Hexagon Nutrition IPO

Hexagon Nutrition Limited IPO Strengths

End-to-End Integrated Nutrition Player

Hexagon Nutrition is a fully integrated, holistic nutrition company, providing end-to-end solutions across the entire value chain. It is a market leader in customized micronutrient formulations and the only such holistic player in India offering products from premixes up to clinical and therapeutic nutrition, a capability that significantly distinguishes it within the industry.

Market Leadership in Premixes and MNPs

The company is recognized as one of India’s largest premix players, supplying customized vitamin and mineral premixes to leading domestic and multinational FMCG firms. Furthermore, it is one of the largest licensed suppliers of Micronutrient Powders (MNPs) under various UN programs, supporting global food fortification and critical public health initiatives.

Recognized Clinical and Wellness Brands

Hexagon has strategically moved up the value chain by developing successful in-house brands such as PENTASURE and OBESIGO. These brands cater to diverse and complex therapy areas, including renal, diabetes, and other specialized conditions. The company’s global footprint across over 70 countries reinforces its integrated and innovation-led position.

Strong Customer Relationships and Repeat Business

Hexagon boasts a track record of nurturing long-standing relationships across its B2C, B2B2C, and ESG segments, which drives high levels of repeat business. This continuity is a key indicator of customer satisfaction and product efficacy, providing the company with revenue predictability and a stable foundation for scalable growth.

Established In-House R&D Capabilities

The company maintains a competitive edge through its two dedicated in-house R&D facilities in Nasik and Chennai. This focus has yielded deep expertise in ingredient interaction and formulation science, ensuring premixes do not compromise the end product’s taste or quality, and maintaining an active new product innovation pipeline.

Scalable Manufacturing and Quality Assurance

Hexagon operates three manufacturing facilities in India and one in Uzbekistan, with the Indian sites strategically located in SEZ zones. Its infrastructure is designed for scale and efficiency, complemented by stringent quality and food safety standards evidenced by certifications like FSSC 22000 and GMP, reinforcing global product credibility.

Robust Omnichannel Distribution Network

The company ensures widespread accessibility through its pan-India omnichannel distribution. This includes retail pharmacies, hospital networks, leading e-commerce platforms, and its own brand websites. This, combined with a presence in over 20 countries for branded products, mitigates regional risk and leverages brand value.

Consistent Track Record of Financial Growth

Hexagon has demonstrated a consistent track record of growth in both revenues and profitability over the last three fiscals. This sustained financial performance, with an increase in Profit After Tax (PAT), reflects the scalability of its business model and its strong ability to generate long-term, sustained profitability.

More About Hexagon Nutrition Limited

Hexagon Nutrition Limited is a differentiated, research-oriented nutrition company offering a holistic range of products — from micronutrient premixes to therapeutic and clinical nutrition formulations. Recognised as one of India’s largest premix manufacturers, the company provides customised vitamin and mineral blends to leading Indian and multinational FMCG players. It is also among the top licensed suppliers of Micronutrient Powders (MNPs) under UN programmes, contributing significantly to food fortification and global health initiatives.

Journey and Growth

Founded in 1993 as a micronutrient formulation player, Hexagon Nutrition has steadily moved up the value chain. Over the years, it has developed successful brands such as Pentasure, Obesigo, and Pediagold, catering to adult, weight management, and paediatric nutrition respectively. In FY 2024, the company expanded its branded portfolio with Nutrone, strengthening its presence in the wellness and clinical nutrition market.

Integrated Operations and Global Presence

Hexagon Nutrition operates three manufacturing facilities in India—Nasik, Chennai, and Thoothukudi—and one in Tashkent, Uzbekistan. The SEZ-based plants in Chennai and Thoothukudi offer strategic advantages like duty-free imports and proximity to ports. Its products are exported to over 75 countries, supported by overseas offices in South Africa, Hong Kong, and Uzbekistan.

Product Segments

• Branded Wellness & Clinical Nutrition (B2C): Products meet diverse nutritional needs, addressing deficiencies and providing specialised support for hospitalised patients.

• Premix Formulations (B2B2C): Supplies customised micronutrient blends to FMCG and nutrition brands for fortified products such as dairy items, beverages, and snacks.

• RUFs & MNPs (ESG Segment): Offers ready-to-use therapeutic foods and micronutrient powders to combat malnutrition and support global ESG initiatives.

Commitment to Quality and Innovation

The company’s facilities are certified by FSSC 22000, GMP, and ISO 9001:2015, ensuring adherence to international standards. With a strong R&D team and a PAN-India omnichannel network, Hexagon Nutrition continues to drive innovation in nutrition science, enabling healthier lives worldwide.

Industry Outlook

The Indian nutrition industry — spanning dietary supplements, food fortification premixes, clinical nutrition, and therapeutic foods — is witnessing strong growth driven by rising health awareness, lifestyle shifts, and government-led nutrition initiatives.

Overall Nutrition & Supplement Market

• The Indian nutritional supplements market was valued at approximately US$ 42.97 billion in 2024 and is projected to grow at a CAGR of around 8.1% from 2025 to 2030.

