HD Fire Protect IPO Review: Key Details, Company Overview and Financials
- October 7, 2026
- Posted by: Harsh Piplani
- Category: IPO
HD Fire Protect IPO opens 13 Oct, closes 15 Oct 2026. 100% offer for sale of 2.63 crore shares. Price band awaited. Lists on BSE, NSE.
Quick Answer
The HD Fire Protect IPO opens on 13 October and closes on 15 October 2026, and it is a pure offer for sale of 2,62,84,500 shares by the promoters, so the company receives nothing. Reports put the issue at Rs 700 crore to Rs 750 crore, but the price band had not been announced when this was written. The Mumbai based fire protection equipment maker grew FY26 revenue 13 percent to Rs 489.28 crore and profit 6 percent to Rs 116.79 crore, with strong margins and returns.
HD Fire Protect is bringing a bookbuilding issue consisting entirely of an offer for sale of 2,62,84,500 equity shares of face value Rs 5, with no fresh issue. The subscription window runs from 13 October to 15 October 2026, with the anchor round on 12 October. The allotment is expected on 16 October, and the shares are proposed to list on both BSE and NSE. Trackers show the listing date as either 20 October or 21 October, so the final timetable in the prospectus is the one to rely on.
The price band, lot size and minimum investment had not been announced at the time of writing. The company was expected to disclose them on 7 October, and people familiar with the matter have pegged the size at Rs 700 crore to Rs 750 crore. Mainboard retail applications typically work out to around Rs 14,000 to Rs 15,000 for one lot at the upper end of the band.
Ambit, Anand Rathi Advisors and IIFL Capital Services are the book-running lead managers for the HD Fire Protect issue, while MUFG Intime India Pvt. Ltd. is the registrar.
For detailed information on the company’s business, financials, risk factors and the sale by promoters, investors should refer to the HD Fire Protect Red Herring Prospectus (RHP) before making an investment decision.
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Company Overview
HD Fire Protect Limited is a Mumbai based manufacturer of fire protection equipment and systems, including sprinklers, deluge valves and foam systems. According to a CRISIL report cited in its offer document, it was the second largest fire protection equipment manufacturer in India by operating income in FY25 and the largest equipment exporter by value. It operates two manufacturing facilities, at Jalgaon and Thane in Maharashtra.
The business sells domestically and abroad. In earlier disclosures about 63.8 percent of revenue came from India and 36.2 percent from exports, to markets including the UAE, Saudi Arabia, Brazil, Turkey, Malaysia and Indonesia, and the company is reported to supply Saudi Aramco. It exported to 49 countries in the quarter ended June 2026 and to more than 90 countries during FY26. It served 2,066 customers in FY26, held 21 UL Listed and 87 FM Approved product certifications as of September 2026, and had 279 permanent employees at the end of June 2026. The selling promoters are Harish Narshi Dharamshi and Kusum Harish Dharamshi. The HD Fire Protect issue is the company’s maiden public offering.
Read on for the complete HD Fire Protect IPO details, including price band, lot size, listing timeline and the company’s financial track record.
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 13 to 15 October 2026 |
| Anchor Bidding | 12 October 2026 |
| Allotment | Fri, 16 October 2026 |
| Listing Date | 20 or 21 October 2026 (sources differ) |
| Face Value | Rs 5 per share |
| Price Band | To be announced |
| Lot Size | To be announced |
| Issue Type | Bookbuilding IPO (Mainboard) |
| Sale Type | Offer for Sale only (no fresh issue) |
| Total Issue Size | 2,62,84,500 shares (reported Rs 700 to Rs 750 Cr) |
| Fresh Issue | Nil |
| Offer for Sale | 2,62,84,500 shares by promoters |
| Shareholding Pre-Issue | 17,52,30,000 shares |
| Shareholding Post-Issue | 17,52,30,000 shares |
| Investor Reservation (per tracker) | Retail: 35% of the net offer; employee quota of Rs 1.75 Cr |
| Listing Exchange | BSE, NSE |
(Compiled from the RHP/DRHP and market updates)
Industry Context
- Fire protection equipment is a safety critical, compliance driven category. Sprinklers, valves and foam systems are specified for industrial plants, warehouses, oil and gas sites and commercial buildings, so demand follows construction and industrial investment.
- Product approvals such as UL Listing and FM Approval are practical entry tickets for large industrial and international buyers, which creates a barrier for new manufacturers.
