HGS (India) SME IPO
UpcomingNSE SMEOpens 30 October 2026Closes 3 November 2026
HGS (India) Limited manufactures geophysical instruments and components used in seismic surveys and geoscience applications. Established in 1986 (originally Geosource India Limited) through technical and financial…
HGS (India) Limited manufactures geophysical instruments and components used in seismic surveys and geoscience applications. Established in 1986 (originally Geosource India Limited) through technical and financial collaboration with Geosource Inc., USA, it markets its products under the 'HG' brand. Its product range comprises geophones, geophone strings, seismic cables, connectors and various seismic instruments and accessories, including seismographs, seismometers and accelerographs. Products cater to oil and gas exploration, mineral exploration, defence research, earthquake studies and infrastructure monitoring. The Company operates a manufacturing facility in Manesar, Haryana, with precision assembly lines, injection moulding equipment and cable manufacturing capabilities, and has strengthened its position through backward integration into in-house production of key components. As of September 30, 2025, it served 146 domestic and international clients across 21 countries.
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Key ratios
As per RHP / filingsTimeline
IPO Opens
30 Oct 2026
IPO Closes
3 Nov 2026
Allotment
4 Nov 2026
Listing
6 Nov 2026
IPO Timeline & Listing Details
| Event | Date |
|---|---|
| IPO Open Date | 30 October 2026 |
| IPO Close Date | 3 November 2026 |
| Allotment Date | 4 November 2026 |
| Listing Date | 6 November 2026 |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Individual | 2 | ₹2,88,000 |
SHNI (Min) | 3 | ₹4,32,000 |
SHNI (Max) | 6 | ₹8,64,000 |
BHNIAbove ₹10,00,000 | 7 | ₹10,08,000 |
IPO Reservation Details
| Category | Reservation |
|---|---|
| QIB (Qualified Institutional Buyer) | 50.00% |
| NII (Non-Institutional Investor) | 15.00% |
| SHNI (Small Non-Institutional Investor) | 5.00% |
| BHNI (Big Non-Institutional Investor) | 10.00% |
| Retail | 35.00%) |
| Total | 100.00% |
IPO Objectives
- Funding capital expenditure towards replacement of plant and machinery for the existing manufacturing facility at Manesar, Gurugram (₹15.05 Crore / ₹1,504.53 Lakhs).
- Funding capital expenditure towards backward integration for setting up an in-house gold plating facility (₹1.05 Crore / ₹105.00 Lakhs).
- Funding capital expenditure towards infrastructural development of building on the 2nd Floor at the existing manufacturing facility at Manesar, Gurugram (₹3.26 Crore / ₹326.21 Lakhs).
- Pursuing unidentified acquisitions (inorganic growth) and general corporate purposes.
Strengths
- Long operating history and legacy brand, operating since 1986 (originally Geosource India) under the 'HG' brand, built on an original technical and financial collaboration with Geosource Inc., USA.
- Wide product portfolio spanning geophones, geophone strings, seismic cables, connectors, seismographs, seismometers and accelerographs, catering to multiple end-user industries.
- Established track record as a proven manufacturing partner in the seismic equipment segment, which prioritizes qualified suppliers, creating high entry barriers.
- Strong quality assurance, with an ISO 9001:2015 certified Quality Management System (TUV SUD) and in-house first-article inspection and quality control.
- Backward integration into in-house production of key components (extrusion, moulding, sensor assembly), improving control over cost and quality.
- Established supply chain and long-term vendor relationships within India and globally.
- Diversified global clientele of 146 domestic and international clients across 21 countries, and a debt-free balance sheet (debt-to-equity of 0.00).
Weaknesses
- Volatile and cyclical demand, with revenue from operations declining from ₹49.08 Crore (FY25) to ₹45.16 Crore (FY26), reflecting dependence on the oil & gas and exploration capex cycle.
- Low return ratios relative to its large net worth, with FY26 RoNW of 13.04% and RoE of 13.35% on a net worth of about ₹89 Crore, and a stagnant/declining equity base over the period.
- End-market concentration in seismic and geoscience applications tied to oil & gas, mineral exploration and defence research, which are lumpy and project-driven.
- Export and client concentration risk, serving international clients across 21 countries, exposing the Company to foreign-exchange, geopolitical and order-timing risks.
- Single manufacturing location at Manesar, Haryana, creating concentration risk from any disruption at that site.
- Capital-expenditure execution risk, with a large part of proceeds going to replacement plant and machinery and infrastructure that was not yet ordered as of the RHP date.
- Portion of proceeds earmarked for unidentified acquisitions, which carries integration and deployment risk since no target has been identified.
- No listed peers in India in a similar business, so there is no direct comparable for valuation benchmarking.
Financial Performance
| Period Ended | 30 Apr 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Assets (₹ Cr.) | 111.9 | 110.12 | 104.04 | 113.7 |
| Revenue (₹ Cr.) | 3.79 | 48.91 | 53.45 | 37.93 |
| PAT (₹ Cr.) | 1.11 | 11.64 | 10.51 | 4 |
| Net Worth (₹ Cr.) | 90.41 | 89.27 | 85.16 | 95.04 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| HGS (India) Limited | 1.15 | 8.8 | 13.04% | 89.27 |
Subscription Details
No daily bids available.
No subscription statistics available.
Company Details
- HGS (India) Limited
- Registered Office: Portion-2, First & Second Floor, A-259, Defence Colony, New Delhi - 110024, India
- 011-46066604
- cs@hgsindia.com
- https://www.hgsindia.com
Registrar Details
- KFin Technologies Limited
- +91 40 6716 2222
- hgs.ipo@kfintech.com
- https://www.kfintech.com
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Sources
We match HGS (India) SME IPO IPO numbers with official sources. For final dates and allotment results, double-check the registrar or exchange.
- SEBIRules for IPO allotment and disclosures in India
- NSEExchange notices, bidding data, and listing updates
- BSEExchange notices and IPO allotment check tools
- RHP / Offer DocumentCheck the company RHP on NSE/BSE or the IPO detail page
- KFin Technologies LimitedOfficial site to check allotment status for this IPO
Also read our Editorial Policy, How GMP is calculated, How allotment chances work, and IPO fund allocation.
Reviewed by
Dinesh Agrawal · Lead IPO Analyst
15+ years in Indian markets and IPO research. He reviews IPO dates and key details before they go live.