HGS
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 137.92×
- Big non-institutionalbNII · above ₹10 lakh
- 493.16×
- Small non-institutionalsNII · ₹2–10 lakh
- 291.21×
- Retail individualRII · up to ₹2 lakh
- 235.72×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 7 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 04 Nov 2026 | ₹23 | — | ₹21,000 | ₹143 | ₹27,600 |
| 03 Nov 2026 | ₹25 | — | ₹22,800 | ₹145 | ₹30,000 |
| 02 Nov 2026 | ₹30 | — | ₹27,400 | ₹150 | ₹36,000 |
| 01 Nov 2026 | ₹30 | — | ₹27,400 | ₹150 | ₹36,000 |
| 31 Oct 2026 | ₹30 | — | ₹27,400 | ₹150 | ₹36,000 |
| 30 Oct 2026 | ₹30 | — | ₹27,400 | ₹150 | ₹36,000 |
| 29 Oct 2026 | ₹0 | — | ₹0 | ₹120 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 5,47,200 | 7,54,69,200 | ₹906 Cr | 137.92× |
| Non-institutional | 4,14,000 | 17,58,14,400 | ₹2,110 Cr | 424.67× |
| Big non-institutionalwithin NII | 2,73,600 | 13,49,28,000 | ₹1,619 Cr | 493.16× |
| Small non-institutionalwithin NII | 1,40,400 | 4,08,86,400 | ₹491 Cr | 291.21× |
| Retail individual | 9,60,000 | 22,62,86,400 | ₹2,715 Cr | 235.72× |
| Total | 19,21,200 | 47,75,70,000 | ₹5,731 Cr | 248.58× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 03 Nov, 05:56 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 30 Oct 2026 – 03 Nov 2026
- Listing date
- 06 Nov 2026
- Face value
- ₹10 per share
- Price band
- ₹114 – ₹120
- Issue price
- ₹120 per share
- Lot size
- 1,200 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹34.56 Cr
- Fresh issue
- ₹26.17 Cr 21,80,800 shares
- Offer for sale
- ₹6.65 Cr 5,54,000 shares
- Market cap at offer price
- ₹130 Cr
- Promoter holding
- 87.30% → 64.33% pre-issue → post-issue
- ISIN
- INE813R01012
- CIN
- U74899DL1986PLC023341
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Hem Securities Ltd.
- Registered office
- Portion-2, First & Second Floor, A-259, Defence Colony, New Delhi, Delhi, India, 110024
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 5,47,200 | 28.48% | 26.48% |
| Anchor investor · within QIB | 8,13,600 | — | 39.37% |
| NII (HNI) | 4,14,000 | 21.55% | 20.03% |
| bNII > ₹10L · within NII | 2,73,600 | — | 13.24% |
| sNII < ₹10L · within NII | 1,40,400 | — | 6.79% |
| Retail (RII) | 9,60,000 | 49.97% | 46.46% |
| Employee | 0 | — | 0.00% |
| Market maker | 1,45,200 | — | 7.03% |
| Total issue | 20,66,400 | — | 100.00% |
Net offer to the public of 19,21,200 shares, out of a total issue of 20,66,400. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,200 shares per lot, in multiples, at ₹120
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,44,000 |
| S-HNI (min) | 2 | 2,400 | ₹2,88,000 |
| S-HNI (max) | 6 | 7,200 | ₹8,64,000 |
| B-HNI (min) | 7 | 8,400 | ₹10,08,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 13.64 | 12.29 |
| P/E (×) | 8.80 | 9.76 |
| Price to book (×) | 1.15 | — |
| Market cap | — | ₹130 Cr |
Key performance indicators
- Return on net worth
- 13.04%
- ROCE
- 15.00%
- PAT margin
- 25.77%
- EBITDA margin
- 37.40%
- NAV per share
- ₹104.63
- Price to book
- 1.15
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 48.91 | 53.45 | 37.93 |
| Revenue from operations | 45.16 | 49.08 | 35.48 |
| Other income | 3.75 | 4.37 | 2.45 |
| Total expenses | 33.5 | 39.63 | 33.25 |
| Operating profit | 15.41 | 13.82 | 4.68 |
| Operating margin | 31.51% | 25.86% | 12.34% |
| Profit before tax | 15.42 | 13.82 | 4.68 |
| Profit after tax | 11.64 | 10.51 | 4 |
| PAT margin | 23.80% | 19.66% | 10.55% |
| Balance sheet | |||
| Total assets | 110.12 | 104.04 | 113.7 |
| Current assets | 72.21 | 65.46 | 73.81 |
| Current liabilities | 6.46 | 4.79 | 4.38 |
| Total liabilities | 10.94 | 8.96 | 8.74 |
| Net worth | 99.19 | 95.08 | 104.95 |
| Current ratio | 11.18× | 13.67× | 16.85× |
| Return on equity | 11.74% | 11.05% | 3.81% |
| Cash flow | |||
| Operating cash flow | 6.14 | 14.09 | 9.58 |
| Investing cash flow | 0.33 | 9.28 | -7.71 |
| Financing cash flow | -7.68 | -20.43 | -3.37 |
| Net cash flow | -1.22 | 2.94 | -1.49 |
Objects of the issue
1 Funding Capital Expenditure for Replacement of Plant and Machinery at Manesar, Gurugram ₹15.05 Cr
The company intends to replace existing machinery at its manufacturing facility in Manesar, Gurugram, with advanced injection moulding and tandem extrusion equipment to streamline production, reduce lead time, and improve responsiveness to demand changes.
