{"id":14099,"date":"2026-06-05T06:56:31","date_gmt":"2026-06-05T06:56:31","guid":{"rendered":"https:\/\/www.incredmoney.com\/blog\/?p=14099"},"modified":"2026-06-05T08:14:32","modified_gmt":"2026-06-05T08:14:32","slug":"fitness-test-the-hexagon-nutrition-ipo","status":"publish","type":"post","link":"https:\/\/www.incredmoney.com\/blog\/fitness-test-the-hexagon-nutrition-ipo\/","title":{"rendered":"Fitness Test: The Hexagon Nutrition IPO"},"content":{"rendered":"<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\">\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"ipo-summary\">IPO Summary<\/h2>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!4mtN!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6f16ec12-11b1-4dc3-a17c-fce760d23809_784x642.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!4mtN!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6f16ec12-11b1-4dc3-a17c-fce760d23809_784x642.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!4mtN!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6f16ec12-11b1-4dc3-a17c-fce760d23809_784x642.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!4mtN!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6f16ec12-11b1-4dc3-a17c-fce760d23809_784x642.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<picture><img decoding=\"async\" class=\"sizing-normal aligncenter\" title=\"\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!4mtN!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6f16ec12-11b1-4dc3-a17c-fce760d23809_784x642.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!4mtN!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6f16ec12-11b1-4dc3-a17c-fce760d23809_784x642.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!4mtN!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6f16ec12-11b1-4dc3-a17c-fce760d23809_784x642.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!4mtN!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6f16ec12-11b1-4dc3-a17c-fce760d23809_784x642.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!4mtN!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6f16ec12-11b1-4dc3-a17c-fce760d23809_784x642.png 1456w\" alt=\"\" width=\"484\" height=\"396.33673469387753\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/6f16ec12-11b1-4dc3-a17c-fce760d23809_784x642.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:642,&quot;width&quot;:784,&quot;resizeWidth&quot;:484,&quot;bytes&quot;:58655,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:&quot;&quot;,&quot;type&quot;:&quot;image\/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https:\/\/ipoanalysis.substack.com\/i\/200596983?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6f16ec12-11b1-4dc3-a17c-fce760d23809_784x642.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture>\n<div class=\"image-link-expand\">\n<div class=\"pencraft pc-display-flex pc-gap-8 pc-reset\"><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<\/div>\n<p>&nbsp;<\/p>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"the-big-picture\">The Big Picture<\/h2>\n<p>Specialized nutrition products are rapidly gaining momentum in India. Valued at \u20b91.53 lakh crore in 2025, the market is projected to reach \u20b92.81 lakh crore by 2030.<\/p>\n<p>This robust growth is primarily driven by:<\/p>\n<ul>\n<li><strong>Rising living standards:<\/strong>\u00a0A structural shift toward proactive health and wellness lifestyles.<\/li>\n<li><strong>Heightened clinical awareness:<\/strong>\u00a0Greater consumer and medical recognition of targeted clinical nutrition.<\/li>\n<li><strong>Surging chronic health needs:<\/strong>\u00a0A growing prevalence of micronutrient deficiencies, vitamin gaps, and lifestyle diseases.<\/li>\n<\/ul>\n<p>Another point to note: over\u00a0<strong>80%\u00a0<\/strong>of India\u2019s population still suffers from micronutrient and vitamin deficiencies, diabetes and chronic kidney diseases. Each of these conditions becomes a indirect demand driver for specialised nutrition products.<\/p>\n<p>On the supply side, India imports ~ $980 Mn and exports ~$70 Mn of nutraceutical goods like vitamins and mineral supplements. Also, China supplies 25% of India\u2019s raw material imports for this sector.<\/p>\n<p>Hexagon Nutrition Limited is going live today with a pure Offer for Sale of up to 3.09 Cr shares worth Rs 138.87 Cr, with the offer window opening Friday,\u00a0<strong>June 5, 2026\u00a0<\/strong>and closing on June 9.<\/p>\n<div><\/div>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"the-business-model\">The Business Model<\/h2>\n<p>Hexagon Nutrition, incorporated in 1993, is India\u2019s only Integrated Nutrition player. It operates across three revenue segments:<\/p>\n<p>\u2022\u00a0<strong>Premix Formulations (B2B2C):\u00a0<\/strong>This was ~51% of 9MFY26 revenue<strong>.