HGS (India) IPO – Company Analysis
HGS (India) IPO is a bookbuild issue of Rs. 34.56 Cr (50.52 lakh shares) by HGS (India) Limited, which manufactures geophones, geophone strings, seismic cables, connectors and accessories used in seismic data collection and geophysical equipment. Established in technical and financial collaboration with Geosource Inc., USA, the company operates under the “HG” brand.
Its products are used in oil and gas exploration, mineral exploration, defence research, earthquake monitoring, vibration analysis and other geoscience applications. The company also manufactures cables and connectors for resistivity meters and radar equipment.
HGS (India) has developed in-house manufacturing capabilities, including cable extrusion lines and injection moulding machines, enabling it to manufacture critical components and maintain quality control.
Its manufacturing facility is located in Manesar, Haryana, and is equipped with precision assembly, coil winding, magnetising and testing facilities. The company is ISO 9001:2015 certified, holds ZED Gold Certification, and is recognised as a 100% Export Oriented Unit by the Noida Special Economic Zone (NSEZ).
HGS (India) IPO Details
The HGS (India) IPO date is 30 Oct 2026; its initial public offering will end on 03 Nov, IPO allotment on Nov 04 and refund initiation on Nov 05, 2026. The Rs. 34.56 crore new SME IPO comprises a combination of a fresh issue of 23.26 lakh shares (Rs. 27.91 Cr) and an offer for sale of 5.54 lakh shares (Rs. 6.65 Cr).
The HGS (India) IPO listing date (expected) might be Friday, Nov 06, 2026, and the listing on the NSE and SME.
HGS (India) IPO price band is Rs. 114 to Rs. 120.
|
Events |
Date |
|
IPO Opening Date |
Oct 30, 2026 |
|
IPO Closing Date |
Nov 03, 2026 |
|
IPO Allotment Date |
Nov 04, 2026 |
|
Refund Initiation |
Nov 05, 2026 |
|
IPO Listing Date |
Nov 06, 2026 |
Click to open demat account and apply for the IPO.
Company Financial
(Amount in Cr)
|
Period |
31 Mar 2026 |
31 Mar 2025 |
31 Mar 2024 |
|
Assets |
110.12 |
104.04 |
113.70 |
|
Total Income |
48.91 |
53.45 |
37.93 |
|
Profit After Tax |
11.64 |
10.51 |
4.00 |
|
EBITDA |
16.89 |
15.31 |
6.16 |
|
Net Worth |
89.27 |
85.16 |
95.04 |
|
Reserves & Surplus |
90.66 |
87.97 |
95.47 |
Cash Flows
(Amount in Lac)
|
Net Cash Flow |
31 Mar 2026 |
31 Mar 2025 |
31 Mar 2024 |
|
Net Cash Flow Operating Activities |
613.96 |
1,409.15 |
958.40 |
|
Net Cash Flow Investing Activities |
32.64 |
927.76 |
(770.60) |
|
Net Cash Flow Financing Activities |
(768.35) |
(2,042.91) |
(336.68) |
Revenue Bifurcation
(Rs. in Lac)
(Source: RHP)
The Objective of the Issue
The Company desires to use the Net Proceeds from the Issue to fulfill its following goals:
-
Funding the capital expenditure towards replacement of plant and machinery for its existing manufacturing facility at Manesar, Gurugram. ~ Rs. 15.05 Cr.
-
Funding the capital expenditure towards Backward Integration for setting up an in-house gold plating facility. ~ Rs. 1.05 Cr.
-
Funding the capital expenditure towards Infrastructural development of building on 3rd Floor at its existing manufacturing facility at Manesar, Gurugram. ~ Rs. 3.26 Cr.
Listed Peers of HGS (India) Ltd.
No listed peer of a similar size is engaged in the same lines of business as mentioned in the RHP.
