HGS (India) IPO

GMP History

Financial Performance

As disclosed by HGS (India) in its offer document.

Strengths and risks

Taken from HGS (India)'s own offer document — not Arthneeti's assessment.

• ✓HGS (India) Limited has been operating in the seismic equipment manufacturing industry since 1986. Its products cater to several industries, including oil and gas exploration, mineral exploration, earthquake seismology, defence research, and vibration monitoring.
• !The company depends on a limited number of customers for a significant portion of its revenue. Revenue from its top 10 customers amounted to Rs 21.73 crore (61.24%) in FY24, Rs 27.60 crore (56.24%) in FY25 and Rs 32.78 crore (72.58%) in FY26. The company has no long-term contracts with most customers, and the loss of major customers could affect revenue and profitability.
• ✓The company has an international presence, with its products sold in around 47 countries, including India, as of April 30, 2026. Its export revenue increased from Rs 22.41 crore (63.17% of revenue from operations) in FY24 to Rs 29.03 crore (59.15%) in FY25 and Rs 38.04 crore (84.22%) in FY26.
• !The company derives a significant portion of its revenue from exports. Export revenue amounted to Rs 22.41 crore (63.17%) in FY24, Rs 29.03 crore (59.15%) in FY25 and Rs 38.04 crore (84.22%) in FY26. Changes in international trade policies, tariffs, geopolitical conditions, or demand in key overseas markets could adversely affect the company's business and financial performance.

About HGS (India)

HGS (India) Limited is engaged in the manufacturing of geophones, geophone strings, seismic cables, geophysical connectors, and related parts and accessories for the seismic industry. Established in 1986, the company manufactures equipment used to record and transmit ground vibrations for analysing underground geological structures. Its product portfolio includes geophone elements, geophone strings, seismographs, accelerographs, seismometers, seismic system cables, connectors, battery chargers, weight drops, and pig tracking systems. These products are used in oil and gas exploration, mineral exploration, defence research, vibration monitoring, seabed surveys, earthquake studies, and academic research. The company also manufactures cables and connectors for resistivity meters and radar equipment. The company's manufacturing facility is located in Manesar, Haryana. It operates in-house cable extrusion, injection molding, component assembly, and testing facilities. Its products are sold under the "HG" brand. The company also has a wholly owned subsidiary, HGS Products B.V., in the Netherlands, which provides global sales support. Use of proceeds: The IPO consists of both a fresh issue of shares and an offer for sale (OFS).​ Proceeds from the OFS will go to the respective selling shareholders, whereas the net proceeds from the fresh issue will be utilised for the following purposes:​ Funding the capital expenditure towards replacement of plant and machinery for the existing manufacturing facility at Manesar, Gurugram — Rs 15.04 crore Funding the capital expenditure towards backward integration for setting up in-house gold plating facility — Rs 1.05 crore Funding the capex for infrastructure development at its existing manufacturing facility at Manesar, Gurugram — Rs 3.26 crore Pursuing unidentified acquisitions and general corporate purposes