HD Fire Protect IPO Shares List at ₹335 on NSE, at 23.62% Premium

HD Fire Protect Ltd shares made their stock market debut on October 21, 2026, listing at ₹335 per share on NSE compared with the IPO issue price of ₹271 per share. This represented a listing premium of 23.62%.

Following the listing, the stock traded at ₹303.20 as of 10:56 AM IST, taking its gain from the ₹271 issue price to 11.88%. The stock recorded an intraday high of ₹340 and a low of ₹302 during the morning session, with trading volume of 2,66,16,192 shares.

The listing followed the company's IPO, which was open from October 13 to October 15, 2026. The ₹712.31 crore issue consisted entirely of an offer for sale of 2,62,84,500 equity shares, with a price band of ₹258 to ₹271 per share.

HD Fire Protect manufactures and supplies fire protection equipment and systems, including sprinklers, valves, firefighting monitors, foam-based suppression equipment and gas-based fire protection systems. The company serves industrial, commercial and infrastructure customers in India and international markets, with exports spanning more than 90 countries.

HD Fire Protect IPO Listing Details

The IPO was a ₹712.31 crore book-built issue consisting entirely of an offer for sale of 2,62,84,500 equity shares by existing promoter shareholders. There was no fresh issue component.

The issue received an overall subscription of 131.73 times. QIBs subscribed 256.65 times, NIIs 203.21 times and Individual Investors 30.55 times. The employee portion recorded 23.61 times subscription. The public issue received bids for 2,42,65,57,430 shares against 1,84,20,492 shares available for subscription, excluding the anchor investor portion.

The company allocated 78,64,008 shares to anchor investors at ₹271 per share, aggregating ₹213.11 crore. The IPO had a lot size of 55 shares, requiring a minimum investment of ₹14,905 at the upper end of the price band.

• Issue Price: ₹271 per share
• NSE Listing Price: ₹335 per share
• Listing Premium: 23.62%
• Trading Price: ₹303.20 per share (10:56 AM IST)
• Change From Issue Price: +11.88%
• Change From Listing Price: -9.49%
• Intraday High: ₹340
• Intraday Low: ₹302
• Volume: 2,66,16,192 shares
• Overall Subscription: 131.73 times
• Fresh Issue: Nil
• Offer for Sale: ₹712.31 crore
• Price Band: ₹258 to ₹271 per share
• IPO Open Date: October 13, 2026
• IPO Close Date: October 15, 2026
• Listing Date: October 21, 2026
• Exchange: BSE and NSE

First-Day Trading Performance

Listing Price: HD Fire Protect share price listed at ₹335 on NSE compared with the ₹271 issue price, translating into a premium of 23.62%. On BSE, the shares opened at ₹334.40, representing a premium of 23.39% over the issue price.

Post-listing Price: The stock subsequently traded at ₹303.20 as of 10:56 AM IST, 11.88% above the issue price but 9.49% below the NSE listing price. The stock touched an intraday high of ₹340 and a low of ₹302 during the session. The intraday high represented a premium of 25.46% over the IPO issue price, while the intraday low remained 11.44% above the issue price.

Subscription Context: The IPO received 131.73 times overall subscription, with QIBs leading at 256.65 times, followed by NIIs at 203.21 times and Individual Investors at 30.55 times. The employee category recorded 23.61 times subscription.

Growth Drivers and Challenges

Growth Drivers

Diversified Fire Protection Portfolio: HD Fire Protect manufactures water-based, foam-based and gas-based fire protection equipment and systems. Its product portfolio includes sprinklers, deluge valves, firefighting monitors, foam proportioning systems and other fire suppression equipment, allowing the company to serve multiple industrial and commercial applications.

Established Export Presence: The company supplies fire protection products to more than 90 countries. Export markets contributed 32.78% of revenue from operations in FY26, providing geographical diversification beyond the Indian market.

International Product Certifications: HD Fire Protect holds international product certifications and approvals, including UL Listing, FM Approval and other applicable certifications across its product portfolio. These approvals support access to markets and projects where compliance with specified fire protection standards is required.

Demand Across Industrial and Infrastructure Segments: The company's products are used in manufacturing facilities, commercial buildings, energy installations, industrial plants and infrastructure projects. Fire safety requirements across these applications provide a market for specialised fire detection and suppression equipment.

Established Customer Relationships: Repeat customers contributed a substantial portion of FY26 revenue. The company's ability to supply certified fire protection equipment across several product categories supports relationships with distributors, contractors and industrial customers.