• Other estimates suggest it will expand from US$ 46.5 billion in 2025 to US$ 94.52 billion by 2034, reflecting a CAGR of about 8.2%.

• Key growth drivers include increasing disposable incomes, a growing preventive-healthcare mindset, urbanisation, and the rise of digital and omnichannel access to nutrition products.

Clinical & Therapeutic Nutrition Segment

• The Indian clinical nutrition sector was valued at around US$ 2.1 billion in 2024 and is forecast to reach US$ 4.3 billion by 2033, implying a CAGR of 7.8% during 2025-33.

• Growth is being driven by the rise in chronic diseases, malnutrition concerns, hospitalisation rates, and the demand for specialised nutritional interventions.

Food Fortification & Micronutrient Premixes

• The Indian food fortification premix market stood at about US$ 108.8 million in 2024 and is expected to grow to US$ 193 million by 2034, at a CAGR of nearly 5.9%.

• Growth is supported by government programmes to combat micronutrient deficiencies, mandates for fortified staple foods like rice and wheat, and collaborations between government and private players in public health initiatives.

Key Growth Drivers & Trends

• Preventive healthcare and wellness focus: Consumers are prioritising nutrition for long-term wellness.

• Government nutrition programmes: Initiatives addressing anaemia and malnutrition are increasing demand for fortified foods and premixes.

• Urbanisation and e-commerce: Wider access to nutrition products in urban and semi-urban areas is fuelling sales.

• Clinical nutrition adoption: Hospitals and healthcare providers are increasingly recommending medical nutrition therapy.

• Food processing expansion: Growth in packaged foods supports greater fortification opportunities.

How Will Hexagon Nutrition Limited Benefit

• Hexagon Nutrition Limited is strategically positioned to capitalise on India’s expanding nutrition and wellness market, supported by its diversified product portfolio across premixes, clinical, and therapeutic nutrition.

• With the premix market’s steady CAGR of 5.9%, the company’s established expertise in micronutrient formulations aligns perfectly with the growing demand for fortified foods.

• The rising clinical nutrition segment offers growth opportunities for Hexagon’s brands such as Pentasure and Obesigo, catering to hospital and home-based nutrition needs.

• Increasing government-led food fortification initiatives directly boost demand for Hexagon’s B2B2C solutions.

• The growing preventive healthcare trend and awareness about balanced nutrition support its branded wellness products.

• Expanding urbanisation and digital health platforms enhance visibility for its e-commerce and retail distribution network.

• Global expansion and exports to over 75 countries position the company to benefit from rising international demand for fortified and functional foods.

Peer Group Comparison

Name of the Company	Face Value (₹)	Revenue (₹ in Million)	Basic EPS (₹)	Diluted EPS (₹)	P/E	Return on Net Worth (%)	NAV (₹)
Hexagon Nutrition Limited	1	13,249.29	1.75	1.75	[●]	12.46	15.91
Peer Group
Zydus Wellness Limited	2	27,089.00	10.90	10.90	45.64	6.12	178.26
Nestlé India Limited	10	202,015.60	16.63	16.63	71.44	77.91	121.35

Key Strategies for Hexagon Nutrition Limited

Expand Product Portfolio into New Categories

Hexagon intends to achieve growth by expanding its product portfolio into new categories like functional foods, plant-based nutrition, and specialized maternal/geriatric products. This leverages its R&D and regulatory expertise to address evolving consumer health trends, diversify revenue streams, and strengthen its overall presence across both B2C and B2B2C segments.

Deepen Domestic Market Penetration

The company plans to significantly strengthen its footprint across India, where exports currently dominate revenue. It aims to leverage its international technical know-how to increase brand visibility and consumer awareness domestically. The strategy focuses on introducing new offerings in functional and therapeutic nutrition to broaden its Indian customer base.

Enhance Focus on Branded B2C Segment

Hexagon is committed to further emphasizing its branded nutrition segment (PENTASURE, OBESIGO, etc.) by augmenting online sales and expanding into Tier 2 and Tier 3 cities. It plans to double its sales field force within five years to increase reach and visibility, thereby strengthening market share in both existing and new geographies.

Capitalize on Post-COVID Nutritional Demand

The company is strategically responding to the increased global demand for immunity-building and fortified foods post-COVID-19. It aims to launch new products, such as fortified rice kernels (FRK), and expand its portfolio of clinically backed, fortified offerings to effectively participate in both public and private sector nutritional programs.

International Geographical Expansion

Hexagon continues to strengthen its global presence by strategically expanding its geographical footprint beyond existing markets. Utilizing regional hubs and a manufacturing facility in Uzbekistan, the company seeks to improve logistical efficiency and access to markets like CIS, Africa, and new high-growth regions such as Latin America and Eastern Europe.

Launch Products in New Therapy Areas and Formats

The company intends to broaden its offerings in clinical and wellness segments by entering new therapy areas (e.g., gynaecology, fertility, healthy ageing). It is also investing in innovative delivery formats like gummies, chewable tablets, and nutrition bars, which enhance consumer appeal and compliance, strengthening its competitive positioning.