HD Fire Protect Limited, an Indian manufacturer of fire protection equipment and systems, is launching its Rs 712.31 crore IPO on 13 October 2026. The issue is entirely an offer for sale (OFS), with no fresh capital being raised by the company.
HD Fire Protect reported revenue from operations of Rs 489.28 crore and a net profit of Rs 116.79 crore in FY2026. This article covers the company's business, financial performance, IPO details, valuation, growth opportunities, and key risks for investors.
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Table of Contents
- HD Fire Protect IPO Details
- HD Fire Protect IPO Dates and Timeline
- About HD Fire Protect Limited
- HD Fire Protect Business Model and Revenue Sources
- Industry Overview and Growth Opportunities
- HD Fire Protect Financial Performance
- HD Fire Protect IPO Objectives and Use of Proceeds
- HD Fire Protect Promoters and Shareholding
- HD Fire Protect IPO Valuation Analysis
- HD Fire Protect Competitive Strengths
- Key Risks for HD Fire Protect Investors
- HD Fire Protect IPO GMP
- What Investors Should Watch Next
- HD Fire Protect IPO Analysis: Key Takeaways
HD Fire Protect's IPO is a book-built mainboard issue comprising up to 2,62,84,500 equity shares. At the upper price band of Rs 271 per share, the total IPO size is approximately Rs 712.31 crore.
The offer consists entirely of existing promoter shares, meaning there is no fresh issue component.
| Particulars |
Details |
| IPO Name |
HD Fire Protect IPO |
| IPO Type |
Mainboard, book-built |
| IPO Size |
Rs 712.31 crore |
| IPO Price Band |
Rs 258 to Rs 271 per share |
| Face Value |
Rs 5 per share |
| Fresh Issue |
Nil |
| Offer for Sale |
2,62,84,500 shares |
| Lot Size |
55 shares |
| Minimum Retail Investment |
Rs 14,905 |
| Maximum Retail Application |
13 lots, Rs 1,93,765 |
| Employee Discount |
Rs 25 per share |
| Listing Exchanges |
BSE and NSE |
| Registrar |
MUFG Intime India Private Limited |
Retail investment amounts are calculated at the upper price band of Rs 271 per share.
The book-running lead managers are Ambit Private Limited, Anand Rathi Advisors Limited and IIFL Capital Services Limited.
HD Fire Protect IPO Reservation
The IPO follows the book-building allocation framework, with a separate reservation for eligible employees.
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Qualified Institutional Buyers (QIBs): Not more than 50% of the net offer.
-
Non-Institutional Investors (NIIs): Not less than 15% of the net offer.
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Retail Individual Investors: Not less than 35% of the net offer.
-
Eligible Employees: A separate reservation portion with a discount of Rs 25 per equity share.
The final allocation will depend on the applicable offer structure and allotment process.
The HD Fire Protect IPO opens for public subscription on 13 October 2026 and closes on 15 October 2026. Anchor investor bidding is scheduled for 12 October 2026.
The tentative IPO timeline is as follows:
| IPO Event |
Date |
| Anchor Investor Bidding |
12 October 2026 |
| IPO Opening Date |
13 October 2026 |
| IPO Closing Date |
15 October 2026 |
| UPI Mandate Deadline |
15 October 2026, 5 PM |
| Expected Allotment Date |
16 October 2026 |
| Expected Refund Initiation |
19 October 2026 |
| Expected Demat Credit |
19 October 2026 |
| Tentative Listing Date |
21 October 2026 |
The allotment, refund and listing dates are indicative and subject to confirmation through the final exchange schedule.
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Get the latest details on the HD Fire Protect IPO, including the price band, IPO size, lot size, and proposed listing details.
HD Fire Protect Limited is a Mumbai-based manufacturer and supplier of fire protection equipment and systems used across industrial, commercial and residential applications.
Its business originated in 1990, while the present corporate entity was incorporated on 24 April 1997.
The company manufactures water-based, foam-based and gas-based fire suppression equipment. Its product portfolio includes automatic sprinklers, alarm valves, deluge systems, spray nozzles, foam equipment and customised fire protection systems.
HD Fire Protect operates two manufacturing facilities in Jalgaon and Thane, Maharashtra, covering approximately 8.50 acres.
