Hexagon Nutrition IPO

About Hexagon Nutrition IPO

The Hexagon Nutrition IPO opens on Friday, June 5, 2026 and closes on Tuesday, June 9, 2026. The allotment of shares will take place on Wednesday, June 10, 2026. The credit of shares to the demat account will take place on Thursday, June 11, 2026. The initiation of refunds will take place on Thursday, June 11, 2026. The listing of shares will take place on Friday, June 12, 2026.

The offer consists of an offer for sale component. The offer for sale portion includes 3.09 crore shares of ₹138.87crores. The total number of shares and aggregate amount are 3,08,59,704 shares aggregating up to ₹139 crores.

Hexagon Nutrition IPO’s price band is set at ₹42 to ₹45 per share. The lot size for an application is 333 shares. The minimum amount of investment required by a retail investor is ₹14,985 (333 shares) (based on upper price). The lot size investment for S-HNI (Small NII) is 14 lots (4,662 shares), amounting to ₹2,09,790, and for B-HNI (Large NII), it is 67 lots (22,311 shares), amounting to ₹10,03,995. The Hexagon Nutrition IPO will be listed on BSE Limited (BSE) and National Stock Exchange of India Limited (NSE), making it a mainboard listing on both major Indian stock exchanges.

Hexagon Nutrition is a differentiated and research-oriented pure play nutrition company. They are a holistic nutrition player that offers products across a whole range starting with micronutrient premixes, right up to therapeutic and clinical products. They are also one of the largest premix players in India, offering customised vitamin and mineral premixes to leading Indian and multinational FMCG companies.

Objectives of Hexagon Nutrition IPO

• Carry out the Offer for Sale of up to 30,859,704 Equity Shares bearing face value of ₹1 each by the Selling Shareholders aggregating up to ₹138.87 crores.
  
• Achieve the benefits of listing the Equity Shares on the Stock Exchanges.
  

Industry Outlook

The India Nutrition Market is a dynamic and rapidly growing sector, driven by increasing health consciousness, rising disposable incomes, and supportive government initiatives. It encompasses a broad spectrum of products, including dietary supplements, sports nutrition, medical nutrition, and functional foods, catering to diverse demographic groups from infants to the elderly. India’s population presents varied nutritional needs - urban areas in North India show strong demand for protein supplements and multivitamins, while South India leans towards supplements for diabetes and hypertension. Around 24% of Indians are strictly vegetarian, and 9% follow a vegan diet, boosting demand for plant-based nutrition. Over 80% of the population suffers from micronutrient deficiencies, driving growth in fortified foods. Consumers are increasingly health-conscious, favouring natural, organic, and plantbased products. E-commerce has improved access to nutritional goods, supported by the rise in online shoppers. Plant-based proteins, Ayurvedic ingredients, and clean-label products are in demand. Global trends show that consumers are willing to pay a premium, averaging 30.74%, for healthier foods.

About Hexagon Nutrition

Hexagon Nutrition is a differentiated and research-oriented pure play nutrition company. They are a holistic nutrition player that offers products across a whole range starting with micronutrient premixes, right up to therapeutic and clinical products. They are 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. Their product portfolio addresses a broad spectrum of nutritional aspects such as fortification of foods, therapeutic nutrition, clinical nutrition and alleviation of malnutrition. They 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.

Strengths of Hexagon Nutrition

• A fully integrated holistic nutrition company offering end-to-end solutions across the value chain and a market leader in customized micronutrient formulations.
• Recognized wellness and clinical nutrition brand in the market.
• Long standing relationships with their customers.
• Established R&D capabilities with focus on innovation.
• Manufacturing capabilities of products with quality and food safety procedures.
• Well established pan India omnichannel distribution with presence across various geographies.
• Professional turned entrepreneur promoters with an experienced management team.

Risks of Hexagon Nutrition

• They are significantly dependent on the premix formulation segment for a substantial portion of their revenues.
  
• They are dependent on a limited number of customers for a significant portion of their revenue.
  
