HGS (India) IPO

The HGS (India) SME IPO runs from 30 Oct 2026 to 3 Nov 2026, offered at a price band of ₹114–120 per share, and is set to list on NSE. The company is looking to raise ₹34.56 crore through the offer. Retail investors bid in lots of 1200 shares, a minimum application of ₹2,88,000.

Issue structure

The offer combines a fresh issue of ₹26.17 crore with an offer for sale (OFS) of ₹6.65 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.

Objects of the issue

Per the offer document, the company intends to deploy the net proceeds primarily toward funding the capital expenditure towards replacement of plant and machinery for our existing manufacturing facility at manesar, gurugram (₹15.05 crore), alongside funding the capital expenditure towards infrastructural development of building on 3rd floor at our existing manufacturing facility at manesar, gurugram (₹3.26 crore). In all, 4 objects are disclosed — the full break-up is in the table above.

Financials

In FY2026, HGS (India) reported revenue of ₹3.79 crore and a net profit of ₹1.11 crore. Revenue declined from ₹37.93 crore in FY2024 to ₹3.79 crore in FY2026 (-90.0%). Net worth stood at ₹90.41 crore at the end of FY2026.

Valuation

At the upper band, the issue is priced at 9.76× post-issue earnings and 1.15× book value, against a return on net worth of 13.04%. These ratios come from the offer document and are for comparison, not a recommendation.

Promoters

The promoters of the company are <p>Anil Dass, Shashi Singh, Cecilia Margareta Singh Ramel, Sowar Pvt.Ltd.</p>. Promoter holding stands at 87.3% before the issue and comes down to 64.33% after listing.

Grey market premium (GMP)

In the unofficial grey market, HGS (India) shares are quoted at a premium of ₹0 implying an expected listing around ₹120, about +0.0% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.

What to weigh

When evaluating the HGS (India) IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.

About HGS (India)

HGS (India) Limited is engaged in the manufacturing of geophysical instruments and components used in seismic surveys and geoscience-related applications. Established through technical and financial collaboration with Geosource Inc., USA, the company markets its products under the &ldquo;HG&rdquo; brand. Its product range comprises geophones, geophone strings, seismic cables, connectors, and various seismic instruments and accessories, including seismographs, seismometers, and accelerographs. The company&rsquo;s products cater to a wide range of applications, including oil and gas exploration, mineral exploration, defence research, earthquake studies, and infrastructure monitoring. HGS (India) Limited operates a manufacturing facility in Manesar, Haryana, featuring precision assembly lines, injection moulding equipment, and cable manufacturing facilities. The company has also strengthened its manufacturing capabilities through backward integration, enabling in-house production of key components. As of September 30, 2025, the company served 146 domestic and international clients across 21 countries.