▸ IPO INTELLIGENCE REPORT · RED HERRING PROSPECTUS ANALYSIS
Hexagon
Nutrition Limited
Nutrition Limited
Comprehensive pre-IPO breakdown — business, financials, risks, and investment thesis. BSE + NSE listing via 100% book-built offer for sale.
CIN: U24110MH1993PLC072189
OFFER OPEN: JUNE 5–9, 2026
PURE OFS · NO FRESH ISSUE
REGISTRAR: KFin Technologies
01
Company at a Glance
Revenue FY25
₹3,249
million (consolidated)
Net Profit FY25
₹243.77
million (+99.6% vs FY24)
PAT 9M FY26
₹270.33
million (9 months to Dec 2025)
Export Reach
75+
countries (9M FY26)
EPS FY25 (Basic)
₹1.75
vs ₹1.10 in FY24
RoNW FY25
12.46%
up from 6.93% in FY24
NAV per Share
₹18.15
as at Dec 31, 2025
Manufacturing Plants
4
3 India + 1 Uzbekistan
Founded 1993 in Mumbai. Hexagon Nutrition has spent 30+ years moving up the nutrition value chain — from micronutrient premixes to full therapeutic and clinical nutrition brands. It is a rare listed pure-play nutrition company in India with an integrated manufacturing, R&D, and distribution model.
Registered Office
404 Global Chamber, Adarsh Nagar Link Road, Andheri (W), Mumbai – 400 053, Maharashtra, India
📧 cs.hnpl@hexagonnutrition.com
📞 +91 22 6213 6710/711
Key Brands
PENTASURE – adult wellness & clinical nutrition
OBESIGO – weight management
PEDIAGOLD – paediatric nutrition management
NUTRONE – launched FY24
Promoters
Arun Purushottam Kelkar
Subhash Purushottam Kelkar
Vikram Arun Kelkar
Nikhil Arun Kelkar
Aditya Kelkar
Book Running Lead Managers
Cumulative Capital Private Limited
Contact: Swapnilsagar Vithalani / Jigar Bhanushali
Catalyst Capital Partners Private Limited
Contact: Kaushik Gandhi
Revenue Trajectory (₹ million)
FISCAL YEAR ENDED MARCH 31 + 9M FY26
Revenue from operations only. 9M FY26 = April–December 2025.
Profit After Tax (₹ million)
DRAMATIC ACCELERATION IN PROFITABILITY
PAT nearly 4× in 2 years. Strong operating leverage visible.
02
Business Deep Dive
Hexagon Nutrition is a fully integrated, research-oriented pure-play nutrition company. It manages the complete value chain in-house: R&D, manufacturing, quality assurance, regulatory compliance, and omnichannel marketing. This is unusual in the Indian nutrition space where most players are either B2C brand owners or B2B ingredient suppliers — not both.
Three Business Segments
Revenue Mix by Segment — FY25 (₹ in million)
B2B2C PREMIXES DOMINATE; B2C BRANDED GROWING FAST
9M FY26: B2B2C = 51.47%, B2C = 30.34%, ESG = 17.93%
Segment 1 — B2C Branded
Wellness and clinical nutrition products sold directly to consumers through pharmacies, hospitals, e-commerce, and brand websites. Key brands: PENTASURE, OBESIGO, PEDIAGOLD, NUTRONE. Exported to 14+ countries. Growing fastest — from 22.5% of revenue in FY23 to 30.3% in 9M FY26.
Segment 2 — B2B2C Premix
Customised vitamin & mineral premixes supplied to large FMCG companies (beverages, dairy, biscuits, spreads, flour, edible oils). Largest segment (~47-55% of revenue). Hexagon is one of India's largest premix players, named alongside DSM and SternVitamin by CARE Analytics.
Segment 3 — ESG (RUFs & MNPs)
Ready-to-Use Foods (RUTF/RUSF) for malnutrition treatment, and Micronutrient Powders for UN/government programmes. One of the largest licensed suppliers of MNPs under UN programmes globally. Serves UNICEF, WHO, and government health ministries. Socially impactful but variable revenues.
