Hexagon Nutrition Ltd. IPO

Hexagon Nutrition 

• Hexagon Nutrition is coming out with a 100% book building; initial public offering (IPO) of 3,08,59,704 shares of face value Rs 1 each in a price band Rs 42-45 per equity share. 
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on June 5, 2026 and will close on June 9, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 1 and is priced 42 times of its face value on the lower side and 45 times on the higher side.
• Book running lead managers to the issue are Cumulative Capital and Catalyst Capital Partners.
• Compliance officer for the issue is Vedanti Swapnil Vartak.

Profile of the company

The company is a differentiated and research-oriented pure play nutrition Company. It is holistic nutrition player that offers products across a whole range starting with micronutrient premixes, right up to therapeutic and clinical products. It is also one of the largest premix players in India, offering customized vitamin and mineral premixes to leading Indian and multinational FMCG companies. It is also one of the largest licensed suppliers of Micronutrient Powders (MNPs) under UN programmes, supporting global food fortification and public health initiatives. Its product portfolio addresses a broad spectrum of nutritional aspects such as fortification of foods, therapeutic nutrition, clinical nutrition and alleviation of malnutrition. It is a fully integrated company engaged across the entire value chain, right from research and product development to manufacturing and marketing, with a focus on quality.

The company began its journey in the year 1993 as a micronutrient formulations player and have steadily moved up the value chain to develop its brands such as ‘PENTASURE’, ‘OBESIGO’ and ‘PEDIAGOLD’ in the health, wellness, and clinical nutrition space. In Fiscal 2024, the company further expanded its portfolio with the launch of a new brand, ‘NUTRONE’, strengthening its position in the segment. Its presence spans across India, and Its products have been exported to over 75 countries during the nine-month period ended December 31, 2025 and Fiscals 2023, 2024 and 2025.

Its integrated and standardized manufacturing processes enable to maintain the quality of the products. It continuously strives to implement rigorous quality control and food safety measures across the entire production chain, from the procurement of raw materials to the finished product. Its manufacturing facilities have received various certifications and accreditations, including the FSSC 22000, Good Manufacturing Practice (GMP) certification, ISO 9001:2015 Certification, Halal Certification, amongst others from various local and international accreditation agencies.

Proceed is being used for:

• Carrying out the offer for sale of up to 30,859,704 equity shares.
• Achieve the benefits of listing the equity shares on the stock exchanges.

Industry overview

The global nutrition market shows distinct regional trends shaped by cultural preferences, demographics, and income levels. In the United States, personalised nutrition is gaining traction as consumers embrace apps and wearables to tailor their dietary choices. Germany maintains a strong focus on organic and clean-label products, reflecting consumer priorities around health and sustainability. Japan, with its ageing population, drives demand for age-specific supplements targeting bone, joint, and cognitive health. China’s growing middle-class fuels rising consumption of vitamins and preventive wellness products. Meanwhile, India sees rapid expansion in Ayurvedic nutrition, supported by cultural trust in traditional systems and increasing health awareness. Together, these regional dynamics reflect a broader global shift towards customised, functional, and natural nutrition solutions across both developed and emerging markets.

The India Nutrition Market is a dynamic and rapidly growing sector, driven by increasing health consciousness, rising disposable incomes, and supportive government initiatives. It encompasses a broad spectrum of products, including dietary supplements, sports nutrition, medical nutrition, and functional foods, catering to diverse demographic groups from infants to the elderly. India’s population presents varied nutritional needs - urban areas in North India show strong demand for protein supplements and multivitamins, while South India leans towards supplements for diabetes and hypertension.

Around 24% of Indians are strictly vegetarian, and 9% follow a vegan diet, boosting demand for plant-based nutrition. Over 80% of the population suffers from micronutrient deficiencies, driving growth in fortified foods. Consumers are increasingly health-conscious, favouring natural, organic, and plant-based products. E-commerce has improved access to nutritional goods, supported by the rise in online shoppers. Plant-based proteins, Ayurvedic ingredients, and clean-label products are in demand. The 74% increase in per capita health expenditure from CY19 to CY23 reflects growing health awareness and the government's prioritisation of healthcare infrastructure in India. Public spending now accounts for 48% of total health expenditure (FY22), indicating stronger primary care systems and improved access to nutrition through schemes such as POSHAN Abhiyaan.

