Nutrition and wellness is one of the fastest-growing consumer themes in India, and the Hexagon Nutrition Ltd IPO puts a three-decade-old, research-driven nutrition company in front of public investors. Hexagon Nutrition makes everything from micronutrient premix blends for global FMCG giants to clinical nutrition products you’ll find in hospitals and pharmacies.
This guide covers the price band, lot size, financial performance, strengths, risks and grey market mood, so you can reach your own investment decision with the facts in hand rather than the hype.
Hexagon Nutrition Ltd IPO at a Glance
Here is the quick snapshot. The Hexagon Nutrition Ltd IPO is a book-built, mainboard issue listing on both the BSE and NSE. The IPO opens for subscription on 5 June 2026. The full details are in the table below.
| IPO Detail | Information |
| IPO open date | Friday, 5 June 2026 |
| IPO close date | Tuesday, 9 June 2026 |
| Anchor investor bidding | Thursday, 4 June 2026 |
| Issue type | Mainboard — 100% Offer for Sale (OFS) |
| Price band | ₹42 to ₹45 per share |
| Face value | ₹1 per share |
| Lot size | 333 shares |
| Retail minimum investment | 1 lot — 333 shares (₹14,985) |
| Issue size | 3,08,59,704 shares (~₹138.87 crore) |
| Allotment date | Wednesday, 10 June 2026 |
| Refund/creditt to demat | Thursday, 11 June 2026 |
| Listing date | Friday, 12 June 2026 |
| Listing exchanges | BSE and NSE |
| Registrar | KFin Technologies Limited |
| Lead managers | Cumulative Capital & Catalyst Capital Partners |
Detailed review of Hexagon Nutrition Limited
About company
Hexagon Nutrition is a research-oriented pure-play nutrition company incorporated in 1993 at Nashik, Mumbai. The company is one of the few holistic nutrition companies offering a full range of products from micronutrient premix formulations all the way up to therapeutic and clinical nutrition. It is also one of the largest premix players in India and among the largest licensed suppliers of Micronutrient Powders (MNPs) under United Nations programmes that support global food fortification and public-health initiatives.
What makes the company stand out is that it is fully integrated across the value chain; research and product development, manufacturing, quality assurance, regulatory compliance and marketing all sit in-house. Its nutritional products address food fortification, therapeutic nutrition, clinical nutrition and the alleviation of malnutrition, serving consumers, businesses and public-health bodies alike.
Hexagon runs three broad lines: branded wellness and clinical nutrition products (B2C), premix formulations supplied to FMCG and institutional clients (B2B2C), and ESG-focused public-health nutrition. Its recognised brands include PENTASURE, OBESIGO, PEDIAGOLD and NUTRONE, spanning wellness, weight management, paediatric and clinical nutrition.
Arun Purushottam Kelkar, Subhash Purushottam Kelkar, Vikram Arun Kelkar and Nikhil Arun Kelkar are the entrepreneurs behind this company. Vikram Arun Kelkar serves as the Managing Director, and the company employs 527 people across its operations.
Lot Size and Minimum Investment
The Hexagon Nutrition IPO price band is fixed at ₹42 to ₹45 per equity share, with a face value of ₹1 each. As this is a mainboard issue, the retail entry point is far more accessible than an SME IPO; the minimum lot size is 333 shares.
Here is how the application sizes break down at the upper price band of ₹45:
| Investor type | Lots | Shares | Amount (₹) |
| Retail (minimum) | 1 | 333 | 14,985 |
| Retail (maximum) | 13 | 4,329 | 1,94,805 |
| S-HNI (minimum) | 14 | 4,662 | 2,09,790 |
| B-HNI (minimum) | 67 | 22,311 | 10,03,995 |
At under ₹15,000 for a single retail lot, this is an affordable ticket for most investors. The reservation split is roughly 35% for retail, 50% for QIBs and 15% for the non-institutional (HNI) category. Always size your application against your overall portfolio rather than chasing a listing pop.
Hexagon Nutrition Financial Performance
Revenue has grown steadily, but the real standout is profitability. Profit after tax has roughly quadrupled over three years, and EBITDA has more than doubled.
| Particulars (₹ crore) | FY23 | FY24 | FY25 |
| Revenue from Operations | 278.50 | 297.73 | 324.93 |
| EBITDA | 17.17 | 24.88 | 40.07 |
| Profit After Tax (PAT) | 5.82 | 12.21 | 24.38 |
PAT climbed from ₹5.82 crore in FY23 to ₹24.38 crore in FY25, while EBITDA margins expanded sharply, a sign of improving operating efficiency, not just top-line growth. That said, the business leans heavily on its premix formulations segment, which contributed roughly 47.6% of revenue in FY25, and on exports, which made up about 61% of FY25 revenue. Always confirm the latest restated figures in the Red Herring Prospectus before any investment decision.
