HGS (India) IPO
HGS (India) shares listed on NSE SME on 6 November 2026 after an IPO priced at ₹114 to ₹120.
- Minimum investment
- ₹2,88,0002 lots of 1,200 shares, at the upper price
- Price band
- ₹114 to ₹120
- Lot size
- 1,200 sharesApply for 2 lots minimum
- Issue size
- 28.80 lakh sharesFresh issue and offer for sale
- Bidding
- 30 Oct to 3 Nov
- Listing
- 6 NovNSE SME
Dates
HGS (India) IPO dates
RHP cover page and Offer timetable (p. 70)- 29 OctAnchor bidding
- 30 OctBidding opens
- 3 NovBidding closes, UPI by 5 pm
- 4 NovAllotment (expected)
- 5 NovRefunds and demat credit (expected)
- 6 NovListing
Read before you apply
HGS (India) IPO review: read before you apply
Worth checking
- SeriousRevenue fell
Revenue fell from ₹49.08 crore in FY25 to ₹45.16 crore in FY26. The latest period is only one month, April 2026, with revenue of ₹3.11 crore (RHP, Restated financial statements).
- SeriousProfit helped by other income
Other income was ₹3.75 crore in FY26, about 24% of profit before tax (our calculation). The RHP says this may not continue (Risk factor 28).
- Depends on seismic exploration
Most sales go to the seismic industry in energy and geoscience, so demand depends on oil, gas and mineral exploration (Risk factor 6).
- Low cost for some sellers
Several selling holders have an average cost of Nil, and Pawan Singh's is ₹1.69 a share (RHP cover page).
- Pending cases
The company faces 2 material cases (₹0.15 crore) and 5 tax cases, and promoters and directors face 6 income tax cases (₹0.17 crore) (Risk factor 15).
Strengths
- Long track record
It has made geophones and seismic cables since 1986 and sells under the HG brand (RHP, Our Business).
- Global sales
Exports were 84.22% of FY26 revenue (RHP, Our Business, p. 149).
- Debt free and cash generative
It has almost no borrowings, and operating cash flow was positive in every period, ₹6.14 crore in FY26 (RHP, Restated financial statements).
- Margins rising
EBITDA margin rose from 17.36% in FY24 to 37.40% in FY26 (RHP, Basis for Offer Price, KPIs).
What HGS (India) does
HGS (India) makes geophones, geophone strings, seismic cables, connectors and related equipment used to record ground vibrations in oil and gas, mineral and earthquake surveys. It sells under the HG brand to seismic contractors and oil companies around the world.
It was set up in 1986 with Geosource Inc of the USA and is registered in New Delhi, with its plant in Manesar, Haryana. It has a subsidiary in the Netherlands. Its promoters are Anil Dass, Shashi Singh, Cecilia Margareta Singh Ramel and Sowar Private Limited.
Listing and subscription
HGS (India) IPO subscription status
NSE bid detailsListing day
Our calculation: gain vs upper price- Issue price
- ₹120
- Listing price
- ₹160
- Gain at open
- +33.3%
- Day close
- ₹168
Subscription
- Total
- 0.00x
- Updated
- 3 Nov 2026, 7:49 pm IST
- QIB50% of offer0.00x
- NII15% of offer0.00x
- Big NII0.00x
- Small NII0.00x
- Total0.00x
As of 3 Nov 2026, 7:49 pm IST. Times subscribed is a fact about demand, not a sign of quality. Share of offer is from the RHP offer structure.
Grey market premium. GMP is unofficial. It is not regulated or published by any exchange. If we show it, it carries its source and time, never as a forecast. What GMP means
Price and lots
HGS (India) IPO price band, lot size and issue size
RHP cover page and The Offer (p. 54 to 55). Up to 1,45,200 shares are reserved for the market maker.| Price band | ₹114 to ₹120 |
| Lot size | 1,200 shares, minimum 2 lots (2,400 shares) |
| Issue size | With price band, 28,80,000 shares |
| Issue type | Book built, fresh issue and offer for sale |
Who gets how much of the net offer
What the company will do with the money
RHP, Objects of the Offer (p. 101 to 102)| Object of the issue | ₹ crore |
|---|---|
| Offer for sale by 12 existing holders. The company receives none of this money | |
| Replace plant and machinery | 15.05 |
| In-house gold plating facility | 1.05 |
| Second floor of the Manesar building | 3.26 |
| Unidentified acquisitions and general corporate purposes (amount set after pricing) |
Minimum and maximum investment
Our calculation: at ₹120 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Individual investor (min and max)Minimum application | 2 | 2,400 | ₹2,88,000 |
| Small NII (min) | 3 | 3,600 | ₹4,32,000 |
| Small NII (max) | 6 | 7,200 | ₹8,64,000 |
| Big NII (min) | 7 | 8,400 | ₹10,08,000 |
Retail bids are capped at ₹2 lakh and small NII bids at ₹10 lakh. In SME IPOs individual investors apply for the minimum application size only.
