| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 14.43 | 21.00 | 43.07 |
| Expenses | 13.83 | 18.75 | 35.64 |
| Other Income | 0.00 | 0.00 | 0.05 |
| Total Revenue | 14.43 | 21.00 | 43.12 |
| Profit Before Tax | 0.59 | 2.25 | 7.48 |
| Net Profit | 0.43 | 2.23 | 7.39 |
Himalaya Nutravedics
Himalaya Nutravedics IPO
₹2,40,000
0.91 xOver-subscribedBidding Dates 22 Sept, 26 -24 Sept, 26
Min Investment ₹2,40,000
Lot Size1,200
Price Range ₹100 – ₹106
Issue Size ₹26.50 Cr.
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IPO Subscription Details
Retail Subscription Details
1.5 x
Non-Institutional Buyers (sHNI)
0.93 x
Non-Institutional Buyers (bHNI)
0.67 x
Qualified Institutional Buyers (QIB)
0 x
Total0.91 x
0.91 x IPO Timeline
IPO Offer Start
22 Sept,26
IPO Offer Ends
24 Sept,26
Allotment Finalisation
25 Sept,26
Refund Initiation
28 Sept,26
Listing of Shares
29 Sept,26
IPO Analysis
Strengths
The company operates an integrated manufacturing facility capable of producing medicated oils, soft gelatin capsules, hard gelatin capsules, tablets, and liquid orals, enabling product development across multiple formats without reliance on external manufacturers.
The company's formulations have achieved repeat prescriptions through scientific detailing, CME programmes, and medical camps, allowing marketing cost control with marketing expenses at only 4.16% of total revenue in FY2025-26.
The company maintains repeat customer engagements, with the top 10 customers contributing 81.24% (₹3,498.75 Lakhs) of revenue from operations in FY2025-26, reflecting strong supply reliability and product acceptance.
Risks
The company derives 81.24%, 86.97%, and 84.19% of its revenue from operations from its top 10 customers in Fiscals 2026, 2025, and 2024, respectively. The company does not maintain long-term contractual arrangements with customers, exposing it to risks of cancellations, delays, or order reductions that could materially impact financial performance.
Ayurvedic products accounted for 94.57%, 92.09%, and 79.27% of the company's revenue from operations in Fiscals 2026, 2025, and 2024, respectively. Any reduction in demand, regulatory action, or competitive pressure in this segment could have a severe adverse effect on the company's business, results of operations, and cash flows.
The company has experienced negative cash flows from operating activities of ₹383.44 lakhs, ₹139.11 lakhs, and ₹55.10 lakhs in Fiscals 2026, 2025, and 2024, respectively, driven by elevated working capital requirements including high inventory levels and rising trade receivables. Sustained negative cash flows could materially impair the company's ability to operate and execute its growth plans.
Objectives
The company proposes to utilise a portion of the Net Proceeds towards funding its working capital requirements in the ordinary course of business and to accelerate its strategic expansion into Direct-to-Consumer (D2C) segments, supporting higher inventory levels, receivable cycles, and fulfilment requirements.
The company proposes to utilise a portion of the Net Proceeds towards branding, digital marketing, and sales expansion initiatives, including advertising on e-commerce and quick commerce marketplaces, development of a proprietary D2C website, and performance marketing campaigns for customer acquisition.
The company intends to deploy the balance Net Proceeds for general corporate purposes, including strategic initiatives, strengthening marketing network and capability, brand building, meeting business exigencies, salaries, and ordinary course of business expenses, subject to applicable regulatory limits.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 6.09 | 10.82 | 24.42 |
| Current Assets | 4.58 | 9.12 | 21.70 |
| Fixed Assets | 1.52 | 1.69 | 2.72 |
| Total Equity & Liabilities | 6.09 | 10.82 | 24.42 |
| Total Liabilities | 4.74 | 4.06 | 8.04 |
| Current Liabilities | 4.07 | 3.42 | 7.90 |
| Non Current Liabilities | 0.67 | 0.64 | 0.14 |
| Total Equity | 1.36 | 6.76 | 16.38 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | 0.19 | -0.18 | 1.38 |
| Investing Activities | -1.10 | -0.23 | -0.06 |
| Operating Activities | -0.55 | -1.39 | -3.83 |
| Financing Activities | 1.84 | 1.44 | 5.27 |
About Himalaya Nutravedics
Himalaya Nutravedics India Limited is a Hyderabad-based manufacturer, marketer, and distributor of Ayurvedic and Nutraceutical formulations, operating through a hybrid business model comprising own-brand products (classical Ayurvedic, proprietary Ayurvedic, and nutraceutical supplements) and third-party contract manufacturing. The company operates a single WHO-GMP, ISO 9001:2015, and ISO 22000:2018 certified integrated facility...more
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