Hexagon Nutrition IPO
Hexagon Nutrition LtdMainboard
This IPO has listed.
- Open date
- 5 Jun 2026
- Close date
- 9 Jun 2026
- Min. Investment
- ₹14,985
- Lot Size
- -
- Fresh Issue
- ₹-
- Price Range
- -
- Face Value
- -
- IPO Document
- -
Subscription rate
- Qualified Institutional Buyers19.77x
- Non-Institutional Investors161.49x
- Retail-Individual Investors26.85x
- Total53.68x
Schedule
- Completed: IPO open date5 Jun 2026
- Completed: IPO close date9 Jun 2026
- Completed: Allotment date10 Jun 2026
- Completed: Funds unblock or debit11 Jun 2026
- Completed: Tentative listing date12 Jun 2026
About
Promoter shareholding in Hexagon Nutrition Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Arun Purushottam Kelkar | 2,43,46,406 | 19.81% | 2,28,09,929 | 18.56% |
| Subhash Purushottam Kelkar | 2,41,88,993 | 19.68% | 0 | 0.00% |
| Vikram Arun Kelkar | 2,59,45,044 | 21.11% | 2,59,45,044 | 21.11% |
| Nikhil Arun Kelkar | 2,12,16,068 | 17.26% | 2,12,16,068 | 17.26% |
| Aditya Kelkar | 15,26,092 | 1.24% | 0 | 0.00% |
| Anuradha Arun Kelkar | 90,53,059 | 7.37% | 90,53,059 | 7.37% |
| Nutan Subhash Kelkar | 36,08,142 | 2.94% | 0 | 0.00% |
Financials of Hexagon Nutrition IPO
| Key Performance Indicators | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Operating Revenue | - | - | - |
| Other Income | - | - | - |
| Total Income | 297.73 | 324.93 | 382.63 |
| Total Expenses | 285.50 | 297.66 | 343.68 |
| Profit Before Tax | - | - | - |
| Total Profit | 12.21 | 24.31 | 37.94 |
Hexagon Nutrition IPO Strengths & Risks
- 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 our 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 experienced management team.
- Track record of growth in financial performance.
- Risks Relating to the Business: The company is significantly dependent on the premix formulation segment for a substantial portion of its revenues. During the nine month period ended December 31, 2025, Fiscal 2025, Fiscal 2024, and Fiscal 2023, revenue from the premix formulations segment amounted to Rs. 1,377.26 million, Rs. 1,546.95 million, Rs. 1,333.13 million, and Rs. 1,527.99 million, respectively, contributing 51.47%, 47.61%, 44.78%, and 54.86% of the company revenue from operations for the respective Fiscals. Any adverse development affecting this segment may has a material adverse effect on its business, financial condition, and results of operations.
- Risks Relating to the Business: The company is dependent on a limited number of customers for a significant portion of its revenue. During the nine month period ended December 31, 2025, Fiscal 2025, Fiscal 2024, and Fiscal 2023, revenue from its top 10 customers aggregated to Rs. 1,118.97 million, Rs. 1,490.49 million, Rs. 1,453.69 million, and Rs. 1,271.29 million, constituting approximately 41.82%, 45.87%, 48.83%, and 45.65% of the company revenue from operations, respectively. Loss of one or more such customers or a reduction in their order volumes may adversely affect its business, financial condition, and results of operations.
- Risks Relating to the Business: Reconstruction of a portion of the company Nashik Facility pursuant to past regulatory actions may lead to temporary production disruptions, operational inefficiencies, and potential revenue impact.
- Risks Relating to the Business: Sale of expired, defective, or non-compliant products, or failures to meet applicable quality standards, could expose the company to significant liability, damage its reputation, and adversely affect the company business, results of operations, and financial condition.
- Risks Relating to the Business: The company does not has long-term contracts with its raw material suppliers, and volatility in raw material prices or adverse sourcing conditions may adversely impact the company operations, profitability, and financial performance.