In FY2026, the company served 2,066 customers. It has supplied products to more than 90 countries since inception, reflecting its presence in domestic and international markets.
Its major customer industries include:
- Oil and gas, refining and petrochemicals
- Power generation and energy
- Heavy engineering and industrial manufacturing
- Data centres and warehousing
- Pharmaceuticals and healthcare
- Commercial buildings, hotels and educational institutions
According to the CRISIL industry report referenced in the company's RHP, HD Fire Protect was India's second-largest fire protection equipment and systems manufacturer by operating revenue in FY2025 and the largest exporter by equipment value during the same year.
HD Fire Protect generates revenue primarily through the manufacture and supply of fire protection equipment, systems and related accessories.
The company offers both standardised products and customised systems designed for specific industrial requirements.
Its business benefits from demand for equipment that meets national and international fire safety standards, particularly in industries where product testing and certification are important purchasing requirements.
Product-Wise Revenue Breakdown
Sprinklers, deluge systems and foam-based fire protection equipment accounted for most of HD Fire Protect's product and service revenue in FY2026.
| Product Category |
FY2026 Revenue |
| Sprinklers, alarm valves and accessories |
Rs 164.80 crore |
| Deluge valves, skids and pre-action systems |
Rs 106.08 crore |
| Foam equipment and suppression systems |
Rs 90.83 crore |
| Water spray nozzles |
Rs 33.11 crore |
| Monitors and monitor nozzles |
Rs 26.80 crore |
| System valves and accessories |
Rs 26.48 crore |
| Custom-engineered systems |
Rs 3.52 crore |
| Others |
Rs 33.80 crore |
Source: SEBI-filed Abridged Prospectus. Figures are rounded and exclude other operating revenue such as export incentives and scrap sales.
The three largest product categories contributed approximately 74.5% of product and service revenue in FY2026.
This indicates that sprinklers, deluge systems and foam-based equipment remain central to the company's revenue generation.
While these established products provide a substantial revenue base, the concentration also makes demand and pricing conditions in these categories important for future performance.
Domestic and Export Revenue
HD Fire Protect operates across domestic and overseas markets, with India accounting for the majority of its product and service revenue.
| Revenue Geography |
FY2026 Share |
| India |
65.31% |
| International Markets |
34.69% |
Source: RHP geographical revenue disclosure, excluding other operating revenue.
Exports contributed approximately Rs 168.41 crore in FY2026, with the Middle East and other Asian markets representing important overseas regions.
International revenue provides geographical diversification and growth opportunities. However, it also exposes the company to currency fluctuations, overseas industrial demand and geopolitical developments.
India's fire protection equipment industry is supported by industrial expansion, infrastructure investment, commercial construction and increasing fire safety requirements.
According to the CRISIL report included in HD Fire Protect's RHP, the Indian fire protection equipment market reached approximately Rs 10,900 crore in FY2026.
The report expects the industry to grow at a compound annual growth rate (CAGR) of 10-12% between FY2026 and FY2031.
| Industry Metric |
Estimate |
| Indian Market Size, FY2026 |
Rs 10,900 crore |
| Expected Market Size, FY2031 |
Rs 17,500-19,500 crore |
| Expected CAGR, FY2026-31 |
10-12% |
| Fire Suppression Segment Share, FY2026 |
Around 75% |
The fire suppression segment accounted for approximately Rs 8,200 crore of the overall market in FY2026 and is projected to reach Rs 13,500-15,500 crore by FY2031.
Key Growth Drivers
1. Industrial and infrastructure expansion
New manufacturing facilities, refineries, power plants, warehouses and infrastructure projects require fire protection equipment to address operational safety requirements.
2. Data centre development
Data centres require specialised fire detection and suppression systems to protect critical technology infrastructure.
3. Regulatory and safety compliance
Fire safety standards and certification requirements support demand for tested equipment across commercial and industrial applications.
4. Export market expansion
HD Fire Protect's international relationships and product certifications create opportunities to enter additional markets and expand its presence with existing customers.
5. Manufacturing and product development
The company is expanding infrastructure at its Jalgaon and Thane facilities. The RHP also describes investments in testing, research and product development capabilities.
However, industry growth does not automatically guarantee comparable company revenue growth. Future performance will depend on customer demand, competition, production capacity, product approvals and execution.