Financial Performance: For FY26, HD Fire Protect reported revenue from operations of ₹489.28 crore and profit after tax of ₹116.79 crore, compared with revenue of ₹432.80 crore and profit after tax of ₹109.72 crore in FY25. Revenue from operations increased by 13.05% year-on-year, while profit after tax rose by 6.44%.

Challenges

Dependence on Industrial and Infrastructure Demand: The company's business is linked to demand for fire protection equipment from industrial, commercial and infrastructure projects. Delays in project execution, lower capital expenditure or changes in customer procurement schedules could affect orders and revenue recognition.

Raw Material Price Exposure: HD Fire Protect uses metals, components and other materials in manufacturing fire protection equipment. Fluctuations in raw material prices could increase production costs and affect operating margins if the company is unable to pass on these increases to customers.

Supplier and Outsourcing Dependence: The company depends on external suppliers for raw materials, components and certain manufacturing activities. Disruptions in supply, delays in procurement or quality-related issues could affect manufacturing schedules and product deliveries.

Export Market Risks: With exports contributing 32.78% of FY26 revenue from operations, the company is exposed to changes in international trade conditions, foreign exchange movements, shipping costs and demand across overseas markets.

Certification and Regulatory Requirements: Fire protection equipment must comply with applicable product standards and certification requirements in different markets. Maintaining certifications, meeting testing requirements and adapting to regulatory changes involve ongoing costs and operational responsibilities.

Working Capital Requirements: The business requires investment in raw materials, inventories and receivables to support manufacturing and customer deliveries. Delays in customer payments or increased inventory requirements could affect operating cash flows and working capital needs.

Competitive Market Conditions: HD Fire Protect operates in a market that includes domestic manufacturers and international fire protection equipment suppliers. Product pricing, certification standards, distribution networks and customer requirements influence its competitive position.

Utilisation of IPO Proceeds

The ₹712.31 crore IPO consisted entirely of an offer for sale of equity shares by existing promoter shareholders. There was no fresh issue component.

The offer for sale comprised:

₹243.46 crore: Sale of 89,83,700 equity shares by promoter shareholder Harish Narshi Dharamshi.

₹468.85 crore: Sale of 1,73,00,800 equity shares by promoter shareholder Kusum Harish Dharamshi.

The company will not receive any proceeds from the offer for sale. The proceeds, after applicable offer-related expenses and taxes, will accrue to the selling shareholders.

The objectives of the IPO were to facilitate the sale of equity shares by the promoter selling shareholders and obtain the benefits of listing the company's equity shares on the stock exchanges.

Since the IPO did not contain a fresh issue component, no proceeds have been earmarked for working capital, capital expenditure, debt repayment, manufacturing expansion or other corporate purposes.

The listing provides a publicly traded market for the company's equity shares on BSE and NSE.

Business and IPO Overview

HD Fire Protect Limited is a Mumbai-based manufacturer and exporter of fire protection equipment and systems. The company has an operating history spanning more than three decades and supplies products used in industrial, commercial and infrastructure fire safety applications.

Its portfolio includes water-based fire suppression systems, foam-based firefighting equipment, gas-based suppression products and associated components. Water-based fire protection systems represented the largest product segment, contributing 62.60% of FY26 revenue, while foam-based systems accounted for 18.71%.

The company serves domestic and international customers, with exports to more than 90 countries accounting for 32.78% of revenue from operations in FY26. Its business includes manufacturing, distribution and supply of fire protection equipment that meets applicable domestic and international product standards.

HD Fire Protect reported FY26 revenue from operations of ₹489.28 crore and profit after tax of ₹116.79 crore, compared with ₹432.80 crore and ₹109.72 crore, respectively, in FY25. Total income increased from ₹450.68 crore in FY25 to ₹505.12 crore in FY26. The company reported operating profit of ₹150.46 crore in FY26, compared with ₹138.01 crore in the previous financial year.

Its ₹712.31 crore IPO consisted entirely of an offer for sale of 2,62,84,500 equity shares and received 131.73 times overall subscription. QIBs recorded the highest subscription at 256.65 times, followed by NIIs at 203.21 times and Individual Investors at 30.55 times.

HD Fire Protect shares listed at ₹335 on NSE against the ₹271 issue price, representing a premium of 23.62%, and subsequently traded at ₹303.20 as of 10:56 AM IST on October 21, 2026. At this level, the stock remained 11.88% above its IPO issue price despite declining 9.49% from its opening price.