Hexagon Nutrition
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 7 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 12 Jun 2026 | ₹2.75 | +6.11% | ₹700 | ₹47.75 | ₹915.75 |
| 11 Jun 2026 | ₹2.75 | +6.11% | ₹700 | ₹47.75 | ₹915.75 |
| 10 Jun 2026 | ₹2.75 | +6.11% | ₹700 | ₹47.75 | ₹915.75 |
| 09 Jun 2026 | ₹3.5 | +7.78% | ₹900 | ₹48.5 | ₹1,165.5 |
| 08 Jun 2026 | ₹6.5 | +14.44% | ₹1,600 | ₹51.5 | ₹2,164.5 |
| 07 Jun 2026 | ₹6.5 | +14.44% | ₹1,600 | ₹51.5 | ₹2,164.5 |
| 06 Jun 2026 | ₹6.5 | +14.44% | ₹1,600 | ₹51.5 | ₹2,164.5 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 05 Jun 2026 – 09 Jun 2026
- Listing date
- 12 Jun 2026
- Face value
- ₹1 per share
- Price band
- ₹42 – ₹45
- Issue price
- ₹45 per share
- Lot size
- 333 shares
- Issue type
- Book Building issue
- Total issue size
- ₹139 Cr
- Market cap at offer price
- ₹553 Cr
- Promoter holding
- 89.41% → 45.74% pre-issue → post-issue
- ISIN
- INE0JUI01012
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Cumulative Capital Pvt.Ltd.
- Registered office
- 404 Global Chamber, Adarsh Nagar Link Road, Andheri (West), Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 92,57,696 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 333 shares per lot, in multiples, at ₹45
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 333 | ₹14,985 |
| Retail (max) | 13 | 4,329 | ₹1,94,805 |
| S-HNI (min) | 14 | 4,662 | ₹2,09,790 |
| S-HNI (max) | 66 | 21,978 | ₹9,89,010 |
| B-HNI (min) | 67 | 22,311 | ₹10,03,995 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹45 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 1.98 | 2.93 |
| P/E (×) | 22.73 | 15.36 |
| Price to book (×) | 2.83 | — |
| Market cap | — | ₹553 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 12.46%
- ROCE
- 17.06%
- Debt / equity
- 0.14
- PAT margin
- 7.36%
- EBITDA margin
- 12.33%
- NAV per share
- ₹15.91
- Price to book
- 2.83
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Hexagon Nutrition
Hexagon Nutrition Limited, incorporated in 1993, is a diversified nutrition company operating across three primary business segments: (1) branded nutrition and clinical nutrition products for consumers (B2C), (2) customized premix formulations for food and beverage manufacturers (B2B2C), and (3) therapeutic nutrition including Ready-to-Use Foods and Micronutrient Powders for humanitarian and government programs (ESG). The company generates revenue from both domestic and international markets, with products sold in over 75 countries. During Fiscal 2025, the company achieved revenue of ₹3,249.29 million, with the premix formulations segment contributing 47.61% of revenue. The company manufactures products at facilities in Nashik and Chennai (India), Thoothukudi (India), and Tashkent (Uzbekistan), and operates regional offices in South Africa and Hong Kong.
Company Analysis
from DRHPHexagon Nutrition Limited manufactures and distributes nutrition and wellness products spanning premix formulations for food fortification, branded clinical nutrition, and therapeutic nutrition solutions across multiple markets.
Hexagon Nutrition Limited, incorporated in 1993, is a diversified nutrition company operating across three primary business segments: (1) branded nutrition and clinical nutrition products for consumers (B2C), (2) customized premix formulations for food and beverage manufacturers (B2B2C), and (3) therapeutic nutrition including Ready-to-Use Foods and Micronutrient Powders for humanitarian and government programs (ESG). The company generates revenue from both domestic and international markets, with products sold in over 75 countries. During Fiscal 2025, the company achieved revenue of ₹3,249.29 million, with the premix formulations segment contributing 47.61% of revenue. The company manufactures products at facilities in Nashik and Chennai (India), Thoothukudi (India), and Tashkent (Uzbekistan), and operates regional offices in South Africa and Hong Kong.
