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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Replacement of plant and machinery
Funding capital expenditure towards the replacement of plant and machinery at the existing manufacturing facility in Manesar, Gurugram.
Backward integration for in-house gold plating
Funding capital expenditure towards setting up an in-house gold plating facility for backward integration.
Infrastructural development at Manesar facility
Funding capital expenditure towards the infrastructural development of the third floor building at the existing manufacturing facility in Manesar, Gurugram.
Acquisitions and general corporate purposes
Pursuing potential strategic acquisitions and supporting general corporate activities.
(₹ in Crore)
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HGS (India) Limited was incorporated in February 1986 under the name Geosource India Limited, subsequently changing its corporate name to HGS (India) Limited in June 1992. The company commenced operations under a technical and commercial collaboration with Geosource Inc., USA, and markets its offerings under the HG brand. The enterprise designs and manufactures specialized equipment for seismic exploration, including geophones, geophone strings, seismic telemetry cables, connectors, resistivity cables, and specialized geophysical accessories. The company operates an integrated manufacturing facility in Manesar, Gurugram, Haryana. Its manufacturing capabilities encompass cable extrusion lines, injection molding machines, precision coil winding equipment, magnetizing machinery, and dedicated environmental and electrical testing laboratories. HGS India holds ISO 9001:2015 certification, a ZED Gold rating, and is recognized as a 100 percent Export Oriented Unit within the Noida Special Economic Zone. The products manufactured by HGS India serve specialized applications in energy exploration, mineral discovery, earthquake monitoring, vibration testing, and defence research. The business caters to clients across India and international markets spanning North America, Europe, Asia, and Africa. In 2015, the company incorporated a wholly owned subsidiary, HGS Products B.V., in the Netherlands to manage international customer support and distribution operations.
HGS (India) Limited allocated 8,13,600 equity shares to anchor investors at the upper price band of Rs 120 per share on October 29, 2026, raising Rs 9.76 crore. Institutional participants in the anchor round included Tiger Strategies, Hem Growth Opportunities Fund, and Finavenue.
Source: RHP • Analysis provided for informational purposes
Last Updated: 27 October 2026, 7:32 PM
Specialized geophysical product portfolio
The company offers a comprehensive range of geophones, seismic cables, and specialized geophysical connectors serving energy exploration and scientific research.
Established in-house manufacturing capabilities
Production operations in Manesar incorporate internal extrusion, injection molding, and precision testing equipment supporting quality standards.
Global market footprint and export focus
The business supplies equipment across international geographies, backed by an established distribution subsidiary in the Netherlands.
Accredited quality management systems
HGS India maintains ISO 9001:2015 certification, holds ZED Gold status, and operates as an Export Oriented Unit.
Revenue concentration among primary clients
A significant portion of total revenue originates from a select group of customers without long-term purchase agreements.
Exposure to overseas trade regulations and currencies
Substantial export operations expose revenue to changes in foreign import tariffs, international trade restrictions, and currency rate fluctuations.
Dependence on seismic exploration cycles
Financial results are closely linked to capital expenditure cycles within the oil, gas, and mineral exploration industries.
HGS India Limited
Portion-2, First & Second Floor, A-259, Defence Colony, New Delhi - 110024, India
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Reliance on a limited supplier base
Key raw materials and specialized parts are sourced from a limited number of vendors, creating potential operational vulnerability.