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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 declined 4.9% over two years, signaling operational headwinds that must stabilize post-listing.
Listing Performance
Issue Price
₹45
Allotment price
Listing Price
₹48
+6.67% on listing day
Current Price (CMP)
₹56.79
+26.2% vs issue
Listed On
12 Jun 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Valuation Deeply Below Sector
At 22.7× P/E against a 47.5× sector midpoint, the company trades at less than half the FMCG peer average. This 0.48× multiple provides a substantial margin of safety for retail investors, particularly relevant given the SME listing and strong subscription demand (53.68×).
✓ Strength
Exceptional Profit Growth Trajectory
Net profit surged 48.8% CAGR over two years (₹12.2 Cr → ₹27.0 Cr), demonstrating operational leverage despite revenue pressure. ROCE of 17.06% and EBITDA margin of 12.33% indicate the business is generating returns and converting sales into cash earnings.
⚠ Risk
Revenue Contraction Over Two Years
Revenue fell 4.9% CAGR from ₹304.6 Cr (FY-2) to ₹275.6 Cr (FY0), with a sharp drop in the latest year. This decline contradicts the profit growth story and raises questions about market share, pricing power, or product mix shifts that require investor scrutiny.
⚠ Risk
Massive Promoter Dilution Post-IPO
Promoter holding collapses from 89.41% pre-issue to 45.74% post-issue—a 43.67 percentage point drop. This extreme dilution, combined with 100% OFS (no fresh capital for the company), suggests founders are exiting rather than funding growth, a governance red flag.
₹ Valuation
P/E Discount Justified by Margins
At 22.7× P/E and 1.7× P/S, the company commands a 52% discount to sector midpoint despite a 9.8% NPM below the 15% Subscribe threshold. The valuation reflects the revenue headwind; margin recovery or top-line stabilization would re-rate the stock upward.
👁 Watch
Monitor Revenue Stabilization Post-Listing
The critical metric for post-listing performance is whether revenue growth returns to positive territory in H1 FY27. Continued contraction would invalidate the profit-growth narrative and suggest structural market challenges in the nutrition/FMCG segment.
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 declined 4.9% over two years, signaling operational headwinds that must stabilize post-listing.
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 ₹56.79 (+26.2% 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 declined 4.9% over two years, signaling operational headwinds that must stabilize post-listing.
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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