HGS (India) IPO

SME • NSE SME • Fresh capital cum OFS

LISTEDSMENSE SME

HGS (India)

Price band

₹114 – ₹120

Lot size

1200 shares

Min investment

₹1,44,000

Issue size

₹34.56 Cr

About the company

HGS (India) Limited was incorporated in February 1986. It makes geophones, geophone strings, seismic cables, connectors and accessories used to collect seismic data. It works under the HG brand and was set up with technical and financial collaboration from Geosource Inc., USA. Its products are used in oil and gas exploration, mineral exploration, defence research, earthquake monitoring and vibration analysis. It also makes cables and connectors for resistivity meters and radar equipment. The company makes many key parts itself, including cable extrusion and injection moulding. Its plant is at Manesar, Haryana, with assembly, coil winding, magnetising and testing facilities. The plant is ISO 9001:2015 certified, holds ZED Gold certification and is a 100% Export Oriented Unit in the Noida Special Economic Zone. It exports to countries in North America, Europe, Asia and Africa. In 2015 it set up a wholly owned subsidiary, HGS Products B.V., in the Netherlands for sales and customer support.

HGS (India) is a Manesar based maker of geophones, seismic cables and connectors for seismic data collection. It plans to raise Rs 34.56 crore at the upper band of Rs 120 per share through a fresh issue and an offer for sale, and its total income was Rs 48.91 crore in FY2026.

IPO details

Issue price: ₹120
Price band: ₹114 – ₹120
Face value: ₹10
Lot size: 1200
Min investment: ₹1,44,000
Issue size: ₹34.56 Cr
Sale type: Fresh capital cum OFS
Listing on: NSE SME
BSE scrip code: HGSINDIALT
NSE symbol: HGSINDIALT-SM.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	1,200	₹1,44,000
Retail (Max)	1	1,200	₹1,44,000
HNI (Min)	2	2,400	₹2,88,000

Investor reservation

CATEGORY	RESERVED
QIB	21,74,400 shares (61.28% of the Offer)
NII	4,14,000 shares (11.67% of the Offer)
Retail	9,60,000 shares (27.05% of the Offer)

Objects of the issue

1Funding the capital expenditure towards replacement of plant and machinery for our existing manufacturing facility at Manesar, Gurugram15.05

2Funding the capital expenditure towards Backward Integration for setting up in-house gold plating facility1.05

3Funding the capital expenditure towards Infrastructural development of building on 3rd Floor at our existing manufacturing facility at Manesar, Gurugram3.26

4Pursuing unidentified acquisitions and general corporate purpose

Financials

Rs. Crore • restated

METRIC	30 Apr 2026	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	111.90	110.12	104.04	113.70
Total Income	3.79	48.91	53.45	37.93
Profit After Tax	1.11	11.64	10.51	4.00
EBITDA	1.58	16.89	15.31	6.16
NET Worth	90.41	89.27	85.16	95.04
Reserves and Surplus	91.80	90.66	87.97	95.47

Key performance indicators

P/E Ratio

9.76

EPS (₹)

12.29

RoE

1.24%

RoCE

1.60%

RoNW

1.23%

PAT Margin

35.80%

EBITDA Margin

50.81%

NAV (₹)

105.96

✓ Strengths

• Profit after tax rose 10.75% from Rs 10.51 crore in FY2025 to Rs 11.64 crore in FY2026, and was Rs 4.00 crore in FY2024.

• EBITDA grew from Rs 6.16 crore in FY2024 to Rs 15.31 crore in FY2025 and Rs 16.89 crore in FY2026.

• Net worth was Rs 89.27 crore on 31 March 2026, and the restated table shows no borrowing.

• The P/E is 9.76 at the upper band of Rs 120, based on post-issue EPS of Rs 12.29. The pre-issue P/E is 8.8 on pre-issue EPS of Rs 13.64.

• Net asset value is Rs 105.96 per share at the source, against an upper band of Rs 120.

• The plant is a 100% Export Oriented Unit and the company sells to several continents.

• Rs 19.36 crore of the proceeds is for new machinery, gold plating and a building floor at Manesar.

• The company is ISO 9001:2015 certified and has ZED Gold certification.

⚠ Risks

• The source return ratios do not fit the table. It shows RoNW of 1.23% and RoCE of 1.60%, but PAT of Rs 11.64 crore on net worth of Rs 89.27 crore is about 13%. The PAT margin of 35.80% and EBITDA margin of 50.81% also differ from the table. Treat these figures with care.

• Total income fell from Rs 53.45 crore in FY2025 to Rs 48.91 crore in FY2026, a drop of 8.49%.

• Net worth fell from Rs 95.04 crore on 31 March 2024 to Rs 89.27 crore on 31 March 2026, even though profit was positive in each year.

• The latest column covers only one month to 30 April 2026: total income Rs 3.79 crore and PAT Rs 1.11 crore.

• The issue is a mix of fresh issue and offer for sale. The source does not split the Rs 34.56 crore, so how much goes to selling shareholders is not clear.

• The source gives no amount for general corporate purposes and unidentified acquisitions, which is the remaining part of the proceeds.

• Promoters include Sowar Pvt Ltd along with Anil Dass, Shashi Singh and Cecilia Margareta Singh Ramel. They hold 87.3% before the issue and will hold 64.33% after it.

• The business depends on seismic and energy customers, and the source gives no customer split, so concentration cannot be checked.

• This is an SME issue. One lot is 1,200 shares, which is about Rs 1.44 lakh at the upper band of Rs 120, and SME shares usually trade in low volume after listing.

Promoters & holding

Anil Dass, Shashi Singh, Cecilia Margareta Singh Ramel and Sowar Pvt.Ltd

Pre-issue promoter holding

87.3%

Post-issue promoter holding

64.33%

Promoters hold 87.3% before the issue and will hold 64.33% after it.

Data refreshed 09 Nov 2026, 02:30 pm IST. GMP is unofficial market sentiment, not investment advice.