HGS (India) IPO is a book-built SME public issue comprising a fresh issue of equity shares and an offer for sale by existing shareholders. HGS (India) Limited manufactures geophysical equipment used in seismic surveys, geoscience applications and monitoring systems. Its products include geophones, geophone strings, seismic cables, connectors and other specialised sensing equipment used in oil and gas exploration, mineral exploration, earthquake monitoring, defence research and infrastructure applications.
The IPO is scheduled to open on October 30, 2026, and close on November 3, 2026. The price band is ₹114 to ₹120 per share, and the proposed listing is on the NSE SME platform. At the upper price band, the issue is valued at approximately ₹34.56 crore.
The fresh issue proceeds are intended to fund replacement of plant and machinery at the Manesar facility, establish an in-house gold-plating facility, develop infrastructure at the existing manufacturing site, and support acquisitions and general corporate purposes. Investors should assess the company’s manufacturing capabilities, product diversification, customer base, financial performance and the execution of its planned capital expenditure before making an investment decision.
Table of Contents
HGS (India) IPO Details
| Particulars | Details |
|---|---|
| IPO Name | HGS (India) IPO |
| Company Name | HGS (India) Limited |
| IPO Opening Date | October 30, 2026 |
| IPO Closing Date | November 3, 2026 |
| Allotment Date | November 4, 2026 |
| Refund Initiation | November 5, 2026 |
| Share Credit Date | November 5, 2026 |
| Tentative Listing Date | November 6, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹114–₹120 per share |
| Lot Size | 1,200 shares |
| Minimum Retail Application | 2,400 shares |
| Minimum Retail Investment | ₹2,88,000 at the upper price |
| Issue Type | Book-built SME IPO |
| Issue Structure | Fresh Issue and Offer for Sale |
| Total Issue Size | 28,80,000 shares, aggregating to approximately ₹34.56 crore |
| Fresh Issue | 23,26,000 shares, aggregating to approximately ₹27.91 crore |
| Offer for Sale | 5,54,000 shares, aggregating to approximately ₹6.65 crore |
| Market Maker Reservation | 1,45,200 shares |
| Fresh Issue Excluding Market Maker Reservation | 21,80,800 shares |
| Net Offer to Public | 27,34,800 shares |
| Pre-Issue Shareholding | 85,32,713 shares |
| Post-Issue Shareholding | 1,08,58,713 shares |
| Listing Exchange | NSE SME |
| Lead Manager | Hem Securities Ltd. |
| Registrar | KFin Technologies Ltd. |
HGS (India) IPO Dates
The following dates are tentative and reflect the proposed issue schedule.
| IPO Event | Date |
|---|---|
| IPO Opens | October 30, 2026 |
| IPO Closes | November 3, 2026 |
| Basis of Allotment | November 4, 2026 |
| Refund Initiation | November 5, 2026 |
| Credit of Shares to Demat Accounts | November 5, 2026 |
| Tentative Listing | November 6, 2026 |
HGS (India) IPO Reservation
The reservation structure specifies the minimum or maximum allocation for the main investor categories. Final category-wise allocation should be checked against the offer document and exchange disclosures.
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIBs) | Not more than 50% of the net offer |
| Retail Individual Investors | Not less than 35% of the net offer |
| Non-Institutional Investors (NIIs) | Not less than 15% of the net offer |
HGS (India) IPO Lot Size
Investors can bid for a minimum of 2,400 shares, equivalent to two lots, and in multiples of 1,200 shares thereafter, subject to the applicable investor-category limits. Amounts are calculated at the upper price band of ₹120 per share.
| Application Category | Lots | Shares | Amount |
|---|---|---|---|
| Individual Investors – Minimum | 2 | 2,400 | ₹2,88,000 |
| Individual Investors – Maximum shown in supplied data | 2 | 2,400 | ₹2,88,000 |
| S-HNI – Minimum | 3 | 3,600 | ₹4,32,000 |
| S-HNI – Maximum | 6 | 7,200 | ₹8,64,000 |
| B-HNI – Minimum | 7 | 8,400 | ₹10,08,000 |
The final application limits and category definitions should be checked in the offer document before applying.