HD Fire Protect reported consistent revenue and profit growth between FY2024 and FY2026.
However, FY2026 also showed slower profit growth, some operating margin pressure and higher working capital requirements.
Revenue and Net Profit Trend
The company's restated financial information shows the following performance:
Revenue from Operations
| Financial Year |
Revenue from Operations |
| FY2024 |
Rs 372.95 crore |
| FY2025 |
Rs 432.80 crore |
| FY2026 |
Rs 489.28 crore |
Net Profit
| Financial Year |
Net Profit |
| FY2024 |
Rs 87.92 crore |
| FY2025 |
Rs 109.72 crore |
| FY2026 |
Rs 116.79 crore |
Source: HD Fire Protect RHP dated 5 October 2026.
FY2026 Financial Highlights
HD Fire Protect's revenue from operations increased by approximately 13.05% YoY to Rs 489.28 crore in FY2026, compared with Rs 432.80 crore in FY2025.
Net profit rose by approximately 6.44% YoY to Rs 116.79 crore, compared with Rs 109.72 crore in the previous year.
Revenue growth was therefore stronger than profit growth.
This indicates that the company maintained business expansion during FY2026, although incremental revenue did not translate into proportionate profit growth.
For investors, the key consideration is whether the company can maintain its operating margins while expanding sales.
Profitability and Return Ratios
HD Fire Protect maintained relatively high operating margins and returns on capital in FY2026.
However, both its operating EBITDA margin and reported PAT margin declined compared with FY2025.
FY2025 Financial Performance
| Financial Metric |
FY2025 |
| Operating EBITDA |
Rs 138.01 crore |
| Operating EBITDA Margin |
31.89% |
| Reported PAT Margin |
24.35% |
| Return on Equity (RoE) |
29.63% |
| Return on Capital Employed (RoCE) |
39.63% |
| Total Borrowings |
Nil |
FY2026 Financial Performance
| Financial Metric |
FY2026 |
| Operating EBITDA |
Rs 150.46 crore |
| Operating EBITDA Margin |
30.75% |
| Reported PAT Margin |
23.12% |
| Return on Equity (RoE) |
30.17% |
| Return on Capital Employed (RoCE) |
40.33% |
| Total Borrowings |
Nil |
Source: Official RHP. Operating EBITDA excludes other income. The reported PAT margin is calculated using total income.
The operating EBITDA margin declined by 1.14 percentage points, from 31.89% in FY2025 to 30.75% in FY2026.
Nevertheless, the company reported a RoCE of 40.33% and RoE of 30.17%, indicating strong historical returns on capital.
HD Fire Protect also reported no fund-based borrowings during the periods presented.
For investors, the important distinction is between historical profitability and the company's ability to sustain those margins and returns as it expands.
Q1 FY2027 Financial Performance
HD Fire Protect's financial performance for the three months ended 30 June 2026 provides a more recent view of its operations.
| Particulars |
Q1 FY2027 |
| Revenue from Operations |
Rs 109.05 crore |
| Operating EBITDA |
Rs 29.73 crore |
| Operating EBITDA Margin |
27.26% |
| Net Profit |
Rs 23.87 crore |
| Operating Cash Flow |
Rs 47.20 crore |
| Total Borrowings |
Nil |
The operating EBITDA margin declined to 27.26% in Q1 FY2027, compared with 30.75% for the full FY2026.
Although comparisons between a single quarter and a full financial year have limitations, the lower margin makes subsequent quarterly performance important.
The company also generated positive operating cash flow during the quarter, which provides some support to its cash generation profile.
Cash Flow and Working Capital
HD Fire Protect reported operating cash flow of Rs 92.49 crore in FY2026, compared with Rs 98.32 crore in FY2025.
Operating cash generation declined despite higher net profit.
The company's working capital indicators also weakened during FY2026.
FY2025 Working Capital
| Working Capital Metric |
FY2025 |
| Inventory Days |
77 |
| Trade Receivable Days |
45 |
| Cash Conversion Cycle |
83 days |
FY2026 Working Capital
| Working Capital Metric |
FY2026 |
| Inventory Days |
85 |
| Trade Receivable Days |
57 |
| Cash Conversion Cycle |
102 days |
The cash conversion cycle increased by 19 days in FY2026, indicating that more capital was tied up in inventories and customer receivables.
