Himalaya Nutravedics IPO is a ₹26.50 crore book-built issue consisting entirely of a fresh issue of 25.00 lakh shares. The IPO will open for subscription on September 22, 2026, and close on September 24, 2026. The allotment is expected to be finalized on September 25, 2026, with the shares scheduled to list on the BSE SME platform on September 29, 2026.
The price band has been fixed at ₹100 to ₹106 per share, with a lot size of 1,200 shares. Retail investors are required to apply for a minimum of 2 lots, or 2,400 shares, involving an investment of ₹2,54,400 at the upper price band. HNI investors need to apply for at least 3 lots, or 3,600 shares, amounting to ₹3,81,600 at the upper price band.
Nirbhay Capital Services Pvt. Ltd. is the book-running lead manager for the issue, while Kfin Technologies Ltd. is the registrar. Allwin Securities Ltd. has been appointed as the market maker. Investors can refer to the Himalaya Nutravedics India IPO Red Herring Prospectus (RHP) for detailed information about the company and the offer.
Company Overview
Established in June 2022, Himalaya Nutravedics India Limited manufactures, markets and distributes Ayurvedic and nutraceutical products in India. The Company also provides third-party contract manufacturing services to businesses operating in the Ayurvedic and nutraceutical sectors.
Its product portfolio includes classical (Shastric) Ayurvedic formulations, proprietary Ayurvedic products and nutraceutical supplements. These are offered in various forms, such as soft gelatin capsules, hard gelatin capsules, tablets, liquid orals and medicated oils. The products address several therapeutic and wellness segments, including gut health, cardiac and metabolic wellness, diabetes management, pain management, immunity, women’s wellness and general wellness.
The Company follows a dual business model, combining its own branded products with contract manufacturing services. Its branded business covers product development, manufacturing and marketing, while its third-party manufacturing operations include formulation, production, packaging and dispatch according to client requirements. As of March 31, 2026, the own-brand segment generated approximately ₹2,202.54 lakh in revenue, accounting for around 51.14% of the Company’s total revenue.
Himalaya Nutravedics operates an integrated manufacturing facility in Hyderabad, Telangana. The facility handles formulation, production, quality control, packaging and finished-goods release. It complies with WHO-GMP standards and holds relevant AYUSH and FSSAI registrations and licences. The Company also has certifications such as ISO 9001:2015, ISO 22000:2018, HACCP, HALAL and KOSHER.
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 22 to 24 Sep, 2026 |
| Allotment | Fri, Sep 25, 2026 |
| Listing Date | Tue, Sep 29, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹100 to ₹106 per share |
| Lot Size | 1200 Shares |
| Issue Type | Bookbuilding IPO |
| Sale Type | Fresh capital only |
| Total Issue Size | 24,99,600 shares (agg. up to ₹26 Cr) |
| Reserve for Market Maker | 1,26,000 shares (agg. up to ₹1 Cr) – Allwin Securities Ltd. |
| Fresh Issue (Ex Market Maker) | 23,73,600 shares (agg. up to ₹25 Cr) |
| Net Offered to Public | 23,73,600 shares (agg. up to ₹25 Cr) |
| Shareholding Pre-Issue | 63,06,720 shares |
| Shareholding Post-Issue | 88,06,320 shares |
| Listing Exchange | BSE SME |
(Compiled from RHP and market updates)
Industry Context
- The global Ayurvedic market was estimated at US$15.48 billion in 2025 and is projected to reach US$65.58 billion by 2034, indicating increasing global interest in natural and holistic healthcare.
- India’s Ayurvedic products market stood at ₹62,600 crore in 2022 and is projected to reach ₹1,82,400 crore by 2028, registering a 19.3% CAGR during 2023–2028.
- Increasing health awareness, lifestyle-related diseases and consumer focus on immunity, preventive healthcare and wellness are supporting demand for nutraceutical and Ayurvedic products.
- Expansion of e-commerce and direct-to-consumer channels is improving consumer access to wellness products, while digital platforms are enabling companies to reach customers beyond traditional retail networks.
- Stronger AYUSH and FSSAI standards, quality certifications, structured raw-material sourcing and government support are encouraging formalisation and creating opportunities for organised manufacturers.