- Risks Relating to the Business: The company efforts to introduce new products is dependent on the success of its research and development initiatives. The company inability to successfully develop and commercialise new products in a timely manner could adversely impact its business, growth, and financial condition.
- Risks Relating to the Business: The presence of counterfeit and look-alike products, particularly in the domestic market, may harm the company brand reputation, erode customer trust, and adversely impact its business and financial performance.
- Risks Relating to the Business: Majority of the company revenue from operations is generated from key states of India, including Maharashtra, Karnataka, Tamil Nadu and Gujarat which exposes its operations to potential geographical concentration risks arising from local and regional factors which may adversely affect the company operations and in turn its business, results of operations and cash flows.
- Risks Relating to the Business: Exposure to cross-border operational, regulatory, and macroeconomic risks across multiple jurisdictions may materially and adversely affect the company business, cash flows, results of operations, and future prospects.
- Risks Relating to the Business: Suboptimal capacity utilisation at the company manufacturing facilities may limit operational efficiency and adversely affect its business and financial condition.
- Risks Relating to the Business: The company operations is subject to evolving health, safety and environmental laws and regulatory standards.
- Risks Relating to the Business: The company is exposed to foreign currency exchange rate fluctuations, which may adversely affect its financial condition, cash flows, and results of operations.
- Risks Relating to the Business: Any disruption in production at, or shutdown of, the company manufacturing facilities, or breakdown of machinery could materially and adversely affect its business operations, financial condition, and growth prospects.
- Risks Relating to the Business: Inability to obtain, maintain or renew requisite statutory and regulatory permits and approvals for the company business operations could materially and adversely affect its business, prospects, cash flows, results of operations, and financial condition.
- Risks Relating to the Business: The company inability to collect trade receivables and default in payment from its customers could adversely affect the company business, financial condition and results of operations and cash flows
- Risks Relating to the Business: There may has been certain instances of non-compliances with respect to certain corporate actions taken by the Company in the past. Consequently, its may be subject to regulatory actions and penalties.
- Risks Relating to the Business: The company failures in maintaining its quality accreditations and certifications may negatively impact materially and adversely affect the company revenue generation, brand credibility, and overall business operations.
- Risks Relating to the Business: The company growth and market position depends on strengthening its brand portfolio and executing effective marketing strategies. Failures to does so may impact consumer trust and financial performance.
- Risks Relating to the Business: The company facilities is subject to client inspections and quality audits. Any failures to meet prescribed standards or customer expectations may lead to loss of business, reputational damage, and financial liabilities.
- Risks Relating to the Business: The company has certain contingent liabilities which, if materialized, may adversely affect its financial condition.
- Risks Relating to the Business: The company has experienced a significant reduction in revenue contribution from repeat customers, primarily in the company ESG segment, which may adversely affect its revenue visibility, profitability and financial stability.
- Risks Relating to the Business: The company depends significantly on its distribution network, including domestic and international channel partners, for the sale and delivery of the company branded nutrition products.
- Risks Relating to the Business: Improper handling, processing, or storage of the company products or raw materials or any real or perceived contamination could result in regulatory action, product recalls, reputational harm, and adversely affect its business, financial condition, and results of operations.
- Risks Relating to the Business: The company has not entered into long-term or definitive agreements with its customers. The absence of committed contracts may lead to revenue volatility and could adversely affect the company business, financial condition, and results of operations.
- Risks Relating to the Business: The company does not own some of the premises from where its operates.
- Risks Relating to the Business: The company enter into certain related party transactions in the ordinary course of its business and the company cannot assure you that such transactions will not adversely affect its business, results of operations, profitability and margins, cash flows and financial condition.
- Risks Relating to the Business: There is certain outstanding proceedings involving the Company, Subsidiaries, Promoters, Directors and Key Managerial Personnel and Senior Management. Failures to defend these proceedings successfully may has an adverse effect on the company business prospects, financial condition, results of ongoing operations and reputation.