The cycle increased further to 112 days in Q1 FY2027, based on the company's reported quarterly methodology.
This is important because a growing business may require additional working capital even when accounting profits remain strong.
For HD Fire Protect, future operating cash flows, customer collections and inventory management will be important indicators of financial efficiency.
The HD Fire Protect IPO is structured entirely as an offer for sale of existing promoter shares.
As a result, HD Fire Protect Limited will not receive any proceeds from the IPO.
The net sale proceeds, after applicable offer-related expenses and taxes, will go to the selling shareholders.
Selling Shareholders
Two promoters are selling shares through the public issue.
| Selling Shareholder |
Shares Offered |
| Harish Narshi Dharamshi |
89,83,700 |
| Kusum Harish Dharamshi |
1,73,00,800 |
| Total |
2,62,84,500 |
What Does the OFS Structure Mean for Investors?
An offer for sale differs from a fresh issue because it transfers existing shares rather than creating new equity capital.
For HD Fire Protect:
- The IPO will not directly finance manufacturing expansion.
- The company's cash balance will not increase through fresh IPO proceeds.
- Existing promoter shares will be transferred to public investors.
- The total number of outstanding equity shares will remain unchanged.
The stated objectives are to facilitate the promoters' sale of shares and obtain the benefits of listing on BSE and NSE.
Future expansion will therefore need to be financed through existing funds, internal cash generation or other financing arrangements.
HD Fire Protect's promoters are Harish Narshi Dharamshi, Kusum Harish Dharamshi, Miheer Sadanand Ghotikar, Parika Miheer Ghotikar and Anik Narendra Dharamshi.
Harish Narshi Dharamshi serves as the company's Chairman and Managing Director.
Before the IPO, the entire equity share capital was held by promoters and members of the promoter group.
Pre-IPO and Post-IPO Shareholding
The proposed OFS will reduce the promoter and promoter-group ownership while introducing public shareholders.
Pre-IPO Shareholding
| Shareholding Category |
Pre-IPO |
| Promoters and Promoter Group |
100% |
| Public Shareholders |
Nil |
Post-IPO Shareholding
| Shareholding Category |
Post-IPO* |
| Promoters and Promoter Group |
85% |
| Public Shareholders |
15% |
Assuming the entire OFS is completed and shares are allotted to investors outside the promoter group.
Following the IPO, the promoters and promoter group are expected to retain a controlling stake in HD Fire Protect.
Promoter Acquisition Cost
The RHP discloses the following weighted average historical acquisition costs:
These figures reflect historical acquisitions and the company's capital history. They should not be interpreted as the present economic value of the shares or directly compared with the IPO price without considering past capital adjustments.
At the upper IPO price band of Rs 271, HD Fire Protect's implied market capitalisation is approximately Rs 4,748.73 crore.
Based on FY2026 earnings per share of Rs 6.66, the IPO is priced at approximately 40.7 times earnings at the upper band.
HD Fire Protect IPO Valuation Metrics
| Valuation Metric |
At Rs 271 |
| Implied Market Capitalisation |
Rs 4,748.73 crore |
| FY2026 Earnings Per Share |
Rs 6.66 |
| Price-to-Earnings Ratio |
Approximately 40.7x |
| FY2026 Net Asset Value Per Share |
Rs 21.45 |
| Price-to-Book Ratio |
Approximately 12.6x |
| FY2026 Return on Equity |
30.17% |
Valuation calculations use the company's reported FY2026 earnings, net asset value and pre-IPO outstanding equity shares.
At the lower price band of Rs 258, the implied FY2026 P/E ratio is approximately 38.7 times.
Is HD Fire Protect IPO Valuation Justified?
The company's valuation needs to be assessed in relation to its profitability, competitive position and future earnings potential.
Factors supporting the valuation include:
- Established position in India's fire protection equipment industry
- FY2026 operating EBITDA margin of 30.75%
- RoCE of 40.33% and RoE of 30.17%
- No outstanding fund-based borrowings
- International product certifications and export exposure
- Opportunities from industrial infrastructure and fire safety requirements
However, several indicators also require attention.