Manufacturing Footprint
Nashik, Maharashtra — premix formulations
Chennai, Tamil Nadu — SEZ zone, duty-free imports
Thoothukudi, Tamil Nadu — SEZ zone, port proximity
Tashkent, Uzbekistan — international facility
All facilities certified: FSSC 22000, GMP, ISO 9001:2015, Halal
Key Competitive Strengths
STRENGTH
Fully Integrated Value Chain — Unique in India
▾
Unlike peers (Abbott, Nestlé India, Zydus Wellness), Hexagon has in-house access to premix nutritional raw materials, enabling it to control both the B2B2C ingredient supply and the B2C finished product. This integrated model drives margin efficiency and quality consistency across the full nutrition spectrum.
STRENGTH
Market Leader in Indian Premix Formulations
▾
One of the largest premix players in India per CARE Analytics, with 30+ years of domain expertise. Supplying to global beverage companies, dairy cooperatives, and FMCG multinationals. Long-standing client relationships drive recurring B2B revenues with low churn.
STRENGTH
Largest Licensed UN Programme MNP Supplier
▾
One of the largest licensed suppliers of Micronutrient Powders (MNPs) under UN programmes. This gives Hexagon significant credibility, international recognition, and a pipeline into government health ministries across developing markets. This is a hard-to-replicate competitive moat.
STRENGTH
Growing Branded B2C Portfolio — Regulatory Moats
▾
Clinical nutrition product approvals are slow and expensive to obtain globally. Hexagon has obtained regulatory approvals in 14+ countries including Brazil, Malaysia, Myanmar, Kenya, Uzbekistan, and Mauritius. A sales force of 160+ engages 20,000+ healthcare professionals in India. This takes years to build and constitutes a barrier to entry.
STRENGTH
Omnichannel Distribution — Pharmacies, Hospitals, E-commerce
▾
Pan-India omnichannel network spanning retail pharmacies, hospital networks, e-commerce (third-party), and owned websites (pentasurenutrition.com, obesigo.com, pediagold.com, nutrone.fit). This multi-channel coverage is critical for clinical nutrition products that rely on HCP (healthcare professional) recommendations.
Product Comparison vs. Peers
| Comparison Factor | Hexagon Nutrition | Abbott Healthcare | Nestlé India | Zydus Wellness | Modi Mundipharma |
|---|---|---|---|---|---|
| Wellness nutrition products | ~10 | ~8 | ~6–7 | ~6–7 | ~3 |
| Clinical/disease-specific products | ~12 | ~12 | ~5–6 | 0 | 0 |
| In-house premix raw materials | ✓ Yes | ✗ No | ✗ No | ✗ No | ✗ No |
Source: CARE Analytics & Advisory Report, commissioned by Hexagon Nutrition (Sep 2025, updated May 2026)
03
Financial Analysis
Key financial trend: Revenue growing steadily (~7% CAGR FY23–FY25), but profits are accelerating dramatically. PAT grew 4.2× from ₹58 million in FY23 to ₹244 million in FY25, and has already exceeded FY25 full-year profit in just 9 months of FY26. Margin expansion is the core financial story.
Profit & Loss Summary
| ₹ million | 9M FY26 | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Revenue from Operations | 2,675.87 | 3,249.29 | 2,977.31 | 2,785.01 |
| Other Income | 79.83 | 63.58 | 68.90 | 31.45 |
| Total Income | 2,755.70 | 3,312.87 | 3,046.21 | 2,816.46 |
| Cost of Materials Consumed | 1,472.01 | 1,580.03 | 1,378.99 | 1,813.85 |
| Employee Benefits Expenses | 360.19 | 419.07 | 396.91 | 411.46 |
| Finance Costs | 28.93 | 39.46 | 41.47 | 33.44 |
| Depreciation | 68.91 | 87.68 | 81.18 | 75.51 |
| Other Expenses | 590.60 | 616.26 | 536.22 | 468.23 |
| Profit Before Tax | 357.53 | 337.16 | 195.02 | 94.24 |
| Total Tax Expense | 87.20 | 93.39 | 72.88 | 36.00 |
| Profit After Tax | 270.33 | 243.77 | 122.14 | 58.24 |
Balance Sheet Highlights
| ₹ million | Dec 2025 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|
| Total Assets | 3,276.01 | 2,613.59 | 2,505.44 | 2,889.00 |
| Total Equity | 2,209.41 | 1,941.81 | 1,758.73 | 1,630.84 |
| Non-Current Borrowings | 63.80 | 71.04 | 84.56 | 37.26 |
| Current Borrowings | 334.10 | 194.96 | 284.37 | 481.47 |
| Cash & Equivalents | 234.02 | 152.23 | 193.53 | 113.87 |
| Trade Receivables | 826.78 | 598.24 | 485.14 | 741.94 |
| Inventories | 889.13 | 612.05 | 793.75 | 875.17 |
⚠ Note on Current Borrowings: Working capital borrowings rose sharply to ₹334.10 million at Dec 2025 vs ₹194.96 million at Mar 2025. Trade receivables also increased to ₹826.78 million. This warrants monitoring — it may reflect business growth but also signals potential cash conversion cycle pressure.