\u00a0<\/strong>It includes custom vitamin and mineral premixes sold to global FMCG companies. Hexagon is one of India\u2019s largest premix players.<\/p>\n<p>\u2022\u00a0<strong>Branded Clinical Nutrition (B2C):\u00a0<\/strong>This was ~30% of 9MFY26 revenue. This is Hexagon\u2019s own brands, namely\u00a0<strong>Pentasure\u00a0<\/strong>(ICU and post-surgical recovery),\u00a0<strong>Obesigo\u00a0<\/strong>(bariatric nutrition), and\u00a0<strong>Pediagold\u00a0<\/strong>(paediatric nutrition). This is the highest margin and the fastest growing segment.<\/p>\n<p>\u2022\u00a0<strong>Therapeutic Nutrition:\u00a0<\/strong>Accounted for ~18.0% of 9MFY26 revenue. This is Ready-to-Use Therapeutic Foods (RUTFs) and Micronutrient Powders (MNPs) for UN agencies, NGOs, and government programmes globally.<\/p>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\">\n<picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!iE1z!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fda0ca551-c7a7-48a6-89c7-8dd54b9cc979_1096x690.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!iE1z!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fda0ca551-c7a7-48a6-89c7-8dd54b9cc979_1096x690.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!iE1z!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fda0ca551-c7a7-48a6-89c7-8dd54b9cc979_1096x690.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!iE1z!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fda0ca551-c7a7-48a6-89c7-8dd54b9cc979_1096x690.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal aligncenter\" title=\"Chart\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!iE1z!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fda0ca551-c7a7-48a6-89c7-8dd54b9cc979_1096x690.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!iE1z!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fda0ca551-c7a7-48a6-89c7-8dd54b9cc979_1096x690.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!iE1z!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fda0ca551-c7a7-48a6-89c7-8dd54b9cc979_1096x690.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!iE1z!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fda0ca551-c7a7-48a6-89c7-8dd54b9cc979_1096x690.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!iE1z!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fda0ca551-c7a7-48a6-89c7-8dd54b9cc979_1096x690.png 1456w\" alt=\"\" width=\"558\" height=\"351.2956204379562\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/da0ca551-c7a7-48a6-89c7-8dd54b9cc979_1096x690.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:690,&quot;width&quot;:1096,&quot;resizeWidth&quot;:558,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:&quot;Chart&quot;,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture>\n<div class=\"image-link-expand\">\n<div class=\"pencraft pc-display-flex pc-gap-8 pc-reset\"><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<\/div>\n<p>Hexagon operates three manufacturing facilities and two in-house R&amp;D centres, and has a presence across 70+ countries.<\/p>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\">\n<picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!0W2F!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff6ecdce2-4c53-4209-a218-72a66d4c1807_1155x769.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!0W2F!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff6ecdce2-4c53-4209-a218-72a66d4c1807_1155x769.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!0W2F!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff6ecdce2-4c53-4209-a218-72a66d4c1807_1155x769.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!0W2F!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff6ecdce2-4c53-4209-a218-72a66d4c1807_1155x769.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal aligncenter\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!0W2F!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff6ecdce2-4c53-4209-a218-72a66d4c1807_1155x769.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!0W2F!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff6ecdce2-4c53-4209-a218-72a66d4c1807_1155x769.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!0W2F!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff6ecdce2-4c53-4209-a218-72a66d4c1807_1155x769.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!0W2F!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff6ecdce2-4c53-4209-a218-72a66d4c1807_1155x769.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!0W2F!