- Risks Relating to the Business: There is certain instances of delays in payment of statutory dues. Any delay in payment of statutory dues or non-payment of statutory dues in dispute may attract financial penalties from the respective government authorities, which may has an adverse impact on the company financial condition and cash flows.
- Risks Relating to the Business: The company ability to access capital at attractive costs depends on its credit ratings. Non-availability of credit ratings or a poor rating may restrict the company access to capital and thereby adversely affect its business and results of operations.
- Risks Relating to the Business: The Company's Directors or Promoters may enter into ventures that may lead to real or potential conflicts of interest with its business.
- Risks Relating to the Business: Inability to accurately forecast demand or manage inventory levels may adversely affect the company operations, financial performance, and brand reputation.
- Risks Relating to the Business: The company relies on contract labour for carrying out certain of its operations and the company may be held responsible for paying the wages of such workers, if the independent contractors through whom such workers is hired default on their obligations, and such obligations could has an adverse effect on its results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company has significant working capital requirements and its inability to meet such working capital requirements may has an adverse effect on the company results of operations.
- Risks Relating to the Business: Certain of the company business transactions is entered into with government or government-funded entities in India and overseas and any change in the government policies, practices or focus may adversely affect its business, cash flows and results of operations.
- Risks Relating to the Business: The company relies on third-party transportation providers for inbound raw materials and outbound finished goods, and any disruption or inefficiency in such logistics arrangements may adversely affect its business, financial condition, results of operations, and cash flows.
- Risks Relating to the Business: The company faces competition in relation to its offerings, including from competitors that may has greater financial and marketing resources. Failures to compete effectively may has an adverse impact on the company business, financial condition, results of operations and prospects.
- Risks Relating to the Business: The company may not be able to correctly assess the demand for its products, which may adversely affect the company business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: If the company fail to keep pace with the rapid changes in the industry and market, it will result in a decline in demand for its products and revenues.
- Risks Relating to the Business: The company failures to protect confidential information like its product recipes, formulations, pricing or launch information could adversely affect the company competitive position.
- Risks Relating to the Business: If the company is unable to protect its intellectual property and technical know-how against third party infringement or breaches of confidentiality or are found to infringe on the intellectual property rights of others, it could has a material adverse effect on its business, results of operations and financial condition.
- Risks Relating to the Business: Restrictions imposed in the secured credit facilities and the company other outstanding indebtedness may limit its ability to operates the company business and to finance its future operations or capital needs.
- Risks Relating to the Business: The company insurance coverage may not be sufficient or adequate to protect its against all material hazards, which may adversely affect the company business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company may not be able to implement its business strategies or sustain and manage the company growth.
- Risks Relating to the Business: The attrition rate of the company employees for the nine month period ended December 31, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023 was 23.48%, 34.48%, 35.73% and 62.54%, respectively. High or increased attrition rate among its workforce could adversely affect the company operational efficiency and business performance.
- Risks Relating to the Business: The company manufacturing facilities in Chennai and Thoothukudi has been established on a land in special economic zone which is allotted to its on a leasehold basis. Failures to comply with the conditions of use of such land could result in an adverse impact on the company business and financial condition.
- Risks Relating to the Business: The company had negative cash flows from operations in the past, and may continue to does so in the near term as its expand the company business and enhance its products and services. Failures to generate sufficient cash from operations could adversely affect its liquidity and the company ability to fund its operations.
- Risks Relating to the Business: The company Subsidiaries has incurred losses in the past and may continue to incur losses in the future. Its may be required to continue providing financial support to these subsidiaries which may adversely affect the company consolidated results of operations and financial condition.
- Risks Relating to the Business: The company profitability, including PAT margins and returns on capital employed, has improved in recent years; however, such performance may not be sustained and is dependent on several factors that may materially and adversely affect its financial results.
- Risks Relating to the Business: The Company had previously filed draft offer documents with the regulatory authorities; however, the proposed issue at that time Withdrawal of Previously Filed Draft Offer Documents Upon Expiry of Regulatory Validity.
