In Progress
Valuation
Market Cap
₹130.30 Cr
P/E Ratio
8.80x
P/B Ratio
1.15x
HGS India IPO Dates
Open
Close
Allotment
Refunds
Credit
Listing
Conflicting IPOs
IPOs with overlapping timeline
Business Overview
HGS (India) Limited manufactures geophones, geophone strings, seismic cables and connectors used in seismic data acquisition for oil and gas exploration. Established in 1986 as Geosource India, it runs a 100% export-oriented unit at Manesar, Haryana, is ISO 9001 certified and has a Netherlands subsidiary, HGS Products B.V. (2015). In FY26, geophone strings contributed 66.29% of revenue, seismic cables 20.39% and parts and accessories 10.81%; exports formed 84.22% of sales and the top 10 customers 72.58%. The company has 162 employees and reported consolidated revenue of ₹45.16 Cr and PAT of ₹11.64 Cr in FY26.
Lots & IPO Size
HGS India IPO Lot Size
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Ind (Min) | 2 | 2,400 | ₹2,88,000 |
| Ind (Max) | 2 | 2,400 | ₹2,88,000 |
| S-HNI (Min) | 3 | 3,600 | ₹4,32,000 |
| S-HNI (Max) | 6 | 7,200 | ₹8,64,000 |
| B-HNI (Min) | 7 | 8,400 | ₹10,08,000 |
Market Maker
₹1.45 L
Employee
₹0.00
Shareholder
₹0.00
HGS India IPO Size
Total
₹35 Cr
Fresh Issue
₹28 Cr
(0.23 Cr
Shares)
Offer For Sale
₹7 Cr
(0.06 Cr
Shares)
Promoters₹6 Cr
Others₹1 Cr
Objects of the Issue
Capex towards replacement of plant & machinery at Manesar facility
Backward integration – capex towards in-house gold plating facility
Capex towards development of building at existing Manesar facility
General Corporate Purposes & issue expenses
Total
Key Risk Factors
The company depends on a few customers; its top 10 customers contributed 72.58% of FY26 revenue, so losing a key customer could materially hurt revenue.
Key Risk Factors
The company depends on a few customers; its top 10 customers contributed 72.58% of FY26 revenue, so losing a key customer could materially hurt revenue.
A large share of sales is exported (84.22% of FY26 revenue), exposing the company to forex swings, overseas demand shifts and risks at its Netherlands subsidiary, HGS Products B.V.
Revenue is concentrated in geophone strings (66.29% of FY26) and seismic cables (20.39%); weakness in these key products would materially affect performance.
War, geopolitical tensions and trade disruptions in key export markets may reduce demand, delay shipments and raise costs for the company.
The company's manufacturing capacity is under-utilised (13.63% for geophone strings), so fixed costs stay high and operating leverage may not materialise.
The business relies on a limited set of end-industries, mainly seismic exploration, and a downturn in them could reduce orders and revenue.
Its products must meet stringent customer quality requirements; failure to do so could cause rejections, lost customers and reputational damage.
The company offers product warranties; claims exceeding provisions could adversely affect its margins and cash flows.
Disruptions in manufacturing processes at the Manesar facility, such as equipment breakdown or supply interruptions, could delay deliveries and hurt results.
The company depends on skilled labour; shortages, attrition or labour disputes could disrupt production and increase costs.
HGS India IPO Details Live GMP
GMP
₹0
Est. Price
₹120
Est. Gain
0.00%
| Date | GMP (₹) | Est. Price |
|---|---|---|
| 28 Oct | ₹0 (0%) | ₹120 |
| 27 Oct | ₹0 (0%) | ₹120 |
HGS India IPO Peer Comparison
All information pertains to FY 2025-26. PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of December 3, 2026 for Peers
HGS India IPO Financial Performance
(Rs. in crores)
| Particulars | Apr-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| Revenue | 3.11 | 45.16 | 49.08 | 35.48 |
| Profit | 1.11 | 11.64 | 10.51 | 4.00 |
| Net Worth | 90.41 | 89.27 | 85.16 | 95.04 |
| Borrowings | - | - | 0.00 | - |
| Assets | 111.90 | 110.12 | 104.04 | 113.70 |
| NAV (₹) | 105.96 | 104.63 | 85.99 | 83.54 |
| EPS (₹) | 1.30 | 13.64 | 10.61 | 3.51 |
Key Performance Indicators (KPIs)
Debt to Equity
0.00
All the data pertains to FY 2025-26. PE, PB, and market capitalization are calculated based on the Upper Price Band.
