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.

Dhanwel Hybrid Seeds

• Dhanwel Hybrid Seeds is coming out with an initial public offering (IPO) of 27,00,000 shares in a price band of Rs 95-99 per equity share.
• The issue will open on June 24, 2026 and will close on June 29, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 9.50 times of its face value on the lower side and 9.90 times on the higher side.
• Book running lead manager to the issue is Wealth Mine Networks.
• Compliance officer for the issue is Parul Agarwal.

Profile of the company

Dhanwel Hybrid Seeds is engaged in the business of seed manufacturing, which includes the development, multiplication, processing, and supply of seeds for a variety of field crops and vegetables. The seed production process is carried out in a structured manner across multiple stages and involves the use of improved genetic seed material procured from recognised sources. Such seed material is multiplied, processed, conditioned, and handled in accordance with prescribed agronomic and processing practices to produce seeds suitable for agricultural use, including seeds supplied to farmers for crop cultivation.

It procures genetic seed material, including breeder and other suitable seed material, from recognised agricultural institutions, government-supported research organizations and open market. In addition, seed production is undertaken through arrangements with identified seed-growing farmers, wherein agricultural land owned by such farmers is utilised for cultivation. Under these arrangements, the company supplies the requisite seed material and provides technical guidelines and cultivation protocols. The farmers carry out sowing and related agricultural operations in accordance with its instructions, while its field staff and agronomists monitor and supervise the crop to maintain quality standards. Although the ownership of agricultural land remains with the farmers, seed production undertaken through contractual arrangements is carried out in accordance with its prescribed guidelines and supervision, and all subsequent processing, quality control, and commercial activities relating to such seeds are undertaken by it.

Its team comprises experienced agronomists, field staff, and technicians who ensure adherence to quality standards, support productivity improvements, and implement sustainable agricultural practices. Over time, it has established strong working relationships with the farming community and continues to follow an integrated approach that includes sourcing, production, quality control, and supply of seeds. Its seeds are sold under the brand name ‘Dhanwel Seeds’. The company is ISO 9001:2015 certified and is committed to maintaining consistent seed quality and supporting the agricultural sector with reliable seed solutions.

Proceed is being used for:

• Funding towards repayment or prepayment, in full or in part, of borrowings availed by the company from banks and financial institutions.
• Funding the working capital requirements of the company.
• General corporate purposes. 

Industry overview

India’s agricultural output has expanded significantly in the past decade, recording 40% growth and achieving surplus capacity for exports. In FY25, the sector grew by 5.4% year-on-year, supported by record production and higher trade volumes. Agricultural exports touched an all-time high of Rs 4,40,000 crore ($51.86 billion) in FY25, up from Rs 3,95,793 crore ($48.15 billion) in FY24. Agriculture and allied activities together contributed 17.8% to India’s GDP in 2023-24, reaffirming the sector’s importance to the national economy.

The current India seed market size stands at $3.82 billion in 2025 and is projected to reach $5.00 billion by 2030, reflecting a forecast CAGR of 5.55%. Sustained policy support, rising certified‐seed penetration, and expanding climate smart varieties continue to anchor industry resilience. Government programs such as the National Mission on High-Yielding Seeds and the Clean Plant Program are fast-tracking premium seed adoption by funding disease-free planting material hubs, demonstration plots, and village-level clusters. Row crops dominate revenue because cereals, oilseeds, and fiber crops align with food-security and import-substitution priorities, while hybrids retain farmer loyalty thanks to consistent yield premiums under erratic rainfall. Meanwhile, protected cultivation and digital traceability pilots are opening lucrative niches for specialized vegetable and high-value seed segments. Competitive intensity is low because multinational pipelines compete with regionally adapted portfolios, yet counterfeit trade and GM regulatory uncertainty exert margin pressure.

The India seed market size in open field accounted for a 99.8% share of the India seed market size in 2024, and protected cultivation seeds are forecast to expand at an 11.08% CAGR between 2025 and 2030. Break-even analysis under national subsidy schemes shows growers recouping greenhouse investment within 30 months when leveraging high-density, indeterminate tomato lines that yield 280 metric tons per hectare. Uniformity and disease resistance top trait wish-lists, prompting breeders to re-select parental lines for vertical canopy structure and synchronized fruit setting. Seed supply chains adapt by introducing small-gram, high-unit-value packets that align with greenhouse transplant schedules. Companies deploy agronomists to steer nutrient and pruning regimes, ensuring genetic potential translates to yield. As greenhouse acreage compounds, protected cultivation’s double-digit growth rate promises a steadily expanding niche within the wider India seed market. 

Pros and strengths

Wide range of seeds and its variants: The company offers a range of seeds across multiple field crops and vegetables, including groundnut, soybean, sesame, wheat, gram, cumin, fodder, bajri, onion, coriander, and among others. The product range is offered in line with market demand and operational requirements and is supplied in the ordinary course of business. The company may, from time to time, consider addition of new seed varieties or crops based on business requirements and availability.

Quality assurance: The company places importance on maintaining quality standards across its operations. The company is ISO 9001:2015 certified for manufacturing, processing, and supply of seeds. Quality considerations form part of routine business activities across sourcing, processing, and packing. Where considered appropriate, seeds are tested through government laboratories and other approved agencies.

