- NEGATIVE
Annual Revenue Hgs Mar-2026 Annual Revenue is Rs 44 Cr which is growth of -9.3% YoY.
- POSITIVE
Annual Net Profit Hgs Mar-2026 Annual Net Profit is Rs 11 Cr which is growth of 13.0% YoY.
HGS (India) Ltd. IPO Details
HGS (India) was incorporated on February 13, 1986. The company manufactures geophones, geophone strings, seismic cables, geophysical connectors, and related accessories for the energy and geoscience sectors. Its products are used to acquire, record, and transmit seismic data for subsurface geological analysis
| Bidding Dates |
|---|
| 30 Oct 2026 - 03 Nov 2026 |
| Subscription |
|---|
| 1.53x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹273,600 | 2 | 2 | 1200 | 2.9 M | ₹114 - ₹120 | 64.33 % | ₹328.3 M - ₹345.6 M | RHP DOC |
Hgs IPO SUBSCRIPTION STATUS
30 Oct '26Total1.53x
Retail Individual Investor0.33x
HNI (NII) Investors1.66x
Qualified Institutional Buyers2.34x
Hgs IPO overall subscription rate was 1.53 times the total available shares
Hgs IPO retail subscription rate was 0.33 times in the retail segment
Hgs IPO non-institutional investor subscription rate was 1.66 times in the non-institutional investor category
Hgs IPO Qualified Institutional Bidder subscription rate was 2.34 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
30 Oct 2026 | 0.33x | 1.66x | 2.34x |
Hgs FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| 1MFY27 | 3.1 | 1.1 | 3.3 | 3.3 | 50.8% |
| FY26 | 45.2 | 11.6 | 6.1 | 5.4 | 37.4% |
| FY25 | 45.2 | 11.6 | 14.1 | 13.0 | 31.2% |
| FY24 | 35.5 | 4.0 | 9.6 | 8.6 | 17.4% |
Hgs IPO SUBSCRIPTION STATUS DETAILS
Hgs has 2.9 M shares on offer
Hgs IPO offer price is in the range ₹114 - ₹120
Hgs IPO minimum Investment is ₹273600
Hgs IPO issue size is ₹ 328.3 M - ₹ 345.6 M
Hgs has a minimum lot size of 1200 Shares per application
Hgs NUMBER OF SHARES ON OFFER
Total2.9 M
Fresh Issue2.3 M
Offer for Sale554.0 K
Post Issue Promoter Holding %64.33 %
Hgs IPO IMPORTANT DATES
| Issue Open Date | 30 Oct 2026 |
| Issue close Date | 03 Nov 2026 |
| Allotment Date | 04 Nov 2026 |
| Refund Date | 05 Nov 2026 |
| Demat Account Credit Date | 05 Nov 2026 |
| Listing Date | 06 Nov 2026 |
| Listing on Exchange(s) | NSE |
| Hgs Allotment Status | Exchange/ Registrar |
Hgs IPO subscription opens on 30 Oct 2026, and closes on 03 Nov 2026
IPO allotment for Hgs is expected to be finalized on Wednesday, 04 Nov 2026
IPO listing for Hgs will be on NSE on Friday, 06 Nov 2026
Hgs Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| HGS (India) Ltd. | 120 | 130.3 | 8.8 | 0.2 | 2.7 | 13 | 10.6 | 48.9 | -8.5 | 11.6 | 10.8 | 13.6 | 41 |
| Elgi Equipments Ltd. | 509 | 16132.3 | 36 | 1.5 | 3.9 | 19.3 | 12.1 | 4068.5 | 14 | 430.2 | 22.8 | 14.1 | 23.4 |
| Kirloskar Brothers Ltd. | 1601.8 | 12719.7 | 33.8 | -8.3 | 2.6 | 15.2 | 8.5 | 4615.2 | 1.1 | 373.6 | -10 | 47.4 | -4.1 |
| Ingersoll-Rand (India) Ltd. | 4028.3 | 12716.5 | 47.5 | 44 | 8.7 | 41.6 | 25.6 | 1430.8 | 4.1 | 256 | -4.3 | 84.7 | 1.1 |
| KSB Ltd. | 651.1 | 11331.7 | 46.2 | -10.5 | 4.2 | 16.1 | 9.7 | 2754.9 | 7.2 | 270.5 | 9.3 | 14.1 | -4.4 |
| Kirloskar Pneumatic Company Ltd. | 538.4 | 6998.2 | 27 | 0.7 | 4 | 20.5 | 14.6 | 1814.5 | 9.1 | 256.1 | 21.3 | 20 | 38.8 |
Annual
Balance Sheet
Ratios
Cash Flow
Hgs annual results: revenue, profit, P&L, and margins as of Mar 2026 – 11 year history
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| Indicator | Graph | CAGR 3 Yrs | Mar '26 | Mar '25 | Mar '24 | Mar '23 |
|---|---|---|---|---|---|---|
14.8% | 44.2 | 48.8 | 33.6 | 29.2 | ||
Operating Exp. Ann. | 5.4% | 27.9 | 34.1 | 27.6 | 23.8 | |
Operating Profit Ann. | 107.5% | 12.5 | 10.3 | 3.9 | 1.4 | |
OPM Ann. % | 81.1% | 28.29% | 21.07% | 11.47% | 4.76% | |
5.1% | 29.4 | 35.7 | 29.1 | 25.3 | ||
EBITDA Ann. | 44.5% | 16.3 | 14.6 | 6 | 5.4 | |
EBITDA Ann. margin % | 25.6% | 36.86% | 30.00% | 17.89% | 18.61% | |
Interest Ann. | - | 0.1 | ||||
Depr. | -2.3% | 1.4 | 1.5 | 1.5 | 1.5 | |
PBT Ann. | 56.3% | 14.9 | 13.1 | 4.6 | 3.9 | |
Tax Ann. | 49.8% | 3.7 | 3.2 | 0.7 | 1.1 | |
58.7% | 11.2 | 9.9 | 3.9 | 2.8 | ||
Net Profit Ann. | 58.7% | 11.2 | 9.9 | 3.9 | 2.8 | |
NPM Ann. % | 35.3% | 27.64% | 22.27% | 12.29% | 11.16% | |
EPS Adj. latest Ann. | 57.9% | 11.8 | 10.4 | 4.1 | 3 |
*All financials are in INR Cr and price data in INR
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Total Rev. Ann.
