HD Fire Protect IPO
HD Fire Protect IPO Details
-
Open Date
13 Oct 2026
-
Close Date
15 Oct 2026
- IPO Price Range
₹ 258 to ₹271
- IPO Size
₹ 712.31 Cr
HD Fire Protect IPO Timeline
Last Updated: 10 October 2026 5:50 AM by 5paisa
HD Fire Protect Limited is an Indian manufacturer and supplier of fire protection equipment and systems, with a portfolio spanning water, foam and gas-based fire suppression solutions. Its offerings cover eight product categories, including sprinklers, alarm valves and accessories, deluge valves and pre-action systems, foam equipment and suppression systems, monitors and nozzles, water spray nozzles, custom-engineered systems and gas suppression systems.
The company caters to industries such as oil and gas, refining, petrochemicals, power and energy, heavy engineering, aerospace, pharmaceuticals and data centres, alongside commercial and residential applications. It operates manufacturing facilities in Jalgaon and Thane, Maharashtra, spread across a combined area of around 8.50 acres, supported by testing and R&D capabilities. Its products have been exported to more than 90 countries.
According to the industry report referred to in the RHP, HD Fire Protect was the second-largest fire protection equipment and systems manufacturer in India by operating income in FY25 among the fire-protection-equipment-focused peers considered, and the largest exporter by value of equipment. Its international certifications include UL Listing, FM Approval, CE, VdS, ASME U Stamp and Lloyd's Register certifications across its product portfolio.
Established in: 1997
Chairman and Managing Director: Harish Narshi Dharamshi
Peers:
| Metric | HD Fire Protect | Azad Engineering | KSB | Kirloskar Pneumatic | Elgi Equipments |
|---|---|---|---|---|---|
| Face Value (₹) | 5 | 2 | 2 | 2 | 1 |
| EPS – Basic (₹) | 6.66 | 20.57 | 15.54 | 39.45 | 13.65 |
| P/E (x) | – | 145.65 | 55.68 | 17.18 | 44.70 |
| RoNW (%) | 31.07 | 8.74 | 16.11 | 20.36 | 19.28 |
| NAV Per Share (₹) | 21.45 | 236.74 | 96.46 | 192.25 | 70.41 |
HD Fire Protect Objectives
1. The IPO is entirely an Offer for Sale of up to 2,62,84,500 equity shares by the promoter selling shareholders.
2. Harish Narshi Dharamshi is offering up to 89,83,700 equity shares.
3. Kusum Harish Dharamshi is offering up to 1,73,00,800 equity shares.
4. HD Fire Protect will not receive any proceeds from the Offer for Sale.
5. The principal purpose of the offer is to achieve the benefits of listing the equity shares on BSE and NSE and enable the selling shareholders to sell part of their holdings.
HD Fire Protect IPO Size
| Types | Size |
|---|---|
| Total IPO Size | ₹712.31 Cr |
| Offer For Sale | ₹712.31 Cr |
| Fresh Issue | – |
HD Fire Protect IPO Lot Size
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 55 | 14190 |
| Retail (Max) | 13 | 715 | 193765 |
| S-HNI (Min) | 14 | 770 | 198660 |
| S-HNI (Max) | 67 | 3685 | 998635 |
| HNI (Min) | 68 | 3740 | 964920 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Revenue | 372.95 | 432.80 | 489.82 |
| Operating EBITDA | 106.63 | 138.01 | 150.46 |
| PAT | 87.92 | 109.72 | 116.79 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Total Assets | 392.63 | 450.08 | 432.03 |
| Share Capital | 2.66 | 2.66 | 87.62 |
| Total Liabilities | 49.22 | 52.85 | 54.88 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Net Cash Generated From Operating Activities | 63.77 | 98.32 | 126.93 |
| Net Cash Generated From / (Used In) Investing Activities | (32.98) | (52.56) | 61.25 |
| Net Cash Generated From / (Used In) Financing Activities | (22.90) | (49.20) | (40.52) |
| Net Increase / (Decrease) In Cash And Cash Equivalents | 7.90 | (3.45) | 19.44 |
Strengths
1. HD Fire Protect has an established global presence in an industry where product certifications and customer empanelment can create substantial entry barriers.
2. Its portfolio covers eight fire protection product categories across water, foam and gas-based suppression systems and caters to a diverse range of end-use industries.
3. The company has exported products to more than 90 countries and generated 34.69% of its FY26 revenue from operations outside India.
4. It operates manufacturing facilities in Jalgaon and Thane with in-house product development, testing and R&D capabilities.
5. Its certification portfolio includes UL Listing, FM Approval, CE, VdS, ASME U Stamp and Lloyd's Register certifications across different product categories.
Weaknesses
1. Overseas markets accounted for 34.69% of FY26 revenue from operations, exposing the business to geopolitical, currency and country-specific risks.
