You've probably seen Pentasure protein powder at a medical store near you. Or maybe you've had a Pediagold supplement when your kid was recovering from something. That's Hexagon Nutrition — a company that's been making nutrition products since 1993 and somehow stayed under the radar for most investors.

The business runs in three directions. First, they sell branded products like Pentasure, Obesigo, and Nutrone directly to consumers through pharmacies and hospitals. Second — and this is the interesting part — they make vitamin and mineral premixes that go inside other companies' products. That Nestlé fortified atta or that ITC health drink? The micronutrient mix inside it might have come from Hexagon. Third, they work with government programs on food fortification — basically making sure poor communities get proper nutrition.

They have factories in Nashik, Chennai, and Thoothukudi. Two of those are in SEZ zones which means cheaper imports and easier exports. They also have a unit in Uzbekistan. Their products go to 75+ countries. 527 employees. Been around 33 years.

It's not a flashy company. It's not trying to be the next health startup. It just quietly makes nutrition products, sells them in India and abroad, and has been doing it for three decades.

Financial Snapshot

Here's what the numbers actually look like:

Revenue went from ₹282 crore in FY23 → ₹305 crore in FY24 → ₹331 crore in FY25. So about 8-9% growth per year. Nothing exciting.

But profits tell a different story. Net profit was ₹5.82 crore in FY23. Then ₹12.21 crore in FY24. Then ₹24.38 crore in FY25. That's 4x profit growth in two years on almost flat revenue. EBITDA went from ₹17 crore to ₹40 crore in the same period. Someone in that company got serious about cutting costs and improving margins.

First nine months of FY26 — revenue ₹275 crore, profit ₹27 crore. They've already crossed last year's full profit in just 9 months. Full year FY26 profit could easily hit ₹35-36 crore.

Debt is only ₹25.53 crore. For a company with three factories and international operations, that's genuinely low. No debt stress here.

The one thing that bugs me — revenue is growing too slowly. 8-9% per year in a nutrition market that everyone says is booming feels off. The margin improvement is real but it can't go on forever without actual volume growth picking up.

Strengths

• Profit jumped 4x in 2 years without any major revenue surge — that's not luck, that's someone actually fixing the cost structure inside the business
• Exports to 75+ countries with SEZ-based manufacturing — this company has real international operations, not just occasional export orders
• 33 years of customer relationships with FMCG giants, hospitals, and government programs — these clients don't switch suppliers easily, so revenue is sticky
• Very low debt at ₹25.53 crore — no EMI pressure, no refinancing risk, clean books going into the listing

Risks

• 100% OFS — promoters are selling, company gets nothing — every single rupee from this IPO goes into existing shareholders' pockets, not into the business
• Revenue growing at only 8-9% per year — in a supposedly fast-growing nutrition market, this pace doesn't inspire much confidence
• 57.5% of domestic sales come from just 4 states — Maharashtra, Karnataka, Tamil Nadu, Gujarat; if anything disrupts these markets, it hurts badly
• P/E of roughly 22-23x on slow revenue growth — you're paying a decent multiple for a company that isn't exactly sprinting

Should You Apply?

Today is the last day IPO closes June 9. Listing is June 12. GMP is ₹7, which means the grey market is expecting a listing around ₹52 — about 15.5% above issue price.

Conservative investors — don't bother. Promoters are cashing out fully, company sees zero benefit, and revenue growth is slow. The risk isn't worth it for someone who prefers stability.

Moderate investors — one lot at ₹14,985 is fine if you're okay sitting on it for a few months. The profit improvement is real, debt is low, and the business isn't going anywhere. Just don't expect fireworks on listing day.

Aggressive investors — apply one lot for the listing trade. GMP at ₹7 gives roughly 15% upside if it holds. Check subscription numbers today evening — if it's heavily subscribed, the listing could surprise. Exit on listing day and move on.

Honest view: good company, slow grower, promoters using this IPO as an exit door. One lot for listing trade makes sense. Long term bet? Only if revenue growth picks up in FY26.

IPO Registrar

KFin Technologies Ltd. 📞 040-6716 2222 / 040-7961 1000 📧 hexagon.ipo@kfintech.com 🌐 Visit Website

Contact Details

Hexagon Nutrition Ltd. 404 Global Chamber, Adarsh Nagar Link Road, Andheri (W), Mumbai, Maharashtra – 400053

📞 +91 22 6213 6710 📧 cs.hnpl@hexagonnutrition.com 🌐 Visit Website