Objects of the Issue
- No proceeds to the Company - Offer for Sale by Selling Shareholders only ₹1,388.69 million p.110
Issue Structure
- Total Issue
- ₹1,388.69 million (30,859,704 Equity Shares at offer price of ₹45 per share)
- Fresh Issue
- ₹0 (Offer for Sale only; No fresh issue by the Company)
- Offer for Sale
- 30,859,704 Equity Shares aggregating to ₹1,388.69 million by Selling Shareholders (Arun Purushottam Kelkar: 1,536,477 shares; Subhash Purushottam Kelkar: 24,188,993 shares; Nutan Subhash Kelkar: 3,608,142 shares; Aditya Kelkar: 1,526,092 shares)
- Price Band
- ₹42 to ₹45 per Equity Share (Floor Price ₹42, Cap Price ₹45)
- Lot Size
- Bid Lot of 333 Equity Shares and multiples thereof for retail investors; Minimum ₹0.20 million application size for Non-Institutional Bidders (up to ₹1 million for one-third portion); Minimum ₹100 million for Anchor Investors
- Face Value
- ₹1 per Equity Share
Business Model
The company earns revenue through three primary models: (1) direct B2C sales of branded nutrition products through retail pharmacies, hospitals, e-commerce platforms, and own-branded websites; (2) B2B2C supply of customized premix formulations to global beverage companies, dairy cooperatives, and FMCG brands; and (3) supply of therapeutic nutrition products to government agencies, multilateral organizations (UN agencies), and non-governmental organizations. Revenue is also supplemented through export incentives (MEIS, RoDTEP, duty drawback) and testing charges.
Business Segments
SWOT Analysis
- • Strong legacy in nutrition industry with 33+ years of operational history(p.2)
- • Diversified product portfolio across three business segments (B2C, B2B2C, ESG)(p.30)
- • Multiple manufacturing facilities with FSSC 22000 and international certifications(p.55)
- • Established distribution network and market presence in 75+ countries(p.44)
- • Improved profitability with PAT margin of 9.81% in nine-month period(p.86)
- • Heavy dependence on premix formulations segment (51.47% of revenue in nine months)(p.30)
- • Significant customer concentration with top 10 customers at 41.82% of revenue(p.32)
- • Nashik facility requires reconstruction post-regulatory action causing production disruptions(p.31)
- • Significant quality incidents including Salmonella contamination in Fiscal 2024(p.37)
- • Suboptimal capacity utilisation across all manufacturing facilities (23-50%)(p.46)
- • Absence of long-term contracts with raw material suppliers exposing to price volatility(p.39)
- • Subsidiary Hexagon Nutrition Proprietary Limited has going concern doubts(p.95)
- • Sharp decline in repeat customers revenue from 69.85% to 35.94% year-on-year(p.60)
- • Growing Indian wellness and nutrition industry with projected expansion potential(p.37)
- • Expansion into new geographies beyond current concentrated Indian states(p.44)
- • New product launches including NUTRONE brand for wellness segment(p.84)
- • International expansion with growing export presence to 75+ countries(p.44)
- • Investment in R&D with eleven new branded nutrition products in recent period(p.42)
- • Global economic slowdown and macroeconomic volatility affecting consumer spending(p.96)
- • Geopolitical tensions and global supply chain disruptions affecting logistics(p.31)
- • Inflation pressures reducing consumer spending on discretionary nutrition products(p.99)
- • Regulatory ambiguities and overlapping jurisdictions from FSSAI, CDSCO, Ministry of AYUSH(p.37)
- • Intense competition from multinational and regional players with larger resources(p.57)
- • Dependence on government and institutional procurement cycles for ESG segment(p.60)
- • Foreign exchange volatility affecting export realisations and import costs(p.50)
- • Counterfeiting and look-alike products diluting brand equity in domestic market(p.42)
- • Natural disasters, pandemics, and force majeure events disrupting operations(p.98)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Arun Purushottam Kelkar | Promoter | — | — |
| Subhash Purushottam Kelkar | Promoter | — | — |
| Vikram Arun Kelkar | Promoter | — | — |
| Nikhil Arun Kelkar | Promoter | — | — |
| Aditya Kelkar | Promoter | — | — |
Leadership
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.