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.

Shree Balaji (Mala) Textiles 

• Shree Balaji (Mala) Textiles is coming out with an initial public offering (IPO) of 27,00,000 shares in a price band of Rs 66-70 per equity share.
• The issue will open on July 22, 2026 and will close on July 24, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 6.60 times of its face value on the lower side and 7.00 times on the higher side.
• Book running lead manager to the issue is GYR Capital Advisors.
• Compliance officer for the issue is Naina Saha.

Profile of the company

Shree Balaji (Mala) Textiles, is a contract manufacturer and wholesaler of cotton sarees in India’s B2B cotton sarees wholesale segment. Its Promoter’s experience in cotton sarees segment dates back to the year 1990’s, wherein its Promoter was engaged in the trading of cotton sarees. Gradually it shifted its business model from trading to pure play manufacturing of cotton sarees on job work basis and that is when along with getting manufacturing done at designated job work units, it also started its manufacturing facility in Jetpur in the name of Shree Brindavan Chandra Prints. Its products are recognised in textile industry under its own brand name ‘Mala Saree’. The company operates into B2B business model, focusing on selling its products through a network of around more than 105 brokers, around 13 dealers, 69 wholesaler and around 3000 retailers as of March 31, 2026 spread across Central, East, North, Northeast, South and West parts of India. 

Its products are manufactured through job workers as well as at its own manufacturing facility. The processes which are inherent in the manufacturing of cotton sarees are carried out both by the job workers and at its manufacturing facility. Around 95% of its products are manufactured through job workers. In the cotton saree manufacturing industry, a significant portion of manufacturing is carried out through job work units. This operating model is adopted to strategically leverage the inherent advantages of job work arrangements, primarily; i) contract manufacturers typically operate large-scale facilities that offer economies of scale, enabling cost efficient production, and ii) they are strategically located within established textile hubs, where access to raw materials, skilled labour, and efficient, cost-effective transportation infrastructure is readily available. By engaging job workers, it is able to optimize operational efficiency, manage costs effectively, and benefit from the well-developed textile ecosystem without incurring substantial capital expenditure on in-house manufacturing facilities. 

Proceed is being used for:

• Funding the working capital requirements of the company.
• General corporate purposes 

Industry overview

India’s textiles sector is one of the oldest and most diverse industries in the country, with roots stretching back centuries. It spans from traditional hand-spun and handwoven clusters to sophisticated capital-intensive mills, supported by a robust base of fibres and yarns ranging from cotton, jute, silk, and wool to polyester, viscose, and acrylic. The decentralised power loom, hosiery, and knitting segment remains the largest component, reflecting the industry’s ability to cater to multiple consumer markets. Its close linkage with agriculture, reliance on natural resources like cotton, and strong cultural heritage give the Indian textiles industry a unique identity compared to other manufacturing sectors. 

The market for Indian textiles and apparel is projected to grow at a 10% CAGR to reach $2.3 billion by 2030. India ranks among the top five global exporters in several textile categories, with exports expected to reach $100 billion. The textiles and apparel industry contribute around 2% of India’s GDP and about 11% of manufacturing GVA (Gross Value Added) as of February 2026. The textile industry in India is predicted to double its contribution to the GDP to around 5% by the end of this decade. Global fibre demand is expected to reach around 149 million tonnes in 2030, with increasing population and growth in per-capita consumption. 

The Indian Technical Textiles market is the fifth largest in the world. The technical textiles industry was valued at $29 billion in 2024 and is projected to grow to $45 billion by 2026, $123 billion by 2035, and $309 billion by 2047. The India mobiltech textile market (a division of technical textiles for automotive use) is projected to grow from $2.32 billion in FY25 to $4.57 billion by FY33, at a CAGR of 8.84%. This growth is driven by rising demand for advanced materials, electric vehicles, and sustainability focus.

Pros and strengths

Ability to buy in bulk quantities: The company possesses the capacity to procure products in large quantities from its weavers/ suppliers due to several key advantages including having the ability to provide its customers a variety of options, wide customer base and available operational cash flows. Its Mala saree showroom located in the heart of the city and hub of the cloth market in Kolkata collectively span over an aggregate area of 3774 sq. ft which enables it to realize several advantages such as ensuring consistent inventory availability and mitigating additional costs associated with placing frequent small orders. It also has 4 warehouses all located near its showroom that enables it to adequately store the inventory and also enables to and for movement of the inventory from the warehouse to the showroom. 

Wide Geographic presence: Since its promoters have been involved in this business for almost three decades, it has developed long standing relationships with its brokers, dealers, wholesalers and retailers. Its products are generally sold through a network of wholesalers located at different locations of the country. As on March 31, 2026, its dedicated Sales and Marketing team comprises of 19 members excluding the management, actively engaging with potential clients, building strong relationships through personal interactions and a deep understanding of their needs. By leveraging its local market connections, it taps into a vast network of wholesalers, which helps it expand its market presence. Its sales strategy ensures that it maintains a strong market presence, continuously identifying new opportunities while reinforcing its relationships with existing customers.