Pros and strengths

A fully integrated holistic nutrition company offering end-to-end solutions across the value chain: The company is a holistic nutrition player that offers products across a whole range starting with micronutrient premixes, right up to therapeutic and clinical products, amongst its comparable peers. This breadth of its capability distinguishes it from other players in the industry, who typically operate in narrower segments or offer limited product categories. Its ability to deliver across the full spectrum of nutrition enables to serve a diverse range of customers and institutional needs, whether through fortifying staple foods through B2B2C portfolio or advanced clinical solutions delivered through its branded B2C portfolio as well as therapeutic nutrition solutions that address public health challenges. It operates as a fully integrated nutrition company managing the complete value chain in-house. Its operations encompass research and development, manufacturing, quality assurance, regulatory compliance, and marketing.

Recognized wellness and clinical nutrition brand in the market: The company has progressively moved up the value chain with the development of its in-house brands such as PENTASURE, OBESIGO, and PEDIAGOLD which cater to diverse therapy areas including diabetes, renal, bariatric, hepatic, and other specialized conditions. The company has a global footprint across 75+ countries and operates three manufacturing facilities and two inhouse R&D centres in India. Backed by international health partnerships and quality certifications, it is positioned as an integrated and innovation-led nutrition player. The company is one of the largest premix players in India, offering customised vitamin and mineral premixes to leading Indian and multinational FMCG companies. It is also one of the largest licensed suppliers of Micronutrient Powders (MNPs) under UN programmes, supporting global food fortification and public health initiatives.

Long standing relationships with customers: The company has established and nurtured long-standing relationships with its customers across its B2C, B2B2C, and ESG segments. These relationships are built on product quality, reliability, and its ability to meet diverse nutritional needs across geographies. Over the years, a significant portion of its revenue from operations has been derived from repeat customers, reflecting the strength and continuity of its business engagements. During the nine months period ended December 31, 2025, Fiscals 2025, 2024, and 2023, under its B2C, B2B2C and ESG Segment, it served 423, 456, 491, and 462 customers, respectively. Of these, 286, 294, 284, and 246 customers placed repeat orders in the corresponding reporting periods, underscoring its ability to retain and grow long-term customer accounts. Under its B2C, B2B2C and ESG Segment, its repeat business spans a wide range of applications from fortification of consumer food products to clinical nutrition and therapeutic food supply for public health programs.

Established R&D capabilities with focus on innovation: Research and development (R&D) is the genesis of its business and critical in maintaining its competitive edge. It operates two dedicated in-house R&D facilities located in Nasik and Chennai and a team of 12 professionally qualified and experienced members overseeing the R&D activity. Its years of R&D experience have given it expertises in ingredient interaction and formulation science. This includes a nuanced understanding of how micronutrients behave in various product matrices, allowing it to develop premix formulations that do not affect the organoleptic properties (i.e., taste, texture, color, aroma) of the end product. It also has in-house capabilities for sensory evaluation, supported by a dedicated team members that ensures compliance with specifications related to color, odor, taste, aftertaste, appearance, texture, and nutrient profile in its nutrition supplements.

Risks and concerns

Dependence on limited number of key customers: The company is dependent on a limited number of customers for a significant portion of its revenue. Its revenues are concentrated among a limited set of institutional customers, including multinational FMCG companies, public sector agencies and global organizations and other development bodies. During the nine-month period ended December 31, 2025, Fiscal 2025, Fiscal 2024, and Fiscal 2023, revenue from its top 10 customers constituted around 41.82%, 45.87%, 48.83%, and 45.65% of its revenue from operations, respectively. Loss of one or more such customers or a reduction in their order volumes may adversely affect its business, financial condition, and results of operations.

Absence of long-term supply contracts may disrupt operations: It does not have long-term contracts with its raw material suppliers. These raw materials are entirely sourced from third-party suppliers, both domestic and international. During the nine-month period ended December 31, 2025, Fiscals 2025, 2024, and 2023, it procured raw materials from around 177, 177, 158, and 164 vendors, respectively, including 15, 15, 14, and 14 overseas vendors. It does not have any long-term, fixed-volume, or price-protected agreements with its suppliers. Its procurement process relies on short-term or spot orders based on forecasted demand and internal inventory planning.

Dependent on premix formulation segment: The company is significantly dependent on the premix formulation segment for a substantial portion of its revenues. During the nine-month period ended December 31, 2025, Fiscal 2025, Fiscal 2024, and Fiscal 2023, revenue from the premix formulations segment contributed 51.47%, 47.61%, 44.78%, and 54.86% of its revenue from operations for the respective Fiscals. Any adverse development affecting this segment may have a material adverse effect on its business, financial condition, and results of operations.

