Hexagon NutritionIPO Review — Financials, Valuation & Peers
A data-only look at the Hexagon Nutrition IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2023 | 281.65 | 5.82 | 17.17 | 163.84 | 288.9 | 51.87 | — |
| FY 2024 | 304.62 | 12.21 | 24.88 | 176.29 | 250.54 | 36.89 | — |
| FY 2025 | 331.29 | 24.38 | 40.07 | 195.6 | 261.36 | 26.6 | — |
| Dec 2025 (interim) | 275.57 | 27.03 | 37.55 | 223.05 | 327.6 | 39.79 | 1.98 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- P/E (pre-issue)
- 22.69x
- P/E (post-issue)
- 15.35x
- RoNW
- 12.12%
- RoE
- 13.02%
- RoCE
- 14.82%
- Debt / Equity
- 0.18
- EPS (pre-issue)
- ₹1.98
- EPS (post-issue)
- ₹2.93
- EBITDA Margin
- 14.03%
- PAT Margin
- 9.81%
- P/BV
- 2.48x
- NAV / share
- ₹18.15
- Market Cap
- ₹553.13 Cr
As of 31 Dec 2025 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW |
|---|---|---|---|---|
| Hexagon Nutrition | 1.75 | 15.91 | — | 12.46% |
| Nestle India Ltd | 16.63 | 21.35 | 88.86x | 77.91% |
| Zydus Wellness Ltd | 10.9 | 178.26 | 46.22x | 6.12% |
Peer group as disclosed in the offer document, figures as of 31 Mar 2025. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: Arun Purushottam Kelkar, Subhash Purushottam Kelkar, Vikram Arun Kelkar and Nikhil Arun Kelkar
- Holding (pre-issue)
- 89.41%
- Holding (post-issue)
- 45.74%
- Dilution
- 43.67%
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | Neutral |
Third-party analyst views on the Hexagon Nutrition IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Analysis in brief
Anchor book
5 anchor investors participated in the Hexagon Nutrition IPO ahead of the public offer, together allocated ₹41.65 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to BANDHAN SMALL CAP FUND (₹12 crore), AMPERSAND GROWTH OPPORTUNITIES FUND SCHEME-I (₹10 crore) and CP Capital Ltd. (₹9.65 crore). Investor categories represented include Other. The lock-in on half the anchor shares ends on 9 Jul 2026, with the remainder locked until 7 Sept 2026.
Analyst view tally
ipostation tracks 1 third-party reviewer on the Hexagon Nutrition IPO, including Capital Market. Of the 1 with a stated verdict, 1 says "Neutral". These are the views of the named reviewers, reproduced as published — they are not ipostation's recommendation, and this page does not rate the issue.
Margin and return profile
The offer document gives a read on the operating engine behind the issue. Hexagon Nutrition operates at an EBITDA margin of 14.03% and a net (PAT) margin of 9.81% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 14.82% and a return on equity (RoE) of 13.02%. At the upper band, the post-issue market capitalisation works out to about ₹553.13 crore. These are offer-document figures for the latest reported period (as of 31 Dec 2025); they describe the business as disclosed, not how the stock will trade.
Financials
In FY2025, Hexagon Nutrition reported revenue of ₹275.57 crore and a net profit of ₹27.03 crore. Revenue declined from ₹281.65 crore in FY2023 to ₹275.57 crore in FY2025 (-2.0%). Net worth stood at ₹223.05 crore at the end of FY2025. At the upper band, that puts the issue at roughly 22.7× FY2025 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 15.35× post-issue earnings and 2.48× book value, against a return on net worth of 12.12% and a debt-to-equity ratio of 0.18. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Nestle India Ltd and Zydus Wellness Ltd, with a median peer P/E of about 67.5×. The issue's own post-issue P/E works out to 15.35×.
Promoters
The promoters of the company are Arun Purushottam Kelkar, Subhash Purushottam Kelkar, Vikram Arun Kelkar and Nikhil Arun Kelkar. Promoter holding stands at 89.41% before the issue and comes down to 45.74% after listing.
Frequently asked questions
- What is the reservation split in the Hexagon Nutrition IPO?
- Of the total shares offered, retail investors get 35%, QIBs 20% (plus 30% anchor), non-institutional investors 15%.
- Who are the promoters of Hexagon Nutrition and what is their holding?
- The promoters are Arun Purushottam Kelkar, Subhash Purushottam Kelkar, Vikram Arun Kelkar and Nikhil Arun Kelkar. Promoter holding is 89.41% before the issue and 45.74% after listing.
- What is the P/E ratio of the Hexagon Nutrition IPO?
- At the upper price band, the Hexagon Nutrition IPO is valued at 22.69× pre-issue earnings and 15.35× post-issue earnings, based on the financials disclosed in the offer document.