Strengths of Hexagon Nutrition
- A fully integrated, holistic nutrition company and a market leader in customised micronutrient formulations.
- Recognised wellness and clinical nutrition brands like Pentasure, Obesigo, Pediagold and Nutrone.
- Long-standing relationships with customers, with a healthy share of repeat clients.
- Established R&D capabilities, with two in-house centres focused on innovation.
- A well-established pan-India omnichannel distribution network plus exports to 75-plus countries.
- Experienced, professional-turned-entrepreneur promoters and a strong management team.
- A consistent track record of growth in financial performance.
Key risks you must know
- Heavy dependence on the premix formulations segment for a large share of revenue.
- Customer concentration: the top 10 customers contributed around 46% of FY25 revenue.
- Regulatory issues at the Nashik facility (alleged unauthorised construction) that could lead to temporary production disruptions and added compliance costs.
- Counterfeit and look-alike products, particularly in the domestic market, that may dent brand trust.
- Geographic concentration Maharashtra, Karnataka, Tamil Nadu and Gujarat together made up about 5 7.5% of domestic sales in FY25.
- Significant cross-border operational, regulatory and geopolitical risk, given exports drive most revenue, plus foreign-currency exposure on imports from China and others.
- Being a 100% OFS, the company gains no fresh funds from the issue.
Hexagon Nutrition IPO GMP Today
As of early June 2026, the Hexagon Nutrition IPO grey market premium (GMP) is flat, sitting at around ₹0, implying an expected listing close to the ₹45 issue price. GMP is an unofficial indicator of listing sentiment set by grey-market dealers, and it is not regulated by SEBI or endorsed by the company or the exchanges.
Treat GMP as background noise, not a buy signal. A flat GMP near the open is common and often moves only once subscription numbers come in. A strong response from QIBs and retail could lift sentiment, while a weak one could keep it muted.
How to Apply for the Hexagon Nutrition IPO
You can apply for the Hexagon Nutrition IPO online using UPI through your broker, or via ASBA through your bank’s net banking. If you don’t have a trading account yet, you’ll first need to open a demat account. Here is the typical UPI flow:
1. Log in to your demat and trading account and open the current IPO section.
2. Select the Hexagon Nutrition IPO from the list of open issues.
3. Enter the number of lots (minimum 1 for retail) and bid at the cut-off price of ₹45.
4. Enter your UPI ID and submit the bid to the exchange.
5. Approve the mandate notification in your UPI app to block the funds.
Once allotment is finalised, the blocked amount is debited only for the shares you are allotted; the rest is released. You can check your allotment status on the registrar’s (KFin Technologies) website or on the BSE/NSE allotment pages using your PAN or application number. Investors should review the latest SEBI IPO regulations to understand disclosure requirements, investor protections, and the IPO application process. For more on the primary market, see our blog and IPO guides, or explore our trading and demat services.
Conclusion
The Hexagon Nutrition Ltd IPO gives investors exposure to India’s growing nutrition and wellness sector through a company with over 30 years of industry experience. However, investors should also consider key risks, including customer concentration, export dependency, regulatory concerns, and the fact that this is a 100% Offer for Sale (OFS), meaning the company will not receive fresh capital from the IPO.
Before applying, evaluate the company’s fundamentals, valuation, and risk profile rather than relying solely on GMP or listing expectations. Always read the Red Herring Prospectus (RHP) and ensure the investment aligns with your financial goals and risk tolerance.
FAQ
Q1. Is the Hexagon Nutrition IPO worth applying for?
There’s no simple yes or no. The company is profitable, growing and well-established in nutrition, but the issue is a 100% OFS with segment, customer and export concentration risks. Weigh the financials against your goals and read the RHP before deciding.
Q2. Why is the company not getting any money from this IPO?
Because the Hexagon Nutrition IPO is entirely an Offer for Sale. Existing shareholders are selling their shares, so the proceeds go to them; the company receives no fresh capital for growth or debt repayment.
Q3. How financially strong is Hexagon Nutrition?
Profit after tax rose from ₹5.82 crore in FY23 to ₹24.38 crore in FY25, with revenue from operations up from ₹278.5 crore to ₹324.9 crore steady growth and sharply improving margins.
Q4. What are the biggest risks?
Heavy dependence on the premix segment and top customers, a regulatory overhang at the Nashik facility, geographic concentration in four states, and high export and foreign-currency exposure.
Q5. What is the GMP, and should I rely on it?
The grey market premium is flat (around ₹0) in early June 2026. GMP is unofficial and can swing sharply treat it as background noise, not a reason to apply.
Disclaimer:
This blog is intended for informational and educational purposes only and should not be considered investment advice or a recommendation to buy or sell any securities. Investments in the securities market are subject to market risks. Readers are advised to conduct their own research and consult a qualified financial advisor before making any investment decisions. Past performance is not indicative of future results.
