Himalaya Nutravedics India Ltd. IPO

Himalaya Nutravedics India

• Himalaya Nutravedics India is coming out with an initial public offering (IPO) of 24,99,600 shares in a price band of Rs 100-106 per equity share.
• The issue will open for subscription on September 22, 2026 and will close on September 24, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 10.00 times of its face value on the lower side and 10.60 times on the higher side.
• Book running lead manager to the issue is Nirbhay Capital Services.
• Compliance officer for the issue is Pooja Biyani.

Profile of the company

Himalaya Nutravedics India is engaged in the manufacturing, marketing and distribution of Ayurvedic and Nutraceutical formulations in India and also undertakes third-party contract manufacturing for other Ayurvedic and Nutraceutical companies. The company manufactures a diversified portfolio comprising classical (Shastric) Ayurvedic formulations, which are based on compositions and processes described in traditional Ayurvedic texts such as Charaka Samhita, Sushruta Samhita, Ashtanga Hridaya, Bhaishajya Ratnavali and other recognized Ayurvedic compendia, proprietary Ayurvedic formulations and Nutraceutical products across multiple dosage forms, including soft gelatin capsules, hard gelatin capsules, tablets, Liquid orals, Medicated oils.

The company operates through a hybrid business model that balances its own formulations with third-party manufacturing operations. Under its own-brand business segment, it formulates, manufactures and markets products across three categories: classical Ayurvedic formulations, proprietary Ayurvedic formulations and nutraceutical supplements. 

Currently, the company has established a pan-India presence across multiple states, supported by a stockiest driven distribution network and an on-ground sales and marketing team comprising approximately 56 personnel, including regional managers and medical representatives. Currently, the company follows a doctor-centric, offline marketing model focused on scientific detailing, continuing medical education programs, medical camps and relationship-based engagement, rather than mass-media advertising.

Proceed is being used for:

• Funding working capital requirements 
• Investing in branding, digital marketing and sales expansion
• General corporate purposes

Industry overview

The Ayurvedic Formulations and Nutraceuticals Industry is a specialised segment within India’s pharmaceutical and wellness ecosystem, covering the manufacture of Ayurvedic, herbal, and dietary supplements under NIC divisions for pharmaceuticals, AYUSH products, and food preparations. It focuses on developing and commercialising condition-oriented formulations combining botanicals, minerals, vitamins, amino acids, fatty acids, and probiotics, delivered in tablets, capsules, softgels, syrups, powders, oils, and medicated ghee.

India’s AYUSH sector - encompassing Ayurveda, Yoga & Naturopathy, Unani, Siddha, and Homeopathy- constitutes a significant component of the consumer healthcare ecosystem, with combined manufacturing and service activity valued at over $50 billion in 2024 (manufacturing $24 billion, services $26 billion). The Union Budget for FY26 allocated Rs 3,992.9 crore to the Ministry of AYUSH, a 14.2% increase from FY25, while AYUSH exports reached Rs 5,907 crore in FY25, up 5.9% YoY. The AYUSH market is projected to expand from $43.3 billion in 2024 to $200 billion by 2030.

The nutraceuticals and Ayurveda industries in India operate within a structured and evolving policy environment that encompasses food safety regulation, traditional medicine governance, manufacturing quality standards, institutional healthcare integration, and export facilitation. Regulatory oversight for these industries is exercised through a dual framework, with the Food Safety and Standards Authority of India (FSSAI) governing health supplements and novel foods, and the Ministry of AYUSH regulating traditional formulations, supported by Schedule M manufacturing norms and WHO-GMP standards. Government policy orientation in this sector is directed toward strengthening domestic manufacturing capacity, improving regulatory standardization, enabling participation of MSMEs, integrating traditional systems into public healthcare delivery, and enhancing the global competitiveness of Indian wellness products.

Pros and strengths

Integrated multi-dosage manufacturing capability: The company operates an integrated manufacturing facility with the capability to manufacture a wide range of dosage forms, including medicated oils, soft gelatin capsules, hard gelatin capsules, tablets and liquid orals. This multi-dosage capability allows the company to address diverse therapeutic requirements and customer preferences across both Ayurvedic and nutraceutical segments. The company’s manufacturing breadth enables it to develop, scale and commercialise products across multiple formats without reliance on external manufacturers, supporting faster product launches and efficient utilisation of manufacturing infrastructure.