Net profit increased by only 6.44% in FY2026, compared with revenue growth of 13.05%. Operating EBITDA margins declined, and the cash conversion cycle increased.
The Q1 FY2027 operating EBITDA margin of 27.26% was also below the FY2026 level.
Therefore, while HD Fire Protect has demonstrated historical profitability, its IPO valuation places importance on sustained revenue growth, stable margins and efficient cash generation.
Investors should assess whether future earnings can support the valuation rather than relying solely on historical return ratios.
HD Fire Protect has several business characteristics that support its competitive position in the fire protection equipment industry.
1. Established Industry Position
HD Fire Protect has more than three decades of operating history through its predecessor business.
According to the CRISIL report referenced in its RHP, the company was India's second-largest fire protection equipment and systems manufacturer by operating revenue in FY2025.
2. International Certifications and Product Approvals
The company supplies products approved or certified under recognised standards, including UL, FM, VdS, BIS and applicable CE requirements.
These certifications are particularly important in industries where technical specifications and fire safety compliance are critical.
3. Diversified Product Portfolio
HD Fire Protect manufactures sprinklers, valves, foam suppression equipment, nozzles and specialised fire protection systems.
The range allows the company to serve different industrial, commercial and infrastructure requirements.
4. Strong Historical Profitability
The company reported an operating EBITDA margin of 30.75% and RoCE of 40.33% in FY2026.
These financial indicators demonstrate an established operating business with historically high capital efficiency.
5. International Market Presence
Exports represented approximately 34.69% of product and service revenue in FY2026.
Its presence across international markets reduces exclusive dependence on Indian demand and creates opportunities for overseas expansion.
6. Manufacturing and Research Capabilities
The company's manufacturing facilities in Jalgaon and Thane are supported by product development, testing, and research capabilities.
Its planned infrastructure improvements are intended to support manufacturing efficiency and future product development.
Despite its established business and profitability, HD Fire Protect faces operational, financial and governance-related risks.
Several of these risks are specifically disclosed in the company's RHP.
1. Product Failure and Liability Risk
Fire protection equipment is safety-critical.
Any malfunction or product failure could result in property damage, loss of life, warranty claims, litigation or reputational harm.
Such incidents could affect customer confidence and financial performance.
2. Export and Geopolitical Risk
International markets contributed 34.69% of FY2026 product and service revenue.
Adverse conditions in major export regions, particularly the Middle East and other Asian markets, could affect customer demand, sales and collections.
3. Supplier Concentration Risk
The company's top ten suppliers accounted for 47.76% of total expenses in FY2026 and 59.28% in Q1 FY2027.
HD Fire Protect does not have long-term purchase agreements or firm commitments with these suppliers.
Supply disruptions, reduced support or raw material price fluctuations could affect production and profitability.
4. Manufacturing Concentration Risk
HD Fire Protect's manufacturing facilities are located in Maharashtra.
The company disclosed that its manufacturing facilities accounted for 63.49% of revenue from operations in FY2026.
Disruptions affecting these facilities, including operational failures, labour issues or prolonged shutdowns, could affect production and deliveries.
5. Regulatory and Certification Risk
Fire protection equipment must comply with applicable domestic and international safety standards.
Failure to obtain, maintain or renew required approvals could restrict the company's ability to supply products to certain industries or international markets.
6. Working Capital and Cash Flow Risk
The cash conversion cycle increased from 83 days in FY2025 to 102 days in FY2026.
Longer inventory holding periods and delayed customer payments could increase working capital requirements and affect operating cash generation.
7. Manufacturing Capacity Utilisation Risk
The company's financial performance depends partly on maintaining efficient production and capacity utilisation.
Underutilised manufacturing facilities could increase the effective cost of production and affect operating margins.
8. Auditor Transition and Governance Risk
The RHP discloses that one of HD Fire Protect's joint statutory auditors resigned before completing their term and was subsequently appointed as the company's Chief Financial Officer.
Although the restated financial information does not carry auditor qualifications or adverse remarks, investors should review the governance disclosures.
9. Litigation Risk
The offer document discloses certain legal proceedings involving directors.
An adverse outcome in material proceedings could create financial, operational or reputational consequences.
10. IPO Valuation Risk
At approximately 40.7 times FY2026 earnings, the upper IPO price band values the company at a substantial multiple of historical profits.
