HD Fire Protect IPO
HD Fire Protect IPO is a book-building public issue of approximately ₹712.31 crore.
The IPO consists entirely of an Offer for Sale (OFS) of 2,62,84,500 equity shares. Since the issue is completely an OFS, HD Fire Protect Ltd. will not receive any proceeds from the IPO. The proceeds will go to the selling shareholders.
The IPO will open for subscription on 13 October 2026 and close on 15 October 2026. The shares are proposed to be listed on both NSE and BSE, with a tentative listing date of 21 October 2026.
HD Fire Protect IPO Details
HD Fire Protect Ltd. is coming to the primary market with a book-built IPO of approximately ₹712.31 crore. The issue comprises entirely of an Offer for Sale of 2.63 crore shares.
The IPO price band has been fixed at ₹258 to ₹271 per share. The face value of each equity share is ₹5. Investors can bid for a minimum of 55 shares and thereafter in multiples of the specified lot size.
At the upper price band of ₹271 per share, a retail investor requires ₹14,905 to apply for one lot of 55 shares.
The company is proposed to be listed on NSE and BSE. The tentative allotment date is 16 October 2026, while the tentative listing date is 21 October 2026.
HD Fire Protect IPO Details
| Particulars | Details |
|---|---|
| IPO Open Date | 13 October 2026 |
| IPO Close Date | 15 October 2026 |
| IPO Size | ₹712.31 Crore |
| Price Band | ₹258 to ₹271 per share |
| Face Value | ₹5 per share |
| Lot Size | 55 Shares |
| Issue Type | Book Building |
| Issue Structure | Offer for Sale (OFS) |
| Listing Exchange | NSE and BSE |
| Total Shares Offered | 2,62,84,500 Shares |
| Retail Investment | ₹14,905 at Upper Price Band |
| Employee Discount | ₹25 per share |
| Expected Allotment | 16 October 2026* |
| Refund / Unblocking | 19 October 2026* |
| Demat Credit | 19 October 2026* |
| Tentative Listing Date | 21 October 2026* |
| Market Cap at Upper Price | ₹4,748.73 Crore |
HD Fire Protect IPO Issue Size
| Issue Component | Shares | Approx. Amount |
|---|---|---|
| Total Issue | 2,62,84,500 | ₹712.31 Cr |
| Offer for Sale | 2,62,84,500 | ₹712.31 Cr |
| Fresh Issue | Nil | Nil |
The entire issue is an Offer for Sale. Therefore, the IPO does not result in any fresh capital being raised by HD Fire Protect Ltd.
HD Fire Protect IPO Timeline
| Event | Date |
|---|---|
| IPO Opens | Tuesday, 13 October 2026 |
| IPO Closes | Thursday, 15 October 2026 |
| Allotment | Friday, 16 October 2026* |
| Refund / Unblocking | Monday, 19 October 2026* |
| Shares Credited to Demat | Monday, 19 October 2026* |
| Listing | Wednesday, 21 October 2026* |
HD Fire Protect IPO Issue Reservation
| Investor Category | Reservation |
|---|---|
| QIB | Not more than 50% of the Net Offer |
| Retail | Not less than 35% of the Net Offer |
| NII | Not less than 15% of the Net Offer |
HD Fire Protect IPO Investor Category
| Category | Investment Limit | Cut-off |
|---|---|---|
| RII | Up to ₹2 Lakhs | Yes |
| sNII | ₹2 Lakhs – ₹10 Lakhs | No |
| bNII | Above ₹10 Lakhs | No |
| Employee | Up to ₹2 Lakhs | Yes |
| Employee + RII/NII | Employee + applicable RII/NII limits | Yes for EMP/RII |
HD Fire Protect IPO Lot Size
Investors can bid for a minimum of 55 shares and thereafter in multiples of 55 shares.
| Investor Category | Lots | Shares | Investment at ₹271 |
|---|---|---|---|
| Retail Minimum | 1 | 55 | ₹14,905 |
| Retail Maximum | 13 | 715 | ₹1,93,765 |
| S-HNI Minimum | 14 | 770 | ₹2,08,670 |
| S-HNI Maximum | 67 | 3,685 | ₹9,98,635 |
| B-HNI Minimum | 68 | 3,740 | ₹10,13,540 |
About HD Fire Protect Ltd.
HD Fire Protect Ltd., incorporated in April 1997, is an Indian manufacturer and supplier of fire protection equipment and systems. The company provides water, foam and gas-based fire suppression solutions for industrial, commercial and other applications.
The company’s product portfolio covers eight major categories: 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 serve several industries, including oil and gas, refining and petrochemicals, power and energy, heavy engineering, aerospace, pharmaceuticals, data centres, hospitality and healthcare.