Key Financial Ratios
EPS (Basic) FY25
₹1.75
vs ₹0.51 in FY23
Weighted Avg EPS
₹1.33
3-year weighted
RoNW FY25
12.46%
vs 3.55% in FY23
NAV per Share
₹18.15
at Dec 31, 2025
Peer Valuation Comparison
| Company | Revenue FY25 (₹ mn) | Basic EPS (₹) | P/E Ratio | RoNW (%) | NAV/Share (₹) |
|---|---|---|---|---|---|
| Hexagon Nutrition | 3,249.29 | 1.75 | N/A (pre-IPO) | 12.46 | 15.91 |
| Zydus Wellness | 27,809.00 | 10.90 | 46.22× | 6.12 | 178.26 |
| Nestlé India | 202,015.60 | 16.63 | 88.86× | 77.91 | 21.35 |
Industry P/E range: 46.22× – 88.86×, Average: 67.54×. Hexagon's IPO price band not yet disclosed (marked [●]). P/E will be set against FY25 EPS of ₹1.75 (basic) or ₹1.75 (diluted).
Valuation context: At the industry average P/E of 67.54×, Hexagon's fair value based on FY25 EPS of ₹1.75 would imply a price of approximately ₹118. Using FY26 annualised EPS of ~₹2.93 (9M PAT of ₹270mn annualised), P/E of 40–50× would suggest a range of ₹117–₹147. This is purely indicative — the actual price band is yet to be announced.
04
Industry & Market Context
Macro tailwinds are strong. Rising health awareness, government-mandated food fortification, India's malnutrition burden, and a growing middle class create a multi-decade demand runway for Hexagon's product portfolio across all three segments.
India's Fortified Foods Market
India Fortified Foods Market Size (₹ Billion)
CAGR ~8% | SOURCE: CARE ANALYTICS, CUSTOM MARKET INSIGHTS
Malnutrition Burden (India)
35.5% of children under 5 are stunted (NFHS-5 trend). 76% of adults have Vitamin D deficiency. Economic cost of malnutrition: USD 2.4 billion/year (ICMR, 2023). This underpins perpetual demand for Hexagon's ESG (RUF/MNP) segment through government and UN programmes.
Obesity Counter-Trend
India ranks 3rd globally in obesity. 24% of adults are overweight (NFHS-5). 101 million diabetes cases in 2023. This drives demand for Hexagon's clinical nutrition brands (PENTASURE for diabetes/renal) and weight management products (OBESIGO).
Government Policy Support
POSHAN Abhiyaan, Integrated Child Development Services (ICDS), mandatory rice/wheat/oil/milk fortification under FSSAI — all create sustained institutional demand for fortified foods and micronutrient premixes. Public Distribution System is 60% of the fortified foods distribution channel.
India GDP Growth Outlook
India GDP expected to grow at 7.6% in FY26, sustaining 6.5% through FY31 (IMF, April 2026). Rising incomes support consumer shift to premium nutrition. India outperforms all major economies in growth rate — a powerful backdrop for domestic consumption.
Key Market Drivers for Hexagon
⚠ Geopolitical headwind flagged in the RHP: The ongoing Iran conflict threatens energy supply routes through the Strait of Hormuz. India imports ~85% of crude oil, and ~40–50% of crude plus most LPG travels this route. Rising energy costs could increase Hexagon's logistics and input costs, compressing margins.