Valuation
|
KPI |
Value (Mar 31, 2026) |
|
ROE |
13.35% |
|
ROCE |
17.13% |
|
RoNW |
13.04% |
|
PAT Margin |
25.77% |
|
EBITDA Margin |
37.40% |
Evaluation of P/E Ratio
Considering the period ended on FY 2026 with an EPS of Rs. 13.64 from the last year, the resulting P/E ratio is 8.79x.
|
Valuation Metric |
Pre IPO |
Post IPO |
|
EPS (₹) |
13.64 |
12.29 |
|
P/E (x) |
8.8 |
9.76 |
Explore the Core4 Engineers IPO.
IPO's Strengths
-
Offers a diverse range of geophones, seismic cables, connectors and geophysical equipment for multiple industries.
-
Has specialised engineering and manufacturing capabilities for precision components and customised products.
-
Maintains long-standing relationships with customers in the seismic and energy sectors.
-
Follows established quality management standards and holds ISO 9001:2015 and ZED Gold certifications.
IPO's Weaknesses
-
The Company's business depends on key customers without long-term contracts; its top 10 customers and loss of such customers could materially affect operations.
-
The Company derives a significant portion of revenue from exports, which accounted for 77.97% of revenue, exposing it to geopolitical, tariff, and currency risks across multiple jurisdictions.
-
Revenue is significantly dependent on Geophone Strings/Harness and Seismic Cables, which together represented 79.48% of revenue from operations in the stub period ended September 30, 2025, exposing the Company to risks from product substitution or demand decline.
HGS (India) IPO GMP (Grey Market Premium)
HGS (India) IPO GMP today is Rs. 0 as of 27 October 2026, while writing this information.
HGS (India) IPO Summary
|
IPO Opening & Closing Date |
30 Oct, 2026 to 03 Nov, 2026 |
|
Face Value |
Rs. 10 per Share |
|
Issue Price |
Rs. 114 to Rs. 120 per Share. |
|
Lot Size |
1200 Shares |
|
Issue Size |
28,80,000 Shares (Rs. 35 Cr) |
|
Offer for Sale |
5,54,000 Shares (Rs. 7 Cr) |
|
Fresh Issue |
21,80,800 Shares (Rs. 26 Cr) |
|
Market Makers |
1,45,200 Shares (Rs. 2 Cr) |
|
Issue Type |
Bookbuild Issue |
|
Registrar |
Kfin Technologies Ltd. |
IPO Lot Details
Retail investors can invest in a minimum and maximum of 2 Lots (2400 Shares) for Rs. 2,88,000, and in multiples thereof, while HNI investors can invest in a minimum of 3 Lots (3600 Shares) for Rs. 4,32,000.
|
Minimum Lot Investment (Retail) |
2 Lots |
|
Maximum Lot Investment (Retail) |
2 Lots |
|
HNI (Min) |
3 Lots |
HGS (India) IPO Allotment Status
To check the HGS (India) IPO Allotment Status, visit the official Registrar’s website or BSE website. Below are the website links for you.
Using BSE Website - BSE IPO allotment status
Promoters And Management of HGS (India) Ltd.
-
Anil Dass
-
Shashi Singh
-
Cecilia Margareta Singh Ramel
-
Sowar Pvt. Ltd.
|
Pre-Issue Promoter Shareholding |
87.3% |
|
Post-Issue Promoter Shareholding |
64.33% |
IPO Lead Managers
Hem Securities Ltd.
Dividend Policy
The company has paid a dividend of Rs. 6, Rs. 6, and Rs. 1.50 in the FY26, FY25, and FY24 respectively.
Conclusion
HGS (India) IPO 2026 opens from October 30 to November 3, 2026, with a price band of ₹114-₹120 per share. Explore the company’s financial performance, valuation, business strengths, export dependency, and key investment risks before applying. Check the latest HGS (India) IPO GMP, allotment status, listing date, and lot size to make an informed investment decision.
Finowings IPO Analysis
Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO.
You must consult your financial advisor before making any financial decisions.
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To read the Prospectus of the company, click here to download the DRHP & RHP.
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DISCLAIMER: DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is only for educational purposes. Always discuss with your SEBI-registered financial advisor for investment-related decisions.