2 Funding Capital Expenditure for Backward Integration – In-House Gold Plating Facility ₹1.05 Cr
The company plans to set up an in-house gold plating facility as part of its backward integration strategy, replacing reliance on third-party vendors to improve quality consistency, cost efficiency, and eligibility for larger government and export orders.
3 Funding Capital Expenditure for Infrastructural Development of Building on 2nd Floor at Manesar, Gurugram ₹3.26 Cr
The company intends to develop additional building infrastructure of approximately lakhs square feet on the second floor of its existing facility to expand assembly line capacity and streamline manufacturing workflow and logistics.
4 Pursuing Unidentified Acquisitions and General Corporate Purpose —
The company plans to utilize a portion of net proceeds for unidentified acquisitions to expand technological capabilities, product portfolio, and market reach, while the remainder will support general corporate purposes including strategic initiatives, marketing, and capital expenditure.
1 of 4 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About HGS
HGS (India) Limited is a manufacturer of geophones, seismic cables and connectors used in the acquisition, recording and transmission of ground vibration signals. The company was incorporated as Geosource India Limited under the Companies Act, 1956 on February 13, 1986, and was renamed HGS (India) Limited in 1992. The document states that the company has around 40 years of manufacturing experience, inherited from foundational partnerships with Geosource Inc. (USA). Manufacturing is carried out at a 100% Export Oriented Unit at 158, Sector-4, Industrial Estate, IMT Manesar, Gurgaon, Haryana. The company had 162 in-house employees as on April 30, 2026. Its wholly owned subsidiary HGS Products B.V. in the Netherlands serves as a marketing and customer engagement centre in developed markets. Revenue from operations was Rs 4,516.41 lakhs in FY 2025-26. Exports were 98.52% of revenue from operations for the stub period to April 30, 2026, 84.22% in FY 2025-26, 59.15% in FY 2024-25 and 63.17% in FY 2023-24. Geophone strings/harness and seismic cables are the two main product lines. Industry end uses include oil and gas exploration, coal and mineral exploration, civil engineering monitoring, defence research and earthquake seismology.
Management
Anil Dass
MD
Dhiraj Kumar Vashista
CFO
Samir Gugnani
COO
Anand Narain Bhatia
Director
Malti Sen
Director
Shashi Singh
Director
Ravi Indra Singh Verdi
Director
Dileep Rao
Director
Ravinder Singh Sodhi
Director
Shruti Gupta
Director of Operations
Uday Aggarwal
Director
Akhileshwar Rai
Director of Operations
Strengths
As stated in the offer document
Wide Product Portfolio Catering to Various End User Industries
The company offers a comprehensive range of seismic products including geophones, seismic cables, connectors, seismographs, seismometers, and specialized equipment like weight drops and pig tracking systems, deployed across oil & gas, defence, earthquake seismology, and geothermal sectors, reducing dependence on any single product category.
Precision Engineering Expertise with Complex Product Manufacturing Capabilities
The company possesses around 40 years of manufacturing experience with in-house capabilities including precision geophone element assembly, wire and cable extrusion, injection moulding, coil winding, and automated testing, ensuring products withstand extreme temperatures ranging from -40?C to +200?C.