HGS (India) IPO GMP History
The HGS (India) IPO GMP is ₹27 as of 6 November 2026. At the upper issue price of ₹120 per share, the estimated listing price is ₹147, indicating an estimated gain of 22.50%.
HGS (India) IPO GMP History (Day-Wise)
| Date | GMP (₹) | Estimated Listing Price (₹) | Estimated Gain (%) |
|---|---|---|---|
| 6 November 2026 | 27 | 147 | 22.50% |
| 5 November 2026 | 30 | 150 | 25.00% |
| 4 November 2026 | 28 | 148 | 23.33% |
| 3 November 2026 | 25 | 145 | 20.83% |
| 2 November 2026 | 30 | 150 | 25.00% |
| 1 November 2026 | 30 | 150 | 25.00% |
| 31 October 2026 | 30 | 150 | 25.00% |
| 30 October 2026 | 30 | 150 | 25.00% |
| 29 October 2026 | 0 | 120 | 0.00% |
| 28 October 2026 | 0 | 120 | 0.00% |
The HGS (India) IPO GMP increased from ₹0 on 28 October to ₹27 on 6 November 2026. The premium indicates improving grey market sentiment during the initial days of the IPO. Based on the latest GMP, the estimated listing price is ₹147 per share.
About HGS (India) Limited
HGS (India) Limited was incorporated in 1986 and began commercial production in 1988. Formerly known as Geosource India Limited, the company manufactures geophysical equipment and specialised components used in seismic and geoscience applications. Its early technical collaboration helped establish its manufacturing capabilities, and it has subsequently developed indigenous processes and expanded its product portfolio.
The company manufactures geophones, geophone strings, seismic cables, connectors and other geophysical equipment. Its products are used for oil and gas exploration, mineral exploration, seismic surveys, earthquake monitoring and other applications requiring the measurement or transmission of geophysical signals. Its broader product range includes equipment such as accelerometers, seismometers, magnetometers, seismic acquisition systems, weight-drop systems and specialised monitoring solutions.
HGS (India) operates a manufacturing facility at IMT Manesar, Haryana. The company’s official website describes manufacturing areas for geophone elements, extrusion, moulding, machining, cable processing and assembly. It has also developed capabilities beyond its original product range by partnering with other equipment manufacturers and supporting local assembly and indigenisation of specialised technologies.
The company has expanded its focus beyond traditional oil and gas seismic applications into areas such as earthquake monitoring, avalanche and rock-fall warning systems and other geophysical sensing applications. Its Dutch subsidiary, HGS Products B.V., supports European operations and research and development activities. The company reports ISO 9001:2015 certification and ZED Gold certification. According to the supplied IPO information, it served customers across 21 countries and had 146 domestic and international clients as of September 30, 2025, with 161 permanent employees.
HGS (India) Business Operations
HGS (India) operates in the specialised geophysical equipment manufacturing sector. Its business spans product design, manufacturing, assembly, testing and supply of equipment used in seismic surveys and other geoscience applications.
- Geophones and Geophone Strings: Geophones are sensors that detect ground movement and convert it into electrical signals for use in seismic surveys. HGS (India) manufactures geophone elements and strings used by seismic contractors and other geophysical users. These products are relevant to subsurface exploration and seismic data acquisition.
- Seismic Cables, Connectors and Accessories : The company manufactures seismic cables, connectors, geophone cables and associated components. These products connect sensors and acquisition equipment and are designed for use in field-based seismic operations. Its manufacturing capabilities include cable processing, extrusion, moulding and assembly.
- Specialised Geophysical Equipment : The company’s product portfolio has expanded to include or support equipment such as accelerometers, seismometers, magnetometers, seismic acquisition systems, weight-drop systems, acoustic monitoring systems and related products. This broader range allows the company to serve applications beyond conventional oil and gas exploration.
- Earthquake and Infrastructure Monitoring : HGS (India) has been developing products for earthquake monitoring and other sensing applications. Its official website also describes activity related to avalanche and rock-fall monitoring systems. These applications may provide opportunities to diversify demand beyond conventional seismic exploration, although their contribution to future revenue depends on customer adoption and execution.
