NSE SME HGS (India) makes a flying start

HGS (India) traded at Rs 168 on the NSE, a 40% premium to its issue price of Rs 120.

The scrip was listed at Rs 160, a 33.33% premium to the issue price. The stock is currently frozen at its upper limit of 5% from its listing price.

The counter hit a high of Rs 168 and a low of Rs 160. About 14.16 lakh shares changed hands on the NSE.

HGS (India)'s IPO was subscribed 231.18 times. The IPO opened for subscription on 30 October 2026 and closed on 3 November 2026. The price band was Rs 114-120 per share.

The IPO comprised a fresh issue of 23.26 lakh shares aggregating to approximately Rs 27.91 crore and an offer for sale (OFS) of 5.54 lakh shares worth around Rs 6.65 crore. The total issue size stood at approximately Rs 34.56 crore. The promoter and promoter group shareholding declined to 64.33% after the IPO from 87.30% before the issue.

The company plans to utilise Rs 15.05 crore of the IPO proceeds towards replacing plant and machinery at its existing manufacturing facility in Manesar, Gurugram. A further Rs 1.05 crore will be used to establish an in-house gold plating facility as part of its backward integration plans. The company has earmarked Rs 3.26 crore for infrastructure development of the third floor of its existing manufacturing facility. The remaining proceeds will be used for unidentified acquisitions and general corporate purposes.

HGS (India) raised Rs 9.76 crore from anchor investors on 29 October 2026 through the allocation of 8.14 lakh equity shares.

Incorporated in February 1986, HGS (India) is engaged in manufacturing geophones, geophone strings, seismic cables, connectors and accessories used in seismic data collection and geophysical equipment. Operating under the 'HG' brand, the company caters to industries including oil and gas exploration, mineral exploration, defence research, earthquake monitoring and vibration analysis. It also manufactures cables and connectors for resistivity meters and radar equipment.

HGS (India) exports its products to markets across North America, Europe, Asia and Africa. In 2015, it established its wholly owned subsidiary, HGS Products B.V., in the Netherlands to strengthen its international sales and customer support operations. The company serves customers across multiple geographies through its established distribution and supply network. As on April 30, 2026, it has deployed 162 permanent employees and 15 contractual employees.

For FY2026, HGS (India) reported total income of Rs 48.91 crore, compared with Rs 53.45 crore in FY2025, registering a decline of approximately 8%. However, profit after tax (PAT) increased to Rs 11.64 crore from Rs 10.51 crore in the previous financial year. EBITDA stood at Rs 16.89 crore in FY2026 against Rs 15.31 crore in FY2025.

For the month ended 30 April 2026, the company reported total income of Rs 3.79 crore and PAT of Rs 1.11 crore. Its net worth stood at Rs 90.41 crore during the period.

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