Long-Term and Well-Established Relationships with Customers
The company sold products to 149 domestic and foreign customers in FY 2025-26, with repeat orders from around 51 customers over the last 3 fiscal years; the top 10 customers contributed 72.58% of revenue in FY 2025-26, reflecting stable and recurring order flows.
Focus on Quality Assurance
The company is ISO 9001:2015 certified (by TUV SUD) and holds ZED Gold Certification ('Zero Defect Zero Effect') by the Ministry of MSME; finished geophone sensors undergo rigorous tests including resistance, frequency, damping, sensitivity, distortion, and impedance checks prior to dispatch.
Established Supply Chain and Sourcing Network
The company maintains a diversified supply chain sourcing raw materials from Germany, Belgium, Malaysia, China, Netherlands, Canada, USA, Italy, and Kazakhstan, with no single-vendor dependency; its factory in Manesar, Haryana is strategically located near New Delhi International Airport for efficient global logistics.
Experienced Promoters and Professional Management Team
The company is led by Managing Director Anil Dass with ~40 years of industry experience since inception in 1986, supported by CFO Dhiraj Vashista (27 years experience, CA, FCMA, IIM Calcutta alumnus) and WTD Samir Gugnani (39 years experience, BITS-Pilani alumnus), with a total team of 162 employees as of April 30, 2026.
Risk factors
As stated in the offer document
Customer Concentration Risk
The company is heavily dependent on a limited number of customers, with the top 10 customers accounting for 90.05%, 72.58%, 56.24%, and 61.24% of revenue for the stub period ended April 30, 2026, and Fiscals 2026, 2025, and 2024 respectively. No long-term contracts exist with these customers, exposing the company to sudden order cancellations, payment defaults, and revenue volatility without any obligation for advance notice or compensation.
Export and International Trade Risk
The company derives a significant portion of revenue from exports — 98.52%, 84.22%, 59.15%, and 63.17% of revenue from operations for the stub period ended April 30, 2026, and Fiscals 2026, 2025, and 2024 respectively — exposing it to geopolitical risks, trade restrictions, and sanctions. Ongoing conflicts in Ukraine, the Middle East, and potential U.S.-Iran escalation could disrupt export revenues and supply chains disproportionately.
Product Concentration and Technology Obsolescence Risk
The company's revenue is significantly concentrated in Geophone Strings/Harness (58.25%–66.98%) and Seismic Cables (20.39%–39.41%) across recent periods, making it vulnerable to demand shifts or product substitution due to technological upgrades. An inability to adapt to evolving product requirements or invest in upgraded technology could materially impair revenue and financial performance.
Raw Material Supply and Supplier Concentration Risk
The company sources over 73–76% of its raw materials through imports and relies heavily on a concentrated supplier base, with the top 10 suppliers representing 69.32%–99.04% of total purchases across recent periods. The absence of long-term supply agreements exposes the company to price volatility, supply disruptions, and potential production shutdowns if key suppliers cannot be replaced in a timely manner.
Manufacturing Facility Dependency and Capacity Underutilization Risk
The company operates from a single manufacturing facility in Manesar, Haryana, making it vulnerable to disruptions from equipment failures, natural disasters, labour unrest, or regulatory shutdowns. Capacity utilization for key products remains critically low — Geophone Strings/Harness at 13.63% and Seismic Cables at 24.32% for Fiscal 2026 — indicating significant underutilization that could adversely affect financial performance and operational efficiency.
Foreign Currency Fluctuation Risk
The company bears full exposure to foreign exchange risk, with export revenues constituting up to 98.52% and imported raw materials constituting up to 76.34% of total purchases in recent periods. Currency gains/losses recorded were ₹16.25 lakhs, ₹106.28 lakhs, ₹37.48 lakhs, and ₹21.12 lakhs for the stub period ended April 30, 2026, and Fiscals 2026, 2025, and 2024 respectively, with no assured hedging effectiveness.
Key Personnel and Promoter Dependency Risk
The company's operations are critically dependent on its Promoter and Managing Director, Anil Dass, and senior management, who possess deep industry relationships and operational expertise built over decades. The loss of any key personnel without timely replacement could materially impair business continuity, product development, and customer relationships.
