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Hgs India Limited
Minimum investment
Bidding date
30 Oct - 03 Nov 2026
Price range
₹114 - ₹120
Minimum quantity
2,400
Minimum investment
₹1,44,000
Issue size
₹35 Cr.
IPO doc (link)
RHP docsListing exchange
NSE/BSE
Category | Subscription |
|---|---|
Qualified Institutional Buyers | - |
Retail Individual Investor | - |
Non-Institutional Investor | - |
Others | - |
Total | - |
The company manufactures geophones, geophone strings, seismic cables, geophysical connectors, and parts and accessories for geophysical equipment for the seismic industry. Products are used in acquisition of seismic data across Oil & Gas Exploration, Defence Research, Mineral Exploration, Vibration Monitoring, Geophysical Seabed Surveys, Earthquake Seismology and Applied & Academic Research. Its manufacturing facility is at Manesar, Haryana and it is a 100% Export Oriented Unit. It holds ISO 9001:2015 certification and the ZED Gold Certification. Export revenue was 84.22% of revenue from operations in FY 2025-26. The company had 162 permanent employees as on April 30, 2026, and its product portfolio is sold in around 47 countries including India. A wholly owned subsidiary, HGS Products B.V., is located in the Netherlands.
Strength: Wide product portfolio catering to various end user industries.
Strength: Precision engineering expertise with complex product manufacturing capabilities.
Strength: Long term and well-established relationships with customers.
Strength: Established supply chain and sourcing network.
Strength: Experienced Promoters and professional management team.
Risk: Business is dependent on sale of products to certain key customers with no long term contracts; top 5 customers accounted for 60.21% of revenue in FY 25-26.
Risk: Significant export dependence and exposure to country-specific and geopolitical risks.
Risk: Significant dependence on Geophones Strings/Harness and Seismic Cables as key products.
Risk: Under-utilization of manufacturing facility; capacity utilization for Geophone Strings/Harness was 13.63% in FY 2025-26.
Risk: Foreign currency fluctuation risk on exports and imports.
Risk: Increasing trade receivables and reduced receivables turnover ratio.
Risk: Dependence on limited number of suppliers; no long-term supply agreements.
Risk: Incomplete historical corporate records of the company from incorporation in 1986.
6.16 Cr.
FY23
4 Cr.
FY23
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