• Reconstruction of a portion of their Nashik Facility pursuant to past regulatory actions may lead to temporary production disruptions, and more.
  
• Sale of expired, defective, or non-compliant products, or failure to meet applicable quality standards, could expose them to significant liability, damage their reputation, and adversely affect their business.
  
• Their efforts to introduce new products are dependent on the success of their research and development initiatives.
  
• The presence of counterfeit and look-alike products, particularly in the domestic market, may harm their brand reputation, erode customer trust, and adversely impact their business.
  
• Majority of their revenue from operations are generated from key states of India, including Maharashtra, Karnataka, Tamil Nadu and Gujarat which exposes their operations to potential geographical concentration risks.
  
• Exposure to cross-border operational, regulatory, and macroeconomic risks across multiple jurisdictions may materially and adversely affect their business.
  

Source: All the financial information for listed industry peers mentioned above is on a Consolidated basis sourced from the Annual Reports of the peer company or their financial results uploaded on the NSE website for the year ended March 31, 2025. The number of shares used in calculating Basic EPS, Diluted EPS, and NAV per Equity Share has been adjusted to reflect the Split of shares. The number of shares used in calculating Basic EPS, Diluted EPS, and NAV per Equity Share has been adjusted to reflect the bonus issue of shares.

Notes: 1. P/E Ratio has been computed based on the closing market price of equity shares on the NSE on May 05, 2026 divided by the Diluted EPS of March 31, 2025.

2. RoNW is computed as net profit after tax divided by the closing net worth.Net worth means the aggregate value of the paid up share capital of the Company and all reserves created out of profits and securities premium account and debit or credit balance of profit and loss account, after deducting the aggregate value of the accumulated losses, miscellaneous expenditure not written off, as per the Restated Consolidated Financial Information, but does not include reserves created out of revaluation of assets, capital reserve, foreign currency translation reserve, write-back of depreciation as at period /year end, as per the Restated Consolidated Financial Information of the Company.

3. NAV is computed as the closing net worth divided by the weighted average number of equity shares on a fully diluted basis.

Anchor Investor Bidding Date: June 4, 2026

(1) The company may, in consultation with the BRLMs, consider participation by Anchor Investors in accordance with the SEBI ICDR Regulations. The Anchor Investor Bidding Date shall be 1 (one) Working Day prior to the Bid/Offer Opening Date.

Registrar: KFin Technologies Limited is a SEBI-registered registrar and share transfer agent (SEBI Registration No. INR000000221) headquartered in Hyderabad, Telangana. They handle IPO processing, share allotment, refund initiation, demat credit services, and investor grievance redressal for this offer. Investors may reach them at einward.ris@kfintech.com or +91 040-6716 2222.

Book Running Lead Manager:

• Cumulative Capital Private Limited
  
• Catalyst Capital Partners Private Limited
  

Hexagon Nutrition Business Model

The company earns its revenue as a nutrition company that offers products across a whole range starting with micronutrient premixes, right up to therapeutic and clinical products.

Hexagon Nutrition Growth Trajectory

Hexagon Nutrition’s Total Income for FY25 was ₹331.287 crores, whereas in FY24 and FY23 it was ₹304.621 crores and ₹281.646 crores, respectively.

The Profit After Tax for FY25 was ₹24.377 crores, whereas in FY24 and FY23 it was ₹12.214 crores and ₹5.824 crores, respectively.

Their EBITDA for FY25 was ₹40.072 crores, whereas in FY24 and FY23 it was ₹24.877 crores and ₹17.174 crores, respectively.

Hexagon Nutrition Market Position

Over the nine month period that ended December 31, 2025 and the past three Fiscals, their products were exported to over 75 countries including South Africa, Malaysia, Ethiopia, France, French Polynesia, Ghana, Indonesia, Kenya, Madagascar, Mozambique, Papua New Guinea, Nigeria, Philippines, Qatar, UAE, Mauritius, Brazil, amongst others.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹331.287 crores, ₹24.377 crores, and ₹40.072 crores, respectively.

How to apply for Hexagon Nutrition IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.