Institutional Alpha Dossier

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Name: Hgs India IPO DRHP & Primary Market Dataset (2026)
Creator: The FinReason
License: https://creativecommons.org/licenses/by-nc/4.0/

MAINBOARD SYNCING

GMP: ₹-

Est. Listing: Calculating...

IPO Execution Schedule (NSE / BSE Trading Calendar)

Bidding Opens - Issue Open

Bidding Closes - Closing Date

Basis of Allotment - Registrar Finalization

Exchange Listing - Secondary Debut

Issue Price Valuation

₹-

Upper Cap Price

Price Band Cap: Book Built / Fixed

Lot Size & Retail Matrix

- Shares

Minimum Market Lot

Min Capital: ₹-

Application Size: -

Quant Grade & Moat Score

FinReason Grade

★★★★★

FUNDAMENTALS & SPREAD

TBA Moat / 10

Proprietary Multi-Factor Moat Model

Underlying Moat Architecture & Risk Factors

💼 MINIMUM INVESTMENT

Capital Matrix

Retail (Min Lot) Up to ₹2 Lakhs Category

₹ 288000

HNI (Min Lot) sNII / High Net-Worth Tier

₹ 432000

HNI Capital Multiple: Institutional Lot Sizing

🍩 RESERVATION QUOTA (%)

Issue Allocation

100% Total Issue

Anchor 28.5%

Market Maker 5%

QIB 19%

NII / HNI 14.25%

Retail 33.25%

🏛️

Institutional Corporate Dossier

HGS (India)

COMPANY PROFILE & DNA

⏳

Incorporation / Founded

13-02-86

Active Vintage

📍

Corporate Headquarters

New Delhi, Delhi

Registered Hub

👔 Leadership & Promoter Group

Key Management

Anil Dass, Shashi Singh, Cecilia Margareta Singh Ramel, Sowar Private Limited

⚙️ Business Overview & Portfolio Core Offerings

Manufacturer of geophones, seismic cables, and geophysical equipment accessories

🎯 Target Market & End-Use Revenue Drivers

Seismic data acquisition products used in oil and gas exploration

🛡️

★ Unique Selling Proposition (Core Economic Moat)

Comprehensive range of precision-engineered seismic products with extensive global export footprint

Objects of the Issue (Use of Proceeds & Allocation)

🎯 Objective 01 Replacement of plant and machinery for manufacturing facility at Manesar

₹ 18.50

Allocation

🎯 Objective 02 Capital expenditure towards backward integration for in-house gold plating facility

₹ 1.05

Allocation

🎯 Objective 03 Infrastructural development of building on 3rd floor at Manesar facility

₹ 4.73

Allocation

🎯 Objective 04 General Corporate Purposes

Balance

Allocation

Financial Performance & Multi-Year Trajectory

All Figures in ₹ Crores

Latest Total Income📊

₹- Top-Line

EBITDA Margin⚡

-% Operating

Net Profit (PAT) Margin📈

-% Bottom-Line

Debt / Net Worth🛡️

-x Leverage

📊 Income, EBITDA & Profit Growth Trajectory

Income EBITDA PAT Trend

🏛️ Balance Sheet: Net Worth vs Debt

Net Worth Borrowing

Particulars	Sep-25	FY25	FY24	FY23
Total Income	26.18	49.08	35.48	29.65
EBITDA	9.47	13.93	4.73	4.87
Profit After Tax (PAT)	6.82	10.51	4.00	3.67
Net Worth	87.72	85.16	95.04	94.52
Total Borrowing	0.00	0.00	0.00	0.00

Growth Engine & Compounding Velocity (KPIs)

Multi-Year Trajectory

📊 Total Sales (Revenue)

Growth

49.08 ₹ Cr

YoY Growth 38.33%

3-Year CAGR 28.66%

⚡ EBITDA (Op. Profit)

Growth

13.93 ₹ Cr

YoY Growth 194.50%

3-Year CAGR 69.13%

📈 Net Profit (PAT)

Growth

10.51 ₹ Cr

YoY Growth 162.75%

3-Year CAGR 69.23%

Capital Efficiency & Return Ratios (ROE vs ROCE)

Capital Allocation Audit

◈ ROE (Return on Equity) Calculating...

Current ROE

Current Period-%

3-Year Average-%

Last Year-%

◈ ROCE (Capital Employed) Calculating...

Current ROCE

Current Period-%

3-Year Average-%

Last Year-%

MetricMetric	Current (%)Curr%	Last Year (%)Last%	3-Yr Avg (%)3Y Avg	Trend StatusTrend
ROE (Return on Equity)ROE	12.34%	4.21%	6.81%	Improving
ROCE (Capital Employed)ROCE	16.36%	4.98%	8.83%	Improving

Forensic Analysis & Reality Check

Earnings Quality & Dilution Audit

1.01 CFO / EBITDA

Cash Flow Conversion Efficiency

Checking...

Analyzing operating cash flow conversion...

