HD Fire Protect IPO- Complete Overview
HD Fire Protect IPO is a Mainboard IPO with an issue size of Rs. 712.31 Cr Shares by HD Fire Protect Limited, which is an Indian manufacturer and supplier of fire protection equipment and systems, offering water, foam, and gas-based fire suppression solutions.
The Company offers a comprehensive portfolio across eight product categories, including sprinklers, alarm valves and accessories, deluge valves and systems, foam equipment and suppression systems, monitors and nozzles, water spray nozzles, custom-engineered systems and gas suppression systems.
Its products cater to industrial, residential and commercial applications, including oil and gas, refining and petrochemicals, power and energy, heavy engineering, aerospace, pharmaceuticals, data centres, hospitality, healthcare and other sectors. The Company develops a majority of its products in-house and focuses on proprietary designs meeting national and international standards.
The Company has over three decades of experience and has established a global presence, with exports to more than 90 countries since inception and 49 countries during the three months ended June 30, 2026. It was the first Indian fire protection equipment manufacturer to receive UL Listing for deluge valves in 1996 and the first Indian manufacturer to receive FM approval for a range of low-expansion foam system products.
This new IPO is to be launched on 13 October 2026, and its ‘initial public offering’ will end on 15 October 2026.
HD Fire Protect IPO Details
This Mainline IPO comprises a wholly an offer for sale of 2.63 crore shares. The HD Fire Protect IPO listing date (expected) might be Wednesday, Oct 21, 2026, and the listing on the BSE and NSE.
The HD Fire Protect IPO price band is Rs. 258 to Rs. 271.
IPO Timetable (Tentative)
The HD Fire Protect IPO date is from Oct 13 to Oct 15, with IPO allotment on Oct 16, refund initiation on Oct 19, and listing on Oct 21, 2026.
|
Events |
Date |
|
IPO Opening Date |
Oct 13, 2026 |
|
IPO Closing Date |
Oct 15, 2026 |
|
IPO Allotment Date |
Oct 16, 2026 |
|
Refund Initiation |
Oct 19, 2026 |
|
IPO Listing Date |
Oct 21, 2026 |
If you want to apply for the IPO, click to open a Demat Account.
Industry Overview & Outlook
The Indian fire protection equipment market expanded at a CAGR of 12% between fiscal years 2020 and 2026 and is expected to clock a CAGR of 10-12% between fiscal years 2026 and 2031.
HD Fire Protect Company Financial Performance
HD Fire Protect- Profit & Loss
(Amount in Cr)
HD Fire Protect- Balance Sheet
(Amount in Cr)
Cash Flows
The cash flows for various activities are shown below:
(Amount in Mn)
|
Net Cash Flow In Multiple Activities |
31 Mar 2026 |
31 Mar 2025 |
31 Mar 2024 |
|
Net Cash Flow Operating Activities |
924.92 |
983.15 |
637.71 |
|
Net Cash Flow Investing Activities |
409.74 |
(525.59) |
(329.81) |
|
Net Cash Flow Financing Activities |
(1360.58) |
(492.03) |
(228.95) |
HD Fire Protect IPO- Business Model
It designs, manufactures, and sells a full range of water-based, foam-based, and gas-based fire suppression systems (commonly called fire-fighting products).
The company develops the majority of its products in-house using proprietary designs that meet Indian and international standards (UL Listed, FM Approved, ASME U Stamp, CE, VdS, Lloyd’s Register, BIS, etc.).
The company earns almost all of its revenue from the sale of fire protection equipment and systems.
Revenue from Operations mainly comes from:
-
Sale of manufactured products
-
Sale of custom-engineered systems/skids
-
Contract manufacturing and white-labelling
-
Limited sale of services, spares, and trims.
Revenue Bifurcation
(Source : RHP)
Company Growth Trajectory
The Objective of the Issue
-
The offer is 100% OFS, so the company shall not receive any proceeds from this issue.
