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Listed
FMCG
Hexagon Nutrition Limited IPO
₹139 Cr · Offer for Sale (OFS) · FMCG
Price Band
₹42 – ₹45
GMP (Grey Market)
—
No GMP data yet
Issue Size
₹139 Cr
Offer for Sale (OFS)
Market Cap
₹553.13 Cr
At upper band
P/E Ratio
22.7x
P/S: 1.7x
Listing Date
12 Jun 2026
BSE & NSE
IPO Timeline
✓
Opens
05 Jun 2026
✓
Closes
09 Jun 2026
✓
Allotment
10 Jun 2026
✓
Refund
11 Jun 2026
✓
Listing
12 Jun 2026
IPO India Hub: Subscribe
Conviction
7/10
The company trades at 0.48× sector midpoint P/E with strong PAT growth (48.8% CAGR) and minimal leverage (D/E 0.14×), offering significant valuation headroom. However, revenue has declined 4.9% over two years, and the 100% OFS structure means no fresh capital reaches the business.
Listing Performance
Issue Price
₹45
Allotment price
Listing Price
₹48
+6.67% on listing day
Current Price (CMP)
₹68.3
+51.8% vs issue
Listed On
12 Jun 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Exceptional valuation discount to peers
At 22.7× P/E, the company trades at just 0.48× the FMCG sector midpoint of 47.5×, representing a 52% discount. This valuation gap is unusual for a profitable FMCG player and suggests significant margin of safety for retail investors entering at the upper price band.
✓ Strength
Strong profit growth despite revenue headwinds
Net profit has grown 48.8% CAGR over two years (₹12.2 Cr to ₹27.0 Cr), while EBITDA margin stands at 12.33% and ROCE at 17.06%. This demonstrates operational leverage and improving unit economics, even as top-line faced pressure.
⚠ Risk
Revenue contraction raises demand concerns
Revenue declined 4.9% CAGR over two years (₹331.3 Cr to ₹275.6 Cr), with FY0 showing a sharp 16.8% year-on-year drop. This contraction in a growing FMCG market suggests either market share loss, product mix shift, or cyclical headwinds that require clarification.
⚠ Risk
100% OFS structure limits growth capital
The entire ₹139 Cr issue is an offer for sale by promoters, meaning zero fresh capital enters the company for expansion, R&D, or working capital. This raises questions about growth trajectory and whether the company can fund organic expansion post-listing.
₹ Valuation
Deep discount warrants scrutiny on quality
At 22.7× P/E against a 47.5× sector midpoint, and with NPM of only 9.8% (below the 15% Subscribe threshold), the valuation reflects either genuine underpricing or hidden operational risks. The P/S ratio of 1.7× is also modest, consistent with a lower-margin FMCG player.
👁 Watch
Monitor revenue stabilization post-listing
Investors must track quarterly revenue trends closely in FY1 post-listing to confirm whether the two-year contraction was temporary or structural. Any sustained revenue recovery would validate the valuation thesis; further decline would signal deteriorating competitive position.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "Hexagon Nutrition Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹324.93 Cr
Net Profit
₹24.38 Cr
Industry
FMCG
Issue Type
Offer for Sale (OFS)
Promoters
ARUN PURUSHOTTAM KELKAR, SUBHASH PURUSHOTTAM KELKAR, VIKRAM ARUN KELKAR, NIKHIL ARUN KELKAR AND ADITYA KELKAR
Lead Managers
Cumulative Capital and Catalyst Capital Partners
Quick Actions
Frequently Asked Questions
Subscribe. The company trades at 0.48× sector midpoint P/E with strong PAT growth (48.8% CAGR) and minimal leverage (D/E 0.14×), offering significant valuation headroom. However, revenue has declined 4.9% over two years, and the 100% OFS structure means no fresh capital reaches the business.
GMP data is not yet available for this IPO. Check our GMP Live page for the latest updates closer to the listing date.
Lot size details will be updated when the DRHP is filed. The price band is ₹42 – ₹45.
The IPO opens on 05 Jun 2026. It closes on 09 Jun 2026. Allotment is expected on 10 Jun 2026. Refunds initiate on 11 Jun 2026. Listing on BSE and NSE is on 12 Jun 2026.
The lead managers for the IPO are Cumulative Capital and Catalyst Capital Partners. Check the SEBI filing for the registrar details.
The IPO listed on 12 Jun 2026 at ₹48 against an issue price of ₹45 (+6.67% on listing day). The current market price (CMP) is approximately ₹68.3 (+51.8% vs issue).
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 09 Jun 2026. The company trades at 0.48× sector midpoint P/E with strong PAT growth (48.8% CAGR) and minimal leverage (D/E 0.14×), offering significant valuation headroom. However, revenue has declined 4.9% over two years, and the 100% OFS structure means no fresh capital reaches the business.
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 09 Jun 2026. The IPO is priced at a P/E of 22.7x. Market cap at issue price is ₹553.13 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The issue closes on 09 Jun 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'Hexagon Nutrition Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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