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff6ecdce2-4c53-4209-a218-72a66d4c1807_1155x769.png 1456w\" alt=\"\" width=\"564\" height=\"375.5116883116883\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/f6ecdce2-4c53-4209-a218-72a66d4c1807_1155x769.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:769,&quot;width&quot;:1155,&quot;resizeWidth&quot;:564,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture>\n<div class=\"image-link-expand\">\n<div class=\"pencraft pc-display-flex pc-gap-8 pc-reset\"><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<\/div>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"the-national-problem-of-malnutrition\">The National Problem of Malnutrition<\/h2>\n<div class=\"pencraft pc-display-flex pc-alignItems-center pc-position-absolute pc-reset header-anchor-parent\">\n<div class=\"pencraft pc-display-contents pc-reset pubTheme-yiXxQA\">\n<div id=\"\u00a7the-national-problem-of-malnutrition\" class=\"pencraft pc-reset header-anchor offset-top\"><\/div>\n<\/div>\n<\/div>\n<p>\u2022\u00a0<strong>Micronutrient deficiency:\u00a0<\/strong>Iron deficiency affects 57% of women and 67% of children. Vitamin D deficiency affects over half of the adult population. Zinc deficiency affects half the children under five.<\/p>\n<p>\u2022\u00a0<strong>FSSAI fortification mandates:<\/strong>\u00a0The Food Safety and Standards Authority of India (FSSAI) has mandated fortification of mass-consumption staples (rice, milk, etc). Every tonne of fortified food requires a\u00a0<strong>vitamin and mineral premix blend<\/strong>. Hexagon is one of India\u2019s largest premix manufacturers.<\/p>\n<p>\u2022\u00a0<strong>Clinical nutrition is still an emerging concept in India,\u00a0<\/strong>and per capita clinical nutraceuticals consumption in India is lower than\u00a0<strong>all\u00a0<\/strong>developed nations. This makes it a high margin segment for players like Hexagon.<\/p>\n<div><\/div>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"operational-kpis\">Operational KPIs<\/h2>\n<p>1.\u00a0<strong>Revenue from exports\u00a0<\/strong>was 64% of total revenue from operations in FY23, and fell to 61% as of FY25. International revenue is declining slowly amidst global trade pressures.<\/p>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\">\n<picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!bAeo!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Feaa9b657-db14-455f-b119-5079a60eb75a_1192x766.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!bAeo!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Feaa9b657-db14-455f-b119-5079a60eb75a_1192x766.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!bAeo!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Feaa9b657-db14-455f-b119-5079a60eb75a_1192x766.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!bAeo!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Feaa9b657-db14-455f-b119-5079a60eb75a_1192x766.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal aligncenter\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!bAeo!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Feaa9b657-db14-455f-b119-5079a60eb75a_1192x766.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!bAeo!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Feaa9b657-db14-455f-b119-5079a60eb75a_1192x766.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!bAeo!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Feaa9b657-db14-455f-b119-5079a60eb75a_1192x766.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!bAeo!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Feaa9b657-db14-455f-b119-5079a60eb75a_1192x766.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!bAeo!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Feaa9b657-db14-455f-b119-5079a60eb75a_1192x766.png 1456w\" alt=\"\" width=\"558\" height=\"358.58053691275165\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/eaa9b657-db14-455f-b119-5079a60eb75a_1192x766.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:766,&quot;width&quot;:1192,&quot;resizeWidth&quot;:558,&quot;bytes&quot;:61757,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image\/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https:\/\/ipoanalysis.substack.com\/i\/200596983?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Feaa9b657-db14-455f-b119-5079a60eb75a_1192x766.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture>\n<div class=\"image-link-expand\">\n<div class=\"pencraft pc-display-flex pc-gap-8 pc-reset\"><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<\/div>\n<p><strong>2. Branded segment\u2019s\u00a0<\/strong>share of revenue has risen from 22% in FY23 to 28% in FY25, driven by rising adoption of PENTASURE and OBESIGO. As branded products have a much higher margin, overall blended margins are also on the rise.