Its products are used in oil and gas exploration, mineral exploration, defence research, earthquake monitoring, vibration analysis and other geoscience applications. The company also manufactures cables and connectors for resistivity meters and radar equipment.
HGS (India) has developed in-house manufacturing capabilities, including cable extrusion lines and injection moulding machines, enabling it to manufacture critical components and maintain quality control. Its manufacturing facility is located in Manesar, Haryana, and is equipped with precision assembly, coil winding, magnetising and testing facilities. 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 (NSEZ).
The company exports its products to several countries across North America, Europe, Asia, Africa and other regions. In 2015, it established its wholly owned subsidiary, HGS Products B.V., in the Netherlands to strengthen its international sales and customer support.
HGS (India) Ltd.’s revenue decreased by 8% and profit after tax (PAT) rose by 11% between the financial year ending with March 31, 2026 and March 31, 2025.
| Period Ended | 30 Apr 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Assets | 111.90 | 110.12 | 104.04 | 113.70 |
| Total Income | 3.79 | 48.91 | 53.45 | 37.93 |
| Profit After Tax | 1.11 | 11.64 | 10.51 | 4.00 |
| EBITDA | 1.58 | 16.89 | 15.31 | 6.16 |
| NET Worth | 90.41 | 89.27 | 85.16 | 95.04 |
| Reserves and Surplus | 91.80 | 90.66 | 87.97 | 95.47 |
| Amount in ₹ Crore | ||||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding the capital expenditure towards replacement of plant and machinery for our existing manufacturing facility at Manesar, Gurugram | 15.05 |
| 2 | Funding the capital expenditure towards Backward Integration for setting up in-house gold plating facility | 1.05 |
| 3 | Funding the capital expenditure towards Infrastructural development of building on 3rd Floor at our existing manufacturing facility at Manesar, Gurugram | 3.26 |
| 4 | Pursuing unidentified acquisitions and general corporate purpose | |
| Total | 19.36 |
| KPI | Apr 30, 2025 | Mar 31, 2026 |
|---|---|---|
| ROE | 1.24% | 13.35% |
| ROCE | 1.60% | 17.13% |
| RoNW | 1.23% | 13.04% |
| PAT Margin | 35.80% | 25.77% |
| EBITDA Margin | 50.81% | 37.40% |
| NAV | 105.96 | 104.63 |
| P/B (x) | 1.13 | 1.15 |
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 13.64 | 12.29 |
| P/E (x) | 8.8 | 9.76 |
| IPO Date | 30 Oct to 3 Nov, 2026 |
| Listing Date | Fri, Nov 6, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹114 to ₹120 |
| Lot Size | 1,200 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Total Issue Size | 28,80,000 shares (agg. up to ₹35 Cr) |
| Reserved for Market Maker | 1,45,200 shares (agg. up to ₹2 Cr) |
| Fresh Issue (Ex Market Maker) | 21,80,800 shares (agg. up to ₹26 Cr) |
| Offer for Sale | 5,54,000 shares of ₹10 (agg. up to ₹7 Cr) |
| Net Offered to Public | 27,34,800 shares (agg. up to ₹33 Cr) |
| Share Holding Pre Issue | 85,32,713 shares |
| Share Holding Post Issue | 1,08,58,713 shares |
The promoters of the company are Anil Dass, Shashi Singh, Cecilia Margareta Singh Ramel and Sowar Pvt.Ltd..
| Share Holding Pre Issue | 87.3% |
| Share Holding Post Issue | 64.33% |
As per our analysis and Based on the information we have, this is the output.
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