Geographical concentration: In Fiscal 2025, its revenues from operations in India were primarily derived from Maharashtra, Karnataka, Tamil Nadu, and Gujarat, which together accounted for around 57.51% of its domestic sales. The reliance on a few states has been a consistent trend across recent Fiscals, underscoring the geographical concentration of its business operations. Majority of its revenue from operations are generated from key states of India, including Maharashtra, Karnataka, Tamil Nadu and Gujarat which exposes its operations to potential geographical concentration risks arising from local and regional factors which may adversely affect its business, results of operations, financial condition and cash flows.

Outlook

Hexagon Nutrition is engaged in manufacturing and trading of nutraceuticals clinical or dietary supplements, micronutrient premixes and animal feed. Micronutrient Premix business of the Company focuses on the needs of fortifying basic foods with the right blend of micronutrients to meet the needs of the masses. Clinical Nutrition or Dietary Supplements offered by the company is intended to provide nutrients that may otherwise not be consumed in sufficient quantities by the masses. The range of feed additives offered by the company to ensure wholesome nutrition for various animals. On the concern side, any disruption in production at, or shutdown of, its manufacturing facilities, or breakdown of machinery could materially and adversely affect its business operations, financial condition, and growth prospects. Further, its failure in maintaining its quality accreditations and certifications may negatively impact materially and adversely affect its revenue generation, brand credibility, and overall business operations.

The issue has been offering 3,08,59,704 shares in a price band of Rs 42-45 per equity share. The aggregate size of the offer is around Rs 129.61 crore to Rs 138.87 crore based on lower and upper price band respectively. Minimum application is to be made for 333 shares and in multiples thereon, thereafter. On performance front, the company’s total income increased by 8.76% from Rs 304.62 crore in Fiscal 2024 to Rs 331.29 crore in Fiscal 2025. Its profit for the year increased by 99.67%, from Rs 12.21 crore in Fiscal 2024 to Rs 24.38 crore in Fiscal 2025.

As part of its long-term strategic vision, it intends to pursue growth by expanding its product portfolio through the introduction of new categories within the broader nutrition and wellness space. This strategy is aimed at addressing evolving consumer health trends, diversifying revenue streams, and strengthening its presence across both B2B2C and B2C segments. It aims to capitalise on its core strengths of scientific formulation expertise, R&D infrastructure, and regulatory compliance capabilities to develop and launch products that cater to emerging health and nutrition requirements. This includes entry into adjacent categories such as functional foods, dietary supplements, plant-based nutritional alternatives, specialised maternal and geriatric nutrition products, and condition-specific formulations aimed at managing lifestyle disorders such as diabetes, cardiovascular health, and obesity.

Bal Pharma has informed that 39th AGM of Bal Pharma Limited Scheduled to be held on Thursday, September 24, 2026 at 11.00 AM through VC Mode.

The above information is a part of company’s filings submitted to BSE.

Devson Catalyst has informed about appointment of Mr. Girdharbhai Natvarbhai Keraliya as an internal auditor of the company for f.y. 2026-27 and appointment of M/s. ALAP & CO. LLP as secretarial auditor of the company for f.y. 2025-26.

The above information is a part of company’s filings submitted to BSE.

ESDS Software Solution

• ESDS Software Solution is coming out with a 100% book building; initial public offering (IPO) of 1,76,47,058 shares of face value Rs 1 each in a price band Rs 408-429 per equity share. 
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on August 28, 2026 and will close on September 1, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 1 and is priced 408 times of its face value on the lower side and 429 times on the higher side.
• Book running lead managers to the issue are DAM Capital Advisors and Systematix Corporate Services.
• Compliance officer for the issue is Prasad Deochand Deokar. 

Profile of the company

ESDS Software Solution is an AI-enabled cloud, managed services, data centre infrastructure and software solutions provider in India. It is one of the only two players in India providing the entire spectrum of GPUaaS, cloud, managed services, data centre infrastructure and software solutions in India. It offers a comprehensive platform of cloud infrastructure and software solutions consisting of (i) infrastructure as a service (IaaS), which is broadly divided into colocation and data centre services, cloud services and cloud computing, (ii) managed services, and (iii) software as a service (SaaS), which allows to provide well-architected cloud-adoption solutions to its customers aimed at reducing their cost while providing security, flexibility, scalability and reliability. The company was one of the first cloud service providers in India to offer community cloud services, provided on a multi-tenant model to a group of organizations with similar business models and requirements, such as data privacy, security, compliances and regulatory requirements.

The company provides its services to a diverse range of end-user industries and customers, comprising: (i) banking, financial services and insurance companies (BFSI); (ii) public sector entities, including central, state, and local government departments, public sector undertakings (PSUs), government agencies, and institutions that procure products or services for administrative, infrastructure, or public service purposes (Government); (iii) and businesses and enterprises not included in BFSI or Government (Enterprises).