<\/p>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\">\n<picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!SPUb!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F684c53b9-51f3-431f-afbe-f595e13dfa84_940x614.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!SPUb!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F684c53b9-51f3-431f-afbe-f595e13dfa84_940x614.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!SPUb!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F684c53b9-51f3-431f-afbe-f595e13dfa84_940x614.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!SPUb!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F684c53b9-51f3-431f-afbe-f595e13dfa84_940x614.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal aligncenter\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!SPUb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F684c53b9-51f3-431f-afbe-f595e13dfa84_940x614.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!SPUb!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F684c53b9-51f3-431f-afbe-f595e13dfa84_940x614.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!SPUb!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F684c53b9-51f3-431f-afbe-f595e13dfa84_940x614.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!SPUb!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F684c53b9-51f3-431f-afbe-f595e13dfa84_940x614.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!SPUb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F684c53b9-51f3-431f-afbe-f595e13dfa84_940x614.png 1456w\" alt=\"\" width=\"559\" height=\"365.1340425531915\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/684c53b9-51f3-431f-afbe-f595e13dfa84_940x614.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:614,&quot;width&quot;:940,&quot;resizeWidth&quot;:559,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture>\n<div class=\"image-link-expand\">\n<div class=\"pencraft pc-display-flex pc-gap-8 pc-reset\"><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<\/div>\n<p><strong>3.<\/strong>\u00a0<strong>Despite exports being 56% of total revenue<\/strong>, no single country exceeds 9% of foreign revenue, meaning the export base is well diversified across 80+ countries, reducing country-specific concentration risk.<\/p>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\">\n<picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!HsV4!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0a1fc548-80fa-4747-a433-3bcb85300134_707x437.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!HsV4!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0a1fc548-80fa-4747-a433-3bcb85300134_707x437.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!HsV4!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0a1fc548-80fa-4747-a433-3bcb85300134_707x437.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!HsV4!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0a1fc548-80fa-4747-a433-3bcb85300134_707x437.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal aligncenter\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!HsV4!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0a1fc548-80fa-4747-a433-3bcb85300134_707x437.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!HsV4!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0a1fc548-80fa-4747-a433-3bcb85300134_707x437.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!HsV4!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0a1fc548-80fa-4747-a433-3bcb85300134_707x437.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!HsV4!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0a1fc548-80fa-4747-a433-3bcb85300134_707x437.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!HsV4!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0a1fc548-80fa-4747-a433-3bcb85300134_707x437.png 1456w\" alt=\"\" width=\"555\" height=\"343.04809052333803\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/0a1fc548-80fa-4747-a433-3bcb85300134_707x437.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:437,&quot;width&quot;:707,&quot;resizeWidth&quot;:555,&quot;bytes&quot;:34001,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image\/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https:\/\/ipoanalysis.substack.com\/i\/200596983?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0a1fc548-80fa-4747-a433-3bcb85300134_707x437.