Himalaya Nutravedics India IPO

Himalaya Nutravedics India manufactures, markets and distributes Ayurvedic and nutraceutical formulations in India and undertakes third-party contract manufacturing for other Ayurvedic and nutraceutical companies.

Incorporated on June 16, 2022, it commenced manufacturing in September 2022 at Cherlapally, Hyderabad. Its portfolio covers classical Ayurvedic formulations, proprietary Ayurvedic formulations and nutraceutical supplements in softgel and hardgel capsules, tablets, liquid orals, medicated oils and protein powders.

The company uses a hybrid model comprising own-brand products and third-party manufacturing. Own-brand revenue rose to 51.1% of FY26 revenue, from 19.6% in FY25 and 28.1% in FY24; third-party manufacturing contributed 48.8%, 80.3% and 71.9%, respectively.

Own-brand products are marketed through a doctor-centric, prescription-led offline model supported by stockists and super-stockists, while contract manufacturing is executed against client purchase orders and specifications. Softgel capsules generated 59.7% of FY26 revenue, medicated oils 29.9%, tablets 7.6% and other products 2.6%.

The company operates one integrated leased manufacturing facility of about 12,544 sq. ft. with around 63 machines and currently runs one eight-hour shift. Per-shift installed capacity is 400,000 softgels, 3,000 bottles of medicated oil, 150,000 tablets, 500 bottles of liquid orals, 150,000 hardgels and 200 bottles of protein powder. FY26 capacity utilisation was 63.7% for softgels, 90.2% for medicated-oil bottles, 17.8% for tablets, 13% for liquid-oral bottles, 4.2% for hardgels and 10.8% for protein-powder bottles.

The company marketed products across 17 states as of March 31, 2026. Kerala contributed 49.3% of FY26 revenue, followed by Gujarat at 13.2%, Uttar Pradesh at 11.6%, Telangana at 9.4% and Andhra Pradesh at 6.2%. Third-party manufacturing is concentrated in Kerala, which contributes about 90% of that segment's revenue.