0.0x (Paper Profit) 70%+ Institutional Benchmark 1.0x+ (Strong Cash)

⚡ Pre-IPO vs Post-IPO Forensic Impact Meters Post-Issue Trajectory

Parameter	Pre-IPO	Post-IPO	View
Debt / Equity	0	0	Low
EPS (₹)	9.68	12.56	Accretive
ROE (%)	12.34%	9.29%	Bad
ROCE (%)	16.36%	12.32%	Bad
P/E (Valuation)	12.4	9.55	Reasonable

⏳ Debtor Days Trend (Receivables Cycle)

Analyzing...

FY23

69.68

→

FY24

61.83

→

FY25

75.19

Lower receivable days indicate faster cash collection from clients.

⚠️ Contingent Liabilities Off-Balance Sheet

₹ 1.73 Cr

*Potential hidden obligations & legal/tax claims

Company NameComp	Revenue (Cr)Rev	P/E RatioP/E	ROCE (%)ROCE	ROE (%)ROE	OPM (%)OPM
HGS (India) Limited IPO CANDIDATE	49.08	9.55 (Ask)	16.36%	9.29% (Post Issue)	28.38%
NA	0	0	0	0	0
NA	0	0	0	0	0
NA	0	0	0	0	0
NA	0	0	0	0	0
NA	0	0	0	0	0

Strategic SWOT Analysis & Risk-Reward Matrix

4-Quadrant Institutional Assessment

▲ Positive Catalysts (Strengths + Opportunities): 8 Factors ▼ Risk Vectors (Weaknesses + Threats): 8 Factors

Strengths Internal Competitive Moat

4 Drivers

Wide product portfolio catering to various industries
Precision engineering expertise with complex manufacturing capabilities
Long term established relationships with key global customers
Established global supply chain and robust sourcing network

Weaknesses Internal Operational Constraints

4 Factors

Revenue concentration from top oil exploration clients
Working capital intensity due to inventory requirements
Vulnerability to global raw material cost fluctuations
Reliance on single manufacturing facility at Manesar

Opportunities External Growth Tailwinds

4 Vectors

Expansion into backward integrated gold plating facility
Growing global demand for advanced seismic equipment
Potential inorganic growth through targeted strategic acquisitions
Operational capacity expansion through additional floor construction

Threats & Risks External Macro & Sector Headwinds

4 Risks

Intense competition from large international equipment manufacturers
Rapid technological changes in seismic data acquisition
Foreign exchange rate volatility impacting international sales
Regulatory changes affecting oil and gas exploration

Top 10 Anchor Investors & Smart-Money Allocation

INSTITUTIONAL BOOK

Top 10 Anchor Commitment

₹- Cr

Smart-Money Quality Score

- / 5.0 ★ Marquee Conviction

SEBI Anchor Lock-In Schedule

30D (50%) • 90D (50%) Mandatory Lock-In

Anchor Book Allocation Pending Exchange Filing

Institutional anchor investor bidding & allocation disclosures are officially filed with NSE/BSE 1 working day prior to the IPO opening date.

Rank	Marquee Anchor Institution	Smart-Money Grade	Amount Invested	Anchor Share (%)

Score 7/10 (Base 4, Sector +2, Co +3, Risk -2) | SECTOR MOAT: Niche seismic equipment sector benefiting from oil exploration capex, defense demand, and Make-in-India import substitution tailwinds | COMPANY MOAT: 40-year track record with proprietary precision manufacturing, ZED Gold certification, high 28.38% EBIT margin, 16.36% ROCE, and 29 repeat global B2B clients | KEY RISKS: Top 5 clients contribute 67.72% stub revenue, along with inventory-heavy working capital requirements | VERDICT: High-margin niche precision engineering play with robust entry barriers, balanced by customer concentration. 28.5 5

IPO Subscription & Book-Building Demand Matrix

NSE / BSE Book-Building Feed

Aggregate Book Subscription

-x

Syncing Book...

Analyzing category-wise oversubscription & allotment odds... QIB vs Retail Spread

0.0x (Unfilled) 1.0x (Full Cover) 10x (Strong) 50x (High Demand) 100x+ (Blockbuster)

QIB Quota Qualified Institutional Buyers

Smart Money

-x Institutional Book

Inst. Conviction: Evaluating

NII / HNI Quota sNII (₹2L-10L) & bNII (₹10L+)

HNI Desk

-x Non-Institutional

HNI Competition Ratio: -

Retail (RII) Quota Individual Investors (Up to ₹2L)

SEBI Lottery

-x Retail Book

Retail Allotment Odds: -

Hgs India IPO: Key Issue Details, GMP & DRHP Quantitative Summary

Below is the institutional primary market dataset for Hgs India (SME IPO) compiled from official offer documents (DRHP/RHP) and exchange filings:

IPO Name	HGS (India)
Slug	https://www.investorgain.com/gmp/hgs-india-ipo/2241/
Status	✅ Active
Rating	TBA
Price	₹ 120
Lot/Size	1200
Dates Short	30 Oct - 03 Nov
Open Date	30-10-26
Close Date	03-11-26

Disclaimer: All data, moat scores, and indicative grey market figures are algorithmic and informational compilations for educational study only. The FinReason does not provide Buy/Sell/Subscribe/Avoid recommendations.

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💼 MINIMUM INVESTMENT

🍩 RESERVATION QUOTA (%)

IPO Subscription & Book-Building Demand Matrix

Hgs India IPO: Key Issue Details, GMP & DRHP Quantitative Summary

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