Proceed is being used for: 

• Purchase and installation of cloud computing and other equipment and infrastructure for its relevant data centres 
• General corporate purposes

Industry overview

The IT/ITES industry in India continues to be a key pillar of economic growth, exports, innovation, and employment. The sector is increasingly driven by demand for artificial intelligence (AI), cloud computing, digital engineering, cybersecurity, data analytics, and platform-based services, as enterprises globally accelerate technology-led transformation initiatives. India has also strengthened its position as a preferred destination for Global Capability Centers (GCCs), engineering R&D, and high-value digital services. India’s technology industry is expected to cross $315 billion by 2026 and contribute 10% towards the country’s GDP. Direct employment in the sector is projected to reach approximately 6 million professionals in FY 2026, with a net addition of around 135,000 jobs over the previous year.

The growing demand for digital services is a crucial factor driving the expansion of data centres in India. The proliferation of smart devices, increased use of digital payments, and the shift towards cloud-based solutions have significantly increased the need for data storage capabilities. The data centre market in India is valued at Rs 114 billion for FY 2026 and has grown at a CAGR of 20.39% from FY 2020 to FY 2025. The market in the future is expected to grow at a CAGR of 20.70% from Rs 114 billion in FY 2026 to Rs 242 billion in FY 2030. As of 31st March 2026, the total data centre installed capacity in India is 1,545 MW.

Indian software development market has demonstrated significant growth over the past few years, particularly following a boom in the IT industry in 2021. During FY 2020 to FY 2026, the market revenues increased from Rs 2,695 billion to Rs 3,961 billion, reflecting a CAGR of 6.63%. This steady growth trajectory highlights the industry’s resilience and adaptability amid global economic fluctuations. During the forecasted period, software development industry in India is poised for robust expansion. Projections indicate that the market will continue to grow at a CAGR of 8.95%, increasing from Rs 3,961 billion for FY 2026 to an estimated Rs 5,581 billion by the end of FY 2030.

Pros and strengths 

The company is leading player offering end-to-end cloud, managed services, data centre infrastructure and software solutions in India: Among the Indian players, it was one of the early adopters of cloud technology in India, establishing its first data centre in Nashik, Maharashtra during 2010 and launching cloud services in 2011 (which was launched as eNLight Cloud and rebranded as SWARAJ Cloud). Recognising the need for holistic solutions, it introduced end-to-end offerings integrating infrastructure, managed services, and application support. Among the leading players in the cloud, managed services, data centre infrastructure and software solutions, it is one of the only two players providing the entire spectrum of GPUaaS, cloud, managed services, data centre infrastructure and software solutions in India. Its ability to offer end-to-end cloud, data centre and software solutions has enabled the company to focus on its Revenue Retention Rates as a larger share of existing customers increase their service scope to include its comprehensive range of IaaS, SaaS and managed services. This is reflected in its Revenue Retention Rates and by the split of customers who are availing the comprehensive product and service suite versus those engaging with the company for standalone services.

Comprehensive Security-as-a-Service framework: As a cybersecurity partner, it delivers Security as a Service (SECaaS) solutions to enterprises, BFSI institutions, and government organisations. Its Security Operations Centre (SOC) actively monitors and mitigates cyber threats, ensuring operational resilience and regulatory compliance. With more than 123 customers onboarded across more than 7,175 devices as at June 30, 2026, its security information and event management (SIEM) programs analysed more than 5,143 security alerts in the period from January 1, 2026 to June 30, 2026. As organisations increasingly adopt SECaaS, several BFSI institutions and enterprises have engaged it for the provision of cybersecurity solutions as standalone services. Its comprehensive security framework, encompassing SIEM, endpoint security, vulnerability management, and incident response, provides scalable and cost-efficient protection against evolving cyber risks.

It has long-term relationships with well-established banks and other businesses: As a result of its diversified product offering and clientele, it is able to cater to a wide range of industries. It has long-standing relationships with over 100 banks and well-established businesses, including STPI. It has been able to steadily increase the ageing of its customer relationships, with customers having a relationship of more than three years rising from 49.28% to 65.60%, and those with a relationship of more than five years increasing from 23.25% to 47.75% from Fiscal 2024 to Fiscal 2026. This reflects its ability to foster long-standing partnerships, driven by its diversified and end-to-end offerings that cater to evolving digital transformation needs.

