About the Company:
Hexagon Nutrition Ltd is a differentiated and research-oriented pure play nutrition Company. We are holistic nutrition player that offers products across a whole range starting with micronutrient premixes, right up to therapeutic and clinical products.
Company is also one of the largest premix players in India, offering customised vitamin and mineral premixes to leading Indian and multinational FMCG companies.
It is also one of the largest licensed suppliers of Micronutrient Powders (MNPs) under UN programmes, supporting global food fortification and public health initiatives.
Company’s product portfolio addresses a broad spectrum of nutritional aspects such as fortification of foods, therapeutic nutrition, clinical nutrition and alleviation of malnutrition. We are a fully integrated company engaged across the entire value chain, right from research and product development to manufacturing and marketing, with a focus on quality.
Company’s Background:
Hexagon Nutrition Ltd began our journey in the year 1993 as a micronutrient formulations player and have steadily moved up the value chain to develop our brands such as “PENTASURE”, “OBESIGO” and “PEDIAGOLD” in the health, wellness, and clinical nutrition space.
In Fiscal 2024, our Company further expanded our portfolio with the launch of a new brand, “NUTRONE”, strengthening our position in the segment. Our presence spans across India, and
our products have been exported to over 75 countries during the nine month period ended December 31, 2025 and Fiscals 2023, 2024 and 2025.
Company’s Manufacturing facilities:
Company operates three (3) manufacturing facilities in India, located in Nasik (Maharashtra), Chennai (Tamil Nadu) and Thoothukudi (Tamil Nadu), along with one (1) international manufacturing facility in Tashkent, Uzbekistan. Two of our Indian manufacturing facilities is situated in SEZ zones in Chennai (Tamil Nadu) and Thoothukudi (Tamil Nadu) and offers strategic advantages such as proximity to major ports and access to duty-free imports.
Company’s Operational Metrics:
Company’s Product Portfolio:
We classify our products portfolio mainly into the three (3) following segments:
1. Branded wellness nutrition products/ clinical nutrition products (B2C segment): We offer a range of branded wellness nutrition and clinical nutrition products designed to meet the daily nutritional requirement across all age group i.e. from pediatric to geriatric population.
Additionally, the products in this segment also address nutritional deficiencies associated with both chronic and non-chronic conditions, including specialized nutrition support for hospitalized and critically ill patients.
Under this segment, our key brand includes; (a) PENTASURE – focused on adult wellness and clinical nutrition; (b) OBESIGO – targeted on weight management; (c) and PEDIAGOLD – designed for pediatric nutrition management. Our branded products are distributed across India through offline and online channels and are exported to over 14 countries.
2. Premix formulations (B2B2C segment): We are one of the largest premix players in India, offering customised vitamin and mineral premixes to leading Indian and multinational FMCG companies. Our micronutrient premix i.e. vitamin and mineral premixes are supplied to Indian and multi-national FMCG players for fortification of consumer products such as malted health beverages, biscuits, dairy products, spreads, flour and edible oils.
We supply micronutrient premixes to a diverse portfolio of clients, including global beverage companies, dairy cooperatives, fast-moving consumer goods (FMCG) brands, nutrition and wellness product manufacturers, and international development organizations. These premixes are customized in collaboration with our clients to enhance the nutritional profile of end products without compromising on key sensory attributes such as taste and texture.
Our solutions cater to both domestic and global markets, supporting fortified product initiatives across a wide range of applications including dairy, beverages, snacks, and health supplements.
3. Ready to Use Foods (“RUFs”) and Micro Nutrient Powder (“MNPs”) (ESG segment): We offer therapeutic nutrition solution in two forms:
a. RUFs: We offer nutrient dense RUFs in paste form which contains added minerals and vitamins to treat malnutrition in children and supplement nutritional requirements of pregnant and lactating women. Our ready to use therapeutic food (“RUTF”) products are used for treatment of severe acute malnutrition and ready to use supplementary food (“RUSF”) products are used for treatment of moderate acute malnutrition. Our RUF products are globally supplied through long term arrangements with international health organizations and government health ministries.
b. MNPs: We offer MNPs to international organisations including United Nations agencies and Ministry of Health of various countries who endeavor to create a social impact by distributing these products for home food fortification programs aimed at improving micronutrient intake among vulnerable populations.
