Minimum Investment
About Company
Company Name: HGS (India) Limited
Industry / Sector: Geophysical Equipment / Seismic Sensors & Cables
Founded Year: February 1986
Promoters: Anil Dass, Shashi Singh, Cecilia Margareta Singh Ramel, Sowar Private Limited
HGS (India) Limited, incorporated in February 1986, manufactures geophones, geophone strings, seismic cables, connectors and accessories used in seismic data collection and geophysical equipment under the 'HG' brand. Established in technical and financial collaboration with Geosource Inc., USA, its products are used in oil and gas exploration, mineral exploration, defence research, earthquake monitoring, vibration analysis and other geoscience applications. The company has in-house manufacturing capabilities including cable extrusion lines and injection moulding machines, with its facility in Manesar, Haryana equipped with precision assembly, coil winding, magnetising and testing facilities. It is ISO 9001:2015 certified, holds ZED Gold Certification and is recognised as a 100% Export Oriented Unit by NSEZ. The company exports to around 47 countries and established a wholly owned subsidiary, HGS Products B.V., in the Netherlands in 2015. It is a SME IPO on NSE Emerge and the offer is a mix of fresh issue and offer for sale.
IPO Basic Details
| Company Name | HGS (India) Limited |
| IPO Type | SME IPO |
| Price Band | ₹114 – ₹120 |
| Lot Size | 1,200 Shares |
| Total Issue Size | 28,80,000 Equity Shares (₹34.56 Cr) |
IPO Strengths & Risks
Strengths
- Wide product portfolio for multiple industries (oil & gas, mineral exploration, defence, earthquake monitoring)
- Technical expertise with specialised engineering and in-house manufacturing for precision components
- Established customer relationships with 149 customers in FY26, around 51 with repeat orders over preceding three years
- ISO 9001:2015 certified and ZED Gold certified by Ministry of MSME
- 100% Export Oriented Unit recognition by NSEZ
- Strong export presence across ~47 countries
- Consistent PAT growth from ₹4.00 Cr (FY24) to ₹10.50 Cr (FY25) and ₹11.64 Cr (FY26)
- Experienced promoters and professional management team
Risks
- Customer concentration risk: top 10 customers contributed 90.05% (Apr 2026), 72.58% (FY26), 56.24% (FY25), and 61.24% (FY24) of revenue
- Revenue decline of 8% between FY25 and FY26
- Dependence on the cyclical oil and gas exploration and defence sectors
- Foreign exchange fluctuation risks given high export share
- Geopolitical risks affecting international sales across 47 countries
- SME IPO with limited liquidity and smaller scale of operations
- Technology obsolescence risk in seismic sensor equipment
IPO Important Dates
| IPO Open Date | 30 Oct 2026 |
| IPO Close Date | 03 Nov 2026 |
| Basis of Allotment | 04 Nov 2026 |
| Refund Initiation | 05 Nov 2026 |
| Demat Credit Date | 05 Nov 2026 |
| Listing Date | 06 Nov 2026 |
| Anchor Investor Date | - |
| UPI Mandate Deadline | - |
IPO Objectives
- Capital expenditure for machinery and equipment – -
- Funding working capital requirements – -
- Debt repayment – -
- General corporate purposes – -
Investor Reservation
| QIB Quota | 49.76% of the Net Issue (13,60,800 shares) |
| Retail Quota | 35.10% of the Net Issue (9,60,000 shares) |
| HNI Quota | - |
| Employee Quota | - |
| Shareholder Quota | - |
| Anchor Investor Allocation | - |
Market Lot Details
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 Lots | 2,400 | ₹2,88,000 (at upper band) |
| Retail Maximum | 2 Lots | 2,400 | ₹2,88,000 (at upper band) |
| S-HNI Minimum | 3 Lots | 3,600 | ₹4,32,000 (at upper band) |
| S-HNI Maximum | 6 Lots | 7,200 | ₹8,64,000 (at upper band) |
| B-HNI Minimum | 7 Lots | 8,400 | ₹10,08,000 (at upper band) |
Key Performance Indicators (KPI)
| ROE | 1.24% (Apr 30, 2025), 13.35% (Mar 31, 2026) |
| ROCE | 1.60% (Apr 30, 2025), 17.13% (Mar 31, 2026) |
| RoNW | - |
| PAT Margin | 35.80% (Apr 30, 2025), 25.77% (Mar 31, 2026) |
| EBITDA Margin | 50.81% (Apr 30, 2025), 37.40% (Mar 31, 2026) |
| EPS | ₹13.64 (Pre-IPO), ₹12.29 (Post-IPO) |
| NAV per share | - |
| Debt to Equity | Not Available |
| P/E Ratio | 8.8 (Pre-IPO), 9.76 (Post-IPO) |
| Industry P/E | - |
Company Financial Data
| Period | Assets | Total Income | PAT | EBITDA | Net Worth | Borrowings |
|---|---|---|---|---|---|---|
| Apr 30, 2026 (1 month) | ₹111.90 Cr | ₹3.79 Cr | ₹1.11 Cr | ₹1.58 Cr | ₹90.41 Cr | Not Available |
| FY2026 (Mar 31, 2026) | ₹110.12 Cr | ₹48.91 Cr | ₹11.64 Cr | ₹16.89 Cr | ₹89.27 Cr | Not Available |
| FY2025 (Mar 31, 2025) | ₹104.04 Cr | ₹53.45 Cr | ₹10.51 Cr | ₹15.31 Cr | ₹85.16 Cr | Not Available |
| FY2024 (Mar 31, 2024) | ₹113.70 Cr | ₹37.93 Cr | ₹4.00 Cr | ₹6.16 Cr | ₹95.04 Cr | Not Available |
Grey Market Premium
| GMP Price | ₹19 - ₹30 (as of 30 Oct - 03 Nov 2026) |
| Kostak Rate | Not Available |
| Subject to Sauda | Not Available |
| Last Updated | 03 Nov 2026 |
| Estimated Listing Price | ₹139 - ₹150 (approx. 16% - 25% premium over upper price band) |
IPO Subscription Data
| Total Subscription | 248.58x (Day 3, Nov 03, 2026, 5:54 PM) |
| QIB (Ex Anchor) | 137.92x |
| HNI Subscription | 424.67x |
| Retail Subscription | 235.72x |
| Anchor | - |
IPO Intermediaries
Registrar: KFin Technologies Limited
Registrar Website: https://www.kfintech.com
IPO Lead Manager(s)
Company Information
Address: Portion-2, First & Second Floor, A-259, Defence Colony, New Delhi, 110024
Website: https://www.hgsindia.com
Email: cs@hgsindia.com
Phone: 011-46066604
IPO Documents
Frequently Asked Questions (FAQ)
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