NSE List Price : ₹

Subscription

Category	Times
QIBs	55.46x
HNIs	425.02x
Retail	235.72x
Total : 174.68x

IPO Market Lot(s) Distribution

Application	Lot Size	Shares	Amount
Retail Minimum	2	2,400	₹288,000
Retail Maximum	2	2,400	₹288,000
S - HNI Minimum	3	3,600	₹432,000
S - HNI Maximum	6	7,200	₹864,000
B - HNI Minimum	7	8,400	₹1,008,000

About the Company

HGS (India) Limited was set up in 1986 as Geosource India Limited, in technical and financial collaboration with Geosource Inc., USA, and took its present name in 1992. The New Delhi-headquartered company makes geophones, geophone strings, seismic cables, geophysical connectors and related accessories for the seismic industry, sold under the brand name "HG".

Its products are used to capture and transmit seismic data for oil and gas exploration, mineral exploration, defence research, vibration monitoring, seabed geophysical surveys, earthquake studies and academic research.

Manufacturing is carried out at Manesar, Haryana, in a 100% Export Oriented Unit with in-house extrusion, moulding, coil winding and magnetizing capabilities. The plant is ISO 9001:2015 certified and holds ZED Gold certification from the Ministry of MSME. A wholly owned subsidiary in the Netherlands, HGS Products B.V. (set up in 2015), handles global sales and marketing. Exports make up most of its business, reaching customers in about 21 countries across the United States, Europe and the Middle East.

Products & Services

• Geophones

• Geophone strings / harness

• Seismic cables

• Geophysical connectors

• Seismographs and seismometers

• Related seismic accessories

Company Financial Report

_{Amount ₹ in Crores}

Period Ended	Revenue	Expense	PAT	Assets
Mar 2024	₹37.93	₹33.25	₹4.00	₹113.70
Mar 2025	₹53.45	₹39.63	₹10.51	₹104.04
Mar 2026	₹48.91	₹33.50	₹11.64	₹110.12
Apr 2026	₹3.79	₹2.33	₹1.11	₹111.90

Company Promoter

Anil Dass

Shashi Singh

Cecilia Margareta Singh Ramel

Sowar Private Limited

Know before investing

• • Strengths

  • Long manufacturing track record: Nearly 40 years of precision manufacturing experience, with roots in a collaboration with Geosource Inc., USA.

  • Complete seismic product range: Geophones, strings, cables, connectors, seismographs and seismometers cover the full seismic data acquisition chain.

  • Backward integration: In-house cable extrusion, injection moulding, coil winding and magnetizing support quality control and cost efficiency.

  • Global reach: An export-oriented unit in India combined with a Netherlands subsidiary gives access to customers in around 21 countries.

  • Repeat customer base: The company sold to 146 domestic and overseas customers in FY 2024-25, with several repeat buyers over recent years.

  • Strong balance sheet: Net worth of about Rs. 89.27 Cr as of March 31, 2026, with PAT of Rs. 11.64 Cr in FY 2025-26.

• • Risks

  • Customer concentration: The business depends on a limited number of key customers without long-term contracts.

  • Export and currency risk: A large share of revenue comes from exports, exposing the company to tariffs, geopolitical events and exchange-rate movements.

  • Product concentration: Geophone strings / harness and seismic cables contribute the majority of revenue, so lower demand for these products would hurt results.

  • Cyclical end market: Demand is linked to oil, gas and mineral exploration spending, which moves with commodity cycles; total income fell from Rs. 53.45 Cr in FY 2024-25 to Rs. 48.91 Cr in FY 2025-26.

  • Unidentified acquisitions: Part of the proceeds is earmarked for acquisitions that have not yet been identified.

Objects of the Issue & Utilisation of proceeds

• Replacement of plant and machinery at the existing manufacturing facility at Manesar, Gurugram - Rs 15.05 Cr

• Backward integration by setting up an in-house gold plating facility - Rs 1.05 Cr

• Infrastructure development of the 2nd floor of the building at the existing Manesar facility - Rs 3.26 Cr

• Pursuing unidentified acquisitions and General Corporate Purposes

• Offer for Sale of 5,54,000 shares by selling shareholders - Rs 6.65 Cr (proceeds go to the selling shareholders)

Company Address

HGS (India) Ltd.
Portion-2, First & Second Floor, A-259
Defence Colony
New Delhi, Delhi, 110024
Phone: 011-46066604
Email: cs@hgsindia.com
Website: https://www.hgsindia.com/

IPO Registrar

Kfin Technologies Ltd.
Phone: 040-79615565
Email: hgs.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/