HGS India IPO
HGS India IPO Details
-
Open Date
30 Oct 2026
-
Close Date
03 Nov 2026
- IPO Price Range
₹ 114 to ₹120
- IPO Size
₹ 34.56 Cr
HGS India IPO Timeline
HGS India IPO Subscription Status
| Date | QIB | NII | Retail | TOTAL |
|---|---|---|---|---|
| 30-Oct-2026 | 1.77 | 1.24 | 0.25 | 1.16 |
Last Updated: 30 October 2026 5:25 PM by 5paisa
HGS (India) Limited is a manufacturer of geophones, geophone strings, seismic cables, geophysical connectors and related equipment used in seismic data acquisition. Established in 1986 through technical and financial collaboration with Geosource Inc., USA, the company supplies specialised components that record and transmit ground vibrations for analysing underground geological structures.
Its product portfolio includes geophone elements, customised geophone strings, seismographs, accelerographs, seismometers, seismic system cables, connectors, battery chargers and other geophysical accessories. These products serve applications in oil and gas exploration, mineral exploration, defence research, vibration monitoring, earthquake seismology and geophysical surveys.
The company operates a manufacturing facility in Manesar, Gurugram, Haryana, equipped with precision assembly lines, injection-moulding machines, coil-winding equipment and in-house testing facilities. Its products are marketed under the HGS brand, with exports to markets across North America, Europe, the Middle East, Africa and Asia-Pacific. Its wholly owned subsidiary, HGS Products B.V. in the Netherlands, supports international sales and customer service.
Established in: 1986
Managing Director: Anil Dass
HGS India Objectives
The company proposes to utilise the proceeds from the fresh issue for the following purposes:
1. Funding capital expenditure towards replacing plant and machinery at its existing manufacturing facility in Manesar, Gurugram.
2. Funding capital expenditure for backward integration through the establishment of an in-house gold-plating facility.
3. Funding infrastructure development on the second floor of its existing manufacturing facility at Manesar, Gurugram.
4. Pursuing unidentified acquisitions and general corporate purposes.
The remaining proceeds, after applicable offer expenses, are intended for unidentified acquisitions and general corporate purposes, subject to the disclosed regulatory limits.
The company will not receive any proceeds from the Offer for Sale component.
HGS (India) IPO Size
| Types | Size |
|---|---|
| Total IPO Size | ₹34.56 Cr |
| Offer For Sale | ₹6.65 Cr |
| Fresh Issue | ₹27.91 Cr |
HGS (India) IPO Lot Size
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Individual Investors (IND) (Min) | 2 | 2400 | 273600 |
| Individual Investors (IND) (Max) | 2 | 2400 | 288000 |
| S-HNI (Min) | 3 | 3600 | 410400 |
| S-HNI (Max) | 6 | 7200 | 864000 |
| B-HNI (Min) | 7 | 8400 | 957600 |
HGS (India) IPO Reservation Table
| Investors Category | Subscription (times) | Shares Offered* | Shares bid for | Total Amount (Cr.)* |
|---|---|---|---|---|
| Anchor | 1 | 8,13,600 | 8,13,600 | 9.763 |
| Market Maker | 1 | 1,45,200 | 1,45,200 | 1.742 |
| QIB (Ex Anchor) | 1.77 | 13,60,800 | 24,13,200 | 28.958 |
| Non-Institutional Buyers | 1.24 | 4,14,000 | 5,14,800 | 6.178 |
| bNII (> ₹10L) | 1.83 | 2,73,600 | 5,00,400 | 6.005 |
| sNII (< ₹10L) | 0.10 | 1,40,400 | 14,400 | 0.173 |
| Individual Investors | 0.25 | 9,60,000 | 2,40,000 | 2.880 |
| Total ** | 1.16 | 27,34,800 | 31,68,000 | 38.016 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Revenue | 35.48 | 49.08 | 45.16 |
| EBITDA | 6.16 | 15.31 | 16.89 |
| PAT | 4.00 | 10.51 | 11.64 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Total Assets | 113.70 | 104.04 | 110.12 |
| Share Capital | 9.48 | 7.11 | 8.53 |
| Total Liabilities | 113.70 | 104.04 | 110.12 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Net Cash Generated From Operating Activities | 9.58 | 14.09 | 6.14 |
| Net Cash Generated From / (Used In) Investing Activities | -7.71 | 9.28 | 0.33 |
| Net Cash Used In Financing Activities | -3.37 | -20.43 | -7.68 |
| Net Increase / (Decrease) In Cash And Cash Equivalents | -1.49 | 2.94 | -1.22 |
Strengths
1. Established manufacturing experience: Incorporated in 1986, HGS (India) has nearly four decades of experience in manufacturing geophones, seismic cables and associated equipment for specialised geophysical applications.
2. Specialised product portfolio: The company manufactures equipment used in seismic surveys, oil and gas exploration, mineral exploration, defence research and vibration monitoring.
3. Integrated manufacturing capabilities: Its Manesar facility includes injection moulding, coil winding, component assembly and in-house testing, providing control over several stages of production.
4. International customer presence: HGS supplies products across multiple international markets and operates a wholly owned Netherlands subsidiary to support its global activities.
5. Improving profitability: EBITDA increased to ₹16.89 crore in FY26 from ₹15.31 crore in FY25, while EBITDA margin expanded to 37.40%.
Weaknesses
1. Customer concentration: The company's five largest customers accounted for approximately 60.21% of FY26 revenue, creating dependence on a limited customer base.
