Published: 17 September 2026 | 6.00 AM
Last Updated: 17 September 2026 | 6.00 AM
IPO Snapshot
| Particulars | Details |
|---|---|
| Chanakya View | 🟡 Selective Apply |
| Overall Rating | ⭐⭐⭐✨☆ (3.5/5) |
| GMP Today | Not Available |
| Issue Size | Rs. 26.50 Crore |
| Fresh Issue | Rs. 26.50 Crore |
| Price Band | Rs. 100–Rs. 106 |
| Lot Size | 1,200 Shares |
| Minimum Retail Investment | Rs. 2,54,400 for 2,400 shares |
| IPO Opens | 22 September 2026 |
| IPO Closes | 24 September 2026 |
| Allotment | 25 September 2026 |
| Listing | 29 September 2026 |
| Exchange | BSE SME |
| Lead Manager | Nirbhay Capital Services Pvt. Ltd. |
| Registrar | KFin Technologies Ltd. |
| Market Maker | Allwin Securities Ltd. |
Investor Decision Box
| Question | Chanakya View |
|---|---|
| Suitable for Listing Gain? | 🟡 Subject to healthy GMP and subscription |
| Suitable for Long-Term? | 🟡 Selective |
| Risk Level | Medium to High |
| Business Quality | ⭐⭐⭐⭐☆ |
| Financial Strength | ⭐⭐⭐⭐☆ |
| Balance Sheet | ⭐⭐⭐☆☆ |
👉 | IPO GMP|IPO Reviews |IPO Subscription|IPO Allotment
Chanakya View
Himalaya Nutravedics India Limited operates in the growing Ayurvedic and nutraceutical products market through its own brands and third-party contract manufacturing. Its diversified portfolio, integrated manufacturing facility and presence across several therapeutic categories provide a credible business foundation.
Financial performance has improved sharply. Total income increased from Rs. 21 crore in FY25 to Rs. 43.12 crore in FY26, while profit after tax rose from Rs. 2.23 crore to Rs. 7.39 crore. FY26 PAT margin stood at 17.16%, while ROE and ROCE were 63.87% and 36.41%, respectively. The post-issue P/E of 12.63 times appears reasonable considering the reported growth.
However, investors must examine whether this rapid growth and high return ratios are sustainable. The company has a short operating history, having been incorporated in 2022. A major portion of the proceeds will fund working capital and business development rather than manufacturing expansion.
The IPO may be considered selectively, subject to GMP, subscription demand and prevailing SME sentiment.
Chanakya Recommendation: 🟡 Selective Apply
About the Company
Incorporated in June 2022, Himalaya Nutravedics India Limited manufactures, markets and distributes Ayurvedic and nutraceutical formulations. It also undertakes contract manufacturing for other companies operating in these segments.
Its portfolio includes classical Ayurvedic formulations, proprietary formulations and nutraceutical supplements offered as tablets, soft and hard gelatin capsules, liquid orals and medicated oils. These products address gut health, diabetes management, immunity, pain management, cardiac and metabolic wellness, women’s wellness and general health.
The company operates an integrated manufacturing facility in Hyderabad, Telangana. Production, formulation, quality control, packaging and finished-product release are handled internally. The facility is WHO-GMP compliant and holds AYUSH and FSSAI registrations, besides ISO, HACCP, HALAL and KOSHER certifications.
Own-brand operations contributed approximately Rs. 22.03 crore, or 51.14% of FY26 revenue. As of July 31, 2026, the company employed 86 people.
Why This IPO Stands Out
✅ Revenue increased by approximately 105% during FY26.
✅ PAT grew by approximately 231% over the previous financial year.
✅ Diversified business model combining own brands and contract manufacturing.
✅ Integrated, certified facility with multiple dosage-form capabilities.
✅ Post-issue P/E of 12.63 times appears reasonable.
✅ Broad presence across Ayurveda, wellness and nutraceutical categories.
Key Risks
⚠ Himalaya Nutravedics has a short operating history, limiting long-term performance assessment.
⚠ Working-capital requirements may rise sharply alongside business growth.
⚠ Borrowings increased from Rs. 1.76 crore to Rs. 5.13 crore during FY26.
⚠ Product quality issues or regulatory non-compliance could damage operations and reputation.
⚠ Competition remains intense across branded Ayurveda, supplements and contract manufacturing.
⚠ SME shares can experience high volatility, limited liquidity and wide price fluctuations after listing.
Financial Performance
Himalaya Nutravedics reported strong growth during FY26. Total income increased to Rs. 43.12 crore from Rs. 21 crore in FY25 and Rs. 14.43 crore in FY24. Profit after tax advanced to Rs. 7.39 crore, compared with Rs. 2.23 crore and Rs. 0.43 crore, respectively. EBITDA improved to Rs. 8.10 crore in FY26 from Rs. 2.99 crore in FY25.
| Particulars | FY26 | FY25 | FY24 |
|---|---|---|---|
| Total Income | Rs. 43.12 Cr | Rs. 21.00 Cr | Rs. 14.43 Cr |
| EBITDA | Rs. 8.10 Cr | Rs. 2.99 Cr | Rs. 0.94 Cr |
| Profit After Tax | Rs. 7.39 Cr | Rs. 2.23 Cr | Rs. 0.43 Cr |
| Net Worth | Rs. 16.38 Cr | Rs. 6.75 Cr | Rs. 1.34 Cr |
| Borrowings | Rs. 5.13 Cr | Rs. 1.76 Cr | Rs. 3.24 Cr |
Objects of the Issue
The IPO is entirely a fresh issue. Himalaya Nutravedics proposes to deploy Rs. 13.75 crore towards working-capital requirements and Rs. 7.50 crore for business development and digital marketing. The remaining amount will support general corporate purposes. These investments may expand market reach, although execution and efficient capital deployment will remain important.
Valuation and Key Ratios
At the upper price of Rs. 106, the company will command a post-issue market capitalisation of approximately Rs. 93.35 crore. Based on diluted earnings, post-issue EPS is Rs. 8.39 and the P/E ratio is 12.63 times. The price-to-book value is 3.97 times.
For FY26, the company reported ROE of 63.87%, ROCE of 36.41%, RoNW of 45.12%, EBITDA margin of 18.82% and PAT margin of 17.16%. The debt-to-equity ratio stood at 0.31. These ratios are impressive, but investors should allow for possible normalisation as the company scales.
Promoters and Shareholding
The promoters are Rohit Asawa, Divya Asawa, Chanda Asawa and Rama Raju Penmatsa. Their combined holding will decline from 95.14% before the issue to 68.13% after it, while public shareholding will rise to 31.87%.
Final Assessment
Himalaya Nutravedics combines rapid earnings growth, healthy margins, reasonable leverage and an apparently moderate valuation. Its exposure to Ayurveda and nutraceuticals offers long-term opportunities. Nevertheless, its limited operating history, higher working-capital needs and SME liquidity risk require caution.
Investors may consider applying selectively after checking the latest GMP, subscription trend and broader market conditions. Conservative investors should avoid aggressive bidding solely for expected listing gains at present.