| Annual Financials | Mar 2023 | Mar 2024 | Mar 2025 |
| Revenue | 278.50 | 297.73 | 324.93 |
| Expenses | 267.02 | 285.48 | 296.78 |
| Other Income | 3.15 | 6.89 | 6.36 |
| Total Revenue | 281.65 | 304.62 | 331.29 |
| Profit Before Tax | 9.42 | 19.50 | 33.72 |
| Net Profit | 5.82 | 12.21 | 24.38 |
Hexagon Nutrition
Hexagon Nutrition IPO
₹13,986
Bidding Dates 05 Jun, 26 -09 Jun, 26
Min Investment ₹13,986
Lot Size333
Price Range ₹42 – ₹45
Issue Size ₹138.87 Cr.
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IPO Timeline
IPO Offer Start
05 Jun,26
IPO Offer Ends
09 Jun,26
Allotment Finalisation
10 Jun,26
Refund Initiation
11 Jun,26
Listing of Shares
12 Jun,26
IPO Analysis
Strengths
The company operates as a holistic nutrition player offering products across the whole range from micronutrient premixes to therapeutic and clinical products, managing the complete value chain in-house from research and development to manufacturing and marketing.
The company is one of the largest premix players in India, offering customised vitamin and mineral premixes to leading Indian and multinational FMCG companies, and one of the largest licensed suppliers of Micronutrient Powders (MNPs) under UN programmes.
The company has progressively moved up the value chain with development of in-house brands such as PENTASURE, OBESIGO, and PEDIAGOLD, with global footprint across 75+ countries and regulatory approvals in over 14 countries.
Risks
The company derives 51.47% of revenue from premix formulations segment (₹1,377.26 million in nine-month period ended December 31, 2025). Any adverse development affecting this segment may have material adverse effect on business, financial condition, and results of operations.
The company is dependent on a limited number of customers, with top 10 customers constituting 41.82% of revenue (₹1,118.97 million) in nine-month period ended December 31, 2025. Loss of one or more key customers may adversely affect business and financial condition.
The company must reconstruct portions of its Nashik Facility pursuant to regulatory actions, potentially causing 9-12 months of production disruption. This may temporarily impact production capacity for Dry Powder Premix (8.10 MT/day) and Liquid Premix (0.75 MT/day) unless mitigation measures are successfully implemented.
Objectives
The company is conducting an Offer for Sale of up to 30,859,704 Equity Shares by the Selling Shareholders. The company will not receive any proceeds from this offer as all proceeds will go to the Selling Shareholders.
The company expects that the proposed listing of its Equity Shares will enhance its visibility and brand image as well as provide liquidity and a public market for the Equity Shares in India.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2023 | Mar 2024 | Mar 2025 |
| Total Assets | 288.90 | 250.54 | 261.36 |
| Current Assets | 223.97 | 178.67 | 183.64 |
| Fixed Assets | 64.93 | 71.87 | 77.72 |
| Total Equity & Liabilities | 288.90 | 250.54 | 261.36 |
| Total Liabilities | 125.82 | 74.67 | 67.18 |
| Current Liabilities | 116.28 | 59.97 | 52.66 |
| Non Current Liabilities | 9.54 | 14.70 | 14.51 |
| Total Equity | 163.08 | 175.87 | 194.18 |
Cash Flow
| Cash Flow | Mar 2023 | Mar 2024 | Mar 2025 |
| Net Cash Flow | -11.72 | 7.97 | -4.13 |
| Investing Activities | -18.70 | 3.71 | -22.69 |
| Operating Activities | 0.00 | 23.38 | 37.79 |
| Financing Activities | 6.99 | -19.13 | -19.24 |
About Hexagon Nutrition
Hexagon Nutrition Limited is a differentiated and research-oriented pure play nutrition company that operates as a holistic nutrition player offering products across a whole range starting with micronutrient premixes, right up to therapeutic and clinical products. The company is one of the largest premix players in India, offering customised vitamin...more
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Managing DirectorVikram Arun Kelkar
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