HGS (India)IPO Review — Financials, Valuation & Peers
A data-only look at the HGS (India) IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | EPS (₹) |
|---|---|---|---|---|---|---|
| FY 2024 | 37.93 | 4 | 6.16 | 95.04 | 113.7 | — |
| FY 2025 | 53.45 | 10.51 | 15.31 | 85.16 | 104.04 | — |
| FY 2026 | 48.91 | 11.64 | 16.89 | 89.27 | 110.12 | 13.64 |
| Apr 2026 (interim) | 3.79 | 1.11 | 1.58 | 90.41 | 111.9 | — |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- P/E (pre-issue)
- 8.8x
- P/E (post-issue)
- 9.76x
- RoNW
- 13.04%
- RoE
- 13.35%
- RoCE
- 17.13%
- EPS (pre-issue)
- ₹13.64
- EPS (post-issue)
- ₹12.29
- EBITDA Margin
- 37.4%
- PAT Margin
- 25.77%
- P/BV
- 1.15x
- NAV / share
- ₹104.63
- Market Cap
- ₹130.3 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Promoters & Shareholding
Promoters: <p>Anil Dass, Shashi Singh, Cecilia Margareta Singh Ramel, Sowar Pvt.Ltd.</p>
- Holding (pre-issue)
- 87.3%
- Holding (post-issue)
- 64.33%
- Dilution
- 22.97%
Analysis in brief
Margin and return profile
The offer document gives a read on the operating engine behind the issue. HGS (India) operates at an EBITDA margin of 37.4% and a net (PAT) margin of 25.77% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 17.13% and a return on equity (RoE) of 13.35%. At the upper band, the post-issue market capitalisation works out to about ₹130.3 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
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.
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.
Frequently asked questions
- Who are the promoters of HGS (India) and what is their holding?
- The promoters are <p>Anil Dass, Shashi Singh, Cecilia Margareta Singh Ramel, Sowar Pvt.Ltd.</p>. Promoter holding is 87.3% before the issue and 64.33% after listing.
- What is the P/E ratio of the HGS (India) IPO?
- At the upper price band, the HGS (India) IPO is valued at 8.8× pre-issue earnings and 9.76× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the HGS (India) IPO?
- The net proceeds go primarily toward funding the capital expenditure towards replacement of plant and machinery for our existing manufacturing facility at manesar, gurugram, among 4 disclosed objects.