Inventory and Trade Receivables Management Risk
Inventories stood at ₹4,578.40 lakhs as of April 30, 2026, representing a substantial portion of current assets, while the trade receivables turnover ratio declined sharply to 1.10 times for the stub period ended April 30, 2026 from 13.57 times in Fiscal 2026, signaling deteriorating collection efficiency. Failure to manage inventory or collect receivables timely could lead to liquidity strain, increased working capital requirements, and higher finance costs.
Regulatory Compliance and Licensing Risk
The company requires multiple statutory approvals, licenses, and permits to operate, including as a 100% Export Oriented Unit (EOU), and has experienced past delays in RoC filings, GST returns, and EPF contributions. Non-renewal or revocation of key approvals, or imposition of penalties by regulatory authorities, could disrupt operations and adversely affect financial condition.
Geopolitical and Oil & Gas Sector Dependency Risk
The company's products are primarily used in seismic data acquisition for oil and gas exploration, making its business performance significantly dependent on capital expenditure trends in the global energy sector. Ongoing geopolitical conflicts — including in the Persian Gulf, Ukraine, and the Middle East — could reduce exploration activity, disrupt supply chains, and adversely impact order inflows and revenue visibility.
Company Analysis
from RHPHGS (India) Limited manufactures geophones, seismic cables and connectors for the seismic industry within the energy and geoscience sector.
HGS (India) Limited is a manufacturer of geophones, seismic cables and connectors used in the acquisition, recording and transmission of ground vibration signals. The company was incorporated as Geosource India Limited under the Companies Act, 1956 on February 13, 1986, and was renamed HGS (India) Limited in 1992. The document states that the company has around 40 years of manufacturing experience, inherited from foundational partnerships with Geosource Inc. (USA). Manufacturing is carried out at a 100% Export Oriented Unit at 158, Sector-4, Industrial Estate, IMT Manesar, Gurgaon, Haryana. The company had 162 in-house employees as on April 30, 2026. Its wholly owned subsidiary HGS Products B.V. in the Netherlands serves as a marketing and customer engagement centre in developed markets. Revenue from operations was Rs 4,516.41 lakhs in FY 2025-26. Exports were 98.52% of revenue from operations for the stub period to April 30, 2026, 84.22% in FY 2025-26, 59.15% in FY 2024-25 and 63.17% in FY 2023-24. Geophone strings/harness and seismic cables are the two main product lines. Industry end uses include oil and gas exploration, coal and mineral exploration, civil engineering monitoring, defence research and earthquake seismology.
Objects of the Issue
- Replacement of plant and machinery for the existing manufacturing facility (capital expenditure) Aggregate ₹ 1,935.74 lakhs for the three capital expenditure items; the per-item amount is not stated in this part p.45
- Backward integration for setting up an in-house gold plating facility (capital expenditure) Aggregate ₹ 1,935.74 lakhs for the three capital expenditure items; the per-item amount is not stated in this part p.45
- Infrastructural development of a building on the 2nd Floor of the existing manufacturing facility (capital expenditure) Aggregate ₹ 1,935.74 lakhs for the three capital expenditure items; the per-item amount is not stated in this part p.45
- Inorganic growth through unidentified acquisitions and general corporate purposes Cumulative amount for this object shall not exceed 35% of the amount raised by the Company; the rupee figure is not stated in this part p.51
- Replacement of plant and machinery at existing manufacturing facility at Manesar, Gurugram (capex) 1504.53 lakhs p.106
- Backward integration: in-house gold plating facility (capex) 105.00 lakhs p.106
- Infrastructural development of a building on 2nd floor at existing manufacturing facility at Manesar, Gurugram (capex) 326.21 lakhs p.106
- Pursuing unidentified acquisitions and general corporate purposes [●] (to be finalized after Offer Price is determined) p.106
- Setting up an in-house gold plating facility for backward integration (gold electroplating line, X-ray thickness measurement system, ancillary equipment, tooling and lab setup) Rs 105.00 lakhs p.153
- Replacement of existing plant and machinery in the Geophone Manufacturing, Extrusion, Assembly, Geophone Line Assembly and Moulding departments Rs 1504.53 lakhs p.153
- Infrastructural development of the building on the 2nd floor at the Manesar factory to provide structural capacity for an assembly line Rs 326.21 lakhs p.153
Issue Structure
- Total Issue
- Up to 28,80,000 Equity Shares, aggregating up to ₹[●] lakhs
- Fresh Issue
- Up to 23,26,000 Equity Shares aggregating to ₹[●] lakhs
- Offer for Sale
- Up to 5,54,000 Equity Shares aggregating to ₹[●] lakhs
- Face Value
- ₹10/- each
Business Model
The company earns revenue by manufacturing and directly supplying its seismic products to customers, mostly multinational and domestic companies, largely on purchase orders. Most sales have no long-term contracts. Export sales form the majority of revenue in most periods. The company also provides product warranties against manufacturing defects for 1 to 3 years from the date of invoicing.