Valuation calculator
Our calculation: inputs from RHP, Restated Consolidated Financial Statements and Basis for Offer Price (p. 112 to 114)Set to the upper end of the band, ₹120. Change it to see what you would be paying for.
- Market cap
- ₹130 cr
- P/E (FY26, basic and diluted)
- 8.8x
- Price to book
- 1.3x
- Market cap to sales
- 2.9x
Based on FY26, basic and diluted EPS of ₹13.64, 1.09 crore shares, net worth of ₹100.33 crore (April 2026, shareholders' funds) and revenue of ₹45.16 crore. Shares is the post-offer count from the RHP. The RHP says there are no listed peers, so no peer P/E is given. The KPI table shows a lower net worth of ₹90.41 crore for April 2026 than the balance sheet's shareholders' funds of ₹100.33 crore.
Financials
HGS (India) financials
RHP, Restated Consolidated Financial Statements and KPIs (p. 57 to 59, 114), ₹ croreRevenue and EBITDA
Revenue grew 12.8% a year from FY24 to FY26 (our calculation), but fell 8.0% in FY26.
| ₹ crore | FY24 | FY25 | FY26 | Apr 2026 |
|---|---|---|---|---|
| Revenue from operations | 35.48 | 49.08+38.3% | 45.16−8.0% | 3.11 |
| EBITDA | 6.16 | 15.31 | 16.89 | 1.58 |
| EBITDA margin | 17.36% | 31.19% | 37.40% | 50.81% |
| Profit after tax | 4 | 10.51+162.8% | 11.64+10.8% | 1.11 |
| Diluted EPS (₹) | 3.51 | 10.61 | 13.64 | 1.30 |
| Total equity | 104.95 | 95.08 | 99.19 | 100.33 |
| Cash from operations | 9.58 | 14.09 | 6.14 | 3.28 |
Consolidated figures. Apr 2026 is one month and is not annualised. Total equity is shareholders' funds from the balance sheet. Dividends paid were ₹7.68 crore in FY26.
The small figures under revenue and profit are the change from the previous full year, our calculation.
Key performance indicatorsPAT margin, Return on net worth, Return on capital employed and more
| Metric | FY24 | FY25 | FY26 | Apr 2026 |
|---|---|---|---|---|
| PAT margin | 11.27% | 21.40% | 25.77% | 35.80% |
| Return on net worth | 4.21% | 12.34% | 13.04% | 1.23% |
| Return on capital employed | 4.88% | 16.06% | 17.13% | 1.60% |
| Export share of revenue | 63.17% | 59.15% | 84.22% | 98.52% |
Apr 2026 returns are for one month and are not annualised.
RHP, Basis for Offer Price, KPIs (p. 113 to 114) and Our Business (p. 149)
Company
About HGS (India)
Business
RHP, Our Business (p. 143 and 149)Exports rose to 84.22% of FY26 revenue from 59.15% in FY25. It is a 100% export oriented unit and makes many parts in-house, including cables and moulded components.
- Exports, FY26
- 84.22%
- Founded
- 1986
- Injection moulding machines
- 16
Key risks
RHP, Risk Factors- Geopolitical conflictsWars in the Middle East and Ukraine can affect exploration demand.
- Industry dependenceSales depend on the seismic and energy exploration industry.
- Capacity useThe plant may stay under-used.
- Quality and warrantyCustomers inspect quality and products carry warranty claims.
- Supplier dependenceIt relies on a few suppliers for materials and parts.
- Currency riskIt exports most output and imports some materials.
- InventoryInventory is a large part of its assets.
- Other incomePart of profit comes from other income that may not last.
Read before you apply puts the most important of these beside the strengths.
Promoters and shareholdingAfter-IPO figures are our calculation on 1,08,58,713 shares.