Financial Margin Trends
HGS India IPO Financial Statements
(Rs. in crores)
| Particulars | Apr-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| Revenue from Ops | 3.11 | 45.16 | 49.08 | 35.48 |
| Other Income | 0.68 | 3.75 | 4.37 | 2.45 |
| Total Income | 3.79 | 48.91 | 53.45 | 37.93 |
| Cost of Revenue | 0.56 | 8.97 | 14.95 | 6.39 |
| Changes in Inventories | -0.30 | -0.20 | 2.15 | 5.07 |
| Employee Expense | 1.27 | 15.24 | 14.29 | 14.36 |
| Finance Costs | 0.00 | 0.00 | 0.11 | 0.05 |
| Depreciation | 0.12 | 1.47 | 1.48 | 1.48 |
| Other Expenses | 0.67 | 8.01 | 6.64 | 5.90 |
| Total Expenses | 2.33 | 33.50 | 39.63 | 33.25 |
| Profit Before Tax | 1.46 | 15.42 | 13.82 | 4.68 |
| Tax Expense | 0.35 | 3.78 | 3.32 | 0.68 |
| Profit After Tax | 1.11 | 11.64 | 10.51 | 4.00 |
| EPS — Basic (₹) | 1.30 | 13.64 | 10.61 | 3.51 |
| EPS — Diluted (₹) | 1.30 | 13.64 | 10.61 | 3.51 |
| Particulars | Apr-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| Equity Share Capital | 8.53 | 8.53 | 7.11 | 9.48 |
| Reserves & Surplus | 91.80 | 90.66 | 87.97 | 95.47 |
| Total Equity | 100.33 | 99.19 | 95.08 | 104.95 |
| Total Borrowings | 0.00 | 0.00 | 0.00 | 0.00 |
| Trade Payables | 1.34 | 1.00 | 1.19 | 0.38 |
| Other Liabilities | 10.23 | 9.93 | 7.77 | 8.36 |
| Total Equity & Liab | 111.90 | 110.12 | 104.04 | 113.70 |
| Fixed Assets | 37.38 | 37.49 | 38.17 | 38.57 |
| Inventories | 45.78 | 45.33 | 37.96 | 42.38 |
| Current Investments | 17.22 | 15.72 | 16.42 | 16.41 |
| Trade Receivables | 1.78 | 3.85 | 2.80 | 1.44 |
| Cash & Bank Bal | 7.60 | 5.83 | 6.93 | 4.78 |
| Other Assets | 2.13 | 1.91 | 1.75 | 10.12 |
| Total Assets | 111.90 | 110.12 | 104.04 | 113.70 |
| Particulars | Apr-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| CF from Operating Activities | 3.28 | 6.14 | 14.09 | 9.58 |
| CF from Investing Activities | -1.51 | 0.33 | 9.28 | -7.71 |
| CF from Financing Activities | 0.00 | -7.68 | -20.43 | -3.37 |
| Net Change in Cash & Equivalents | 1.78 | -1.22 | 2.94 | -1.49 |
| Cash & Equivalents at End of Period | 6.34 | 4.56 | 5.78 | 2.84 |
Promoter Holding
Promoter
87.29%
Public
12.71%
Sowar Private Limited
47.82%
Cecilia Margareta Singh Ramel
8.24%
Anil Dass
6.43%
Shashi Singh
5.03%
Pawan Singh
6.68%
Others
13.09%
Management
Anil Dass
Age: 71
MD
Remuneration
₹₹4.91 L basic p.m. (+₹39,350 annual increment) + commission up to 1% of net profit + perquisites; FY26 paid ₹131.55 L
Education
Cost & Management Accountant (UK)
Prior Experience
40 years of industry experience; promoter-director of the company.
Samir Gugnani
Age: 63
WTD
Remuneration
₹₹22.38 L p.a.
Education
MSc (Economics) & MSc (Technology), BITS Pilani; MBA (IGNOU)
Prior Experience
39 years of experience; earlier with Varma Trafag.
Dhiraj Kumar Vashista
Age: 52
WTD & CFO
Remuneration
₹₹36.73 L p.a.
Education
MBA (IIM Calcutta); CA; CIMA (UK)
Prior Experience
27 years of experience; earlier with Mars Industries.
Akhileshwar Rai
Age: 59
GM-Manufacturing (SMP)
Remuneration
₹₹42.72 L (FY26 paid; no contractual figure disclosed)
Education
Diploma in Mechanical Engineering
Prior Experience
36 years in the seismic industry; with the company since 1989.
Registrar & Lead Managers
Registrar
KFin Technologies
Lead Managers (1)
Company Details
Name: HGS (India) Limited
Address: Portion-2, First & Second Floor, A-259, Defence Colony, New Delhi 110024
Number: 011-46066604
Email: cs@hgsindia.com
Website: https://hgsindia.com
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Frequently Asked Questions (FAQs)
What is HGS India IPO?
HGS India IPO is a SME IPO having an issue size of
₹35 Crs.
HGS India IPO is priced at
₹114 - ₹120 per
share.
The
issue opens on 30 Oct 26
and
closes on 03 Nov 26.
When will HGS India IPO open?
HGS India IPO opens on
30 Oct 26 and closes on
03 Nov 26.
What is the GMP of HGS India IPO?
The estimated Grey Market Premium of HGS India IPO is
₹0 per share (0.00%).
What is the lot size of HGS India IPO?
The minimum lot size of HGS India IPO is
1200 shares & the minimum application amount
is
Rs.
144000.
When is the allotment of HGS India IPO?
The allotment date of HGS India IPO is
04 Nov 26.
What is the listing date of HGS India IPO?
The listing date of HGS India IPO is
06 Nov 26.
What is the subscription of HGS India IPO?
HGS India IPO is subscribed
-.
What is the price band of HGS India IPO?
HGS India IPO is priced at
₹114 - ₹120 per
share.
How to check allotment status of HGS India IPO?
Click the allotment link on HGS India IPO page of IPO360.
How to apply HGS India IPO in Zerodha?
- Go to Kite App → Tap on Bids → Tap on IPO
- Select the IPO → Tap on apply → Enter UPI ID
- Enter Qty and Price
- Submit the application
- Approve the UPI Mandate on your UPI app
How to apply HGS India IPO in Groww?
- Go to Groww App → Stocks Section → Select IPO option
- Select the IPO you want to apply
- Enter your bid details and price
- Enter UPI ID & submit
- Approve the UPI Mandate on your UPI app
How to apply HGS India IPO using ASBA?
- Log in to your bank's net banking portal.
- Navigate to the 'IPO' or 'ASBA' section.
- Select HGS India IPO from the list of available IPOs.
- Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
- Submit the application.
- Money will remain blocked till the refund date
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