Hexagon Nutrition Limited

Hexagon Nutrition Limited, incorporated in 1993, is a research-oriented pure-play nutrition company. It operates as a fully integrated enterprise managing the complete value chain—from R&D and product development to manufacturing and marketing. The company transitioned from a micronutrient formulations player to a holistic nutrition provider with established in-house brands like PENTASURE, OBESIGO, PEDIAGOLD, and the recently launched NUTRONE. The business model is diversified across three core segments: B2B2C (Premix formulations), which supplies customized vitamin blends to global FMCG giants; B2C (Branded wellness/clinical nutrition), targeting individual health needs through retail and e-commerce; and ESG (Therapeutic nutrition), manufacturing Ready-to-Use Foods (RUFs) and Micronutrient Powders (MNPs) to combat malnutrition. This integrated model allows the company to serve both high-volume institutional markets and higher-margin retail segments. The company maintains long-standing relationships with marquee clients, including multinational FMCG players, dairy cooperatives, and international development agencies like UNICEF and the World Food Programme. In FY 2025, the top 10 customers contributed 45.87% of the total revenue. Hexagon utilizes an omnichannel distribution network in India, including over 358 non-exclusive distributors and a direct sales force of 167 professionals engaging with over 20,000 healthcare providers. Manufacturing is conducted across four facilities: Nashik (Maharashtra), Chennai (Tamil Nadu), Thoothukudi (Tamil Nadu), and an international unit in Tashkent, Uzbekistan. Two of the Indian facilities are located in Special Economic Zones (SEZs), providing duty-free import advantages. The facilities feature advanced automated systems for blending and sachet filling to maintain global safety and hygiene standards. Capacity utilization across major product categories (Dry Premix, Liquid Premix, MNP, RUF, and Clinical Nutrition) generally ranges between 28.76% and 31.06%. This suboptimal utilization is primarily due to the order-driven nature of the business and the requirement to maintain buffer capacity to remain eligible for large-scale global humanitarian tenders. The company is actively implementing measures to improve these levels, including securing multi-year framework contracts and diversifying its branded product portfolio. As per financial performance, Hexagon Nutrition Limited has posted total income / net profits of Rs 281.64 Cr / Rs 5.82 Cr (FY23), Rs 304.62 Cr / Rs 12.21 Cr (FY24), Rs 331.28 Cr / 24.37 Cr (FY25) and Rs 275.57 Cr / 27.03 Cr (upto Q3 FY26). So as per previous financials data, company has shown good growth, also debt reduced. Company has an average EPS of Rs 1.29 and average RoNW of 9.13% for last three fiscals. Issue is priced at a P/BV of 2.48 as per NAV of Rs 18.15/- as on 31.12.25. If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 45.29, 22.69 and 15.35 respectively. As per RHP, comparison between listed peers are shown in the above market. On BRLM's front, Cumulative Capital Private Limited, Catalyst Capital Partners Private Limited are associated with this IPO, and Cumulative Capital has handled 7 IPOs in last three fiscal years. (As on 26.05.26) As per financials, Hexagon Nutrition Limited has shown good growth, RoNW is 12.46% and P/E is 45.29, 22.69 and 15.35 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced. Company is a research-oriented pure-play nutrition enterprise offering products starting from micronutrient premixes to therapeutic and clinical nutrition solutions. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

• 1 Arun Purushottam Kelkar
• 2 Subhash Purushottam Kelkar 
• 3 Vikram Arun Kelkar
• 4 Nikhil Arun Kelkar
• 5 Aditya Kelkar