If earnings growth disappoints or operating margins decline further, the valuation could come under pressure.
The HD Fire Protect IPO grey market premium (GMP) refers to the unofficial premium at which the company's shares may be quoted in the grey market before listing.
As of 8 October 2026, the IPO has not opened for public subscription. Any GMP quotations circulated by unofficial market trackers are not exchange-verified prices.
Investors should understand that:
-
GMP is not an officially regulated IPO pricing mechanism.
-
Grey market quotations can change rapidly.
-
GMP does not guarantee the listing price or subsequent market performance.
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Subscription demand and grey market activity are not substitutes for assessing business fundamentals and valuation.
The company's earnings, operating margins, future growth and valuation remain more reliable factors for fundamental analysis.
Before and after HD Fire Protect's listing, investors should monitor whether the company's financial performance can support its proposed valuation.
The following indicators are particularly important.
| Key Indicator |
What Investors Should Track |
| IPO Subscription |
QIB, NII and retail participation |
| Anchor Investment |
Institutional participation before the public issue |
| Revenue Growth |
Domestic sales and export demand |
| Operating Margins |
Recovery or further pressure on EBITDA margins |
| Working Capital |
Inventory days, receivables and cash conversion |
| Export Performance |
Demand and collections from major overseas markets |
| Capacity Expansion |
Progress at Jalgaon and Thane |
| Product Certifications |
Renewal of approvals and new certifications |
| Valuation |
Earnings growth relative to the IPO P/E ratio |
| Quarterly Results |
Profitability, cash flow and return ratios |
The most important post-listing indicators will be operating margins, cash conversion, and the sustainability of revenue growth.
These will help determine whether HD Fire Protect can maintain its historical financial performance while expanding its business.
Interested in applying for the HD Fire Protect IPO? Apply online through Zerodha.
HD Fire Protect enters the public market with an established fire protection equipment business, international certifications, export exposure and a history of strong profitability.
The company reported revenue growth of approximately 13% in FY2026, while net profit increased by around 6%. Its RoCE of 40.33% and operating EBITDA margin of 30.75% indicate strong historical financial performance.
However, the decline in operating margins, slower profit growth and longer cash conversion cycle require attention.
The IPO is entirely an OFS, meaning the company will not receive fresh capital from the public issue.
At the upper price band of Rs 271, the IPO values HD Fire Protect at approximately 40.7 times FY2026 earnings.
For investors, the central considerations are the company's ability to sustain profitability, improve working capital efficiency, expand international operations and deliver earnings growth consistent with its valuation.
Want to compare HD Fire Protect’s IPO valuation with other recent mainboard offerings? Use this IPO dashboard to track pricing, issue structure and listing details across companies.
Frequently Asked Questions
1. When will HD Fire Protect IPO open and list?
The HD Fire Protect IPO opens on 13 October 2026 and closes on 15 October 2026. The tentative allotment date is 16 October 2026, while the shares are expected to list on BSE and NSE on 21 October 2026.
2. What is HD Fire Protect IPO price band and lot size?
The HD Fire Protect IPO price band is Rs 258 to Rs 271 per equity share. The minimum application lot is 55 shares, requiring Rs 14,905 at the upper price band.
3. What is HD Fire Protect IPO size, and will the company receive the proceeds?
The HD Fire Protect IPO size is approximately Rs 712.31 crore at the upper price band. It consists entirely of an offer for sale of 2,62,84,500 shares. The company will not receive fresh capital because the net proceeds will go to the selling promoters.
4. What is HD Fire Protect IPO valuation and FY2026 profit?
HD Fire Protect reported net profit of Rs 116.79 crore in FY2026. At the upper IPO price of Rs 271, the company is valued at approximately 40.7 times FY2026 earnings, with an implied market capitalisation of Rs 4,748.73 crore.
5. What is HD Fire Protect IPO GMP on 8 October 2026?
HD Fire Protect's GMP is an unofficial grey market indicator. As of 8 October 2026, no exchange-verified GMP is available. Any unofficial GMP quotation should not be treated as a guaranteed indication of the listing price.
Disclaimer: This article is intended for educational and informational purposes only. It does not constitute investment advice or a recommendation to subscribe to the IPO.