- Exports are a meaningful second leg for Indian makers, with Gulf markets such as the UAE and Saudi Arabia prominent for HD Fire Protect, though overseas demand and currency moves add variability.
- Orders arrive project by project, so revenue can be uneven, and the order book is a better guide to near-term visibility than any single year’s growth.
- Domestic safety regulation and insurance requirements provide a steady base, while competition comes from both established manufacturers and system integrators.
Business Strengths
Here are the key strengths investors evaluating the HD Fire Protect IPO should weigh:
- A leading position in a niche, with CRISIL naming it the second largest Indian fire protection equipment maker by operating income in FY25 and the largest equipment exporter by value.
- Steady growth with high profitability: revenue from operations rose from Rs 372.95 crore in FY24 to Rs 489.28 crore in FY26, a CAGR of 14.54 percent, with an FY26 EBITDA margin of 30.75 percent, PAT margin of 23.12 percent, RoE of 30.17 percent and RoCE of 40.33 percent.
- A broad customer base of 2,066 customers in FY26 and a wide certification set, with 21 UL Listed and 87 FM Approved products, which supports repeat business.
- A diversified geographic mix, with exports to more than 90 countries during FY26 and a reported supply relationship with Saudi Aramco, which gives the HD Fire Protect offer a global angle.
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Business Risks
Alongside these strengths, the HD Fire Protect issue also carries the following business risks:
- The offer is a 100 percent sale by promoters, so the company gets no money and cannot use proceeds to fund growth. The promoters are selling about 15 percent of the post-issue equity, based on the share counts in the offer document.
- Growth slowed in FY26: revenue rose 13 percent but profit after tax rose only 6.4 percent, from Rs 109.72 crore to Rs 116.79 crore, after a roughly 25 percent rise in FY25.
- The order book of Rs 158.60 crore as of 30 June 2026 is about a third of FY26 revenue, which suggests limited multi-quarter visibility compared with annual sales.
- Exports account for around a third of revenue by earlier disclosures, which exposes results to currency moves and overseas demand, and the two plants are both in Maharashtra.
- If the reported size holds, the HD Fire Protect offer implies a demanding valuation of roughly 40 to 43 times FY26 earnings by our arithmetic, so execution has to stay strong.
Financial Performance
The HD Fire Protect public issue comes after three years of steady growth. Revenue from operations rose 16 percent in FY25 and 13 percent in FY26 to Rs 489.28 crore, while profit after tax rose about 25 percent in FY25 to Rs 109.72 crore and 6.4 percent in FY26 to Rs 116.79 crore. In the June 2026 quarter, revenue from operations was Rs 109.05 crore and profit after tax Rs 23.87 crore.
HD Fire Protect Ltd. – Financials (Rs in Lakh)
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
|---|---|---|---|
| Revenue from Operations | 48,928.00 | 43,280.00 | 37,295.00 |
| Revenue Growth (YoY) | 13.05% (computed) | 16.05% (computed) | Not applicable |
| Profit After Tax (PAT) | 11,679.00 | 10,972.00 | 8,792.00 |
| PAT Growth (YoY) | 6.44% (computed) | 24.80% (computed) | Not applicable |
| EBITDA Margin (%) | 30.75% | Not separately confirmed | Not separately confirmed |
Amounts in Rs Lakh unless stated otherwise, compiled from published HD Fire Protect disclosures. Growth rates are computed from the absolute figures shown. Total income was about Rs 505 crore in FY26. Net worth and borrowings were not consistently reported across the sources used for this review, so investors should refer to the RHP for the complete restated financial statements.
Key Ratios and Metrics
The table below summarises the key ratios and metrics for the HD Fire Protect issue as of FY26. The final price band was not available, so the last row shows what the reported issue size would imply, which is an estimate and not an announced valuation.
These ratios offer a quick snapshot of how the HD Fire Protect IPO is priced relative to the company’s profitability and net worth.
| KPI (FY26) | Value |
|---|---|
| EBITDA Margin | 30.75% |
| PAT Margin | 23.12% |
| Return on Equity (RoE) | 30.17% |
| Return on Capital Employed (ROCE) | 40.33% |
| EPS (computed from PAT and 17.52 crore shares) | about Rs 6.67 |
| Order Book (30 Jun 2026) | Rs 158.60 Cr |
| Implied Price at Reported Rs 700 to 750 Cr Size | about Rs 266 to Rs 285 per share |
| Implied Market Cap and P/E at That Size | about Rs 4,670 to Rs 5,000 Cr; 40x to 43x |
Objects of the Offer
As the HD Fire Protect offer is entirely an offer for sale, there is no fresh issue and no objects of the issue for the company. The money goes to the selling promoters.