2. The top 10 suppliers accounted for 47.76% of total expenses in FY26, creating supplier-concentration risk, while the company does not have long-term purchase arrangements with several suppliers.
3. Its manufacturing facilities are concentrated in Maharashtra, making operations vulnerable to disruptions affecting these locations.
4. Fire protection products are safety-critical; defects or product failures can expose the company to warranty claims, litigation and reputational damage.
5. Obtaining and maintaining international product certifications is essential for several markets and customers, making regulatory and certification compliance important to continued operations.
Opportunities
1. India's fire protection equipment market is expected to benefit from increased industrial investment, urbanisation and infrastructure development.
2. Expansion in data centres, oil and gas, petrochemicals, power, commercial buildings and other safety-intensive industries can support demand for specialised fire protection systems.
3. Its existing certification portfolio provides a platform to expand further in overseas markets where internationally certified products are required.
4. Continued investment in product development can help broaden the company's portfolio of custom-engineered and specialised suppression systems.
5. Growing enforcement of fire and building-safety standards can increase adoption of organised and certified fire protection products.
Threats
1. Competition from domestic manufacturers and global fire protection equipment companies can exert pressure on prices and margins.
2. Volatility in raw-material costs and disruption among key suppliers could affect production costs and delivery schedules.
3. Changes in product-certification standards, fire-safety regulations or international trade requirements could increase compliance costs.
4. The company's export operations expose it to foreign-exchange fluctuations and geopolitical or trade disruptions.
5. Delays in industrial, infrastructure, oil and gas or real-estate projects can affect customer ordering and execution cycles.
1. Revenue from operations increased from ₹372.95 crore in FY24 to ₹489.82 crore in FY26, while PAT rose from ₹87.92 crore to ₹116.79 crore.
2. Operating EBITDA increased to ₹150.46 crore in FY26, with an Operating EBITDA margin of approximately 30.72%.
3. The company has a broad fire protection portfolio covering water, foam and gas-based suppression solutions across eight product categories.
4. HD Fire Protect has an established international footprint, with exports to more than 90 countries and 34.69% of FY26 revenue from operations generated outside India.
5. The business operates without financial borrowings, while its international certifications and in-house product-development capabilities support participation in certification-intensive markets.
India's fire protection equipment market was estimated at approximately ₹10,200 crore in FY25 and is projected by the industry report referred to in the RHP to reach around ₹16,500–17,500 crore by FY30. This implies continued expansion supported by industrial capital expenditure, infrastructure development, urbanisation and stricter fire-safety requirements.
Within fire suppression, demand spans sprinkler-based systems, hydrant systems, extinguishers, foam-based equipment, gas-based suppression and other specialised products. The industry report projects the fire suppression segment to add approximately ₹5,500–6,500 crore between FY25 and FY30.
HD Fire Protect participates across a broad set of suppression categories, including sprinklers, deluge systems, foam systems, monitors, water-spray products, custom-engineered systems and gas suppression. Its presence in industrial and infrastructure applications, together with exports to more than 90 countries and internationally certified products, gives it exposure to both domestic capital expenditure and overseas fire-safety demand.
Fusion CX
Open Free Demat Account
Be a part of 5paisa community - The first listed discount broker of India.
By proceeding, you agree to all T&C*
FAQs
HD Fire Protect IPO opens from 13 October 2026 to 15 October 2026.
The size of the HD Fire Protect IPO is approximately ₹712.31 crore. It is entirely an Offer for Sale of up to 2,62,84,500 equity shares, with no fresh issue component.
The price band of HD Fire Protect IPO is fixed at ₹258 to ₹271 per share.
1. Login to your 5paisa demat account and select the issue in the current IPO section.
2. Enter the number of lots and the price at which you wish to apply for the HD Fire Protect IPO.
3. Enter your UPI ID and click on submit. Your bid will then be placed with the exchange.
4. You will receive a mandate notification to block funds in your UPI app.
The minimum lot size for HD Fire Protect IPO is 55 shares. This requires an investment of ₹14,190 at the floor price of ₹258 per share.
The basis of allotment for the HD Fire Protect IPO is expected to be finalised on 16 October 2026.
The HD Fire Protect IPO is tentatively scheduled to list on BSE and NSE on 21 October 2026.
The book-running lead managers for HD Fire Protect IPO are:
1. Ambit Private Limited
2. Anand Rathi Advisors Limited
3. IIFL Capital Services Limited
1. The IPO is entirely an Offer for Sale of up to 2,62,84,500 equity shares by existing promoter shareholders.
2. Harish Narshi Dharamshi is offering up to 89,83,700 equity shares.
3. Kusum Harish Dharamshi is offering up to 1,73,00,800 equity shares.
4. HD Fire Protect will not receive any proceeds from the Offer for Sale.
5. The offer is intended to achieve the benefits of listing the company's equity shares on the stock exchanges and facilitate the sale of shares by the promoter selling shareholders.