HGS (India) Limited is a New Delhi-based manufacturer of geophysical equipment and components used in seismic data acquisition, geological exploration and geoscience applications. Established in 1986 in technical and financial collaboration with Geosource Inc., USA, the company manufactures products under the “HG” brand.
The company’s product portfolio includes:
- Geophones: Seismic sensors used to detect and measure ground vibrations.
- Geophone Strings: Customised sensor assemblies used in land and marsh seismic surveys.
- Seismic Cables and Connectors: Specialised components used for seismic signal transmission.
- Seismic Instruments: Seismographs, seismometers and accelerographs used for ground motion monitoring.
- Geophysical Accessories: Battery chargers, weight drops, pig tracking systems and other specialised equipment.
Its products are used across oil and gas exploration, mineral exploration, defence research, earthquake seismology, geophysical seabed surveys and infrastructure vibration monitoring.
The company operates a manufacturing facility in Manesar, Haryana, equipped with precision assembly lines, cable manufacturing facilities and 16 injection moulding machines. It also manufactures critical components in-house through backward integration.
As of April 30, 2026, the company’s products were sold in approximately 47 countries, including India. It operates a wholly owned subsidiary, HGS Products B.V., Netherlands, to support international sales and marketing.
During FY2026, exports contributed 84.22% of revenue from operations, reflecting its strong international presence.
As of April 30, 2026, HGS (India) Limited had 162 permanent employees and 15 contractual employees.
HGS (India) IPO – Details
| IPO Opening Date | 30 October 2026 |
| IPO Closing Date | 03 November 2026 |
| Issue Type | Book Building IPO |
| Issue Size | Total Issue: 28,80,000 Shares Worth ₹34.56 Crore Fresh Issue: 23,26,000 Shares Worth ₹27.91 Crore Offer For Sale: 5,54,000 Shares Worth ₹6.65 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹114 – ₹120 per share |
| Market Lot | 1200 Shares |
| Min Order | 1200 Shares [ 1 Lot ] |
| Listing At | NSE SME |
| Registrar | Kfin Technologies Ltd. |
| QIB Shares Offered | 50% |
| NII Shares Offered | 15% |
| Retail Shares Offered | 35% |
HGS (India) IPO – Date Schedule
| IPO Open Date | 30 October 2026 |
| IPO Close Date | 03 November 2026 |
| Basis of Allotment | 04 November 2026 |
| Initiation of Refund | 05 November 2026 |
| Credit of Shares to Demat | 05 November 2026 |
| IPO Listing Date | 06 November 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on November 03, 2026 |
HGS (India) IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2400 | ₹2,88,000 |
| Retail (Max) | 2 | 2400 | ₹2,88,000 |
| S-HNI (Min) | 3 | 3600 | ₹4,32,000 |
| S-HNI (Max) | 6 | 7200 | ₹8,64,000 |
| B-HNI (Min) | 7 | 8400 | ₹10,08,000 |
Competitive Strength
- Wide product portfolio catering to various end user industries.
- Precision engineering expertise with complex product manufacturing capabilities.
- Long term and well-established relationships with customers.
- Focus on Quality Assurance.
- Established supply chain and sourcing network.
- Experienced Promoters and professional management team.
Company Promoters
- Anil Dass
- Shashi Singh
- Cecilia Margareta Singh Ramel
- Sowar Pvt.Ltd.
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax |
|---|---|---|---|
| 31 March 2024 | ₹37.93 Cr | ₹33.25 Cr | ₹4.00 Cr |
| 31 March 2025 | ₹53.45 Cr | ₹39.63 Cr | ₹10.51 Cr |
| 31 March 2026 | ₹48.91 Cr | ₹33.50 Cr | ₹11.64 Cr |
| 30 April 2026 | ₹3.79 Cr | ₹2.33 Cr | ₹1.11 Cr |
Key Performance Indicator
| KPI | Values (April 30, 2026) |
|---|---|
| ROCE | 1.60% |
| RoNW | 1.23% |
| PAT Margin | 35.80% |
| EBITDA Margin | 50.81% |
| NAV | 105.96 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 1.30 | 1.30 |
| P/E (x) | – | – |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Funding the capital expenditure towards replacement of plant and machinery for its existing manufacturing facility at Manesar, Gurugram. | ₹15.05 |
| Funding the capital expenditure towards Backward Integration for setting up in-house gold plating facility. | ₹1.05 |
| Funding the capital expenditure towards Infrastructural development of building on 2nd Floor at its existing manufacturing facility at Manesar, Gurugram.. | ₹3.26 |
| Pursuing unidentified acquisitions and general corporate purpose. |
✅Strengths
- Nearly 40 years of industry experience.
- Products sold in approximately 47 countries.
- Wide range of seismic and geophysical products.
- In-house manufacturing and backward integration.
- ISO 9001:2015 and ZED Gold certified.
- Experienced management and established customer relationships.
⚠️Risks
- Top 10 customers contributed 72.58% of FY2026 revenue.
- High export dependency (84.22% of FY2026 revenue).
- No long-term contracts with major customers.
- High dependence on geophone strings and seismic cables.
- Single manufacturing facility in Manesar.
- Dependence on skilled technical employees.
HGS (India) IPO Promoter Holding
| Pre-Issue Share Holding | 87.30% |
| Post Issue Share Holding | 64.33% |
HGS (India) IPO Prospectus
Company Contact Information
| HGS (India) Limited Portion-2, First & Second Floor, A-259, Defence Colony, New Delhi, 110024 Phone: 011-46066604 Email: cs@hgsindia.com Website: https://www.hgsindia.com/ |
HGS (India) IPO Registrar
| Kfin Technologies Ltd. Phone: 040-79615565 Email: hgs.ipo@kfintech.com Website: https://ipostatus.kfintech.com/ |
HGS (India) IPO Lead Manager(s)
| 1. Hem Securities Ltd. |
HGS (India) IPO FAQ
| What is the HGS (India) IPO? HGS (India) IPO is an SME IPO. The issue is priced at ₹114 – ₹120 per equity share. The IPO is to be listed on NSE SME. |
| When will HGS (India) IPO open? The IPO is to open on 30 October 2026 for QIB, NII and Retail Investors. |
| What is HGS (India) IPO Investors’ Portion? The Investors portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the HGS (India) IPO Size? HGS (India) IPO size is ₹34.56 Crore. |
| What are the HGS (India) IPO Minimum and Maximum Lot Sizes for Retail Investors? The minimum bid is 2400 Shares for ₹2,88,000, while the maximum bid is 2400 Shares for ₹2,88,000. |
| What is the HGS (India) IPO Allotment Date? HGS (India) IPO allotment date is 04 November 2026. |
| What is the HGS (India) IPO Listing Date? HGS (India) IPO listing date is 06 November 2026. The IPO is to be listed on the NSE SME. |
