HD Fire Protect Limited is an Indian manufacturer and supplier of fire protection equipment and systems, offering water, foam and gas-based fire suppression solutions. According to the CRISIL Report, the company was the second-largest fire protection equipment manufacturer in India by revenue from operations in FY2025 and the largest exporter by equipment value in FY2025.
Established in 1990, the company offers products across eight categories, including sprinklers, alarm valves, deluge valves, foam suppression systems, monitors, water spray nozzles, custom-engineered systems and gas suppression systems. Its products serve industries such as oil and gas, petrochemicals, power, aerospace, pharmaceuticals, data centres, infrastructure, and residential and commercial buildings.
The company has supplied products to more than 90 countries since inception, including 49 countries during the quarter ended June 30, 2026. It operates through direct sales, domestic stockists and a global network of 22 distributors. As of September 2026, it held 21 UL Listed and 87 FM Approved product certifications, along with patents in India and international markets.
HD Fire Protect Limited operates two manufacturing facilities in Jalgaon and Thane, Maharashtra, covering approximately 8.50 acres, supported by in-house R&D, engineering and testing capabilities. During FY2026, it supplied products to 2,066 customers, including major engineering and infrastructure companies. Its equipment has been used in projects such as the Jamnagar refinery, new Indian Parliament building, Saudi Aramco’s Ras Tanura Sea Island site and India’s space launch facility at Sriharikota.
The company’s revenue from operations increased from ₹372.95 crore in FY2024 to ₹489.28 crore in FY2026, registering a CAGR of 14.54%. Exports contributed 34.69% of its FY2026 revenue from operations excluding other operating revenue.
As of June 30, 2026, its order book stood at ₹158.60 crore, and it employed 279 permanent and 253 contractual employees.
HD Fire Protect IPO – Details
| IPO Opening Date | 13 October 2026 |
| IPO Closing Date | 15 October 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 2,62,84,500 Shares Worth ₹712.31 Crore Offer For Sale: 2,62,84,500 Shares Worth ₹712.31 Crore |
| Face Value | ₹5 per equity share |
| IPO Price | ₹258 – ₹271 per share |
| Market Lot | 55 Shares |
| Min Order | 55 Shares [1 Lot] |
| Employee Discount | ₹25 |
| Listing At | BSE, NSE |
| Register | MUFG Intime India Pvt. Ltd. |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
HD Fire Protect IPO – Date Schedule
| IPO Open Date | 13 October 2026 |
| IPO Close Date | 15 October 2026 |
| Basis of Allotment | 16 October 2026 |
| Initiation of Refund | 19 October 2026 |
| Credit of Shares to Demat Account | 19 October 2026 |
| IPO Listing Date | 21 October 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on October 15, 2026 |
HD Fire Protect IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 55 | ₹14,905 |
| Retail (Max) | 13 | 715 | ₹1,93,765 |
| S-HNI (Min) | 14 | 770 | ₹2,08,670 |
| S-HNI (Max) | 67 | 3685 | ₹9,98,635 |
| B-HNI (Min) | 68 | 3740 | ₹10,13,540 |
Competitive Strength
- Strong product certification and quality track record.
- Advanced design, manufacturing and R&D capabilities.
- Experienced management team and qualified personnel.
- Comprehensive fire protection equipment and systems portfolio.
- Track record of profitability and consistent financial performance.
- Strong and diversified customer base with long-standing global relationships.
- Well-established global presence in a certification-driven, high-barrier industry.
Company Promoters
- Harish Narshi Dharamshi
- Kusum Harish Dharamshi
- Miheer Sadanand Ghotikar
- Parika Miheer Ghotikar
- Anik Narendra Dharamshi
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax |
|---|---|---|---|
| 31 March 2024 | ₹392.02 Cr | ₹275.67 Cr | ₹87.92 Cr |
| 31 March 2025 | ₹450.68 Cr | ₹303.96 Cr | ₹109.72 Cr |
| 31 March 2026 | ₹505.12 Cr | ₹349.14 Cr | ₹116.79 Cr |
| 30 June 2026 | ₹114.07 Cr | ₹81.56 Cr | ₹23.87 Cr |
Key Performance Indicator
| KPI | Values (Mar 31, 2026) |
|---|---|
| ROE | 30.17% |
| ROCE | 40.33% |
| RoNW | 31.07% |
| PAT Margin | 23.12% |
| EBITDA Margin | 30.75% |
| NAV | 21.45 |
| Price to Book Value | 12.63 |
| Pre IPO | Post IPO | |
| EPS (₹) | 6.66 | 5.45 |
| P/E (x) | 40.69 | 49.72 |
Object Of The Issue
- The HD Fire Protect Ltd. IPO is a 100% Offer for Sale (OFS), so the company will not receive any funding and the entire IPO proceeds will go to the selling shareholders.
HD Fire Protect IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 2 | Azad Engineering Limited | 145.65 |
| 2 | 2 | KSB Limited | 55.68 |
| 3 | 2 | Kirloskar Pneumatic Company Limited | 17.20 |
| 4 | 1 | Elgi Equipment Limited | 44.83 |
| 5 | 10 | IngersollRand (India) Limited | 51.39 |
✅Strengths
- Global Presence with exports to over 90 countries.
- Strong Certifications with 21 UL Listed and 87 FM Approved certifications.
- Diversified Products across eight fire protection categories.
- Established Customer Base with long-standing client relationships.
- Strong Financials with a 31.71% operating EBITDA margin in FY26.
⚠️Risks
- Intense Competition from domestic and global players.
- Third-Party Dependence for certain products may cause quality or supply issues.
- R&D Risks from delays or unsuccessful product development.
- Expansion Challenges in new international markets.
- Order Execution Risks due to project delays and customer approvals.
HD Fire Protect IPO Promoter Holding
| Pre Issue Share Holding | 100.00% |
| Post Issue Share Holding | 85.00% |
HD Fire Protect IPO Prospectus
Company Contact Information
| HD Fire Protect Ltd. O-611, 6th Floor, Runwal R Square, Opp. Veena Nagar, L. B. S. Marg, Mulund West Mumbai, Maharashtra, 400080 Phone: +91 22 35287000 Email: investors@hdfire.com Website: https://www.hdfire.com/ |
HD Fire Protect IPO Registrar
| MUFG Intime India Pvt. Ltd. Phone: 022-49186000 Email: hdfire.ipo@in.mpms.mufg.com Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html |
HD Fire Protect IPO Lead Manager(s)
| 1. Ambit Private Limited 2. IIFL Capital Services Limited 3. Anand Rathi Advisors Limited |
HD Fire Protect IPO FAQs
| What is the HD Fire Protect IPO? HD Fire Protect IPO is a main-board IPO. The issue is priced at ₹258 to ₹271 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will the HD Fire Protect IPO open? The IPO is to open on 13 October 2026 for QIB, NII, and Retail Investors. |
| What is HD Fire Protect IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the HD Fire Protect IPO Size? HD Fire Protect IPO size is ₹712.31 Crore. |
| What are the HD Fire Protect IPO Minimum and maximum lot sizes for Retail? The minimum bid is 55 Shares with ₹14,905, while the maximum bid is 715 Shares with ₹1,93,765. |
| What is the HD Fire Protect IPO Allotment Date? HD Fire Protect IPO allotment date is 16 October 2026. |
| What is the HD Fire Protect IPO Listing Date? HD Fire Protect IPO listing date is 21 October 2026. The IPO is to be listed on the BSE and the NSE. |