Doctor acceptance supported by product performance rather than mass advertising: The company’s Ayurvedic and Nutraceutical formulations have achieved repeat prescriptions and re-ordering by healthcare practitioners despite limited reliance on mass media or consumer-facing advertising. The company’s marketing approach is focused on scientific detailing (i.e., structured, evidence-based engagement with healthcare practitioners through clinical data and product literature), continuing medical education (CME) programmes, medical camps and practitioner engagement. This approach indicates practitioner acceptance based on product performance, formulation relevance and consistency of supply. It also allows the company to control marketing costs and focus resources on targeted engagement, rather than large-scale advertising expenditure.

Broad therapeutic coverage across ayurvedic and nutraceutical segments: Ayurvedic and nutraceutical products support preventive care, chronic disease co-management, and post-treatment recovery, complementing allopathic therapies in areas such as osteoporosis, arthritis, infertility, anemia, renal calculi, lifestyle-related metabolic disorders, and pediatric development. The company’s product portfolio spans multiple therapeutic and wellness categories, including gut health, cardiac and metabolic wellness, diabetes management, pain management, immunity, infertility and general wellness. The portfolio includes both classical Ayurvedic formulations, proprietary Ayurvedic formulations and Nutraceutical blends. This breadth allows the company to address varied prescribing needs of healthcare practitioners and enables cross selling across therapeutic areas.

Risks and concerns

High revenue concentration in ayurvedic products: The company derives a significant portion of its revenue from the sale of products in the Ayurvedic products which constituted 94.57%, 92.09% and 79.27% of its revenue from operations for the Fiscals 2026, 2025 and 2024, respectively. Any reduction in demand or a temporary or permanent discontinuation of manufacturing of products in these therapeutic areas could have an adverse effect on its business, results of operations, financial condition and cash flows. Its revenue from sales of these products may decline as a result of increased market acceptance for its competitors’ products instead of its, breakthroughs in the development of more effective or popular alternative products, regulatory action, pricing pressures or fluctuations in the demand for or supply of its products.

Reliance on top 10 customers for revenue: The company is dependent on and derive a substantial portion of its revenue from certain key customers. Revenue generated from its top 10 customers accounted for 81.24%, 86.97%, and 84.19%, of its revenue from operations during the Fiscals 2026, 2025 and 2024, respectively. Loss of relationship with any of these customers or delays or reductions in their orders may have an adverse effect on its business, results of operations, financial condition and cash flows.

Dependence on growth and performance of ayurvedic industry: The company is primarily engaged in the manufacturing of Ayurvedic products, and its business and revenues are closely linked to the overall performance and growth of the Ayurvedic industry. Any slowdown, reduced consumer acceptance or adverse developments affecting the Ayurvedic industry could negatively impact demand for its products and, consequently, its business, results of operations, financial condition and cash flows. The industry is influenced by several factors, including evolving consumer preferences, competition from other systems of medicine, changes in healthcare trends, regulatory developments and the availability and pricing of herbal raw materials. Any shift in consumer preferences away from Ayurvedic products, increased adoption of alternative therapies, or changes in regulatory standards applicable to Ayurvedic products may adversely affect demand for its products.

Outlook

Himalaya Nutravedics India is engaged in the formulation and manufacture of Ayurvedic and nutraceutical products. The company’s product portfolio is focused on condition-oriented formulations across fertility, maternal health, bone and joint care, metabolic disorders, urology, paediatrics, neurocognitive health and general wellness. The company’s products are positioned for prescription-adjacent usage and are primarily marketed to medical practitioners across specialties such as gynaecology, orthopaedics, nephrology, paediatrics, diabetology and general medicine through a doctor-led and pharmacy-based distribution network. On the concern side, it does not enter into long-term agreements with certain of its key suppliers for procurement of raw materials, including herbal and nutraceutical ingredients, or with its customers and distributors. As a result, its arrangements with such parties are generally on a purchase order basis. The absence of long-term contracts exposes it to risks such as volatility in raw material prices, disruption in supply, and loss of customers without prior notice. Any such disruption may adversely affect its production, sales and overall business operations.

The company is coming out with a maiden IPO of 24,99,600 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 100-106 per equity share. The aggregate size of the offer is around Rs 25.00 crore to Rs 26.50 crore based on lower and upper price band respectively. On performance front, Revenue from operations increased by 105.12% to Rs 4,306.75 lakh in FY 2025-26, from Rs 2,099.65 lakh in FY 2024-25. Restated Profit After Tax (PAT) for FY 2025-26 increased to Rs 738.97 lakh, as compared to Rs 223.18 lakh in FY 2024-25.