2. Exposure to specialised end markets: A substantial portion of demand comes from seismic exploration and related industries, limiting diversification across unrelated manufacturing sectors.
3. Manufacturing concentration: Production is concentrated at the Manesar facility, exposing operations to location-specific disruptions and interruptions.
4. Revenue volatility: Revenue from operations declined from ₹49.08 crore in FY25 to ₹45.16 crore in FY26, indicating fluctuations in customer demand and order execution.
5. Inventory requirements: Inventory increased during FY26, contributing to working-capital absorption and lower operating cash generation compared with FY25.
Opportunities
1. Seismic exploration activity: Exploration programmes involving oil, natural gas and mineral resources can create demand for geophones, seismic cables and data-acquisition equipment.
2. Manufacturing modernisation: The proposed replacement of plant and machinery at Manesar could improve production efficiency and support manufacturing capabilities.
3. Backward integration: The planned in-house gold-plating facility could reduce dependence on external vendors for selected production processes.
4. International market development: The company's existing overseas customer relationships and Netherlands subsidiary provide an operating base for pursuing additional international orders.
5. Diversified geophysical applications: Applications in earthquake monitoring, defence research, geophysical surveys and vibration monitoring provide opportunities beyond conventional oil and gas exploration.
Threats
1. Oil and gas exploration cycles: Changes in exploration expenditure, crude oil market conditions and energy-sector investment could affect demand for seismic equipment.
2. International competition: The company competes with manufacturers and suppliers of specialised geophysical instruments, including businesses with broader technological or financial resources.
3. Foreign exchange exposure: Export-oriented operations expose revenue and profitability to movements in foreign currency exchange rates.
4. Raw-material and supply-chain risks: Changes in the availability or prices of copper, engineered plastics, metals and electronic components could influence manufacturing costs.
5. Regulatory and geopolitical developments: Changes in exploration policies, international trade conditions, export restrictions and geopolitical tensions could affect overseas demand and customer activity.
1. Established industry presence: HGS (India) has operated in specialised seismic equipment manufacturing since 1986, with experience across domestic and international markets.
2. Product and manufacturing capabilities: Its portfolio includes geophones, geophone strings, seismic cables, connectors and related components manufactured through integrated production processes.
3. Profitability improvement: PAT increased from ₹4.00 crore in FY24 to ₹11.64 crore in FY26, while EBITDA margin expanded from 17.36% to 37.40%.
4. Manufacturing investment: The fresh issue proposes funding for machinery replacement, an in-house gold-plating facility and infrastructure improvements at Manesar.
5. Exposure to geophysical applications: The company's products serve seismic exploration, mineral surveys, defence research and geological monitoring, providing exposure to multiple end-use applications.
HGS (India) operates within the seismic equipment industry, which supports geological exploration, subsurface mapping and geophysical monitoring. Geophones and seismic cables are essential components of ground-based seismic data-acquisition systems used to record vibrations and generate information about underground formations.
Demand for these products is linked to investment in oil and gas exploration, mineral surveys, seismic research and infrastructure-related geophysical investigations. In India, exploration initiatives, geological data programmes and efforts to improve access to hydrocarbon resources can support the broader requirement for seismic surveying equipment.
Technological developments in seismic imaging, high-resolution surveys, passive monitoring and data acquisition are also influencing equipment requirements. Customers increasingly require specialised components designed for accuracy, durability and compatibility with modern seismic recording systems.
HGS (India) manufactures equipment for these applications through its Manesar facility and supplies customers in domestic and international markets. Its proposed investment in machinery replacement, backward integration and facility improvements is intended to support manufacturing capabilities.
However, demand remains sensitive to exploration budgets, project schedules, energy-sector investment cycles and international market conditions.
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FAQs
HGS (India) IPO opens on 30 October 2026 and closes on 3 November 2026.
The HGS (India) IPO has a total issue size of approximately ₹34.56 crore at the upper price band of ₹120 per share.
The price band for HGS (India) IPO has been fixed at ₹114 to ₹120 per equity share.
To apply for the HGS (India) IPO:
1. Login to your 5paisa demat account and select the issue in the current IPO section.
2. Enter the number of lots and the price at which you wish to apply for the HGS (India) IPO.
3. Enter your UPI ID and click on submit. Your bid will then be placed with the exchange.
4. You will receive a mandate notification in your UPI app to block the required funds. Approve the mandate to complete the application process.
The minimum application size for HGS (India) IPO is 2,400 equity shares, equivalent to two lots of 1,200 shares each.
At the upper price band of ₹120, the same application requires ₹2,88,000.
The basis of allotment for the HGS (India) IPO is expected to be finalised on 4 November 2026.
HGS (India) IPO is tentatively scheduled to list on the NSE SME platform (NSE Emerge) on 6 November 2026, subject to completion of the allotment and listing process.
Hem Securities Limited is the book-running lead manager for the HGS (India) IPO. KFin Technologies Limited is the registrar to the offer.
The company intends to utilise the proceeds from the fresh issue for the following purposes:
1. Replacement of plant and machinery at its existing manufacturing facility in Manesar, Gurugram.
2. Establishment of an in-house gold-plating facility for backward integration.
3. Infrastructure development on the second floor of its existing manufacturing facility.
4. Pursuing unidentified acquisitions and general corporate purposes.
The company will not receive any proceeds from the Offer for Sale component.