05
Risk Factors
The RHP identifies 50+ risk factors. Below are the most material ones, colour-coded by severity. Click each to expand the detailed explanation.
HIGH
Over-dependence on Premix Formulations (~47–55% of revenue)
▾
Premix formulations contributed 51.47% of revenue in 9M FY26. Any regulatory change in fortification standards, loss of a key FMCG client, commodity price shock in vitamins/minerals, or shift in consumer preferences away from fortified products could materially hurt revenues. Manufacturing for this segment is concentrated in Nashik and Chennai — a disruption at either site has disproportionate impact.
HIGH
Pure OFS — Company Receives Zero Proceeds from IPO
▾
This is an Offer for Sale (OFS) of 30.86 million shares by promoters. The company receives no money. Proceeds go entirely to the Kelkar family. This means no new capital for growth, R&D, or debt reduction. The IPO is purely a liquidity/exit event for promoters. Investors must rely on the company's existing balance sheet and cash flows to fund future growth.
HIGH
Customer Concentration Risk
▾
The RHP flags dependence on a limited number of customers (Risk Factor #2). In B2B2C premix, losing one or two large FMCG clients could cause a step-down in revenues. In the ESG segment, reliance on UN agencies and government health ministries means tender cycles and geopolitical factors can abruptly alter revenues — as seen in the drop of ESG revenue from ₹930.74 million (FY24) to ₹778.44 million (FY25) and ₹479.76 million (9M FY26).
HIGH
Raw Material Volatility — No Long-Term Supply Contracts
▾
Vitamins, minerals, and amino acids are imported and subject to global commodity cycles, currency fluctuations, and trade restrictions. The company has no long-term procurement contracts. Note that material costs dropped dramatically from ₹1,813.85 million (FY23) to ₹1,580 million (FY25) despite revenue growth — suggesting commodity tailwinds. This tailwind could reverse.
MEDIUM
Nashik Facility Structural Alterations Required
▾
The Nashik facility — critical for premix manufacturing — is currently required to undergo structural alterations in its existing building. This may temporarily affect production capacity, delay order fulfilment, increase costs, and impair customer relationships. The RHP explicitly flags this as an active, near-term operational risk.
MEDIUM
Rising Trade Receivables and Working Capital Pressure
▾
Trade receivables increased from ₹485.14 mn (FY24) to ₹826.78 mn (Dec 2025). Current borrowings spiked to ₹334.10 mn from ₹194.96 mn. This suggests the company may be extending credit to grow sales, which increases collection risk and working capital funding costs. If customers default, it could materially impact earnings.
MEDIUM
Counterfeit and Look-alike Products
▾
The presence of counterfeit and look-alike products in the domestic market, particularly for brands like PENTASURE, OBESIGO, and PEDIAGOLD, could erode consumer trust, damage brand reputation, and reduce sales. Clinical nutrition brand protection requires sustained legal and enforcement resources.
MEDIUM
Revenue Geographic Concentration — Key Indian States
▾
Majority of domestic B2C revenues come from Maharashtra, Karnataka, Tamil Nadu, and Gujarat. Any disruption, regulatory change, or demand slowdown in these states (e.g., heat waves, drought, localised health crises) could impact overall revenue performance.
MEDIUM
Foreign Currency Exposure
▾
With exports to 75+ countries and an Uzbekistan manufacturing facility, Hexagon has material foreign currency risk. Transactions in USD, EUR, and other currencies create both revenue and cost exposures. Rupee depreciation helps export revenues but also raises imported vitamin/mineral input costs.
LOWER
Past Corporate Governance Non-Compliances
▾
Risk Factor #16 discloses instances of non-compliance with corporate actions in the past. While described as not material, this is a flag for investors who place weight on governance quality. The company states these have been or are being rectified. Prospective investors should review the specific disclosures in the full RHP.
LOWER
CARE Report Commissioned by Company
▾
The industry report used extensively throughout the RHP (for market sizing, competitive positioning claims) was commissioned and paid for by Hexagon Nutrition itself. While CARE Analytics is stated to be independent, investor reliance on this data should be calibrated accordingly. Third-party validations may differ.