Meanwhile, the company aims to strengthen and scale its business of classical Ayurvedic, proprietary Ayurvedic and nutraceutical business across India by expanding its geographic footprint and deepening market penetration. As of March 31, 2026, the company’s products are marketed across 17 states, supported by an on-ground sales and marketing organisation. The company proposes to continue expanding its field force to enhance reach and engagement with healthcare practitioners. The distribution model will be supported through the appointment and periodic rotation of stockists in strategically identified territories to improve market coverage and supply efficiency. The company follows a doctor-centric engagement approach, involving scientific detailing, continuing medical education programs, medical camps and BFD camps. This strategy is intended to drive prescription-based demand and build sustainable presence over time.

Pooja Logistics

• Pooja Logistics is coming out with an initial public offering (IPO) of 38,46,000 shares in a price band of Rs 109-115 per equity share.
• The issue will open for subscription on September 23, 2026 and will close on September 25, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 10.90 times of its face value on the lower side and 11.50 times on the higher side.
• Book running lead manager to the issue are Share India Capital Services and Maashitla Securities.
• Compliance officer for the issue is Ashish Bisht.

Profile of the company

Pooja Logistics is engaged in providing temperature-controlled logistics services for the transportation of perishable goods across India through refrigerated trucks (reefers). Since incorporation in 2011, it has been offering cold chain logistics services to a range of industries. Its in-house fleet as on March 31, 2026 comprises over 424 GPS-enabled vehicles dedicated to the transportation of temperature-sensitive goods. It caters to clients operating in the confectionery, dairy and dairy products, quick-service restaurants (QSRs), pharmaceuticals, and e-commerce sectors. It transports temperature-sensitive consignments while maintaining operational systems designed to maintain compliance with applicable standards. Its fleet consists of trucks with different sizes and capacities, enabling it to undertake a range of assignments. It generally operates on a trip-to-trip model, based on customer requirements. 

It has implemented various technology-enabled operational processes, including: i) a process for scheduling orders, where goods are picked up from the client’s origin warehouse, transported under monitored temperatures, and delivered at the destination with verification; ii) GPS-tracking software ‘Geo Trackers’ to provide visibility of vehicle movement and shipment status; iii) vehicle movement reports for monitoring and managing temperature levels in reefers; and iv) driver and truck management systems. These systems support real-time temperature tracking, route optimization, and monitoring of vehicle operations. 

Its temperature-controlled logistics services are aimed at the transportation of perishable products under controlled conditions using reefer vehicles. Upon reaching the delivery location, goods are unloaded as per defined protocols. It has obtained certifications from FSSAI for facilitating the delivery of perishable goods. It intends to expand certifications in line with customer and regulatory requirements.

Proceed is being used for:

• Purchase of vehicles (goods carriages)
• Public issue related expenses
• General corporate purpose

Industry overview

The India logistics market size was valued at $228.4 billion in 2024 and is projected to reach $428.7 billion by 2033. The market in India is estimated to grow at a CAGR of 6.50% from 2025-2033. The market growth is attributed to the growing e-commerce, infrastructure development, rising demand for cold chain logistics, increasing international trade, adoption of digital technologies, expansion of manufacturing and retail sectors, improved warehousing solutions, and greater focus on supply chain efficiency. 

The growing demand for perishable goods, ranging from dairy products to vaccines and biologics is propelling the growth of the Indian cold chain logistics sector. The Indian cold chain transportation market is expected to grow from $12.77 billion in 2025 to $20.31 billion by 2030 at a CAGR of 9.72% between the forecast years. This growth trajectory is fueled by evolving consumer preferences, rapid urbanization, and a sharp rise in organized retail and e commerce for temperature-sensitive goods. India continues to rank among the top global producers of perishable commodities. It is the largest producer of milk, second largest producer of fruits and vegetables, and a leading manufacturer of generic pharmaceuticals. Recent government initiatives such as the PM Gati Shakti scheme and PLI schemes in multimodal logistics are rapidly transforming the cold chain ecosystem. 

The FMCG sector in India has expanded steadily, supported by consumer-driven growth and higher product prices, particularly for essential goods. It provides employment to around three million people, accounting for approximately 5% of total factory employment in the country. As India’s fourth-largest sector, FMCG plays a vital role in the economy, with household and personal care products alone contributing 50% of total FMCG sales. Looking ahead, India’s FMCG sector is expected to record a slight revenue increase of 100 to 200 basis points, bringing growth to 6 to 8% in FY26, supported by stable rural demand and a revival in urban markets. 

Pros and strengths

Owned refrigerated vehicle fleet: It owns and operates a fleet of more than 424 GPS-enabled refrigerated vehicles, which supports direct operational oversight of transportation activities. The fleet includes both single-compartment and multi-compartment reefers, with load capacities ranging from around 5 tonnes to 20 tonnes, and is equipped to maintain temperatures suitable for frozen (-18 degree Celsius to -10 degree Celsius) and chilled (0 degree Celsius to +4 degree Celsius) storage. This allows it to handle a range of perishable goods, including pharmaceuticals, dairy products, confectionery, quick-service restaurant supplies, and e-commerce consignments, on a trip-to-trip basis. Fleet ownership reduces reliance on third-party logistics providers and enables internal management of route planning, vehicle scheduling, and shipment tracking through GPS-based systems. These capabilities are intended to support asset utilization and help in maintaining delivery timelines.