HD Fire Protect develops a majority of its products in-house and focuses on proprietary designs that comply with national and international standards.
The company has more than three decades of experience and has exported its products to more than 90 countries since inception. During the three months ended 30 June 2026, the company exported to 49 countries.
HD Fire Protect was the first Indian fire protection equipment manufacturer to receive UL Listing for deluge valves in 1996 and was also the first Indian manufacturer to receive FM approval for a range of low-expansion foam system products.
As of September 2026, the company had 21 UL Listed and 87 FM Approved product certifications.
The company operates two manufacturing facilities in Jalgaon and Thane, Maharashtra, covering approximately 8.50 acres. These facilities are supported by a fire test laboratory and research and development capabilities.
HD Fire Protect supplied fire protection equipment and systems to 2,066 customers during Fiscal 2026.
The company’s products have been supplied for major projects including Samruddhi Mahamarg, Jamnagar refinery, the new Indian Parliament building, Saudi Aramco’s Ras Tanura Sea Island site and Oman’s Integrated Power & Water Plant Project.
As of 30 June 2026, the company had 279 permanent employees and 253 contractual employees.
HD Fire Protect Products and Business Areas
| Product / Business Area | Key Offering |
|---|---|
| Sprinklers | Fire sprinkler products for fire protection systems. |
| Alarm Valves & Accessories | Equipment used in fire detection and suppression systems. |
| Deluge Valves & Systems | Deluge equipment and engineered fire suppression systems. |
| Foam Equipment & Systems | Foam-based fire suppression equipment and systems. |
| Monitors & Nozzles | Firefighting monitors and nozzle solutions. |
| Water Spray Nozzles | Water spray equipment for fire protection applications. |
| Custom-Engineered Systems | Application-specific fire protection systems. |
| Gas Suppression Systems | Gas-based fire suppression solutions. |
HD Fire Protect Business Strengths
- Strong product certification and quality track record.
- Advanced design, manufacturing and R&D capabilities.
- Experienced management team and qualified personnel.
- Comprehensive portfolio of fire protection equipment and systems.
- Track record of profitability and consistent financial performance.
- Strong and diversified customer base with long-standing global relationships.
- Established presence in a certification-driven and high-barrier industry.
- Global export presence covering more than 90 countries since inception.
HD Fire Protect IPO Objects of the Issue
The HD Fire Protect IPO is entirely an Offer for Sale. Unlike a fresh issue, the company will not receive funds raised through the IPO.
100% OFS: The complete IPO proceeds of approximately ₹712.31 crore will go to the selling shareholders, subject to applicable issue expenses and the terms of the offer.
Therefore, the IPO is primarily an opportunity for existing shareholders to sell part of their holdings to public investors rather than a fundraising exercise for HD Fire Protect Ltd.
HD Fire Protect Financial Performance
HD Fire Protect has reported growth in revenue and profitability over the recent financial years. Revenue from operations increased from ₹3,729.53 million in FY2024 to ₹4,892.81 million in FY2026, representing a CAGR of approximately 14.54%.
Between FY2025 and FY2026, the company’s revenue increased by approximately 12%, while profit after tax grew by approximately 6%.
| Particulars (₹ Crore) | 30 Jun 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Total Assets | 477.60 | 432.03 | 450.08 | 392.63 |
| Total Income | 114.07 | 505.12 | 450.68 | 392.02 |
| Profit After Tax | 23.87 | 116.79 | 109.72 | 87.92 |
| EBITDA | 29.73 | 150.46 | 138.01 | 106.63 |
| Net Worth | – | 375.93 | 396.01 | 342.19 |
| Reserves and Surplus | 309.93 | 286.07 | 302.59 | 332.19 |
Note: Financial figures are presented in ₹ crore. The June 2026 figures represent the period ended 30 June 2026, while the March figures represent the respective financial years. Operating EBITDA is provided in the financial statements.
HD Fire Protect Order Book
HD Fire Protect had an order book of approximately ₹158.60 crore as of 30 June 2026.
The order book provides visibility into future business execution, although actual revenue recognition will depend on project execution, customer requirements and other operating factors.
HD Fire Protect IPO Key Performance Indicators
| KPI | 30 Jun 2026 | 31 Mar 2026 |
|---|---|---|
| ROE | 6.13% | 30.17% |
| ROCE | 8.36% | 40.33% |
| RoNW | 5.97% | 31.07% |
| PAT Margin | 20.92% | 23.12% |
| EBITDA Margin | 27.26% | 30.75% |
| NAV | ₹22.82 | ₹21.45 |
| P/B | – | 12.63x |
HD Fire Protect IPO Valuation
At the upper price band of ₹271, HD Fire Protect has a market capitalization of approximately ₹4,748.73 crore. The valuation metrics based on the supplied IPO information are shown below.
