IPO Analysis
HGS (India) IPO Analysis: GMP, Financials, Valuation & Risks
HGS (India)'s SME IPO is priced at ₹114 to ₹120 per share and opens October 30, 2026. See its financials, valuation figures, risks and unofficial GMP.
By Feneel Patel
· 5 min read
AI wrote this article from prospectus and exchange data, and software checked its figures against that data before publishing. How our content is made
Summary
HGS (India)'s NSE SME IPO is a bookbuilding issue with a price band of ₹114 to ₹120 per share. It opens on October 30, 2026, and closes on November 3, 2026. The issue size is approximately ₹34.56 crore.
The company makes geophones, seismic cables, connectors and related equipment for geoscience applications. Its latest financial figures and valuation metrics are listed below, alongside risks that include customer, export and supplier concentration.
IPO snapshot
| Detail | Information |
|---|---|
| IPO type | SME, bookbuilding |
| Price band | ₹114 to ₹120 per share |
| Face value | ₹10 per share |
| Issue size | Approximately ₹34.56 crore |
| Fresh issue | 21,80,800 shares, aggregating up to ₹26 crore |
| Offer for sale | 5,54,000 shares of ₹10, aggregating up to ₹7 crore |
| Retail minimum | 2 lots, 2,400 shares, ₹2,88,000 |
| Retail maximum | 2 lots, 2,400 shares, ₹2,88,000 |
| S-HNI minimum | 3 lots, 3,600 shares, ₹4,32,000 |
| S-HNI maximum | 6 lots, 7,200 shares, ₹8,64,000 |
| B-HNI minimum | 7 lots, 8,400 shares, ₹10,08,000 |
| Opening date | October 30, 2026 |
| Closing date | November 3, 2026 |
| Listing exchange | NSE SME |
Business
HGS (India) makes products used in oil and gas exploration, mineral exploration, defence research, earthquake monitoring, vibration analysis and other geoscience applications. It also makes cables and connectors for resistivity meters and radar equipment.
Its manufacturing facility is in Manesar, Haryana. The company has in-house cable extrusion and injection moulding capabilities, along with precision assembly, coil winding, magnetising and testing facilities. It exports to countries across North America, Europe, Asia, Africa and other regions. Its wholly owned Netherlands subsidiary, HGS Products B.V., was established in 2015 for international sales and customer support.
The company is ISO 9001:2015 certified, holds ZED Gold Certification and is recognised as a 100% Export Oriented Unit by the Noida Special Economic Zone. See our HGS (India) IPO analysis page.
Financials
The financial figures below are presented as published. A unit isn't specified in the figures provided.
| Period ended | Assets | Revenue | Profit after tax | EBITDA | Net worth | Reserves and surplus |
|---|---|---|---|---|---|---|
| 31 Mar 2024 | 113.70 | 37.93 | 4.00 | 6.16 | 95.04 | 95.47 |
| 31 Mar 2025 | 104.04 | 53.45 | 10.51 | 15.31 | 85.16 | 87.97 |
| 31 Mar 2026 | 110.12 | 48.91 | 11.64 | 16.89 | 89.27 | 90.66 |
| 30 Apr 2026 | 111.90 | 3.79 | 1.11 | 1.58 | 90.41 | 91.80 |
Valuation
| Metric | Figure |
|---|---|
| ROE | 1.24% |
| ROCE | 1.60% |
| Return on net worth | 1.23% |
| PAT margin | 35.80% |
| EBITDA margin | 50.81% |
| Net asset value | 105.96 |
| Price to book value | 1.13 |
| EPS | 13.64 (Basic) |
| Price-to-earnings ratio | Not available |
GMP
The unofficial grey market premium (GMP) was ₹0 as of 9:05 am IST on October 28, 2026. GMP is an unofficial quote, not an exchange figure. It can change, and a listing can land away from the quote.
Strengths
- The company has in-house manufacturing capabilities, including cable extrusion, moulding, assembly and testing.
- Its products serve applications across exploration, defence research, earthquake monitoring and vibration analysis.
- It has an export presence across North America, Europe, Asia, Africa and other regions.
- The company holds ISO 9001:2015 and ZED Gold certifications.
Risks
- The top customer contributed 21.79% of FY2026 revenue, and the top five contributed 60.21%. The company has no long-term contracts, so cancellations or payment defaults could pressure cash flow.
- Exports accounted for 98.52% of revenue for the period ended April 30, 2026. This exposes the company to geopolitical, currency, sanctions and trade-barrier risks.
- Two product categories generated 97.66% of revenue for the period ended April 30, 2026, leaving revenue exposed to demand and product-specific risks.
- The top ten suppliers represented 99.04% of purchases, and 76.34% of purchases were imported. Supply disruption, higher input costs or loss of technical know-how could affect operations.
- Manufacturing disruption, changing capacity utilisation, skilled-labour retention and strict quality requirements may affect output and profitability. Inventory and receivables also tie up funds.
- The company has ₹1,722.42 lakh invested in equity and mutual funds without an impairment provision. It also faces bank dependence, restrictive debt covenants and promoter personal guarantees.
- Pending matters include a former employee's reinstatement claim, a civil appeal over a ₹15.28 lakh recovery, promoter tax demands and a promoter-group recovery suit. The company also faces GST and TDS matters.
Important dates
| IPO event | Date |
|---|---|
| Issue opens | October 30, 2026 |
| Issue closes | November 3, 2026 |
| Allotment | November 4, 2026 |
| Refunds | November 5, 2026 |
| Shares credited to demat | November 5, 2026 |
| Listing | November 6, 2026 |
Promoters
The promoters are Anil Dass, Shashi Singh, Cecilia Margareta Singh Ramel and Sowar Private Limited.
FAQs
When does the HGS (India) IPO open and close?
It opens on October 30, 2026, and closes on November 3, 2026.
What is the HGS (India) IPO price band?
The price band is ₹114 to ₹120 per share.
What is the HGS (India) IPO lot size for retail applicants?
The listed retail minimum and maximum are both 2 lots, or 2,400 shares, at ₹2,88,000.
What is the latest unofficial GMP?
The unofficial GMP was ₹0 as of 9:05 am IST on October 28, 2026. It's a grey market quote, not an exchange figure.
When is the HGS (India) IPO listing date?
The scheduled listing date is November 6, 2026.