Geographic reach of the company: The company provides temperature-controlled logistics services across multiple regions in India. Its services cover more than 26 States, serving clients across various segments of the Fast-Moving Consumer Goods (FMCG) sector, including pharmaceuticals, dairy and dairy products, confectionery, quick-service restaurants, Frozen meat, etc. It continues to expand its geographic footprint in response to customer demand and operational considerations.

Compensation to customers for losses or damages to goods: As the company is engaged in providing temperature-controlled logistics services for the transportation of perishable goods, there may, in the ordinary course of business, be instances of shortages or deductions arising from damage to or loss of goods during transit. While the company has not experienced any material instances of damage or loss of goods in the past, there have been limited and non-material instances where compensation was paid towards such shortages or damages.

Risks and concerns

Dependence on limited customers: It depends on a limited number of customers for a majority of its revenues, which exposes it to a risk of customer concentration. Fluctuations in the performance of the industries in which its customers operate may result in a loss of customers, a decrease in the volume of work it undertakes or the price at which it offers its services. There is no guarantee that it will retain the business of its existing customers or maintain the current level of business with each of these customers. The company’s top ten customers contributed 68.15%, 75.55%, and 81.61% of its revenue from operations in Fiscal 2026, 2025 and 2024, respectively.

High reliance on FMCG sector: The company’s reliance on particular industries for a significant portion of its sales could have an adverse effect on its business, results of operations and financial conditions. A major portion of its business comes from customers in the FMCG industry. The company’s revenue from FMCG contribution was 95.07%, 95.85%, and 72.73% in Fiscal 2026, 2025 and 2024, respectively. Any slowdown, regulatory changes, supply chain disruptions, or other adverse developments in this industry may reduce the demand for its services.

Exposure to traffic challans and regulatory enforcement: In the ordinary course of its logistics and transportation operations, its fleet of commercial vehicles may be subject to traffic challans or other violations. Such instances are inherent to the industry and are generally resolved through Lok Adalats, as and when organized by the government. Recently, it has settled certain traffic challans in Lok Adalat proceedings, while the remaining challans are in the process of being settled and are expected to be resolved in a similar manner. While no significant or uncertain liability has arisen in this regard in the Past. Further, there can be no assurance that future violations will not result in higher penalties, adverse publicity, or stricter enforcement measures. Any such developments could increase its operating costs or otherwise adversely affect its business, results of operations, and financial condition. 

Outlook

Pooja Logistics is a logistics company, engaged in temperature-controlled logistics service provider in the transportation of perishable goods across India through refrigerated trucks (reefers). It provides temperature-controlled logistics services across multiple regions in India. Its services cover more than 26 States, serving clients across various segments of the FMCG sector, including pharmaceuticals, dairy and dairy products, confectionery, quick-service restaurants, Frozen meat, etc. It continues to expand its geographic footprint in response to customer demand and operational considerations. On the concern side, its operations are primarily concentrated in the states of Delhi, Haryana, Maharashtra, and Uttar Pradesh. A substantial portion of its revenue, assets, and customer base is derived from these regions. Any materially adverse social, political or economic development, civil disruptions, or changes in the policies of the state/central government or state or local governments, may require a modification of its business strategy, or require it to incur significant suspend its services.

The company is coming out with a maiden IPO of 38,46,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 109 - 115 per equity share. The aggregate size of the offer is around Rs 41.92 crore to Rs 44.23 crore based on lower and upper price band respectively. On performance front, revenue from operations increased 11.38% from Rs 14,877.10 lakh in Fiscal 2025 to Rs 16,570.10 lakh in Fiscal 2026. Profit after tax increased 11.95% from Rs 1,102.23 lakh in Fiscal 2025 to Rs 1,233.98 lakh in Fiscal 2026.

Meanwhile, it aims to adopt environmentally sustainable practices by gradually integrating electric vehicles (EVs) and incorporating CNG powered trucks into its fleet. As on date, it operates 2 electric vehicles and around 141 CNG-powered vehicles. These initiatives are expected to reduce operational emissions and align with broader industry trends in sustainable logistics. Additionally, it is in the process of digitizing various operational workflows to reduce paper usage, increase process efficiency, and enhance monitoring systems. These changes are anticipated to contribute to improved internal controls and resource utilization.