HGS (India)
Price band ₹114–120 · Issue ₹34.56 Cr
Market attention score 32 (how ranked)
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Capital required
Approximate retail outlay for HGS (India) at the issue price band (lot × lots).
Est. capital
₹1,36,800 – ₹1,44,000
Lot size 1,200 · up to ₹120/share
Prefer smaller tickets before listing? Explore unlisted & pre-IPO shares.
Opens
30 Oct 2026
Closes
3 Nov 2026
Allotment
4 Nov 2026
Listing
6 Nov 2026
Lot size
1,200
Overview
HGS (India) IPO is a book build issue of ₹34.56 crores. The issue is a combination of fresh issue of 23.26 lakh shares aggregating to ₹27.91 crores and offer for sale of 5.54 lakh shares aggregating to ₹6.65 crores.
HGS (India) IPO opens for subscription on Oct 30, 2026 and closes on Nov 3, 2026. The allotment for the HGS (India) IPO is expected to be finalized on Nov 4, 2026. HGS (India) IPO will list on the NSE SME with a tentative listing date fixed as Nov 6, 2026.
HGS (India) IPO is set issue price band at ₹114 to ₹120 per share. The lot size for an application is 1,200 shares. The minimum amount of investment required by an individual investor (retail) is ₹2,88,000 (2,400 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (3,600 shares), amounting to ₹4,32,000.
Hem Securities Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue. The Market Maker of the company is Hem Finlease Pvt.Ltd.
Refer to HGS (India) IPO RHP for detailed Information.
Issue details
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
Lot size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (IND) (Min) | 2 | 2400 | ₹2,88,000 |
| Individual investors (IND) (Max) | 2 | 2400 | ₹2,88,000 |
| S-HNI (Min) | 3 | 3600 | ₹4,32,000 |
| S-HNI (Max) | 6 | 7200 | ₹8,64,000 |
| B-HNI (Min) | 7 | 8400 | ₹10,08,000 |
Issue reservation
| Investor Category | Shares |
|---|---|
| QIB | Not more than 50% of the Net Offer |
| Retail | Not less than 35% of the Net Offer |
| NII | Not less than 15% of the Net Offer |
About the company
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.
Financials
| Metric | 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 |
Amounts in ₹ Crore (restated)
Key performance indicators
| 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
Valuation Metric
Pre IPO
EPS (₹)
13.64
P/E (x)
8.8
Market Cap at Offer Price
₹102.39 Cr.
Objects of the issue
- Funding the capital expenditure towards replacement of plant and machinery for our 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 our existing manufacturing facility at Manesar, Gurugram
- Pursuing unidentified acquisitions and general corporate purpose
Intermediaries
Registrar
Kfin Technologies Ltd.
Lead manager(s)
Hem Securities Ltd.
FAQs
How to apply in HGS (India) IPO through Zerodha?+
Zerodha customers can apply for the HGS (India) IPO online through the Kite platform under the IPO & Bids section using UPI as the payment method. Steps to Apply for HGS (India) IPO through Zerodha Log in to your Zerodha Kite account. On the home page, click IPO & Bids in the top menu. Select the IPO tab and find the HGS (India) IPO in the list. Click Apply next to the IPO. Enter your UPI ID, bid quantity, and bid price. Submit the IPO application. Open your UPI app and approve the mandate to complete the application process. For more details, visit the Zerodha IPO Application Process Review .
When HGS (India) IPO will open?+
The HGS (India) IPO opens on Fri, Oct 30, 2026 and closes on Tue, Nov 3, 2026.
What is the lot size of HGS (India) IPO?+
HGS (India) IPO lot size is 1200 , and the minimum amount required for application is ₹2,88,000 , with 2 lots being the minimum application size .
How to apply for HGS (India) IPO?+
You can apply in HGS (India) IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha , Upstox , 5Paisa , Nuvama , HDFC Bank , and SBI Bank .
When is HGS (India) IPO allotment?+
The finalization of Basis of Allotment for HGS (India) IPO will be done on Wednesday, November 4, 2026 , and the allotted shares will be credited to your demat account by Thu, Nov 5, 2026 . Check the HGS (India) IPO allotment status .
When is HGS (India) IPO listing date ?+
The HGS (India) IPO listing date is not yet announced. The tentative date of listing is Fri, Nov 6, 2026 .
Aggregated from public IPO filings. GMP is unofficial grey-market chatter, not advice.