Promoter Sowar Private Limited is the largest holder with 47.82% before the IPO. After-IPO figures are our calculation on 1,08,58,713 shares.
| Shareholder | Before IPO | Selling (shares) | After IPO (ours) |
|---|---|---|---|
| Sowar Private Limited (promoter) | 47.82% | Nil | 37.58% |
| Cecilia Margareta Singh Ramel (promoter) | 8.24% | Nil | 6.48% |
| Pawan Singh (promoter group) | 6.68% | 2,85,120 | 2.63% |
| Anil Dass (promoter) | 6.43% | Nil | 5.05% |
| Shashi Singh (promoter) | 5.03% | Nil | 3.95% |
| Anjali Singh (promoter group) | 2.84% | 1,20,960 | 1.11% |
RHP, Capital Structure (p. 89) and cover page
IndustryGovernment spending on seismic data and stratigraphic wells: About ₹7,500 crore
- Government spending on seismic data and stratigraphic wells
- About ₹7,500 crore
- India's discovered petroleum
- 12.0 billion tonnes of oil equivalent
- Undiscovered risked potential
- 12.9 billion tonnes of oil equivalent
We found no market size for seismic equipment in the RHP's industry overview, so these are the closest figures it gives.
RHP, Industry overview (p. 125 and p. 135), citing government sources
LitigationAgainst the company: other material cases: 2 · Against the company: direct tax: 4 · Against the company: indirect tax: 1
| Type | Cases | Amount |
|---|---|---|
| Against the company: other material cases | 2 | ₹0.15 crore |
| Against the company: direct tax | 4 | Under ₹0.01 crore |
| Against the company: indirect tax | 1 | ₹0.06 crore |
| Against promoters and directors: direct tax | 6 | ₹0.17 crore |
| By promoters and directors: other material cases | 1 | ₹0.25 crore |
RHP, Risk factor 15 (summary of outstanding litigation)
Company detailsLegal name, registered office, CIN and website
| Legal name | HGS (India) Limited |
| Founded | 1986, as Geosource India Limited |
| Promoters | Anil Dass, Shashi Singh, Cecilia Margareta Singh Ramel, Sowar Private Limited |
| Main product | Geophones and geophone strings |
| Plant | Manesar, Haryana |
RHP, General Information
Lead managers and registrar
RHP cover pageAllotment
HGS (India) IPO allotment status
Out from 4 Nov 2026- Open the registrar's pageKFin Technologies Limited is the registrar. Open its allotment page.
- Select HGS (India) LimitedIt appears once the basis of allotment is final.
- Enter your PAN, application number or DP IDUse the details you applied with.
- Or check on the exchangeNSE's IPO bid verification page works too.
Documents
The RHP and exchange notices are linked here from the exchange website once checked.
Questions
HGS (India) IPO FAQs
When does the HGS (India) IPO open and close?
The HGS (India) IPO opens on Friday, 30 October 2026 and closes on Tuesday, 3 November 2026. Anchor bidding is on 29 October 2026. UPI mandates must be approved by 5 pm on the closing day.
What is the HGS (India) IPO price band and lot size?
The price band is ₹114 to ₹120 per share. The lot size is 1,200 shares, so the minimum application is 2,400 shares, or ₹2,88,000 at the upper price.
What is the HGS (India) IPO size?
It is a fresh issue and offer for sale by promoter group members Pawan Singh, Anjali Singh, Trishna Singh, Karan Singh, Anil Henrik Ramel Singh and Chaya Cecilia Ramel Homann, and public shareholders Beena Dosija, Preneet Kaur, Anil Seth, Archna Dosija, Girrendra Kaur and Veena Uttamsingh.
What is the HGS (India) IPO allotment date?
Allotment is (expected) on Wednesday, 4 November 2026. Refunds and demat credit are expected on 5 November 2026.
What is the HGS (India) IPO listing date?
HGS (India) shares are due to list on NSE SME on Friday, 6 November 2026.
Who is the registrar of the HGS (India) IPO?
KFin Technologies Limited is the registrar. Allotment status can be checked on its website or on NSE using your PAN or application number.
What does HGS (India) do?
HGS (India) makes geophones, seismic cables and connectors for oil, gas and mineral exploration, mostly for export, from its plant in Manesar.
When does the HGS (India) IPO open and close?
It opens on 30 October 2026 and closes on 3 November 2026. Listing on NSE Emerge is expected on 6 November 2026.
Who sells shares in the HGS (India) OFS?
12 existing holders sell 5,54,000 shares in all, led by promoter group members Pawan Singh (2,85,120) and Anjali Singh (1,20,960).
What will HGS (India) use the IPO money for?
₹15.05 crore to replace machinery, ₹1.05 crore for a gold plating unit, ₹3.26 crore for building work, and the rest for acquisitions and general corporate purposes.
What does HGS (India) make?
Geophones, seismic cables and connectors used in oil, gas and mineral exploration. Exports were 84.22% of FY26 revenue.
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