Business Segments
SWOT Analysis
- • In-house design and manufacture of geophones, seismic cables and connectors(p.44)
- • Broad core manufacturing process set(p.44)
- • Seismic industry has significant entry barriers(p.46)
- • Directors have precision components manufacturing experience(p.48)
- • No outstanding balances on sanctioned bank facilities as of April 30, 2026(p.50)
- • Product range covers the full seismic value chain, from data capture to power management(p.149)
- • About 40 years of manufacturing experience, inherited from Geosource Inc. (USA)(p.150)
- • In-house manufacturing across core processes(p.150)
- • Vertical integration of critical components for quality control(p.148)
- • Quality certifications: ISO 9001:2015 and ZED Gold(p.148)
- • Broad export client base; recognised as One Star Export House(p.148)
- • Long-standing relationships with customers in seismic and geoscience markets(p.151)
- • Repeat orders from a large share of customers(p.151)
- • ZED Gold certification from the Ministry of MSME(p.151)
- • In-house engineering team for sensor and transmission design(p.151)
- • Multiple alternative suppliers for each component category(p.152)
- • Experienced promoters and senior management(p.152)
- • Vertically integrated manufacturing process(p.158)
- • Product sold across many countries(p.154)
- • Established 'HG' brand positioned on quality and reliability(p.263)
- • Backward integration for component quality control(p.263)
- • ISO 9001:2015 certified quality management system(p.263)
- • ZED Gold certification from Ministry of MSME(p.263)
- • Recognised as 100% Export Oriented Unit(p.263)
- • Broad global client base and One Star Export House status(p.263)
- • In-house testing supports environmental and harmonic distortion checks(p.263)
- • Broad product range ensures compatibility across field operations(p.263)
- • ISO 9001:2015 quality management certification covering design and manufacture of geophone strings, geophysical connectors, seismic cables and accessories(p.288)
- • 100% EOU certificate from the Noida Special Economic Zone, valid to March 08, 2031(p.287)
- • ZED Gold certification under the MSME Sustainable (ZED) Certification Scheme, valid to September 14, 2027(p.288)
- • Restated operating profit (EBITDA) of ₹1,689.17 lakhs in FY 2025-26, up from ₹615.88 lakhs in FY 2023-24(p.293)
- • Positive free cash flow to equity in each of the last three financial years (₹535.50, ₹1,300.46 and ₹805.92 lakhs)(p.294)
- • Dependence on two lenders for working capital and overdraft facilities(p.51)
- • Past delays in provident fund and ESI statutory compliance(p.48)
- • Individual promoter lacks industry experience(p.46)
- • Promoters and promoter group retain majority control post-offer(p.53)
- • Lender charges over movable and immovable properties(p.48)
- • Single manufacturing facility; disruption would hit output and sales(p.44)
- • No alternate funding source identified for planned objects(p.47)
- • Internal controls may prove inadequate as the business grows(p.45)
- • Gold plating is outsourced to third-party vendors(p.110)
- • Some share transfer and transmission records could not be traced(p.100)
- • Geophone strings contributed 66.29% of FY 2025-26 revenue(p.150)
- • Promoters hold 53.06% of post-offer capital, concentrating control(p.101)
- • Dependence on certain customers for part of revenue(p.264)
- • Reliance on retaining key management and employees(p.264)
- • Historical growth rates may not be sustained(p.264)
- • Execution risk in upgrading technology(p.264)
- • Execution risk in growth strategy and expansion plans(p.264)
- • Environmental problems and uninsured losses(p.264)
- • Grow through a stronger existing product portfolio(p.43)
- • Capex for plant replacement and in-house gold plating backward integration(p.45)
- • Higher crude prices may spur exploration activity(p.43)
- • Plans to expand into existing or new geographies in India and overseas(p.50)
