Himalaya Nutravedics India IPO

SME • BSE SME • Fresh capital only

LISTEDSMEBSE SME

Himalaya Nutravedics India

Price band

₹100 – ₹106

Lot size

1200 shares

Min investment

₹1,27,200

Issue size

₹26.5 Cr

About the company

Himalaya Nutravedics India Limited was started in June 2022. It is a Hyderabad based company that formulates, manufactures and markets Ayurvedic and nutraceutical products. Its products come in several forms, including softgel capsules, tablets, medicated oils, liquid orals, hardgel capsules and protein powders. Being able to make all of these in one place is unusual for a company of this size, because each dosage form needs its own line and approvals. Its products cover therapeutic areas such as digestive health, immunity, metabolic health and pain management. It sells in two ways. Its own branded products are marketed through healthcare practitioners rather than through mass advertising, so doctors recommending the product is what drives sales. Alongside that it manufactures on a third party contract basis for other brands. It has expanded to 17 states and one union territory in India. Its manufacturing facility is in Hyderabad, Telangana and holds ISO 22000:2018, ISO 9001:2015 and WHO-GMP certification. As on 30 April 2026 it had 80 employees.

Himalaya Nutravedics India Limited is a Hyderabad-based Ayurvedic and nutraceutical manufacturer making softgel capsules, tablets, medicated oils, liquid orals and protein powders across digestive, immunity, metabolic and pain management categories. It sells through healthcare practitioners and also does third-party contract manufacturing across 17 states.

IPO details

Issue price: ₹106
Price band: ₹100 – ₹106
Face value: ₹10
Lot size: 1200
Min investment: ₹1,27,200
Issue size: ₹26.5 Cr
Sale type: Fresh capital only
Listing on: BSE SME
BSE scrip code: 7983
NSE symbol: HNIL.BO

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	1,200	₹1,27,200
Retail (Max)	1	1,200	₹1,27,200
HNI (Min)	2	2,400	₹2,54,400

Investor reservation

CATEGORY	RESERVED
QIB	11,84,400 shares (49.90% of the Offer)
NII	3,56,400 shares (15.02% of the Offer)
Retail	8,32,800 shares (35.09% of the Offer)

Objects of the issue

1Funding Working Capital Requirements13.75

2Business Development and Digital Marketing Activities7.50

3General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	24.42	10.82	6.09
Total Income	43.12	21.00	14.43
Profit After Tax	7.39	2.23	0.43
EBITDA	8.10	2.99	0.94
NET Worth	16.38	6.75	1.34
Reserves and Surplus	10.07	2.76	0.53
Total Borrowing	5.13	1.76	3.24

Key performance indicators

P/E Ratio

12.63

EPS (₹)

8.39

RoE

63.87%

RoCE

36.41%

RoNW

45.12%

PAT Margin

17.16%

EBITDA Margin

18.82%

Debt / Equity

0.31

NAV (₹)

26.70

✓ Strengths

• Sales have tripled in two years, from Rs 14.43 crore in FY2024 to Rs 21.00 crore in FY2025 and Rs 43.12 crore in FY2026.

• Profit has grown from Rs 0.43 crore in FY2024 to Rs 2.23 crore in FY2025 and Rs 7.39 crore in FY2026.

• The margin is high for a small manufacturer, with a PAT margin of 17.16% and an EBITDA margin of 18.82%.

• Return ratios are very strong, with RoNW of 45.12% and RoCE of 36.41%.

• Debt is low. Total borrowing was Rs 5.13 crore against a net worth of Rs 16.38 crore, a debt to equity ratio of only 0.31.

• The issue is priced at about 12.63 times earnings on an EPS of Rs 8.39.

• It can make several dosage forms in one facility, from softgels and tablets to oils, liquids and powders, which lets it serve a wider set of contract manufacturing customers.

• The Hyderabad facility holds WHO-GMP certification along with ISO 22000:2018 and ISO 9001:2015, which matters for both export and contract work.

⚠ Risks

• The company is very young. It was started only in June 2022, so it has around four years of history and has not been tested through a difficult period.

• The growth is from a very small base. Sales tripled and profit rose about seventeen times in two years, which cannot be assumed to continue.

• Rs 7.50 crore of the Rs 26.5 crore issue goes into business development and digital marketing. That is a running cost rather than an asset, and it will need to be spent again.

• Sales depend on healthcare practitioners recommending the products. That relationship has to be maintained continuously and can be won away by competitors.

• The whole business runs from one facility in Hyderabad, so there is single location risk.

• Ayurvedic and nutraceutical products are a crowded category with low barriers to entry and many small manufacturers.

• The contract manufacturing part of the business earns a lower margin than selling its own brands.

• Promoter holding will come down from 95.14% to 68.13% after the issue.

• This is an SME issue. One lot is 1,200 shares, which is about Rs 1.27 lakh at the upper band of Rs 106, and SME shares usually trade in low volume after listing.

Promoters & holding

Rohit Asawa, Divya Asawa, Chanda Asawa and Rama Raju Penmatsas

Pre-issue promoter holding

95.14%

Post-issue promoter holding

68.13%

Data refreshed 07 Nov 2026, 04:54 pm IST. GMP is unofficial market sentiment, not investment advice.