HGS (India) IPO

HGS (India) manufactures geophones, geophone strings, seismic cables, geophysical connectors, and parts and accessories for geophysical equipment used in seismic data acquisition. Its wider portfolio includes seismographs, accelerographs, seismometers, battery chargers, weight drops and pig tracking systems. Products serve oil and gas exploration, defence research, mineral exploration, vibration monitoring, seabed surveys, earthquake seismology and applied or academic research.

In FY26, geophone strings and harnesses contributed ₹29.94 crore or 66.2% of revenue from operations, seismic cables ₹9.21 crore or 20.3%, parts and accessories ₹4.88 crore or 10.8%, geophysical connectors 0.1%, and other revenue 2.3%. Geophone strings remained the largest category, moving from 66.9% in FY24 to 51.1% in FY25 and 66.2% in FY26; seismic cables moved from 23.1% to 26.9% and then 20.3%. The company operates a manufacturing facility in Manesar, Haryana, with precision assembly, injection moulding, coil winding, magnetising, extrusion and cable-line capabilities. FY26 utilisation was 13.6% for geophone strings against annual capacity of 72,000 units, 24.3% for seismic cables against 7,200 units, 0.5% for seismic cable length against 9,000,000 metres, 0.1% for geophysical connectors against 240,000 units, and 57.6% for parts and accessories against 864,000 units.

Exports accounted for ₹38.04 crore or 84.2% of FY26 revenue, compared with 59.1% in FY25 and 63.1% in FY24. The United States contributed 24.1% of FY26 revenue, Norway 13.5%, Germany 12.1%, Sweden 11.8% and India 15.7%.

The company sold its portfolio in around 47 countries as of April 30, 2026 and operates a wholly owned Netherlands subsidiary for global sales support. Raw materials include engineered plastic granules, copper, brass, aluminium, stainless steel, mild steel and special conductors. The company sources from third-party suppliers in India and imports from the United States, the Netherlands, Greece, Germany, Belgium, Canada and China.