- International Business and Subsidiary Operations : The company has an international customer base and a subsidiary in the Netherlands, HGS Products B.V., which supports its European operations and research and development activities. International sales can broaden its market reach but may also expose the business to export-market conditions, currency movements and overseas customer demand.
HGS (India) IPO Industry Overview
Geophysical equipment is used in seismic surveys, subsurface exploration, scientific research, earthquake monitoring and infrastructure-related applications. The equipment market is influenced by oil and gas exploration activity, mineral exploration, public investment in scientific infrastructure, demand for monitoring systems and technological changes in sensing and data acquisition.
HGS (India) operates in a specialised manufacturing segment where product reliability, technical expertise, precision manufacturing and customer relationships can be important competitive factors. Its established manufacturing history and range of geophysical products may help it serve different applications, while localisation and in-house manufacturing can support quality control and product customisation.
The sector also faces challenges. Demand for equipment used in hydrocarbon exploration can fluctuate with energy-sector investment and changes in exploration priorities. Diversification into earthquake monitoring, infrastructure monitoring and other geoscience applications may create additional opportunities, but these markets can require product development, customer education, partnerships and time to scale.
For HGS (India), the planned replacement of machinery and investment in backward integration are intended to improve manufacturing infrastructure. Investors should evaluate whether these investments can improve production efficiency, quality, cost control and product capabilities, while also considering the time needed to implement the projects and generate returns.
HGS (India) Business Strategy
The company’s business strategy can be assessed through the following priorities:
- Manufacturing modernisation: Replacing plant and machinery at the Manesar facility to maintain manufacturing capabilities and support production requirements.
- Backward integration: Establishing an in-house gold-plating facility to bring an additional process within the company’s operations.
- Infrastructure development: Developing the third-floor area at the existing manufacturing facility to support infrastructure requirements.
- Product diversification: Expanding beyond traditional geophone strings and seismic cables into related geophysical and monitoring equipment.
- International market reach: Serving overseas customers and using its Dutch subsidiary to support European operations and research and development.
- Indigenous manufacturing: Developing local manufacturing and assembly capabilities for specialised equipment and reducing dependence on external sourcing for selected processes.
- Quality and technical capability: Maintaining manufacturing controls and certifications for precision equipment.
The effectiveness of these priorities will depend on capital expenditure execution, customer demand, product acceptance, manufacturing efficiency and the company’s ability to generate adequate returns from its investments.
HGS (India) IPO Financial Information
Amounts are in ₹ crore.
| Particulars | 30 Sep 2025 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Total Assets | 111.37 | 104.04 | 113.70 | 114.52 |
| Total Income | 28.13 | 53.45 | 37.93 | 33.77 |
| Profit After Tax (PAT) | 6.82 | 10.51 | 4.00 | 3.67 |
| EBITDA | 10.21 | 15.31 | 6.16 | 6.37 |
| Net Worth | 87.72 | 85.16 | 95.04 | 94.52 |
| Reserves and Surplus | 90.53 | 87.97 | 95.47 | 94.96 |
Total income increased from ₹33.77 crore in FY2023 to ₹37.93 crore in FY2024 and ₹53.45 crore in FY2025. PAT increased from ₹3.67 crore in FY2023 to ₹4.00 crore in FY2024 and ₹10.51 crore in FY2025.
For the six-month period ended September 30, 2025, the company reported total income of ₹28.13 crore and PAT of ₹6.82 crore. These interim figures should not be directly compared with full-year figures without accounting for the different reporting periods.
The company’s net worth was reported at ₹85.16 crore for FY2025, compared with ₹95.04 crore in FY2024. Investors should review the detailed financial statements and relevant notes to understand the movements in net worth, reserves and surplus, and the company’s capital requirements.