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture>\n<div class=\"image-link-expand\">\n<div class=\"pencraft pc-display-flex pc-gap-8 pc-reset\"><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<\/div>\n<div><\/div>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"peer-comparison-fy25\">Peer Comparison (FY25)<\/h2>\n<div class=\"pencraft pc-display-flex pc-alignItems-center pc-position-absolute pc-reset header-anchor-parent\">\n<div class=\"pencraft pc-display-contents pc-reset pubTheme-yiXxQA\">\n<div id=\"\u00a7peer-comparison-fy25\" class=\"pencraft pc-reset header-anchor offset-top\"><\/div>\n<\/div>\n<\/div>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\">\n<picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!U4Ga!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffdc05edd-aa36-4b0a-8296-5a489fe55270_1340x516.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!U4Ga!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffdc05edd-aa36-4b0a-8296-5a489fe55270_1340x516.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!U4Ga!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffdc05edd-aa36-4b0a-8296-5a489fe55270_1340x516.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!U4Ga!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffdc05edd-aa36-4b0a-8296-5a489fe55270_1340x516.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal aligncenter\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!U4Ga!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffdc05edd-aa36-4b0a-8296-5a489fe55270_1340x516.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!U4Ga!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffdc05edd-aa36-4b0a-8296-5a489fe55270_1340x516.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!U4Ga!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffdc05edd-aa36-4b0a-8296-5a489fe55270_1340x516.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!U4Ga!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffdc05edd-aa36-4b0a-8296-5a489fe55270_1340x516.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!U4Ga!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffdc05edd-aa36-4b0a-8296-5a489fe55270_1340x516.png 1456w\" alt=\"\" width=\"604\" height=\"232.58507462686566\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/fdc05edd-aa36-4b0a-8296-5a489fe55270_1340x516.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:516,&quot;width&quot;:1340,&quot;resizeWidth&quot;:604,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture>\n<div><\/div>\n<\/div>\n<\/figure>\n<\/div>\n<p><strong>&#8211; Hexagon\u2019s \u20b9325 Cr of sales\u00a0<\/strong>comes from three revenue streams, while Nutrivita at \u20b943 Cr and Compact at \u20b968 Cr run narrower operations with no such diversification across segments or geographies.<\/p>\n<p><strong>&#8211; Nutrivita\u2019s 14% EBITDA margin\u00a0<\/strong>is slightly above Hexagon\u2019s 12%. But Nutrivita runs a single-segment business whereas Hexagon\u2019s margins are a mix of all three segments.<\/p>\n<p>&#8211;\u00a0<strong>Hexagon\u2019s 8% PAT Margin\u00a0<\/strong>slightly higher than its peers is because the premix manufacturing lowers the cost of goods sold in for its branded segment, and where three revenue streams spread fixed costs across a larger base.<\/p>\n<div><\/div>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"financial-analysis\">Financial Analysis<\/h2>\n<div class=\"pencraft pc-display-flex pc-alignItems-center pc-position-absolute pc-reset header-anchor-parent\">\n<div class=\"pencraft pc-display-contents pc-reset pubTheme-yiXxQA\">\n<div id=\"\u00a7financial-analysis\" class=\"pencraft pc-reset header-anchor offset-top\"><\/div>\n<\/div>\n<\/div>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\">\n<picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!Nha4!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8b99cb8f-de44-4ab7-a765-fd6fb8084417_1462x850.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Nha4!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8b99cb8f-de44-4ab7-a765-fd6fb8084417_1462x850.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Nha4!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8b99cb8f-de44-4ab7-a765-fd6fb8084417_1462x850.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Nha4!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8b99cb8f-de44-4ab7-a765-fd6fb8084417_1462x850.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" title=\"Chart\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!Nha4!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8b99cb8f-de44-4ab7-a765-fd6fb8084417_1462x850.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!Nha4!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8b99cb8f-de44-4ab7-a765-fd6fb8084417_1462x850.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Nha4!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8b99cb8f-de44-4ab7-a765-fd6fb8084417_1462x850.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Nha4!