06
Management & Promoters
Family-run business with professional depth. The Kelkar family has been at the helm since the company's 1993 founding. The board has 10 directors, including 5 independent directors (3 of whom are women). An institutional investor holds a minority board seat.
Board of Directors
| Name | Role | Age | Note |
|---|---|---|---|
| Arun Purushottam Kelkar | Chairman & Executive Director | 76 | Founder; Director since incorporation (1993). Term ends Sep 2026. |
| Vikram Arun Kelkar | Managing Director | 44 | Son of founder; Director since Sep 2005. Term: Jun 2024–Jun 2029. Oversees global subsidiaries. |
| Nikhil Arun Kelkar | Joint Managing Director | 47 | Son of founder. Also director of key subsidiaries. |
| Subhash Purushottam Kelkar | Selling Shareholder / Promoter | — | Co-founder, largest seller in OFS (24.19 million shares). |
| 5 Independent Directors | Non-Executive / Independent | — | Including 3 women IDs. Board committees include Audit, Remuneration, Stakeholders. |
Promoter Shareholding & OFS Details
| Selling Shareholder | Type | Shares Offered | Wtd. Avg. Cost (₹) |
|---|---|---|---|
| Subhash Purushottam Kelkar | Promoter | 24,188,993 | 0.65 |
| Nutan Subhash Kelkar | Promoter Group | 3,608,142 | 0.51 |
| Arun Purushottam Kelkar | Promoter | 1,536,477 | 0.48 |
| Aditya Kelkar | Promoter | 1,526,092 | 1.27 |
| TOTAL | 30,859,704 | — |
Promoter exit signal: At ₹0.48–₹1.27 per share acquisition cost, promoters stand to make 80–100× returns on their shares at expected IPO prices. While this is typical of a founder-led company at IPO, the OFS-only nature means all capital raised goes to promoters, not into the business. Minority investors should monitor future promoter selling closely post-listing.
Company Secretary & Compliance
Vedanti Swapnil Vartak serves as Company Secretary and Compliance Officer. Contact: cs.hnpl@hexagonnutrition.com, +91 22 6213 6710/711.
Subsidiaries
Hexagon Nutrition (International) Pvt Ltd
Hexagon Nutrition Healthcare Pvt Ltd
Hexagon Nutrition China Limited
Hexagon Nutrition Limited Liability Company (Uzbekistan)
Hexagon Nutrition Proprietary Limited
07
Offer Structure & Process
Offer Type
100% OFS
No fresh issue; zero proceeds to company
Total Shares Offered
30.86 Mn
Face value ₹1 each
Listing Exchanges
BSE + NSE
NSE is designated exchange
Price Band
TBA
To be set before opening
IPO Timeline
MAY 25, 2026
Red Herring Prospectus Filed
RHP dated and submitted. Price band and final issue size marked [●] — to be filled before opening.
JUNE 4, 2026
Anchor Investor Bidding Date
Qualified institutional anchor investors can bid one day before the public opening.
JUNE 5, 2026 ← TODAY
IPO Opens for Public Bidding
All investor categories (QIB, NII, RII) can bid. UPI-based ASBA applications available.
JUNE 9, 2026
IPO Closes
UPI mandate end time: 5:00 PM. QIBs may close 1 day earlier at company's discretion.
Investor Category Reservations
QIB — Qualified Institutional Buyers
Minimum 50% of net offer reserved for QIBs. Mutual funds, insurance companies, FIIs, etc. Discretionary allotment subject to SEBI ICDR Regulations.
NII — Non-Institutional Bidders
Minimum 15% reserved. High-net-worth individuals bidding above ₹2 lakhs. Proportionate allotment.
RII — Retail Individual Bidders
Minimum 35% reserved. Bids up to ₹2 lakhs. Proportionate allotment if oversubscribed. Discount (if any) to be specified in the final prospectus.
How to Apply
Through ASBA (Application Supported by Blocked Amount) via your bank or broker. UPI-based bidding available. Registrar: KFin Technologies Limited | hexagon.ipo@kfintech.com | +91 40 6716 2222
Book Building Process: This is a 100% book-built offer per SEBI ICDR Regulations 6(1). The final offer price will be determined based on demand assessment during the bidding period. There is no pre-set price — it's discovered through investor bids within the price band (once announced).