AI-driven innovations and patented technology: The company holds commercial patents for its SWARAJ software, which intelligently identifies customer requirements and applies vertical and diagonal scaling technologies, which enable dynamic resource allocation for cost-effective and efficient cloud performance. It is engaged in the development and commercialisation of AI and ML driven systems for cloud environments. In November 2025, it launched a fully managed GPUaaS, allowing its customers across industries to create customised, high-performance AI environments, on a large scale, at global standards. These services empower developers and enterprises to build, train, and deploy AI models quickly for applications such as computer vision, natural language processing, and predictive analytics. In India, adoption of these platforms is accelerating as organisations aim to speed up innovation cycles without heavy capital investment in infrastructure. The market for cloud GPU in India was estimated at around $67.31 million in Fiscal 2025 and is projected to reach around $513.67 million by Fiscal 2030, reflecting a CAGR of around 50.15% over the period.

Risks and concerns

Loss or reduction in revenue from key clients could adversely impact business: A substantial portion of its operating revenue is derived from a top ten clients. The company’s top 10 customers contributed 45.36%, 49.34%, and 37.38% of its revenue from operations for Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively. Furthermore, its reliance on any individual client for a significant portion of its revenues may give that client a certain degree of leverage when negotiating pricing and the other terms and conditions of the agreement(s) between the company and that client. The loss of any of its top clients for Fiscal 2026, or a significant decrease in the revenue it receives from them, could have a material adverse effect on its business, financial condition, results of operations and cash flows.

Significant portion of assets pledged in favour of lenders: A substantial portion of its assets are hypothecated or mortgaged in favour of lenders as security for some of its borrowings. As at March 31, 2026, 2025 and 2024, the total value of its hypothecated current assets as a percentage of its total current assets was 96.72%, 88.96% and 84.84%, respectively, and the total value of its mortgaged property, plant and equipment as a percentage of its total property, plant and equipment was 18.89%, 27.05% and 56.62%, respectively. Its lenders may enforce the security in the event of its failure to service its debt obligations, which could adversely affect its business, financial condition, results of operations and cash flows.

Reliance on government contracts and projects: The company has earned revenue from government and quasi-government clients and private sector clients that assist in the execution of government IT projects. Its revenue, directly or indirectly, from government entities and government projects represented 27.37%, 29.52%, and 34.04% of its revenue from operations for Fiscals 2026, 2025 and 2024, respectively. Any changes in government policies or budgetary allocations or its ability to satisfy eligibility and selection criteria in relation to outsourcing of services may adversely affect its business, financial condition, results of operations and cash flows.

Significant dependence on single UAE-based client: Its revenue from its top client in Fiscal 2026, a UAE company, represented 15.93% of its revenue from operations. The war between Israel and the United States on the one hand and Iran on the other has had a material adverse effect on the UAE’s economy. If the war was to continue, it could continue to have a material adverse effect on the UAE’s economy and thereby adversely affect the business, financial condition, results of operations and cash flows of its top client for Fiscal 2026. A material decreases in the revenue it earns from this client would have a material adverse effect on its business, financial condition, results of operations and cash flows.

Outlook

ESDS Software Solution is engaged in providing IT enabled services (Infrastructure as a service, software as a service and managed services) and supply of IT enabled products closely connected with the rendering of the IT enabled services. In addition to its standalone operations, the company conducts certain business activities through its subsidiaries, which support its domestic and international expansion strategy. On the concern side, it derived 43.88%, 56.36% and 49.59% of its revenue from operations for Fiscals 2026, 2025 and 2024, respectively, from Infrastructure as a Service (IaaS). If there is any decline in demand for IaaS or it is unable to maintain its existing market share in this sector, it could have a material adverse effect on its business, financial condition, results of operations and cash flows.

The issue has been offering 1,76,47,058 shares in a price band of Rs 408-429 per equity share. The aggregate size of the offer is around Rs 720.00 crore to Rs 757.06 crore based on lower and upper price band respectively. Minimum application is to be made for 34 shares and in multiples thereon, thereafter. On performance front, its total income increased by 27.62% from Rs 3,766.41 million in Fiscal 2025 to Rs 4,806.52 million in Fiscal 2026. Its profit for the year increased by 117.26% from Rs 556.12 million in Fiscal 2025 to Rs 1,208.23 million in Fiscal 2026.

Meanwhile, it plans to increase such technical collaboration with third parties, including collaborations that allow it to offer complete digital transformation solutions to customers. Additionally, it aims to enhance its ecosystem by expanding its strategic alliances with companies with expertise in robotic process automation, business intelligence, AI/ML and the internet of thing. In addition, it is planning to open two new data centres: one in Kolkata, West Bengal, which it expects to be operational in the third quarter of Fiscal 2027; and one in Sahibabad, Uttar Pradesh, which it expects to be operational in the first quarter of Fiscal 2028.