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8b99cb8f-de44-4ab7-a765-fd6fb8084417_1462x850.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Nha4!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8b99cb8f-de44-4ab7-a765-fd6fb8084417_1462x850.png 1456w\" alt=\"\" width=\"564\" height=\"328.09615384615387\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/8b99cb8f-de44-4ab7-a765-fd6fb8084417_1462x850.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:847,&quot;width&quot;:1456,&quot;resizeWidth&quot;:564,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:&quot;Chart&quot;,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture>\n<div class=\"image-link-expand\">\n<div class=\"pencraft pc-display-flex pc-gap-8 pc-reset\"><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<\/div>\n<p>\u2022\u00a0<strong>Revenue CAGR is a modest 8.1% from FY23 to FY25<\/strong>, from \u20b9279 Cr to \u20b9325 Cr. This growth rate is pretty slow and may affect future rate of expansion for Hexagon.<\/p>\n<p>\u2022\u00a0<strong>PAT Margin expanded from 2% in FY23 to 8% in FY25<\/strong>, and with 9MFY26 already at 10%, the question is whether the slow revenue growth can increase the PAT Margin numbers any further, or will profits start to take a dip because of it.<\/p>\n<p>\u2022\u00a0<strong>Finance costs are declining\u00a0<\/strong>from Rs 4 Cr in FY24 to Rs 3 Cr in 9MFY26, as total debt fell from Rs 52 Cr in FY23 to Rs 27 Cr in FY25.<\/p>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"risk-analysis\">Risk Analysis<\/h2>\n<p>\u2022\u00a0<strong>Premix segment is exposed to the economics of monopolistic competition\u00a0<\/strong>as there are not many competitors in that segment. Hexagon\u2019s clients may shift to other suppliers for a better deal, and with 52% of revenue coming from this segment, this would be a huge loss in earnings.<\/p>\n<p>\u2022\u00a0<strong>Raw material import dependency:<\/strong>\u00a0India imports ~$1.8 billion of nutrition inputs annually. Vitamins, minerals, and amino acids, the primary premix inputs, are sourced largely from China (25% of imports), Germany and Switzerland. Disruptions from geopolitical tensions and rupee rate fluctuations are especially significant, and will lead to cost inflation.<\/p>\n<div><\/div>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"valuation\">Valuation<\/h2>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\">\n<picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!ORcE!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F37106e99-4ae5-45b1-917f-91f24f7ec761_1116x458.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!ORcE!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F37106e99-4ae5-45b1-917f-91f24f7ec761_1116x458.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!ORcE!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F37106e99-4ae5-45b1-917f-91f24f7ec761_1116x458.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!ORcE!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F37106e99-4ae5-45b1-917f-91f24f7ec761_1116x458.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!ORcE!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F37106e99-4ae5-45b1-917f-91f24f7ec761_1116x458.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!ORcE!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F37106e99-4ae5-45b1-917f-91f24f7ec761_1116x458.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!ORcE!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F37106e99-4ae5-45b1-917f-91f24f7ec761_1116x458.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!ORcE!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F37106e99-4ae5-45b1-917f-91f24f7ec761_1116x458.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!ORcE!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F37106e99-4ae5-45b1-917f-91f24f7ec761_1116x458.png 1456w\" alt=\"\" width=\"560\" height=\"229.82078853046596\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/37106e99-4ae5-45b1-917f-91f24f7ec761_1116x458.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:458,&quot;width&quot;:1116,&quot;resizeWidth&quot;:560,&quot;bytes&quot;:50658,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image\/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https:\/\/ipoanalysis.substack.com\/i\/200596983?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F37106e99-4ae5-45b1-917f-91f24f7ec761_1116x458.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture>\n<div><\/div>\n<\/div>\n<\/figure>\n<\/div>\n<div>\n<hr \/>\n<\/div>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"conclusion\">Conclusion<\/h2>\n<p>Hexagon Nutrition is interesting because their all-verticals capturing model is rare to see in India, and the fact that EBITDA margins doubled over the last two years is promising.