Business Strengths
- The Company combines its own Ayurvedic and nutraceutical brands with third-party manufacturing, allowing it to participate in branded products while utilising manufacturing capacity through contract-based operations.
- Himalaya Nutravedics offers classical Ayurvedic formulations, proprietary Ayurvedic products and nutraceutical supplements across multiple dosage forms and wellness categories, reducing dependence on a single product segment.
- Its Hyderabad facility handles formulation, production, quality control, packaging and finished-goods release internally, providing greater control over manufacturing processes and product quality.
- The manufacturing facility complies with WHO-GMP standards and has AYUSH and FSSAI registrations along with ISO, HACCP, HALAL and KOSHER certifications supporting quality and compliance.
- The Company has progressively expanded its own-product business after initially relying mainly on third-party manufacturing, with own-brand revenue contributing approximately 51.14% of total revenue in Fiscal 2026.
Business Risks
- The Company commenced manufacturing operations only in September 2022 and therefore has a relatively limited operating track record compared with established players in the Ayurvedic and nutraceutical markets.
- The Company competes with established branded companies as well as regional and smaller manufacturers, while larger players may have greater financial resources, distribution reach and marketing capabilities.
- Fluctuations in the availability and prices of herbs, botanical ingredients and other raw materials could increase production costs and affect margins, particularly where the Company cannot pass on increases.
- Ayurvedic and nutraceutical products are subject to applicable AYUSH and FSSAI requirements. Changes in regulations, approvals, quality standards or product-claim requirements could increase compliance costs.
- The Company is allocating IPO proceeds towards working capital, branding, digital marketing and sales expansion. The expected benefits depend on successfully executing these plans and generating incremental demand.
Financial Performance
Himalaya Nutravedics India Ltd. – Financials (₹ in Lakh)
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
|---|---|---|---|
| Revenue from Operations | 4,306.75 | 2,099.65 | 1,442.56 |
| EBITDA | 810.34 | 299.01 | 93.54 |
| EBITDA Margin (%) | 18.82% | 14.24% | 6.48% |
| Profit for the Year | 738.97 | 223.18 | 42.60 |
| Profit Margin (%) | 17.16% | 10.63% | 2.95% |
| Return on Capital Employed (ROCE) (%) | 36.41% | 30.18% | 17.00% |
| Return on Equity (%) | 63.87% | 55.02% | 37.29% |
(Source: RHP)
Key Ratios & Metrics
| KPI (Mar 31, 2026) | Value |
|---|---|
| Return on Equity (ROE) | 63.87% |
| Return on Capital Employed (ROCE) | 36.41% |
| Debt-to-Equity Ratio | 0.31 |
| Return on Net Worth (RoNW) | 45.12% |
| PAT Margin | 17.16% |
| EBITDA Margin | 18.82% |
| Net Asset Value (NAV per share) | ₹26.70 |
(Source: RHP)
Objects of the Offer
- Working capital: Up to ₹1,375 lakh will be used to support the Company’s day-to-day funding requirements.
- Branding, digital marketing and sales expansion: Up to ₹750 lakh is planned for strengthening the Company’s brand presence, digital marketing initiatives and sales network.
- General corporate purposes: The remaining amount will be used for general corporate requirements, with the final amount to be determined after the Issue Price is finalised. The RHP states that this amount will not exceed 15% of the amount raised or ₹10 crore, whichever is lower.
Conclusion
Himalaya Nutravedics India operates in the growing Ayurvedic and nutraceutical products market, with a business model combining its own brands and third-party manufacturing. Its diversified product portfolio, integrated manufacturing facility and focus on branding and sales expansion provide a base for future growth.
However, the company has a relatively short operating track record and faces competition, raw material price fluctuations and regulatory requirements. Investors may therefore consider the company’s growth plans, financial performance, competitive environment and associated risks before making an investment decision.
Disclaimer: Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. This content is purely for informational purposes only and should not be considered as investment advice or a recommendation. Securities quoted are for illustration purposes only and not recommendatory.Opening of account will not guarantee allotment of shares in IPO. Investors are requested to do their own due diligence before investing in any IPO.
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