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IPO at a Glance
The table below covers all key IPO parameters as per the RHP filed with SEBI:
| Parameter | Details |
| Issue Type | 100% Offer for Sale (OFS) – Book Built Mainboard |
| Total Issue Size | 3,08,59,704 equity shares aggregating Rs 138.87 crore |
| Fresh Issue | NIL – Zero. The company raises no money. |
| OFS Shares | 3,08,59,704 equity shares by existing selling shareholders |
| Selling Shareholders | Arun Purushottam Kelkar, Subhash Purushottam Kelkar, Aditya Kelkar, Nutan Subhash Kelkar |
| Price Band | Rs 42 to Rs 45 per share |
| Face Value | Rs 1 per share |
| Lot Size | 333 shares |
| Minimum Retail Investment | Rs 14,985 (333 shares at Rs 45) |
| Maximum Retail Investment | Rs 1,94,805 (13 lots, 4,329 shares) |
| Investor Allocation | 35% Retail, 50% QIB, 15% HNI |
| Anchor Investor Date | June 4, 2026 |
| Issue Opens | Thursday, June 5, 2026 |
| Issue Closes | Monday, June 9, 2026 |
| Allotment Date | June 10, 2026 |
| Listing Date (Tentative) | June 12, 2026 (BSE and NSE) |
| Market Cap at Upper Band | Rs 552.76 crores (12,28,35,616 x Rs 45) *taking into effect of CCPS |
| Pre-IPO Promoter Group Holding | 79.10% |
| Post-IPO Promoter Group Holding | 56.29% |
| BRLMs | Cumulative Capital Pvt. Ltd. and Catalyst Capital Partners Pvt. Ltd. |
| Registrar | KFin Technologies Limited |
| DRHP Filed | September 23, 2025 |
| RHP Filed | May 25, 2026 |
| Permanent Employees | 527 (as of December 31, 2025) |
The OFS Structure: What It Means
This point deserves upfront clarity. Hexagon Nutrition’s IPO is 100% Offer for Sale. The company will receive zero rupees from this issue. Every rupee of the Rs 138.87 crore raised goes to the four selling shareholders of the Kelkar promoter family after deducting issue expenses and taxes.
Consequently, there is no deployment plan for IPO proceeds because no proceeds reach the company. This IPO is purely a liquidity and partial exit event for the founding family. The promoter holding drops from 89.40% to approximately 64.29% post-listing.
About the Company
Hexagon Nutrition Limited was incorporated in 1993, originally as Hexagon Chemoils Private Limited, and renamed and converted to a public limited company in November 2021. It is headquartered in Andheri West, Mumbai.
The Kelkar family has driven the business across its entire 32-year history. Vikram Arun Kelkar is the Managing Director and Nikhil Arun Kelkar is the Joint Managing Director. The company exports to more than 75 countries and had 527 permanent employees December 31, 2025.
Three Business Segments
| Segment | Type | Description |
| Micronutrient Premixes | B2B2C | Vitamin and mineral blends supplied to FMCG, dairy, and beverage manufacturers for use in fortified foods and drinks. |
| Branded Clinical and Wellness Nutrition | B2C | Consumer brands: Pentasure (clinical), Obesigo (weight management), Pediagold (paediatric), Nutrone. Sold via pharmacies, hospitals, and e-commerce. |
| ESG / Public Health Nutrition | Programme-based | Ready-to-Use Foods and Micronutrient Powders supplied under UNICEF, GAIN, WFP, and government nutrition programmes. |
Manufacturing Facilities
| Plant | Location |
| Plant 1 | Nasik, Maharashtra |
| Plant 2 | Chennai, Tamil Nadu |
| Plant 3 | Thoothukudi, Tamil Nadu |
| International Plant | Tashkent, Uzbekistan |
The RHP has disclosed historically low capacity utilization between 28.76% to 31.06% of plants across major product categories. They have specified lower utilization levels are attributable to a combination of operational, commercial and industry specific factors. To know more you can download RHP and read at page no. 48 of RHP.