<\/p>\n<p>The main concerns are a slower revenue growth, and maybe the fact that it\u2019s an OFS only issue, where owners only wish to liquidate their stake.<\/p>\n<div>\n<hr \/>\n<\/div>\n<p><em>If you know somebody who would be interested in this IPO, please share the article!<\/em><\/p>\n<p class=\"button-wrapper\" data-attrs=\"{&quot;url&quot;:&quot;https:\/\/ipoanalysis.substack.com\/p\/fitness-test-the-hexagon-nutrition?utm_source=substack&amp;utm_medium=email&amp;utm_content=share&amp;action=share&amp;token=eyJ1c2VyX2lkIjo0Nzk3NTk4NTMsInBvc3RfaWQiOjIwMDU5Njk4MywiaWF0IjoxNzgwNjQyMjAyLCJleHAiOjE3ODMyMzQyMDIsImlzcyI6InB1Yi03MzI4Mzk3Iiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.SuBHN8ZmQuc8zXTic4cQPXezgM8gN2v6vyB_kdX150s&quot;,&quot;text&quot;:&quot;Share&quot;,&quot;action&quot;:null,&quot;class&quot;:null}\" data-component-name=\"ButtonCreateButton\"><a class=\"button primary\" href=\"https:\/\/ipoanalysis.substack.com\/p\/fitness-test-the-hexagon-nutrition?utm_source=substack&amp;utm_medium=email&amp;utm_content=share&amp;action=share&amp;token=eyJ1c2VyX2lkIjo0Nzk3NTk4NTMsInBvc3RfaWQiOjIwMDU5Njk4MywiaWF0IjoxNzgwNjQyMjAyLCJleHAiOjE3ODMyMzQyMDIsImlzcyI6InB1Yi03MzI4Mzk3Iiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.SuBHN8ZmQuc8zXTic4cQPXezgM8gN2v6vyB_kdX150s\">Share<\/a><\/p>\n<div>\n<hr \/>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>IPO Summary &nbsp; The Big Picture Specialized nutrition products are rapidly gaining momentum in India. Valued at \u20b91.53 lakh crore in 2025, the market is projected to reach \u20b92.81 lakh crore by 2030. This robust growth is primarily driven by: Rising living standards:\u00a0A structural shift toward proactive health and wellness lifestyles. Heightened clinical awareness:\u00a0Greater consumer [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":14101,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[59],"tags":[2],"class_list":["post-14099","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo","tag-blog"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Fitness Test: The Hexagon Nutrition IPO - InCred Money<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.incredmoney.com\/blog\/fitness-test-the-hexagon-nutrition-ipo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fitness Test: The Hexagon Nutrition IPO - InCred Money\" \/>\n<meta property=\"og:description\" content=\"IPO Summary &nbsp; The Big Picture Specialized nutrition products are rapidly gaining momentum in India. Valued at \u20b91.53 lakh crore in 2025, the market is projected to reach \u20b92.81 lakh crore by 2030. This robust growth is primarily driven by: Rising living standards:\u00a0A structural shift toward proactive health and wellness lifestyles. Heightened clinical awareness:\u00a0Greater consumer [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.incredmoney.com\/blog\/fitness-test-the-hexagon-nutrition-ipo\/\" \/>\n<meta property=\"og:site_name\" content=\"InCred Money\" \/>\n<meta property=\"article:published_time\" content=\"2026-06-05T06:56:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-06-05T08:14:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/06\/unnamed-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"512\" \/>\n\t<meta property=\"og:image:height\" content=\"256\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Varun Shah\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Varun Shah\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/fitness-test-the-hexagon-nutrition-ipo\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/fitness-test-the-hexagon-nutrition-ipo\\\/\"},\"author\":{\"name\":\"Varun Shah\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/#\\\/schema\\\/person\\\/a994247d640675efd365664db35eac52\"},\"headline\":\"Fitness Test: The Hexagon Nutrition IPO\",\"datePublished\":\"2026-06-05T06:56:31+00:00\",\"dateModified\":\"2026-06-05T08:14:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/fitness-test-the-hexagon-nutrition-ipo\\\/\"},\"wordCount\":878,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/fitness-test-the-hexagon-nutrition-ipo\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/wp-content\\\/uploads\\\/2026\\\/06\\\/unnamed-1.png\",\"keywords\":[\"Blogs\"],\"articleSection\":[\"IPO\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/fitness-test-the-hexagon-nutrition-ipo\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/fitness-test-the-hexagon-nutrition-ipo\\\/\",\"url\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/fitness-test-the-hexagon-nutrition-ipo\\\/\",\"name\":\"Fitness Test: The Hexagon Nutrition IPO - 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