HGS (India) IPO Financial Summary
| Financial Indicator | Observation |
|---|---|
| Total Income | Increased from ₹33.77 crore in FY2023 to ₹53.45 crore in FY2025. |
| Profitability | PAT increased from ₹3.67 crore in FY2023 to ₹10.51 crore in FY2025. |
| EBITDA | Increased to ₹15.31 crore in FY2025 from ₹6.16 crore in FY2024. |
| Total Assets | ₹104.04 crore as of March 31, 2025. |
| Net Worth | ₹85.16 crore as of March 31, 2025. |
| Interim Performance | PAT of ₹6.82 crore for the six months ended September 30, 2025. |
| Key Consideration | Investors should examine the sustainability of margins, capital expenditure requirements and future demand across product categories. |
HGS (India) IPO Key Performance Indicators (KPIs)
| KPI | Sep 30, 2025 | Mar 31, 2025 |
|---|---|---|
| Return on Capital Employed (ROCE) | 10.79% | 16.23% |
| Return on Net Worth (RoNW) | 7.77% | 12.34% |
| PAT Margin | 26.04% | 31.19% |
| EBITDA Margin | 38.99% | 21.40% |
| Net Asset Value (NAV) | ₹102.81 | ₹85.99 |
Lower ROCE and RoNW for the September 2025 reporting date than for March 2025. The reported PAT margin also declined, while the EBITDA margin increased. These indicators should be assessed alongside the period covered, the composition of income and expenses, and the planned capital expenditure.
The NAV figures should be interpreted using the calculation methodology in the offer document and the relevant share-capital information.
HGS (India) IPO Valuation
| Valuation Metric | Pre-IPO | Post-IPO |
|---|---|---|
| Earnings Per Share (EPS) | ₹12.31 | ₹12.55 |
| Market Capitalisation at Offer Price | — | — |
Based on the stated post-issue shareholding of 1,08,58,713 shares and the upper price band of ₹120, the implied post-issue market capitalisation is approximately ₹130.30 crore. The corresponding pre-issue share count of 85,32,713 shares implies a pre-issue market capitalisation of approximately ₹102.39 crore at ₹120 per share. These are arithmetic estimates using the supplied share counts and upper price band.
The post-issue P/E ratio should be calculated using the final offer document’s stated EPS methodology and financial period. Investors should avoid relying on an unverified valuation multiple where the EPS basis or calculation period has not been confirmed.
HGS (India) IPO Shareholding Structure
| Shareholder Category | Pre-IPO | Post-IPO |
|---|---|---|
| Promoter and Promoter Group | 87.30% | 64.33% |
| Public | 12.70% | 35.67% |
| Total | 100.00% | 100.00% |
Shareholding figures indicate that the promoter and promoter group holding is expected to reduce from 87.30% before the IPO to 64.33% after the issue. The public shareholding is expected to increase correspondingly.
HGS (India) IPO Objects of the Issue
The company proposes to utilise the net proceeds from the fresh issue towards the following objects.
| Issue Objects | Est Amt (₹ Cr.) |
|---|---|
| Funding capital expenditure towards replacement of plant and machinery at the existing manufacturing facility at Manesar, Gurugram | 18.50 |
| Funding capital expenditure towards backward integration for setting up an in-house gold-plating facility | 1.05 |
| Funding capital expenditure towards infrastructure development of the building on the third floor at the existing manufacturing facility at Manesar, Gurugram | 4.73 |
| Pursuing unidentified acquisitions and general corporate purposes | — |
| Total of quantified objects | 24.28 |
The three quantified capital expenditure objects total ₹24.28 crore. The final allocation for unidentified acquisitions and general corporate purposes should be read from the offer document, including any applicable limits and finalisation provisions. The fresh issue is stated to aggregate to approximately ₹27.91 crore, so the remaining allocation should be reconciled against the final offer terms rather than assumed.
The offer-for-sale proceeds are payable to the selling shareholders and are not proceeds raised by the company for its capital expenditure.
