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Hexagon Nutrition, India’s 33-year-old research-driven nutrition powerhouse, hits Dalal Street on June 5, 2026. An in-depth breakdown of financials, risks, valuation, and whether this is a buy, hold, or pass for smart investors.
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Issue Size
₹138.87 Cr
Entirely OFS
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Price Band
₹42 – ₹45
Per share
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Lot Size
333 shares
Min invest ₹14,985
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Market Cap
₹553 Cr
At upper band
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GMP (Jun 1)
₹0 (Flat)
Grey market
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P/BV Ratio
2.48x
NAV ₹18.15
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Pre-IPO
May 2026
Placement ₹27.44 Cr
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Opens
Jun 5
Subscription opens
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Closes
Jun 9
Last day to bid
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Allotment
Jun 10
Basis finalised
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Credit
Jun 11
Shares in demat
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Listing
Jun 12
BSE + NSE live
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Founded in 1993 by the late Shri Vinod D. Shah and currently steered by the Kelkar family, Hexagon Nutrition has spent over three decades building a vertically integrated nutrition enterprise — from micronutrient R&D to direct consumer brands. The company operates across three core verticals: Micronutrient Premix Formulations (B2B), Branded Clinical & Wellness Nutrition (B2C), and ESG-linked Therapeutic/Ready-to-Use Foods.
Flagship consumer brands — Pentasure, Obesigo, Pediagold, and Nutrone (launched FY24) — anchor its clinical and wellness presence across Indian retail pharmacies, hospital chains, and e-commerce platforms. Manufacturing happens across four facilities: Nashik, Chennai, Thoothukudi, and an international unit in Tashkent, Uzbekistan. Products are exported to over 75 countries across Asia, Africa, Europe, and South America.
REVENUE BY SEGMENT (FY25)
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Premix Formulations (B2B)
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47.6%
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Clinical / Wellness (B2C)
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~35%
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Therapeutic / ESG Foods
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~17%
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Metric
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FY23
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FY24
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FY25
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9M FY26
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Revenue (₹ Cr)
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278.4
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304.6
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331.3
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267.6
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Net Profit (₹ Cr)
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~9
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12.2
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24.4
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27.0 ↑
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PAT Margin
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~3.2%
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4.0%
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7.4%
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~10.1% ↑
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Avg EPS (3yr)
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₹1.29
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Avg RoNW (3yr)
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9.13%
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Profit nearly doubled from FY24 to FY25, and the nine-month FY26 figure of ₹27 Cr already surpasses the full-year FY25 number — pointing to an accelerating earnings trajectory. PAT margins have expanded from ~3% to over 10% in just three years, driven by premiumisation in the B2C segment and operating leverage.
The Indian nutritional supplements market stood at roughly US$ 43 billion in 2024, and multiple forecasts peg it to expand at a CAGR of 8–8.2% through 2030–2034. The clinical nutrition sub-sector was valued at US$ 2.1 billion in 2024 and is expected to hit US$ 4.3 billion by 2033. Government-backed food fortification mandates for staple items like rice and wheat are also accelerating demand for premix formulations — Hexagon’s largest revenue segment.
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✔ 33-year operational heritage
Deep institutional knowledge with FSSC 22000, GMP, and ISO 9001:2015 certifications across all manufacturing plants.
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✖ Premix concentration risk
Over 47–54% of revenues derived from premix formulations — any adverse shift materially impacts results.
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✔ Explosive profit growth
PAT doubled YoY in FY25; 9M FY26 profits already exceed full-year FY25 — momentum is rare and verifiable.
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✖ Customer concentration
Top 10 customers account for 42–49% of revenues, creating attrition risk from a small number of large buyers.
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✔ Global export footprint
Products exported to 75+ countries with overseas offices in South Africa, Uzbekistan, and Hong Kong.
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✖ Pure OFS structure
No fresh capital raised — all IPO proceeds go to selling shareholders. The company itself receives zero operational funds.
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✔ Low promoter dilution
Promoter stake moves from 89.4% to 64.3% — a high-conviction, family-led holding structure is preserved post-listing.
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✖ Flat GMP signal
Grey market premium stands at ₹0 as of June 1, 2026, indicating muted short-term listing excitement from speculative market.
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Reservation & Quota Structure
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QIB (Institutional)
50%
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Retail (Individual)
35%
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HNI (High Net Worth)
15%
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Our Take: Long-Term Accumulate, Short-Term Cautious
Hexagon Nutrition ticks many boxes investors look for in a structural compounder — improving margins, a diversified product portfolio, growing domestic and export markets, and a sector with powerful government and demographic tailwinds. The PAT acceleration is genuine and accelerating into FY26.
However, the pure OFS nature means the company receives no capital, customer and segment concentration risks remain, and a flat grey market premium signals limited short-term listing pop. At P/BV of 2.48x with average 3-year RoNW of 9.13%, valuation is not cheap.
✓ Long-term: Apply ⚠ Listing gain: Low probability ⛔ OFS risk: Watch
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Disclaimer: This analysis is for informational and educational purposes only and does not constitute investment advice or a solicitation to buy or sell securities. All data sourced from publicly available RHP filings and market sources as of June 1, 2026. Please consult a SEBI-registered financial advisor before making any investment decisions. IPO markets carry inherent risks including loss of capital.
Discalimer!
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