Updated on 26.05.2026|12:34 PM
Hexagon Nutrition Limited is launching its Initial Public Offering (IPO). It is a research-driven pure-play nutrition company catering to diverse needs including therapeutic and clinical nutrition.
The public issue will open for subscription on Friday, June 5, 2026, and close on Tuesday, June 9, 2026. Ready to track all the IPOs of 2026 at a place, visit our latest IPO section.
Through this book-built offering, the Mumbai-based company aims to raise approximately ₹138.87 Crores at the price band of ₹42 – ₹45 per share, completely through an Offer for Sale (OFS).
In this article, you will find Hexagon Nutrition IPO GMP today and a detailed review with valuation, financial performance, strengths and risks and more.
Briefs of Hexagon Nutrition IPO Details:
- Price Band: ₹42 – ₹45 per equity share
- Face Value: ₹1 per share
- IPO Open / Close Dates: June 5, 2026 – June 9, 2026
- Lot Size: 333 Shares (Note: Retail Minimum Application is 1 Lot / 333 Shares)
- Issue Size: 3,08,59,704 Equity Shares / ~₹138.87 Crores
- Fresh Issue: Nil
- Offer for Sale (OFS): 3,08,59,704 Shares (~₹138.87 Cr)
- Registrar: KFIN Technologies Limited
- Listing Exchange: BSE, NSE
IPO Reservation:
The offering comprises a total issue size of 3,08,59,704 shares. The allocation is as follows:
- QIB Portion: Not more than 50% of the Offer (Anchor Investors may be allocated up to 60% of this portion).
- NII (HNI) Portion: Not less than 15% of the Offer.
- Retail (RII) Portion: Not less than 35% of the Offer.
What Is The Hexagon Nutrition IPO GMP Today?
Track this issue's daily grey market premium alongside other listings on our GMP today dashboard.
Please note that GMP fluctuates daily according to market demand. Because this is an unofficial metric unregulated by SEBI, NSE, or BSE, investors must not base their financial decisions entirely on these figures.
What Are The Important Hexagon Nutrition IPO Dates & Allotment Schedule?
For investors planning their capital allocation, here is the critical timeline for the issue:
- IPO Open Date: Friday, June 5, 2026
- IPO Close Date: Tuesday, June 9, 2026
- Basis of Allotment Date: Wednesday, June 10, 2026
- Refund Initiation Date: Thursday, June 11, 2026
- Credit of Shares: Thursday, June 11, 2026
- Listing Date: Friday, June 12, 2026
What Are The Objectives of Hexagon Nutrition IPO?
Since the IPO is a 100% Offer for Sale (OFS) by the selling shareholders, Hexagon Nutrition will not receive any funds from the issue. The primary objectives are:
- Divestment: To carry out the Offer for Sale of up to 3,08,59,704 Equity Shares by the Selling Shareholders.
- Listing Benefits: To achieve the benefits of listing the equity shares on the stock exchanges, which enhances corporate visibility, provides liquidity to existing shareholders, and creates a public trading market for the shares.
How is The Financial Performance of Hexagon Nutrition?
The following table summarizes the financial performance of the company based on restated consolidated financial statements.
(Figures in ₹ Crores)
Particulars | Period Ended 31 Dec 25 (9M) | FY 2024-25 | FY 2023-24 | FY 2022-23 |
Total Income | 275.57 | 331.29 | 304.62 | 281.65 |
Profit After Tax (PAT) | 27.03 | 24.38 | 12.21 | 5.82 |
EBITDA | 37.55 | 40.07 | 24.88 | 17.17 |
Total Borrowing | 39.79 | 26.60 | 36.89 | 51.87 |
Assets | 327.60 | 261.36 | 250.54 | 288.90 |
Source: RHP
Financial Analysis & Observations:
Total Income:
The company demonstrated steady revenue scaling, growing from ₹281.65 Crores in FY23 to ₹331.29 Crores in FY25.
This structural growth is driven by a product mix shift toward value-added branded clinical nutrition.
Total income showed steady growth across all reported periods.
Profit After Tax (PAT):
Profitability surged impressively, expanding from just ₹5.82 Crores in FY23 to ₹24.38 Crores in FY25.
The PAT for the 9-month stub period of FY26 stood at ₹27.03 Crores, already surpassing the previous full year, reflecting strong operating leverage.
PAT rose sharply from ₹5.82 Cr in FY23 to ₹27.03 Cr in 9M FY26.
EBITDA:
Operational efficiency improved markedly, with EBITDA more than doubling from ₹17.17 Crores in FY23 to ₹40.07 Crores in FY25.
The EBITDA margin expanded significantly, indicating excellent cost optimization and pricing power in the specialized clinical nutrition space.
EBITDA increased strongly, reflecting improving operational performance.
Total Borrowing:
Debt levels have remained very conservative, standing at ₹39.79 Crores by December 2025.
This yields a highly comfortable Debt-to-Equity ratio, providing ample headroom for future expansion without financial strain.
Borrowings declined over the years before rising in 9M FY26.
