Minerva Capital Research Solutions

Himalaya Nutravedics India

ListedListed 29 Sep 2026BSE SMENSE: HNILCheck allotment
Current price₹ 115+8.49% since issue
Listing day+11.32%
Issue price
₹ 106
Issue size
₹ 26.5 Cr.
Min. investment
₹ 1,27,200
Listing price
₹ 118
Subscribed
2.24x
Lot size
1,200 shares
P/E
12.63
RoNW
45.12%
RoCE
36.41%
Debt / Equity
0.31
PAT margin
17.16%
EBITDA margin
18.82%
RoE
63.87%
EPS
₹ 8.39
NAV
₹ 26.70
Promoter stake
68.13%

About

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.

Timeline

  1. Opens
    22 Sep
    done
  2. Closes
    24 Sep
    done
  3. Allotment
    25 Sep
    done
  4. Refunds
    28 Sep
    done
  5. Demat credit
    28 Sep
    done
  6. Listing
    29 Sep
    done

Subscription

How many times each investor group bid for its share, as of 29 Sep 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)11,200₹ 1,27,200
Retail (Max)11,200₹ 1,27,200
HNI (Min)22,400₹ 2,54,400

Company overview

Financials

Financials by year
Assets24.4210.826.09
Total Income43.122114.43
Profit After Tax7.392.230.43
EBITDA8.12.990.94
NET Worth16.386.751.34
Reserves and Surplus10.072.760.53
Total Borrowing5.131.763.24

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.

What the money is for

Objects of the issue
Funding Working Capital Requirements13.75
Business Development and Digital Marketing Activities7.5
General Corporate Purposes—

Promoters

  • Rohit Asawa
  • Divya Asawa
  • Chanda Asawa
  • Rama Raju Penmatsas
Promoter holding95.14%→68.13%before → after the issue · down 27.01 points

Registrar, lead managers and documents

Listing on
BSE SME
Face value
₹ 10 a share
Registrar
KFin Technologies Limited
Lead managers
Nirbhay Capital Services
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.