Hexagon Nutrition Limited
Hexagon Nutrition Limited is a research-driven nutrition company developing and marketing micronutrient premixes, clinical nutrition, therapeutic formulations, and ready-to-use foods across domestic and international markets. The IPO is entirely an Offer for Sale of approximately 3.09 crore shares aggregating up to ₹139 crores.
Overview
About the Company
Founded in 1993 and headquartered in Mumbai, Maharashtra, Hexagon Nutrition Limited is a research-oriented company engaged in the development, manufacture, and marketing of a broad range of nutritional products. The company operates across three product segments: branded wellness and clinical nutrition (B2C), premix formulations (B2B2C), and Ready-to-Use Foods along with Micronutrient Powders under ESG initiatives. Its manufacturing presence includes three facilities in India — at Nasik (Maharashtra), Chennai (Tamil Nadu), and Thoothukudi (Tamil Nadu), with two SEZ-based facilities in Chennai and Thoothukudi — plus an international unit in Tashkent, Uzbekistan. Hexagon Nutrition distributes its products through a PAN-India omnichannel network of over 358 distributors, reaching retail pharmacies, hospitals, e-commerce platforms, and branded portals such as Pentasure, Obesigo, Pediagold, and Nutrone. Internationally, it has offices in South Africa, Uzbekistan, and Hong Kong, with its products exported to more than 75 countries across Asia, Africa, Europe, and South America between FY2023 and FY2025. Two dedicated R&D facilities at Nasik and Chennai support its innovation pipeline, staffed by 12 qualified professionals. As of March 31, 2026, the company employed 527 people.
Company Details
📋 Objects of Issue (Use of Proceeds)
- › The IPO is entirely an Offer for Sale by existing shareholders; accordingly, the company will not receive any proceeds from the issue, with all sale proceeds going to the selling shareholders.
✅ Strengths
- ✓ End-to-end integrated model spanning research and development, manufacturing, and marketing within the nutrition value chain.
- ✓ Broad and diversified product range encompassing micronutrient premixes, clinical nutrition, therapeutic formulations, and ready-to-use foods.
- ✓ Established supplier of vitamin and mineral premixes to domestic and international FMCG companies.
- ✓ Active participant in global public health initiatives, supplying micronutrient powders for programmes addressing malnutrition.
- ✓ Strong research orientation backed by dedicated in-house R&D facilities and a qualified team focused on quality-driven product development.
⚠️ Risks
- ! Significant revenue dependency on the premix formulation segment exposes the company to concentration risk.
- ! A limited customer base contributes to high revenue concentration, making the business vulnerable to the loss of key clients.
- ! Absence of long-term raw material supply contracts leaves the company exposed to fluctuations in input costs.
- ! Any product quality failure could result in regulatory action, liability claims, and lasting damage to brand reputation.
- ! Business growth is substantially reliant on successful research and development outcomes and the timely commercialisation of new products.