- • Replace machinery to gain economies of scale and faster response to demand changes(p.107)
- • In-house gold plating may help win larger government and export orders(p.110)
- • Unidentified acquisitions intended to add technology, product range and tender competitiveness(p.113)
- • Government spending on seismic data acquisition supports demand for seismic equipment(p.140)
- • Government avalanche and terrain-hazard initiatives in the Himalayas(p.153)
- • Backward integration through an in-house gold plating facility(p.153)
- • Dual-hub model combining European marketing with Indian manufacturing(p.153)
- • Expansion of export footprint and entry into new geographies(p.154)
- • Domestic market focus under Make-in-India(p.154)
- • Geopolitical instability and sanctions could cut oil and gas capex(p.43)
- • Labour laws may become stricter or be enforced more strictly(p.43)
- • Pricing pressure from competitors offering similar products at lower cost(p.46)
- • Tightening environmental regulation in India(p.45)
- • Slowdown in the Indian economy could hurt business and share price(p.55)
- • Inflation may raise costs that cannot be passed on to customers(p.56)
- • Global financial turmoil could hit the Indian economy and the company(p.57)
- • Volatility in energy and commodity prices from regional conflicts(p.58)
- • Machinery quotes may lapse, raising the cost of planned capex(p.111)
- • Funding needs depend on interest rate and other factors outside management control(p.115)
- • Elevated global economic and geopolitical uncertainty(p.126)
- • Tax law changes, possibly retrospective, could alter the tax position described(p.122)
- • Foreign exchange fluctuations affect earnings(p.264)
- • Changes in laws and regulations for the company's industries(p.264)
- • Government policy changes that raise taxes(p.264)
- • Competition from new entrants and disruptive technologies(p.264)
- • Disruption or cost increases in sourcing critical components(p.264)
- • Natural disasters and calamities(p.264)
- • General economic, political and other uncontrollable risks(p.264)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Anil Dass | Promoter | — | — |
| Shashi Singh | Promoter | — | — |
| Cecilia Margareta Singh Ramel | Promoter | — | — |
| Sowar Private Limited | Promoter (Corporate) | — | — |
| Anil Dass | Promoter | — | — |
| Cecilia Margareta Singh Ramel | Promoter | 8.24% | — |
| Late Major Brijendra Singh | Erstwhile Promoter (deceased) | — | — |
| Promoters and Promoter Group (collective) | Promoter Group | — | 64.34% |
| Sowar Private Limited | Corporate Promoter | — | — |
| Sowar Private Limited | Corporate Promoter | 47.82 | 37.58 |
| Cecilia Margereta Singh Ramel | Promoter | 8.24 | 6.48 |
| Anil Dass | Promoter | 6.43 | 5.05 |
| Shashi Singh | Promoter | 5.03 | 3.95 |
| Anil Dass | Promoter | 6.43% | — |
| Shashi Singh | Promoter | 5.03% | — |
| Cecilia Margareta Singh Ramel | Promoter | — | — |
| Sowar Private Limited | Promoter (corporate) | — | — |
| Sowar Private Limited | Promoter (Corporate Promoter) | 47.82% | — |
| Mr. Anil Dass | Promoter | 14.72% | — |
| Cecilia Margareta Singh Ramel | Promoter | 8.24% | — |
| Mr. Shashi Singh | Promoter | 5.03% | — |
| Pawan Singh | Promoter Group (selling shareholder) | — | — |
| Anjali Singh | Promoter Group (selling shareholder) | — | — |
| Trishna Singh | Promoter Group (selling shareholder) | — | — |
| Karan Singh | Promoter Group (selling shareholder) | — | — |
| Anil Henrik Ramel Singh | Promoter Group (selling shareholder) | — | — |
| Chaya Cecilia Ramel Homann | Promoter Group (selling shareholder) | — | — |
| Cecilia Margareta Singh Ramel | Acquirer of shares by transmission (change in control statement) | — | — |
| Sowar Private Limited | Corporate Promoter | — | — |
| Shashi Singh | Promoter/Director | — | — |
| Anand Narain Bhatia | Promoter/Director | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.