Company’s Revenue from Domestic and Exports:(in millions)
Peer Group Comparison:
Management Team:
- Mr. Arun Purushottam Kelkar (Designation: Chairman and Executive Director)
- Mr. Vikram Arun Kelkar (Designation: Managing Director)
Objectives of the Issue:
Offer For Sale: (Rs.139 cr)
Company will not receive any proceeds from the Offer for Sale. The Selling Shareholders will be entitled to their respective portion of proceeds of the Offer for Sale.
Positives for the Company:
A fully integrated holistic nutrition company offering end-to-end solutions across the value chain and a market leader in customized micronutrient formulations.
- Company’s ability to deliver across the full spectrum of nutrition enables us to serve a diverse range of customers and institutional needs, whether through fortifying staple foods through B2B2C portfolio or advanced clinical solutions delivered through our branded B2C portfolio as well as therapeutic nutrition solutions that address public health challenges.
Recognized wellness and clinical nutrition brand in the market.
- Company has progressively moved up the value chain with the development of its in-house brands such as PENTASURE, OBESIGO, and PEDIAGOLD which cater to diverse therapy areas including diabetes, renal, bariatric, hepatic, and other specialized conditions.
- Company has a global footprint across 75+ countries and operates three manufacturing facilities and two inhouse R&D centres in India. Backed by international health partnerships and quality certifications, it is positioned as an integrated and innovation-led nutrition player.
- Company is one of the largest premix players in India, offering customised vitamin and mineral premixes to leading Indian and multinational FMCG companies. It is also one of the largest licensed suppliers of Micronutrient Powders (MNPs) under UN programmes, supporting global food fortification and public health initiatives.
Financials of the Company:
| (in Crores) | FY 23 | FY 24 | FY 25 | Upto 31st Dec 2025 |
|---|---|---|---|---|
| Revenue | 281.6 | 304.6 | 331.2 | 275.5 |
| Net Profit | 5.8 | 12.2 | 24.3 | 27.0 |
Valuation of Peer Group Companies:
| Company Name | Face Value | EPS | PE Ratio | RoNW | NAV |
|---|---|---|---|---|---|
| Hexagon Nutrition Ltd | 1 | 1.75 | 25.71 | 12.46% | 15.91 |
| Zydus Wellness Ltd | 2 | 10.90 | 46.22 | 6.12% | 178.26 |
| Nestlé India Ltd | 1 | 16.63 | 88.86 | 77.91% | 21.35 |
IPO Details:
| Details | Info |
|---|---|
| Issue Opens on | 5th June 2026 |
| Issue Closes on | 9th June 2026 |
| Issue Price | Rs.42-45 |
| Face Value | Rs.1 |
| Retail Category Allocation | 35% |
| Minimum Lot | 333 Shares |
| Minimum Investment | Rs.14,985 |
| Issue Constitutes | 25.10% |
| Issue Size | Rs.139 cr ($ 15 million ) |
| Market Cap | Rs.553 cr ($ 58 million) |
| Listing at | NSE & BSE |
| Equity Shares Offered (OFS) | 3,08,59,704 |
| Equity Shares Prior to the Issue | 12,29,18,109 |
| Equity Shares after the Issue | 12,29,18,109 |
Important Dates:
| Finalization of Basis of Allotment | on or Before 10th June 2026 |
| Initiation of Refunds | on or Before 11th June 2026 |
| Credit of Equity Shares: | on or Before 11th June 2026 |
| Listing Date: | on or Before 12th June 2026 |
IPO Valuation Parameters:
| Earnings Per Share (EPS) | Price To Earnings ratio (PE) | Return on Net Worth (RoNW) | Net Asset Value (NAV) | Debt Equity Ratio (D/E) |
|---|---|---|---|---|
| 1.75 | 25.71 | 12.46% | 15.91 | 0.14 |
| Company Contact Info: |
|---|
| Hexagon Nutrition Ltd 404 Global Chamber, Adarsh Nagar Link Road Andheri (W), Mumbai – 400 053, Maharashtra, India. Telephone: +91 22 6213 6710 / 711 E-mail: cs.hnpl@hexagonnutrition.com Website: www.hexagonnutrition.com |
| Registrar to the Issue: |
|---|
| KFin Technologies Limited 301, The Centrium, 3rd Floor, 57 Lal Bahadur Shastri Road, Nav Pada Kurla (West), Mumbai – 400 070 Maharashtra, India Tel: +91 40 6716 2222 E-mail: hexagon.ipo@kfintech.com Website: www.kfintech.com |
