Hexagon Nutrition Ltd(HEXAGON)

NSE: HEXAGONBSE: 544785

₹ 60.28-2.10%refreshed 26 Oct, 01:29 pm ISTMarket cap: ₹ 741 crWebsite: www.hexagonnutrition.comUpdated: 24 Oct 2026

About

Hexagon Nutrition makes nutrition products in three segments: micronutrient premixes, branded clinical and consumer nutrition, and therapeutic nutrition (ESG). Revenue from operations was INR382.63 crores in FY26, up 17.8% YoY. Exports were about 57% of revenue in FY26 and went to 80+ countries.^[1][2][3]

Business segments

Revenue mix in Q1 FY27: premix around 62%, branded around 28%, therapeutic ESG segment around 10%.^[2]
Revenue mix in FY26: branded about 30%, premix about 35% to 40%, ESG about 30%.^[1]
Gross margins as of FY26: branded 60-68%, premix 35-40%, ESG 25-30%.^[1]
The branded segment grew 28% YoY in Q1 FY27.^[2]

Brands and products

Flagship brands named for FY27 focus: PediaGold (paediatric nutrition) and Obesigo (weight management).^[1]
9 products were in the R&D pipeline as of Q1 FY27, covering functional foods, maternal/geriatric nutrition and immunity products. Plant-based nutrition has no immediate timeline.^[2]
Management put the clinical nutrition market at INR6,300 crores (FY26 call).^[1]

Plants and capacity utilisation

Blended capacity utilisation was ~47% in Q1 FY27, up from ~30% in 9M FY26.^[2]
Utilisation by plant in Q1 FY27: Nashik 55-60%, Thoothukudi (Tuticorin) 35-40%, Chennai 25-30%.^[2]
An Uzbekistan facility serves Central Asia and Russia. In Q1 FY27 it had a small order book due for delivery in Q2/Q3 FY27.^[2]

Key operating numbers

Volume growth was 25-40% YoY across premix, branded and ESG in Q1 FY27.^[2]
Revenue from operations was ₹1,043 Mn in Q1 FY27 vs ₹729 Mn in Q1 FY26, up 43.2%.^[2]
Order book was about ₹100 crores in Q1 FY27, executable in Q2 and partly Q3. About 70-75% is premix and ESG; the rest is branded.^[2]
The ESG order pipeline for FY27 is ₹75-100 crores.^[2]
Inventory days were ~142 in Q1 FY27, up from ~130+ days in Q1 FY26.^[2]
Prices (MRP) on select branded products were raised 10-15% in Q1 FY27 to offset higher costs for raw materials such as whey protein.^[2]

Customers and distribution

Exports were 57% of revenue in FY26, to 80+ countries across 5 continents. West Asia was less than 20% of exports.^[2]
More than 80% of export revenue came from premixes and ESG in FY26.^[1]
Domestic distributors numbered 358 in FY26. E-commerce was 6.5% of B2C revenue in FY26.^[2]
Field force grew more than 50% in Q1 FY27 vs Q1 FY26 to reach Tier-2 and Tier-3 cities.^[2]
The branded business sells online through Amazon, Flipkart and e-pharmacies (FY26).^[1]

Expansion and capex

The Nashik premix facility is to be demolished and rebuilt for ₹25-30 crores over 1-1.5 years, 70% funded by long-term bank borrowing (announced Q1 FY27).^[2]
The company plans to build branded exports in the Middle East and Africa, using its South Africa subsidiary as an Africa hub, and is targeting Europe and North America (Q1 FY27).^[2]
Target: branded share above 35% of revenue by about FY28-FY29, up from ~28% in Q1 FY27.^[2]

Recent developments

Arun Kelkar resigned as Chairman & Executive Director on 28 September 2026 at the end of his term.^[4]

Market Cap

₹741 Cr

High / Low

₹79 / 48

Stock P/E

19.8

Price / Book

3.2

EPS

₹3.1

ROCE

20.6%

ROE

16.3%

OPM

13.9%

Debt / Equity

0.13

Sales

₹383 Cr

Net Profit

₹38 Cr

Promoter holding

64.4%

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