Hexagon Nutrition revenue rises 38%, profit gains 13% in Q2

Hexagon Nutrition Limited reported standalone revenue of Rs 103.825 crore for the quarter ended September 30, 2026, up 37.5% from Rs 75.501 crore a year earlier, while net profit increased 13.4% to Rs 9.823 crore. Higher material costs and a Rs 94.1 lakh exceptional expense limited the increase in reported profit.

How did Hexagon Nutrition perform in the September quarter?

Hexagon Nutrition increased standalone revenue by 37.5% year on year and total income by 35.6% in the quarter ended September 30, 2026. Revenue from operations reached Rs 103.825 crore, compared with Rs 101.402 crore in the preceding quarter ended June 30, 2026, while other income was Rs 3.905 crore, compared with Rs 2.964 crore sequentially.

Hexagon Nutrition’s net profit was broadly unchanged from Rs 9.834 crore in the June 2026 quarter, although it was above Rs 8.665 crore a year earlier. Profit before exceptional items and tax rose to Rs 13.820 crore from Rs 11.617 crore in the September 2025 quarter, while basic earnings per share, which are not annualised, increased to Rs 0.88 from Rs 0.78.

Why did Hexagon Nutrition’s profit rise more slowly than revenue?

Hexagon Nutrition’s total expenses rose 38.4% to Rs 93.910 crore in the September 2026 quarter, slightly faster than the 37.5% increase in revenue. Cost of materials consumed increased 59.6% to Rs 61.165 crore from Rs 38.334 crore, employee benefits expense rose to Rs 14.040 crore from Rs 11.256 crore, and other expenses increased to Rs 20.451 crore from Rs 18.018 crore.

Hexagon Nutrition’s material-consumption cost equalled about 58.9% of quarterly revenue, compared with about 50.8% in the September 2025 quarter, based on the reported standalone figures. The change in inventories of finished goods and work in progress was an expense adjustment of Rs 3.822 crore, compared with Rs 1.509 crore a year earlier, while finance costs rose to Rs 58.5 lakh from Rs 42.2 lakh and depreciation and amortisation rose to Rs 1.491 crore from Rs 1.316 crore.

Hexagon Nutrition recorded an exceptional expense of Rs 94.1 lakh after initiating phased decommissioning and operational restructuring of its Premix manufacturing facility at Nashik, Maharashtra, during the September 2026 quarter. The company said this reflected property, plant and equipment derecognition, impairment or disposal; the comparable September 2025 line was exceptional income of Rs 2.1 lakh.

What do Hexagon Nutrition’s half-year results show?

Hexagon Nutrition reported standalone revenue of Rs 205.227 crore for the half year ended September 30, 2026, up 47.9% from Rs 138.759 crore in the corresponding prior-year period. Net profit increased 34.3% to Rs 19.657 crore from Rs 14.634 crore, while profit before tax increased 33.1% to Rs 26.118 crore from Rs 19.624 crore.

Hexagon Nutrition’s half-year material consumption rose to Rs 121.470 crore from Rs 74.495 crore, employee benefits expense rose to Rs 26.016 crore from Rs 21.017 crore, and other expenses increased to Rs 37.514 crore from Rs 30.178 crore. Basic half-year earnings per share were Rs 1.70, compared with Rs 1.32, while diluted earnings per share were Rs 1.60, compared with Rs 1.19.

Hexagon Nutrition operates in one segment, manufacturing nutraceutical products, under Indian Accounting Standard 108, or Ind AS 108. The filing therefore provides no standalone revenue or profit split by product, customer category or geography, and says comparative periods were restated following the merger of Hexagon Nutrition (Exports) Private Limited, effective April 1, 2025.

What changed in Hexagon Nutrition’s working capital and cash flow?

Hexagon Nutrition generated Rs 7.822 crore of net operating cash flow in the half year ended September 30, 2026, compared with Rs 2.429 crore in the comparable 2025 period. Operating profit before working-capital changes rose to Rs 27.064 crore from Rs 20.493 crore, but the inventory increase absorbed Rs 30.292 crore of cash, compared with Rs 8.680 crore a year earlier.

Hexagon Nutrition’s inventories stood at Rs 96.449 crore on September 30, 2026, up from Rs 66.157 crore on March 31, 2026, matching the Rs 30.292 crore cash-flow increase. Trade receivables were Rs 77.570 crore, little changed from Rs 77.923 crore at March-end, while trade payables increased to Rs 44.621 crore from Rs 27.825 crore.

Hexagon Nutrition’s cash and cash equivalents declined to Rs 8.211 crore from Rs 9.765 crore during the six months ended September 30, 2026. Investing activities used Rs 3.289 crore, including Rs 12.514 crore of movement in loans and advances, while financing activities used Rs 6.087 crore, including a Rs 3.684 crore dividend payment.

How did Hexagon Nutrition’s balance sheet and capital structure change?

Hexagon Nutrition’s total equity increased to Rs 246.141 crore at September 30, 2026, from Rs 231.336 crore at March 31, 2026. Current borrowings declined slightly to Rs 20.386 crore from Rs 20.735 crore, while non-current borrowings fell to Rs 2.802 crore from Rs 3.406 crore.

Hexagon Nutrition completed an initial public offering through a 100% offer for sale of 3,08,59,704 equity shares at Rs 45 each during the preceding quarter ended June 30, 2026. The offer aggregated Rs 138.87 crore and was made by existing selling shareholders, while the company’s shares were listed on the National Stock Exchange of India and BSE on June 12, 2026.

Hexagon Nutrition’s September 2026 standalone results were subject to a limited review by S K Patodia & Associates LLP, which reported that nothing had come to its attention indicating a material misstatement. The auditor also noted that the corresponding September 2025 standalone results had not been reviewed or audited by it and were presented from management-compiled information approved by the board.

Conclusion

Hexagon Nutrition’s standalone September-quarter revenue grew 37.5% to Rs 103.825 crore, but net profit increased at a slower 13.4% pace to Rs 9.823 crore as material consumption grew 59.6% and the company recognised a Rs 94.1 lakh exceptional expense. The half-year figures show the same pattern, with revenue growth of 47.9% exceeding net-profit growth of 34.3%.

The next results should show the continuing financial effect of the phased decommissioning and operational restructuring at the Nashik Premix facility. They will also indicate whether inventory of Rs 96.449 crore converts into revenue and operating cash flow after the Rs 30.292 crore inventory build-up during the first half.