Assets:
The asset base expanded steadily to ₹327.60 Crores by December 2025, largely supported by strong cash accruals.
This robust balance sheet position supports the company's international expansion and continuous R&D investments.
What Are The P/E Ratio and Peer Comparison?
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹1.75, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 25.71x at the upper end of the price band (₹45).
P/E Ratio = ₹45(Price) / ₹1.75 (Earnings Per Share)
P/E Ratio ≈ 25.71x
Peer Comparison Table (FY 2024-25 Data):
Company | P/E Ratio | RoNW (%) | EPS (₹) | Total Revenue (₹ Cr) |
Hexagon Nutrition | 25.71 | 12.46 | 1.75 | 324.93 |
Zydus Wellness Ltd | 46.22 | 6.12 | 10.90 | 2,780.90 |
Nestlé India Ltd | 88.86 | 77.91 | 16.63 | 20,201.56 |
Analysis:
Hexagon Nutrition is entering the market at a P/E multiple of approximately 25.71x based on its FY25 EPS.
When compared to established FMCG and wellness giants like Zydus Wellness (46.22x) and Nestlé India (88.86x), the issue appears to be priced at a significant discount.
Furthermore, Hexagon boasts a Return on Net Worth (RoNW) of 12.46%, which outperforms Zydus Wellness (6.12%), highlighting its efficient capital utilization and strong niche in disease-specific clinical nutrition.
What is The Industry Outlook of Hexagon Nutrition Limited?
Growth Potential:
The global clinical nutrition and micronutrient premix market is experiencing robust tailwinds driven by an aging population, rising incidence of chronic diseases, and increased governmental focus on combating malnutrition.
Market Trends:
There is a distinct shift towards integrated players who control their supply chains. Hexagon's unique advantage of having in-house premix raw material capabilities positions it perfectly to benefit from these macroeconomic trends, unlike peers who rely on third-party suppliers.
What Are The Strengths and Risks of Hexagon Nutrition IPO?
Strengths:
- Integrated Pure-Play Model: Covering the entire value chain from manufacturing raw micronutrient premixes to selling branded clinical nutrition products provides a strong competitive moat.
- High Entry Barriers: Successfully navigating rigorous global regulatory frameworks and securing approvals in over 14 international markets.
- Institutional Presence: As a licensed supplier of Micronutrient Powders under UN programs, the company has a strong footing in global public health initiatives.
Risks:
- Client Concentration: A substantial portion of revenue is dependent on the B2B2C premix segment and a limited number of multinational FMCG clients.
- Supply Chain Volatility: Reliance on imported specialty raw materials without long-term contracts exposes margins to forex fluctuations and global freight disruptions.
- Subsidiary Going Concern: The South African subsidiary has consistently incurred losses, leading to an "Emphasis of Matter" from statutory auditors regarding its ability to continue as a going concern.
Key Considerations for Investors
Investors should note the Minimum Investment structure.
- Minimum Application: The lot size is 333 Shares, amounting to a minimum retail application of ₹14,985.
- Valuation vs. Risk: At ~25.7x P/E, the pricing leaves room for upside compared to industry giants, especially given the rapid profit growth in the recent 9-month period. However, the OFS nature of the issue means no fresh capital is entering the business.
- Risk Profile: While highly profitable, the supply chain vulnerabilities and the financial health of the South African subsidiary require careful consideration.
Key Takeaways
- IPO Price: ₹45 per share (Upper Band).
- Min Investment: ₹14,985 (333 Shares).
- Financials: Revenue ₹331 Cr (FY25);
- Allotment: June 10, 2026
- Listing: BSE & NSE on June 12, 2026.
Important IPO Resources:
2. Daywise IPO Subscription details.
3. Details on IPO allotment status check of IPOs.
4. IPO GMP vs Listing Accuracy Study 2026
5. IPO Listing Performance Tracker 2026 – Complete Dataset of IPO Listing Gains in India
FAQs on Hexagon Nutrition IPO
What is Hexagon Nutrition IPO GMP today?
Check the gmp of this and other important ipos at our gmp today page which is updated regularly.
What is Hexagon Nutrition IPO price band?
The price band is fixed at ₹42 to ₹45 per equity share.
What is Hexagon Nutrition IPO allotment date?
The allotment status is expected to be finalized on Wednesday, June 10, 2026.
How to check Hexagon Nutrition IPO allotment status?
Investors can check the status on the website of KFIN Technologies Limited (the Registrar) or via the BSE/NSE IPO allotment portals.
What is Hexagon Nutrition IPO listing date?
The shares are tentatively scheduled to list on Friday, June 12, 2026.
Investment Perspective on Hexagon Nutrition IPO
Hexagon Nutrition offers a compelling, fairly valued entry into the specialized clinical nutrition sector.
With robust historical margin expansion, an integrated business model, and a debt-free trajectory, it stands out against its larger FMCG peers.
However, investors must weigh these strengths against the risks of raw material volatility and the 100% OFS structure of the IPO.
Disclaimer:
This article is strictly for educational purposes. Please consult a SEBI-registered investment advisor before making any investment decisions.