Vast and versatile product portfolio for women: Its product portfolio is vast and versatile in Indian wear for women’s apparel segment. The sarees products offered by it are further bifurcated by occasion, fabric, weave, pattern and most of its revenue is generated from sale of cotton sarees. It focuses on trending fashion designs with an emphasis on quality to offer new and varied products to its customers throughout the year. It has always aimed at offering its products across all culture, its products are finely created keeping in mind the festive occasions, by inculcating all traditional varieties. This has always been its strength over the years as it has always focused on reaching customers across all cultures and traditions, since India is a diverse land of cultures and traditions.

Risks and concerns

Revenue concentration on single product: Its business is currently highly concentrated on a single product, i.e., cotton sarees. Almost all its revenue is generated from the sale of cotton sarees. Its revenue generated from Cotton Saree segment for the period ended March 31, 2026, March 31, 2025 and March 31, 2024 is Rs 19,235.53 lakh (i.e. 90.75% of the total revenue), Rs 17,447.10 lakh (i.e. 90.39% of the total revenue) and Rs 18,272.29 lakh (i.e. 93.45% of the total revenue) respectively. Its results of operations are dependent on its ability to attract customers by anticipating and responding to changes in customer preferences and modify its existing products in line with changes in customer demands and preferences. The number of customers demanding women’s ethnic wear may not continue to increase. If it is unable to anticipate and gauge customer preferences, or if it is unable to adapt to such changes in a timely basis or at all, it may lose or fail to attract customers, its inventory may become obsolete and it may be subject to pricing pressure to sell its inventory at a discount.

Dependence on distribution channel partners: Its business is dependent on network of retailers, wholesalers and dealers with the maximum contribution by the retailers. Its retailers contribute around 46.13%, 46.70% and 27.77% of its revenues from operations for the year ended March 31, 2026, March 31, 2025 and March 31, 2024. The composition and revenue generated from these retailers might change as it continues to add new partnership in normal course of business. Any decline in its quality standards, growing competition and any change in the demand for its products by these customers may adversely affect its ability to retain them. It has maintained good and long-term relationships with its customers. However, there can be no assurance that it will continue to have such a long-term relationship with them. Also, any delay or default in payment by these customers may adversely affect its business, financial condition and results of operations. It cannot assure that it shall generate the same quantum of business, or any business at all, from these customers, and loss of business from one or more of them may adversely affect its revenues and profitability.

Revenue concentration in the Eastern Region: The company has PAN India presence however its revenue is concentrated in the one region i.e.; Eastern India. It generated almost 90.97%, 89.27%, and 91.02% of the total Revenue generated for the financial year ended March 31, 2026, 2025 and 2024 respectively. Such geographical concentration of its business in the Eastern region heightens its exposure to adverse developments related to competition, as well as economic and demographic changes in the region, which may adversely affect its business prospects, financial conditions and results of operations.

Outlook

Shree Balaji (Mala) Textiles is engaged into designing, manufacturing and wholesale business of variety of high-quality cotton sarees. It manufactures its products through job workers who are mostly located in Jetpur, Mumbai, Kolkata, Rajkot and Surat and a majority of them have been working with it for a substantially long period of time. It also exercises regular supervision over the manufacturing operations at the facilities of its job workers through its personnel who are either stationed at such facilities or periodically visit these facilities for inspections, enabling it to efficiently carry out production changes in designs or quantity of products required. On the concern side, it has maintained a long-term relationship with many of its suppliers and it has been able to negotiate favourable credit terms from them due to increased order sizes and timely payments, it cannot assure that it shall be able to maintain such favourable credit terms in future. In this regard, for the financial year ended March 31, 2026, March 31, 2025 and March 31, 2024, its top 10 suppliers contributed around 47.83%, 57.52%, and 60.08% respectively of its purchases. Failure to successfully leverage its relationships with existing suppliers or to identify new suppliers could adversely affect its business operations.

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 66-70 per equity share. The aggregate size of the offer is around Rs 17.82 crore to Rs 18.90 crore based on lower and upper price band respectively. On performance front, the revenue from operations of the company for FY25-26 was Rs 21,197.18 lakh as against Rs 19,304.37 lakh for FY24-25, an increase of 9.81%. Profit after tax for the FY25-26 was at Rs 585.42 lakh against profit after tax of Rs 494.61 lakh in FY24-25, a surge of 18.36%.

Meanwhile, in the realm of wholesale, robust inventory management practices are not just a part of the business; they are its very core. The ability to maintain the right mix and quantity of inventory at the store level is a fundamental driver of enhanced sales and profitability. Its strategic approach revolves around a continuous cycle of review, replenishment and product innovation to ensure a fresh and appealing selection is always available to its customers, thus preventing monotony and driving sustained interest. Going forward, it intends to focus on strengthening its sales through e-commerce channels to benefit from evolving customer trends. It intends to make investments in digital channels to build an omni-channel engagement experience for its customers (both B2B and B2C) and has a dedicated team for its e-commerce operations. It anticipates that such investments will increase its profitability and revenue from operations and diversify its revenue generating channels.