08
Key Takeaways for Investors
The Core Investment Thesis
Hexagon Nutrition is a profitable, 30-year-old nutrition company listing at a time of strong financial momentum — PAT has grown 4× in 2 years. It operates in a structurally growing Indian nutrition market backed by government mandates and rising health consciousness. Its integrated model (premix + branded B2C + ESG/UN) is unique among listed peers. However, this is a pure OFS with no proceeds going to the company — the IPO is solely a liquidity event for promoters.
What Makes This Compelling
BULL CASE
Profitability inflection — PAT growing exponentially
▾
PAT: ₹58mn (FY23) → ₹122mn (FY24) → ₹244mn (FY25) → ₹270mn in just 9 months of FY26. The cost of materials as a % of revenue has dropped dramatically as input commodity prices normalised, revealing strong underlying operating leverage. If volumes grow, margins should continue expanding.
BULL CASE
Rare pure-play nutrition listing in India
▾
There is no other listed Indian company purely focused on nutrition spanning premixes, clinical nutrition, and therapeutic foods. Peers like Nestlé India and Zydus Wellness have nutrition as only one segment. This scarcity premium could support a higher P/E multiple than the 67× peer average.
BULL CASE
B2C segment growing — improving revenue quality
▾
Branded B2C revenue grew from ₹627mn (FY23) to ₹920mn (FY25) and is tracking to ₹1,082mn annualised in 9M FY26. Higher-margin branded products are increasing as a share of revenue (22.5% → 30.3%). As brand investment pays off, margins should improve further.
What Warrants Caution
BEAR CASE
Pure OFS — promoters cashing out, not investing in growth
▾
Every rupee raised goes to the Kelkar family. No fresh capital for R&D, capacity expansion, or debt repayment. Future growth must come entirely from internally generated cash flows. The promoters' weighted average acquisition cost of ₹0.48–₹1.27/share means they stand to book extraordinary returns, which raises questions about whether the IPO is optimally timed for new investors.
BEAR CASE
ESG segment revenues declining significantly
▾
ESG (RUF/MNP) revenues fell from ₹930.74mn (FY24) to ₹778.44mn (FY25) and ₹479.76mn in 9M FY26 (annualised ~₹640mn). This is a 31% decline from peak. While B2C is growing, the ESG segment drag is material and may reflect reduced UN/government programme orders.
WATCH
Valuation — no price band disclosed yet
▾
The price band is [●] — not yet set as of the RHP date. At industry peer P/E of 46–89×, the stock could be priced anywhere from ~₹80 to ₹160 based on FY25 EPS of ₹1.75. The actual pricing will determine whether this is attractively valued or stretched. Always check the price band announcement before applying.
Five Questions to Ask Before Investing
1. What is the final price band, and what P/E does it imply?
Calculate the implied P/E against FY25 EPS (₹1.75) and annualised FY26 EPS (~₹2.93). Compare against Zydus (46×) and Nestlé India (89×).
2. Why is ESG segment revenue declining?
Is it a temporary dip in UN programme tenders, or a structural shift? This segment was ~31% of revenue in FY24 and has fallen to ~18% of 9M FY26 revenue.
3. What is driving the trade receivable surge?
Receivables grew 70% in 9 months. Is this aggressive credit extension to drive B2C growth, or normal seasonal build-up? How does days sales outstanding compare to peers?
4. What are the promoters' plans post-IPO?
Are remaining promoters committed to long-term value creation? What is the lock-in period for their remaining shares, and is there any disclosed secondary sale pipeline?
5. Who are the top 5 premix clients, and how concentrated are revenues?
The RHP flags customer concentration risk. Understanding actual concentration will help assess revenue stability. Request for DRHP supplemental disclosures if available.
DISCLAIMER — This report is prepared solely from publicly available information in the Hexagon Nutrition Limited Red Herring Prospectus dated May 25, 2026. It does not constitute investment advice. Equity investments involve risk of loss. The price band has not been disclosed as of the RHP date. Consult a SEBI-registered financial advisor before applying for this IPO. All financial data is based on Restated Consolidated Financial Information prepared under Ind AS.