1Y CHG
-9.4%
2Y CAGR
14.7%
3Y CAGR
14.8%
Net Profit Ann.
1Y CHG
13.1%
2Y CAGR
69.5%
3Y CAGR
58.7%
Operating Exp. Ann.
1Y CHG
-18.2%
2Y CAGR
0.5%
3Y CAGR
5.4%
Hgs INFORMATION ON IPO ISSUE
About Hgs
HGS (India) was incorporated on February 13, 1986. The company manufactures geophones, geophone strings, seismic cables, geophysical connectors, and related accessories for the energy and geoscience sectors. Its products are used to acquire, record, and transmit seismic data for subsurface geological analysis
Object of the Issue
- Funding the capital expenditure towards replacement of plant and machinery for their existing manufacturing facility at Manesar, Gurugram
- Funding the capital expenditure towards backward integration for setting up in-house gold plating facility
- Funding the capital expenditure towards Infrastructural development of building on 3rd Floor at their existing manufacturing facility at Manesar, Gurugram
- Pursuing unidentified acquisitions and general corporate purpose
Hgs - PROMOTERS
| Name |
|---|
| Anil Dass |
| Shashi Singh |
| Cecilia Margareta Singh Ramel |
| Sowar Private Limited |
Hgs - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Anil Dass | Managing Director |
| Dhiraj Kumar Vashista | Whole Time Director & Chief Financial Officer |
| Samir Gugnani | Whole Time Director |
| Anand Narain Bhatia | Non-Executive Director |
| Malti Sen | Chairperson & Non-Executive Director |
| Shashi Singh | Non- Executive Director |
| Ravi Indra Singh Verdi | Independent Director |
| Dileep Rao | Independent Director |
| Ravinder Singh Sodhi | Independent Director |
Hgs Book Running Lead Manager
HEM Securities Limited
ib@hemsecurities.com
Hgs Registrar to the Offer
KFin Technologies Limited
hgs.ipo@kfintech.com
Hgs Strengths
Diversified product portfolio
The company offers a comprehensive range of seismic equipment, including geophones, seismic cables, connectors, seismographs, and related accessories, serving the energy and geoscience sectors. Its integrated product portfolio enables customers to source compatible solutions from a single platform, improving operational efficiency and simplifying procurement
Strength
Quality assurance
The company follows stringent quality standards, supported by ISO 9001:2015 and ZED Gold certifications, with rigorous testing at every stage of manufacturing to ensure product reliability and precision. It sources raw materials from trusted suppliers and combines in-house and accredited external testing to deliver high-quality products that meet customer specifications
Strength
Client relationship
The company has established long-term relationships with customers in the seismic and geoscience sectors by consistently delivering reliable, high-quality products tailored to their technical requirements. These relationships support repeat orders, stable demand, improved production planning, and strengthen the company's competitive position
Strength
Hgs Risks
Permits & approvals
The company depends on various statutory licenses, permits, and regulatory approvals to operate its business, many of which require periodic renewal. Any delay, non-renewal, suspension, or failure to comply with regulatory requirements could disrupt operations, increase costs, and adversely affect its financial performance
Risk
Regulatory risks
The company is subject to stringent labour laws and employment regulations governing wages, working conditions, and employee rights. Any labour disputes, stricter regulatory requirements, wage increases, or workforce shortages could increase operating costs and adversely affect its business and financial performance
Risk
Depend on oil & gas sector
The company's business depends on exploration and production activity in the oil and gas sector, making it vulnerable to geopolitical tensions, crude oil price volatility, and reduced capital spending by energy companies. Such factors could lower demand for its products, disrupt supply chains, increase costs, and adversely affect its financial performance
Risk
IPO FAQs
This IPO consists of an offer for sale of up to Rs 6.6 crore, of 554,000 shares. It also consists of a fresh issue of Rs 27.9 crore.
The promoters of the company are Anil Dass, Shashi Singh, Cecilia Margareta Singh Ramel and Sowar Private Limited.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 114.0 - 120.0.
The IPO application opens on Oct 30, 2026 and closes on Nov 03, 2026.
The minimum lot size for the IPO is 2400. The maximum lot size for the IPO is 2400.
For all category investors, the minimum application amount for this IPO is Rs. 273,600.0, the maximum value for this IPO is Rs 288,000.0.
This IPO will be allotted on Nov 04, 2026.
The refund will be credited to your account on Nov 05, 2026.
The allotted shares will be credited to your demat on Nov 05, 2026.
HGS (India) Ltd.’s shares will list on the stock exchanges on Nov 06, 2026.