HGS (India) IPO Listing Performance
The final issue price, listing price and listing-day performance should be updated after the issue is priced and trading begins.
| Listing Particulars | Details |
|---|---|
| Listing Exchange | NSE SME |
| Price Band | ₹114–₹120 per share |
| Final Issue Price | ₹120 |
| Listing Price | ₹160 |
| Listing Gain | ₹40 |
| Listing Gain (%) | 33.33% |
HGS (India) IPO Subscription Status
HGS (India) IPO received an overwhelming response from investors, with the issue subscribed 248.65 times overall by the end of the bidding period on November 3, 2026. The NII category recorded the highest demand, followed by retail investors and QIBs.
| Investor Category | Subscription Status |
|---|---|
| QIB | 137.92x |
| NII | 425.02x |
| Retail | 235.72x |
| Overall Subscription | 248.65x |
The NII category led with 425.02 times subscription, while retail investors subscribed 235.72 times and QIBs subscribed 137.92 times. These figures reflect strong investor participation across all three categories.
HGS (India) IPO Review
HGS (India) has operated in geophysical equipment manufacturing for several decades and has built capabilities in geophones, seismic cables, connectors and related sensing equipment. Its established manufacturing base, technical experience and expansion into adjacent applications such as earthquake monitoring and specialised geophysical systems may support its ability to serve a wider range of customers. The supplied financial figures show an increase in total income and PAT between FY2023 and FY2025.
The planned use of proceeds is focused on manufacturing modernisation, backward integration and infrastructure development. Replacing plant and machinery may support production capability, while an in-house gold-plating facility could bring a selected process within the company’s operations. However, the benefits will depend on project execution, equipment commissioning, customer demand and the efficiency gains achieved after investment. The allocation for unidentified acquisitions and general corporate purposes should also be reviewed in the final offer document.
Investors should also assess the company’s dependence on specialised geophysical equipment markets, which can be affected by oil and gas exploration spending and changes in customer demand. The supplied KPIs show lower ROCE and RoNW for the September 2025 reporting date compared with March 2025, although the reporting periods are different. At the upper price band, the implied post-issue market capitalisation is approximately ₹130.30 crore based on the supplied share count. Investors should consider the final offer valuation, earnings basis, capital expenditure plans and business risks before deciding whether to apply. This review is informational and is not a recommendation to buy or sell the IPO.
HGS (India) IPO Strengths
- Established manufacturing history: The company has been manufacturing geophysical equipment since the late 1980s.
- Specialised product range: Its portfolio includes geophones, seismic cables, connectors and related geophysical equipment.
- Manufacturing capabilities: The Manesar facility includes production, machining, moulding, cable processing and assembly capabilities.
- Product diversification: The company has expanded into related sensing, monitoring and geophysical equipment applications.
- International customer base: The supplied information reports customers across 21 countries as of September 30, 2025.
- Planned manufacturing investment: The IPO includes capital expenditure for machinery replacement, backward integration and facility infrastructure.
HGS (India) IPO Risk Factors
- Demand variability: Demand for seismic equipment can be affected by changes in oil and gas exploration and other end markets.
- Capital expenditure execution: Delays or cost overruns in machinery replacement and facility development could affect expected benefits.
- Technology and product development: The company must maintain product quality and adapt to evolving equipment requirements.
- Customer concentration and export exposure: Overseas sales and specialised customer relationships may expose the business to changes in customer demand and market conditions.
- Competitive pressure: Domestic and international manufacturers may compete on price, quality, delivery time and product capabilities.
- New application adoption: Diversification into monitoring and other geophysical applications may require time and investment before contributing materially to revenue.
- Uncertain listing performance: Listing gains are not guaranteed, and the market price may fall below the issue price.
HGS (India) IPO Promoters
The following are promoters and promoter-related entities:
- Anil Dass
- Shashi Singh
- Cecilia Margareta Singh Ramel
- Sowar Pvt. Ltd.
Promoter and promoter group holding of 87.30% before the IPO and 64.33% after the issue. The final promoter classification and shareholding should be checked against the offer document.
