance.
- • A portion of the company’s Nashik manufacturing facility has been subject to regulatory notices relating to alleged unauthorised industrial construction and commercial use of agricultural land under applicable Maharashtra laws. Any reconstruction, compliance requirements, or regulatory action in relation to the facility may lead to temporary production disruptions, operational inefficiencies, increased compliance costs, and delays in manufacturing activities. Such disruptions may adversely affect production capacity, supply commitments, revenue generation, and the overall operational performance of the company.
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