HEXAGON NUTRITION LIMITED

Makes a diversified portfolio of nutrition products across five verticals — micronutrient premixes, therapeutic foods/RUTF, clinical nutrition, food fortification and consumer-branded nutrition — sold in 70-plus countries. FY26 revenue of INR382.63 cr (+17.8% YoY) is split across branded (30%), premix (35-40%) and ESG (30%) segments, with exports at 57% of revenue and over 80% of exports from premix and ESG; West Asia contributes under 20% of exports. Q1 FY27 revenue rose 43.2% YoY to INR104.3 cr, with PAT up 25.1% to INR8.1 cr, though EBITDA margin compressed to 11.3% from 13.8% on West Asia-driven raw material and freight inflation. Each segment runs at distinct economics: branded carries 60-68% gross margins and sells via medical reps and online channels including e-pharmacies, Amazon and Flipkart; premix runs at 35-40% gross margins and supplies food manufacturers; ESG operates at 25-30% gross margins and serves government and multi-lateral nutrition programmes. The branded segment is being scaled toward 35% of revenue within two years from ~28% currently, with push into Tier 2/3 cities and digital channels. Manufacturing is under-utilised, and INR25-30 cr is committed to redevelop the Nashik premix facility over 1-1.5 years. The largest cost pressures are raw materials and freight, both flagged as inflated by West Asia geopolitics in Q1 FY27.