Customer satisfaction: It considers customer satisfaction to be an important aspect of its business operations. The company supplies its products to customers in the ordinary course of business and seeks to meet customer requirements through consistent product standards and routine commercial engagement. Ongoing business interactions and repeat transactions form part of normal business operations and support continuity of customer relationships.

Risks and concerns

Seasonal and climatic dependencies: Its operations are closely aligned with agricultural cycles and are seasonal in nature. The demand for its seed products is largely dependent on monsoon patterns, timing and quantum of rainfall, sowing seasons, cropping patterns and farmers’ sowing decisions. Any delay, deficiency or excess in rainfall, or occurrence of unfavourable weather conditions, pest attacks or other natural factors, may adversely affect agricultural activity and reduce demand for its products. As a result of the seasonal nature of its business, a substantial portion of its revenues is generated during specific periods of the year, and its sales volumes and operating results may fluctuate significantly from quarter to quarter and year to year. Adverse climatic conditions during peak sowing seasons may have a material adverse effect on its business, financial condition, results of operations and cash flows. 

Substantial revenue dependence on key customers: The substantial portion of its revenues has been dependent upon few customers. Its top ten customers accounted for around 64.27%, 22.23% and 17.26% of its revenue from operations for the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. It has not entered into long term agreements with its customers and the success of its business is accordingly significantly dependent on it maintaining good relationships with them. The loss of one or more of these significant customers or a reduction in the amount of business it obtains from them could have an adverse effect on its business, results of operations, financial condition and cash flows. 

Concentration of revenue in oil seed products: The sale of Oil seeds is the largest contributor towards its total revenue, and contributed 56.67%, 55.41% and 65.39% to its revenue from operations in Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively. As a result, its business is exposed to risks related to product concentration. Its inability to produce sufficient quantities of its existing products in a timely manner or at all, its failure to develop new products that meet the evolving demands of its end consumers or to obtain the regulatory approvals for such products, the development of successful products by its competitors and general economic conditions. It cannot assure that the performance of its oil seeds will continue to meet its customers’ expectations. In addition, its business, financial condition, results of operations and prospects could be materially and adversely affected if one or more of these uncertainties or disruptions occur.

Outlook

Dhanwel Hybrid Seeds is engaged in the business of seed manufacturing, which includes the development, multiplication, processing, and supply of seeds for a variety of field crops and vegetables. It offers a range of seeds across multiple field crops and vegetables, including groundnut, soybean, sesame, wheat, gram, cumin, fodder, bajri, onion, coriander, and among others. The product range is offered in line with market demand and operational requirements and is supplied in the ordinary course of business. On the concern side, the substantial portion of its purchases has been dependent upon few suppliers. Its top ten suppliers accounted for 58.55%, 24.61%, and 13.63% of its total purchase for the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. It has not entered into long term agreements with its suppliers and the success of its business is accordingly significantly dependent on its maintaining good relationships with them for regular supply of its raw material. The inability of a supplier to meet these requirements, the loss of a significant supplier, or any labour issues or work stoppages at a significant supplier could disrupt the supply of raw materials and parts to its facilities, preventing the company from delivering to its customers, or cause returns of products.

The company is coming out with a maiden IPO of 27,00,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 95-99 per equity share. The aggregate size of the offer is around Rs 25.65 crore to Rs 26.73 crore based on lower and upper price band respectively. On performance front, the revenue from operations of the company for FY25-26 was Rs 7,458.69 lakh as against Rs 4,412.94 lakh for FY24-25, an increase of 69.02%. Profit after tax for the FY 25-26 was at Rs 611.54 lakh against profit after tax of Rs 215.74 lakh in FY 24-25, an increase of 183.46%.

The company seeks to strengthen its presence in existing markets while gradually expanding its reach to additional geographies, based on market opportunities and demand conditions. It intends to cater to the requirements of its existing customers and, where feasible, broaden its customer base through increased distribution reach. Its focus remains on maintaining long-term relationships with dealers, distributors, and farmers through consistent business engagement and reliable supply of products. Further, the company markets its products under the brand name ‘Dhanwel’. It intends to continue efforts aimed at enhancing brand visibility and recognition in existing and potential markets. Brand-related initiatives are focused on reinforcing customer awareness and recall through consistent product quality and market presence, which supports sustained demand for its products.

Pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time, and other applicable SEBI circular(s), Shayona Engineering has informed that the company has received a Purchase Order from a domestic customer for supply industrial piping. The broad consideration / size of the aforesaid Purchase Order is Rs. 25,55,906/- Including GST at 18%. The name of the customer is not disclosed in this intimation due to contractual confidentiality / nondisclosure obligations. The Company shall provide such details to the Stock Exchange(s) / regulatory authority, if required, subject to applicable confidentiality safeguards. The details required under Regulation 30 of the SEBI Listing Regulations read with the applicable SEBI Master Circular and Industry Standards on Regulation 30 are enclosed as Annexure I. 

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

Pursuant to Regulation 30 and other applicable Regulations, if any, of the Listing Regulations, Titagarh Rail Systems has informed that it enclosed copies of newspaper advertisements of the Notice issued to the shareholders of the Company pursuant to the provisions of Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 for transfer of shares in respect of which dividend has remained unclaimed/unpaid for a period of seven consecutive years, as published today, 23rd June, 2026, in the newspapers: Financial Express (English) and Ekdin (Bengali). The advertisement is also available on the website of the Company at www.titagarh.in.