HGS India Ltd IPO

Miscellaneous

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Price Band

₹114 – ₹120

Lot Size

1200

Minimum Bid Quantity

2400

Minimum Investment

₹288000

Issue Size

₹34.56Cr

Opens

2026-10-30

Closes

2026-11-03

Listing

06-11-2026

Subscription Status

Qualified Institutional Buyers

138.65 x

Non-Institutional Investor

314.46 x

Retail Individual Investor

233.35 x

Total

230.03 x

IPO Details

Issue Type

EQUITY

Face Value

₹10

Tick Size

1

ISIN

INE813R01012

Pre-Apply Available

No

Daily Bidding Time

10:00:00 - 17:00:00

About the Company

HGS (India) Limited is engaged in the manufacturing of geophones, geophone strings, seismic cables, geophysical connectors, and related parts and accessories for the seismic industry. Established in 1986, the company manufactures equipment used to record and transmit ground vibrations for analysing underground geological structures. Its product portfolio includes geophone elements, geophone strings, seismographs, accelerographs, seismometers, seismic system cables, connectors, battery chargers, weight drops, and pig tracking systems. These products are used in oil and gas exploration, mineral exploration, defence research, vibration monitoring, seabed surveys, earthquake studies, and academic research. The company also manufactures cables and connectors for resistivity meters and radar equipment. The company's manufacturing facility is located in Manesar, Haryana. It operates in-house cable extrusion, injection molding, component assembly, and testing facilities. Its products are sold under the "HG" brand. The company also has a wholly owned subsidiary, HGS Products B.V., in the Netherlands, which provides global sales support. Use of proceeds: The IPO consists of both a fresh issue of shares and an offer for sale (OFS).​ Proceeds from the OFS will go to the respective selling shareholders, whereas the net proceeds from the fresh issue will be utilised for the following purposes:​ Funding the capital expenditure towards replacement of plant and machinery for the existing manufacturing facility at Manesar, Gurugram — Rs 15.04 crore Funding the capital expenditure towards backward integration for setting up in-house gold plating facility — Rs 1.05 crore Funding the capex for infrastructure development at its existing manufacturing facility at Manesar, Gurugram — Rs 3.26 crore Pursuing unidentified acquisitions and general corporate purposes

Pros

  • • HGS (India) Limited has been operating in the seismic equipment manufacturing industry since 1986. Its products cater to several industries, including oil and gas exploration, mineral exploration, earthquake seismology, defence research, and vibration monitoring.
  • • The company has an international presence, with its products sold in around 47 countries, including India, as of April 30, 2026. Its export revenue increased from Rs 22.41 crore (63.17% of revenue from operations) in FY24 to Rs 29.03 crore (59.15%) in FY25 and Rs 38.04 crore (84.22%) in FY26.
  • • The company claims to have in-house manufacturing capabilities, including precision geophone assembly, cable extrusion, injection moulding, coil winding, magnetising, and product testing. Its Manesar facility is equipped with machinery such as extruders, stranders, braiders, winders, and injection molding machines.

Cons

  • • The company depends on a limited number of customers for a significant portion of its revenue. Revenue from its top 10 customers amounted to Rs 21.73 crore (61.24%) in FY24, Rs 27.60 crore (56.24%) in FY25 and Rs 32.78 crore (72.58%) in FY26. The company has no long-term contracts with most customers, and the loss of major customers could affect revenue and profitability.
  • • The company derives a significant portion of its revenue from exports. Export revenue amounted to Rs 22.41 crore (63.17%) in FY24, Rs 29.03 crore (59.15%) in FY25 and Rs 38.04 crore (84.22%) in FY26. Changes in international trade policies, tariffs, geopolitical conditions, or demand in key overseas markets could adversely affect the company's business and financial performance.
  • • The company depends heavily on geophone strings/harnesses and seismic cables for its revenue. Revenue from geophone strings/harnesses accounted for 66.98% in FY24, 51.15% in FY25, and 66.29% in FY26, while seismic cables contributed 23.06%, 26.95%, and 20.39%, respectively. Any decline in demand or inability to upgrade these products could affect its financial performance.

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