- No fresh issue, so the company receives no proceeds
- Proceeds from the sale of 2,62,84,500 shares go to promoters Harish Narshi Dharamshi and Kusum Harish Dharamshi
- The listing itself gives the company a public market for its shares and a wider investor base
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Conclusion
Here is the bottom line on the HD Fire Protect IPO.
HD Fire Protect offers exposure to a niche, certification heavy fire safety manufacturer with an attractive profitability profile, a global export reach and a long growth runway in industrial safety.
The flip side is that the HD Fire Protect offer is a pure promoter exit, profit growth slowed to 6 percent in FY26, the order book is modest against annual sales, and the valuation could be rich depending on where the price band lands once it is announced.
Overall, investors weighing the HD Fire Protect offer should wait for the final price band, work out the P/E against FY26 earnings of about Rs 6.67 per share, and read the Red Herring Prospectus (RHP) along with their own risk profile before applying.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data independently before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Univest does not publish grey market premium figures. Grey market premium is an unofficial and unregulated indicator collected informally outside the stock exchanges. It is not published, verified or endorsed by SEBI, NSE or BSE, can vary widely between trackers, and is not always accurate.
FAQs
When does the HD Fire Protect IPO open and close?
Ans. The HD Fire Protect IPO opens for subscription on 13 October 2026 and closes on 15 October 2026, with anchor bidding on 12 October. Allotment is expected on 16 October, and listing on BSE and NSE is shown as 20 or 21 October depending on the tracker, so confirm the date in the prospectus.
What is the price band and lot size of the HD Fire Protect IPO?
Ans. The price band and lot size had not been announced when this was written, and the company was expected to disclose them on 7 October. Mainboard retail applications usually work out to around Rs 14,000 to Rs 15,000 per lot at the upper end of the band, so check the final figures before bidding.
Is the HD Fire Protect IPO a fresh issue or an offer for sale?
Ans. It is a 100 percent offer for sale of 2,62,84,500 equity shares by promoters Harish Narshi Dharamshi and Kusum Harish Dharamshi. There is no fresh issue, so HD Fire Protect receives no proceeds and the money goes to the selling shareholders.
How big is the HD Fire Protect IPO?
Ans. People familiar with the matter have pegged the size at Rs 700 crore to Rs 750 crore, but the final size depends on the price band. At that range the implied price is about Rs 266 to Rs 285 per share, which would value the company at roughly Rs 4,670 crore to Rs 5,000 crore based on 17.52 crore shares, though this is our arithmetic and not an announced figure.
What does HD Fire Protect actually do?
Ans. HD Fire Protect makes fire protection equipment and systems, including sprinklers, deluge valves and foam systems, at two plants in Jalgaon and Thane, Maharashtra. CRISIL ranked it the second largest Indian maker by operating income in FY25 and the largest equipment exporter by value, and it exported to more than 90 countries during FY26.
How has HD Fire Protect performed financially?
Ans. Revenue from operations grew from Rs 372.95 crore in FY24 to Rs 432.80 crore in FY25 and Rs 489.28 crore in FY26. Profit after tax rose from Rs 87.92 crore to Rs 109.72 crore and then Rs 116.79 crore, so profit growth slowed to about 6.4 percent in FY26. In the June 2026 quarter revenue from operations was Rs 109.05 crore and profit after tax Rs 23.87 crore.
What are the main risks in the HD Fire Protect IPO?
Ans. The main risks are that the company gets no proceeds, profit growth lagged sales growth in FY26, the order book of Rs 158.60 crore is about a third of annual revenue, and exports of around a third of revenue add currency and demand risk. If the reported size holds, the valuation could also be about 40 to 43 times FY26 earnings.
Who are the lead managers and registrar for the HD Fire Protect IPO?
Ans. Ambit, Anand Rathi Advisors and IIFL Capital Services are the book-running lead managers, responsible for structuring and managing the offer. MUFG Intime India Pvt. Ltd. is the registrar and will handle allotment and the credit of shares to successful applicants’ demat accounts.
Is the HD Fire Protect IPO a good investment?
Ans. The HD Fire Protect issue shows strong margins and returns in a niche safety category, but it is a pure promoter sale and the valuation depends on the price band that has not yet been announced. Wait for the band, compare it with FY26 earnings of about Rs 6.67 per share, and read the prospectus and your own risk appetite before applying.