HGS (India) IPO Promoters Details
| Name | Category |
|---|---|
| Anil Dass | Promoter |
| Shashi Singh | Promoter |
| Cecilia Margareta Singh Ramel | Promoter |
| Sowar Pvt. Ltd. | Promoter |
HGS (India) IPO Management Team
The company’s official website identifies the following directors and management personnel.
| Name | Designation |
|---|---|
| Anil Dass | Managing Director |
| Dhiraj Kumar Vashista | Whole-Time Director and Chief Financial Officer |
| Samir Gugnani | Whole-Time Director |
| Shashi Singh | Non-Executive Director |
| Anand Narain Bhatia | Non-Executive Director |
| Malti Sen | Chairperson and Non-Executive Director |
| Ravi Indra Singh Verdi | Independent Director |
| Ravinder Singh Sodhi | Independent Director |
| Dileep Rao | Independent Director |
| Akhileshwar Rai | General Manager – Manufacturing |
| Uday Aggarwal | Finance Manager |
| Shruti Gupta | Company Secretary and Compliance Officer |
HGS (India) IPO Registrar Details
| Particulars | Details |
|---|---|
| Registrar | KFin Technologies Ltd. |
| Phone | 040-79615565 |
| [email protected] | |
| Website | KFin Technologies |
HGS (India) IPO Lead Manager Details
| Particulars | Details |
|---|---|
| Book Running Lead Manager | Hem Securities Ltd. |
| Lead Manager Reports | Refer to the lead manager’s official offer-document page |
| Lead Manager Performance Summary | Refer to Hem Securities’ official website |
| Lead Manager Performance Tracker | Refer to Hem Securities’ official website |
HGS (India) IPO Contact Details
| Particulars | Details |
|---|---|
| Company | HGS (India) Limited |
| Address | Portion-2, First & Second Floor, A-259, Defence Colony, New Delhi, New Delhi – 110024 |
| Phone | 011-46066604 |
| [email protected] | |
| Website | HGS (India) Official Website |
HGS (India) IPO Allotment Status
The basis of allotment is tentatively scheduled for November 4, 2026. Once the registrar publishes the allotment result, applicants can check their status through KFin Technologies’ official IPO allotment facility using the details requested on the page.
Applicants should keep their PAN, application number or demat details available, as applicable. The final allotment depends on valid applications, category-wise demand and the basis of allotment approved for the issue.
HGS (India) IPO Conclusion
HGS (India) IPO offers exposure to a specialised geophysical equipment manufacturer with an established manufacturing history and a product portfolio spanning geophones, cables, connectors and related sensing equipment. Its plans for machinery replacement, backward integration and facility infrastructure are intended to support its manufacturing operations and product capabilities.
The key factors to evaluate include demand across its end markets, capital expenditure execution, product diversification, profitability and the final issue valuation. Investors should review the offer document for the complete allocation of fresh issue proceeds, risk disclosures and final financial metrics before making an investment decision.
HGS (India) IPO FAQs
When does the HGS (India) IPO open?
The HGS (India) IPO is scheduled to open on October 30, 2026.
What is the closing date of the HGS (India) IPO?
The IPO is scheduled to close on November 3, 2026.
What is the price band of the HGS (India) IPO?
The price band is ₹114 to ₹120 per share.
What is the lot size of the HGS (India) IPO?
The lot size is 1,200 shares. The minimum retail application shown in the supplied details is 2,400 shares, equivalent to two lots.
What is the minimum retail investment in the HGS (India) IPO?
At the upper price band of ₹120 per share, the minimum retail investment is ₹2,88,000 for 2,400 shares.
When is the HGS (India) IPO allotment expected?
The basis of allotment is tentatively scheduled for November 4, 2026.
On which exchange will HGS (India) list?
The company is proposed to list on the NSE SME platform, with a tentative listing date of November 6, 2026.
Who is the registrar of the HGS (India) IPO?
KFin Technologies Ltd. is the registrar of the issue.
What are the objects of the HGS (India) IPO?
The fresh issue proceeds are intended for machinery replacement, an in-house gold-plating facility, infrastructure development at the Manesar manufacturing facility, and unidentified acquisitions and general corporate purposes.
Is the HGS (India) IPO GMP confirmed?
A verified GMP figure has not been included here. Grey-market premiums are unofficial and do not guarantee listing performance.bhuu