Peers of HD Fire Protect
|
Name of the Company |
Face Value (₹ per share) |
EPS Basic (₹) |
P/E (x) |
|
Azad Engineering Limited |
2 |
20.57 |
145.65 |
|
KSB Limited |
2 |
15.54 |
55.68 |
|
Kirloskar Pneumatic Company Limited |
2 |
39.45 |
17.18 |
|
Elgi Equipment Limited |
1 |
13.65 |
44.70 |
Evaluation of P/E Ratio
Considering the period ended on FY 2026 with an EPS of Rs. 6.67 from the last year, the resulting P/E ratio is 40.63x.
HD Fire Protect IPO Valuation
|
KPI |
Value (Mar 31, 2026) |
|
ROE |
30.17% |
|
ROCE |
40.33% |
|
RoNW |
31.07% |
|
PAT Margin |
23.12% |
|
EBITDA Margin |
30.75% |
IPO's Strengths
-
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.
IPO's Weaknesses
-
In some regions and segments, fire protection laws and regulations may not be strictly enforced, which can lead to a lack of awareness and adoption of fire safety equipment.
-
Limited awareness and voluntary adoption: Despite growing awareness, there is still a lack of understanding about fire protection and the importance of fire suppression equipment among many Indians, particularly in rural areas.
-
High competition: The Indian fire suppression equipment market is highly competitive, with multiple domestic and international branded players, which can negatively impact product pricing.
HD Fire Protect IPO GMP Today
HD Fire Protect IPO GMP is Rs. 60 as of October 07, 2026, when this information was written.
IPO Other Details
|
IPO Opening & Closing Date |
13 Oct 2026 to 15 Oct 2026 |
|
Face Value |
Rs. 5 per Share |
|
Issue Price |
Rs. 258 to Rs. 271 |
|
Lot Size |
55 Shares |
|
Issue Size |
2,62,84,500 shares (Rs. 712 Cr) |
|
Offer for Sale |
2,62,84,500 shares (Rs. 712 Cr) |
|
Fresh Issue |
- |
|
Listing At |
BSE, NSE |
|
Issue Type |
Book Built Issue IPO |
|
Registrar |
MUFG Intime India Pvt. Ltd. |
IPO Grey Market Premium
The current IPO GMP is available at our live IPO GMP page, where you can get the GMP today for open Mainboard and SME IPOs.
HD Fire Protect IPO Lot Size
The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (55 Shares) amounting to Rs. 14905 and 13 Lots ( 715 Shares) for Rs. 193765 respectively, while for HNI investors, the minimum Lot is 14 (770 Shares) amounting to Rs. 208670.
|
Minimum Lot Investment (Retail) |
1 Lot |
|
Maximum Lot Investment (Retail) |
13 Lots |
|
S-HNI (Minimum) |
14 Lots |
|
S-HNI (Maximum) |
67 Lots |
|
B-HNI (Minimum) |
68 Lots |
HD Fire Protect IPO Reservation
|
Institutional Share Portion |
50% |
|
Retail Investors' Share Portion |
35% |
|
Non-Institutional Shares Portion |
15% |
Promoters and Management of HD Fire Protect Ltd.
-
Harish Narshi Dharamshi
-
Kusum Harish Dharamshi
-
Miheer Sadanand Ghotikar
-
Parika Miheer Ghotikar
-
Anik Narendra Dharamshi.
|
Pre-Issue Promoter Shareholding |
100% |
|
Post-Issue Promoter Shareholding |
85% |
IPO Lead Managers
Ambit Pvt. Ltd.
Dividend Policy
The company has paid a final dividend of Rs. 3, Rs. 6, and Rs. 20 in FY26, FY25, and FY24, respectively.
HD Fire Protect IPO Review: Subscribe or Avoid?
HD Fire Protect is a pure-play fire protection equipment manufacturer with over 30 years of experience. It has a strong product portfolio across water, foam, and gas-based systems, backed by the highest number of UL and FM certifications among Indian peers.
The company has shown steady revenue and EBITDA growth over the last three years, maintains healthy margins (EBITDA ~30.75%, PAT ~23%), high ROE/ROCE, and has a growing order book. It is both domestic and export-oriented (exports ~35%), with a presence in 90+ countries.
Before making any decision to subscribe or avoid, you should consult your SEBI-registered financial advisor.
HD Fire Protect IPO News
HD Fire Protect DRHP
HD Fire Protect RHP
HD Fire Protect IPO Allotment Status
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Finowings IPO Analysis
Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO.
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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.