- Risks Relating to the Business: The Company was incorporated in 1993 and certain documents filed by its with the RoC and certain corporate records and other documents, is not traceable. The company cannot assure you that such forms or records will be available at all or any time in the future.
- Risks Relating to the Business: Shortage or unavailability of electricity or fuel could affect the company manufacturing operations and may has an adverse effect on its business, results of operations and financial condition.
- Risks Relating to the Business: Some of the company Promoters and Promoter Group individuals has provided personal guarantees as security for certain facilities availed by its Company and the company subsidiaries. If these guarantees are revoked, its may be unable to procure alternative guarantees satisfactory to the company lenders, which may adversely affect its business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: If the company is unable to maintain an effective system of internal controls, its may not be able to successfully manage or accurately report, the company financial risks.
- Risks Relating to the Business: The company currently relies extensively on its systems including information technology systems and products processing/quality assurance systems and their failures could adversely affect the company manufacturing operations.
- Risks Relating to the Business: Certain sections of this Red Herring Prospectus contain information from the CARE Report which the company commissioned and purchased and any reliance on such information for making an investment decision in the Offer is subject to inherent risks.
- Risks Relating to the Business: Certain Promoters, Directors and Key Managerial Personnel are interested in the Company's performance in addition to their remuneration and reimbursement of expenses.
- Risks Relating to the Business: Any damages caused by fraud or other misconduct by the company employees could adversely affect its business, results of operations and financial condition.
- Risks Relating to the Business: The company will not receive any proceeds from the Offer for Sale by the Selling Shareholder. The Selling Shareholder will receive the entire proceeds from the Offer for Sale.
- Risks Relating to the Business: Any non-compliance by the Company with the regulatory and sanction regimes of various countries could harm its reputation or result in regulatory action which could materially and adversely affect the company business.
- Risks Relating to the Business: Some of the company business operations is being conducted on leased premises. Its inability to seek renewal or extension of such leases may adversely affect the company business operations.
- Risks Relating to the Business: Rights of shareholders under Indian laws may be more limited than under the laws of other jurisdictions.
- Risks Relating to the Business: QIB and Non-Institutional Investors is not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid.
- Risks Relating to the Business: The Company has declared dividends in the previous fiscals. Its ability to pay dividends in the future will depends upon the company future earnings, financial condition, cash flows, working capital requirements and capital expenditures.
- Risks Relating to the Business: The company is dependent on its Promoters for functioning of the company business and its believe that the company senior management team and other key managerial personnel in its business are critical to the company continued success and its may be unable to attract and retain such personnel in the future.
- Risks Relating to the Business: The company Promoters and members of the Promoter Group will continue jointly to retain majority control over its Company after the Offer, which will allow them to determine the outcome of matters submitted to shareholders for approval.
- Risks Relating to the Business: The Offer Price, market capitalisation to revenue multiple and price to earnings ratio based on the Offer Price of the Company, may not be indicative of the market price of the Equity Shares on listing.
- Risks Relating to the Business: The company has in this Red Herring Prospectus included certain non-GAAP financial measures and certain other industry measures related to its operations and financial performance. These non-GAAP measures and industry measures may vary from any standard methodology that is applicable across the industry, and therefore may not be comparable with financial or industry related statistical information of similar nomenclature computed and presented by other companies.
- Risks Relating to the Business: None of the Directors of the Company has experience of being a director of a public listed company.
- Risks Relating to the Business: The company estimates and forward-looking statements may prove to be inaccurate.
- Risks Relating to the Business: The company subsidiary, Hexagon Nutrition Proprietary Limited, has been subject to Emphasis of Matter paragraphs in its audit reports relating to material uncertainty regarding its ability to continue as a going concern.
- Risks Relating to the Business: The company financial statements has been restated pursuant to the Scheme of Amalgamation, and any risks arising from the implementation or integration of the amalgamated entity could adversely affect its business and financial condition.