Financial Performance
| Financial Metrics | December 31, 2025 | March 31, 2025 | March 31, 2024 | March 31, 2023 |
| Revenue From operations (₹ in Million) | 2,675.87 | 3,249.29 | 2,977.31 | 2,785.01 |
| Total revenue (₹ in Million) | 2,755.70 | 3,312.87 | 3,046.21 | 2,816.46 |
| EBITDA (₹ in Million) | 375.54 | 400.72 | 248.77 | 171.74 |
| EBITDA Margin (%) | 14.03% | 12.33% | 8.36% | 6.17% |
| Profit after tax (₹ in Million) | 270.33 | 243.77 | 122.14 | 58.24 |
| PAT Margin (%) | 9.81% | 7.36% | 4.01% | 2.07% |
| Return on Equity (ROE) (%) | 13.02% | 10.47% | 7.21% | 3.50% |
| Debt To Equity Ratio | 0.18 | 0.14 | 0.21 | 0.32 |
| Interest Coverage Ratio | 13.36 | 9.54 | 5.70 | 3.82 |
| Return on Capital Employed (ROCE) (%) | 14.82% | 17.06% | 11.12% | 5.94% |
| Current Ratio | 2.71 | 3.49 | 2.98 | 1.93 |
| Net Working Capital Turnover Ratio | 1.69 | 2.48 | 2.51 | 2.59 |
| Capacity Utilization (%) | 28.76% | 30.03% | 29.53% | 31.06% |
| Number of customers | 423 | 456 | 491 | 462 |
| Number of repeated customers | 286 | 294 | 284 | 246 |
| Repeat Customer Rate (RCR) (%) | 67.61% | 64.47% | 57.84% | 53.25% |
| Revenue from top 10 customers | 1,118.97 | 1,490.49 | 1,453.69 | 1,271.29 |
| Segment wise Revenue: Branded nutrition products (B2C segment) | 811.93 | 920.94 | 710.65 | 626.99 |
| Segment wise Revenue: Premix formulations (B2B2C segment) | 1,377.26 | 1,546.95 | 1,333.13 | 1,527.99 |
| Segment wise Revenue: RUFs/ MNPs (ESG segment) | 479.76 | 778.44 | 930.74 | 627.83 |
PAT grew from Rs 5.82 crore in FY2023 to Rs 24.38 crore in FY2025 – approximately a 4x increase in two years. The 9M FY2026 PAT of Rs 27.03 crore has already crossed the full-year FY2025 figure of Rs 24.38 crore, pointing to continued momentum.
Revenue growth, however, has been moderate at 8-9% per year. The story here is margin expansion rather than top-line acceleration. PAT margin improved from 2.07% in FY2023 to 7.36% in FY2025 and further to approximately 9.81% in 9M FY2026.
Key FY2025 ratios per RHP: ROE 10.47%, ROCE 17.06%, debt-to-equity 0.14. Low leverage reflects conservative financial management throughout the company’s history.
Valuation
At the upper price band of Rs 45, the implied market capitalisation is Rs 553.13 crore.
For context, Zydus Wellness trades at approximately 46.22x P/E with RoNW of 6.12% and revenue of Rs 2,780.90 crore. Nestle India trades at approximately 88.86x P/E with revenue of Rs 20,201.56 crore. These are far larger consumer wellness companies. Hexagon operates at a more modest scale in a specialised B2B2C and clinical nutrition niche, which explains the valuation discount to these broad FMCG names.
Key Strengths
- 32 years of operating history since 1993 in a technically demanding nutrition sector
- Three-segment model: premix B2B2C, branded consumer nutrition, and public health nutrition
- Exports to over 75 countries – genuine international diversification
- Recognised consumer brands: Pentasure, Obesigo, Pediagold, and Nutrone
- PAT grew approximately 4x from FY2023 to FY2025
- 9M FY2026 PAT already exceeds full FY2025 – clear momentum
- Low debt-to-equity of 0.14 – conservative balance sheet
- Accessible retail lot of Rs 14,985
- FSSC 22000, ISO 9001:2015, and Halal certified facilities
Key Risks
- 100% OFS – company receives zero proceeds; entirely a promoter exit
- Promoter holding drops from 89.4% to 64.29%
- Historically low capacity utilisation across manufacturing plants – flagged in RHP
- Revenue growth rate moderate at 8-9% per year despite strong PAT growth
- No directly comparable listed peers – makes benchmarking imprecise
Closing Thoughts
Hexagon Nutrition is a 32-year-old business with a PAT margin that has moved from 2% to nearly 10% in three years. That improvement is the most compelling data point in this story. The branded segment growing as a share of revenues is the primary driver, and the 9M FY2026 trajectory confirms the trend is continuing. However, the entire IPO is a promoter exit – the company sees none of the money – and moderate revenue growth of 8-9% per year means investors are fundamentally buying the margin story. The capacity utilisation gap pressure remains the structural caution points in an otherwise improving profitability picture.
Disclaimer: The content provided here is for informational purposes only. It does not constitute financial, investment, legal, or tax advice. FiscalZenith and is auhor is not a licensed financial advisor, broker-dealer, or investment analyst and will not be liable for any damages.