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS | ₹6.66 | ₹5.45 |
| P/E | 40.69x | 49.72x |
| Market Cap at Offer Price | ₹4,748.73 Cr | ₹4,748.73 Cr |
HD Fire Protect Shareholding Structure
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 100% | 85% |
| Public | – | 15% |
| Total | 100% | 100% |
Company Promoters: Harish Narshi Dharamshi, Kusum Harish Dharamshi, Miheer Sadanand Ghotikar, Parika Miheer Ghotikar and Anik Narendra Dharamshi.
HD Fire Protect IPO Offer for Sale – Selling Shareholders
| Name | Category | Shares Offered | Amount (₹ Cr) |
|---|---|---|---|
| Harish Narshi Dharamshi | Promoter | 89,83,700 | ₹243.46 |
| Kusum Harish Dharamshi | Promoter | 1,73,00,800 | ₹468.85 |
| Total | – | 2,62,84,500 | ₹712.31 |
HD Fire Protect IPO Pros and Cons
Potential Positives
- More than three decades of experience in the fire protection industry.
- Comprehensive portfolio covering water, foam and gas-based fire protection solutions.
- Strong UL and FM product certification track record.
- Products exported to more than 90 countries since inception.
- Diversified customer base across multiple industries.
- Established manufacturing and R&D infrastructure.
- Revenue from operations grew at approximately 14.54% CAGR between FY2024 and FY2026.
- Order book of approximately ₹158.60 crore as of 30 June 2026.
Key Risks / Considerations
- The IPO is entirely an OFS, so the company will not receive the IPO proceeds.
- IPO investors should consider the valuation represented by the post-IPO P/E of approximately 49.72x.
- Fire protection equipment is a certification-driven and competitive industry.
- Revenue and profitability can depend on project execution and industrial capital expenditure.
- The company’s financial performance may vary between reporting periods.
- Future results may differ from historical financial performance.
- Investors should carefully review the company’s RHP and disclosed risk factors before applying.
HD Fire Protect IPO Registrar & Lead Managers
IPO Registrar: MUFG Intime India Pvt. Ltd.
Lead Managers:
- Ambit Pvt. Ltd.
- Anand Rathi Advisors Ltd.
- IIFL Capital Services Ltd.
HD Fire Protect IPO Important Information
| Particulars | Details |
|---|---|
| Company | HD Fire Protect Ltd. |
| IPO Type | Book Building Issue |
| IPO Size | ₹712.31 Crore |
| Price Band | ₹258 – ₹271 |
| Face Value | ₹5 per share |
| Lot Size | 55 Shares |
| Minimum Investment | ₹14,905 |
| Fresh Issue | Nil |
| Offer for Sale | 2,62,84,500 Shares |
| Issue Structure | 100% OFS |
| Listing | NSE and BSE |
| Registrar | MUFG Intime India Pvt. Ltd. |
| Lead Managers | Ambit Pvt. Ltd.; Anand Rathi Advisors Ltd.; IIFL Capital Services Ltd. |
| Employee Discount | ₹25 per share |
| Market Cap at Upper Price | ₹4,748.73 Crore |
HD Fire Protect IPO Registrar Contact Details
| Particulars | Details |
|---|---|
| Registrar | MUFG Intime India Pvt. Ltd. |
| Phone | 022-49186000 |
| hdfire.ipo@in.mpms.mufg.com | |
| Website | MUFG Intime India IPO Portal |
HD Fire Protect Ltd. Contact Details
Registered / Corporate Address:
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: www.hdfire.com
HD Fire Protect IPO Quick Summary
HD Fire Protect IPO is a book-building public issue of approximately ₹712.31 crore. The IPO opens on 13 October 2026 and closes on 15 October 2026.
The price band has been fixed at ₹258 to ₹271 per share, with a minimum lot size of 55 shares. At the upper price band, one retail lot requires an investment of ₹14,905.
The issue consists entirely of an Offer for Sale of 2,62,84,500 shares. HD Fire Protect Ltd. will not receive any proceeds from the IPO because there is no fresh issue.
HD Fire Protect manufactures and supplies fire protection equipment and systems, including sprinklers, deluge valves, foam systems, monitors, nozzles, custom-engineered systems and gas suppression systems.
The company has a global presence, exporting to more than 90 countries since inception, and had 21 UL Listed and 87 FM Approved product certifications as of September 2026.
Revenue from operations increased from ₹372.95 crore in FY2024 to ₹489.28 crore in FY2026, representing a CAGR of approximately 14.54%.
HD Fire Protect IPO FAQs
HD Fire Protect IPO Official Documents
Investors can refer to the company’s Red Herring Prospectus (RHP) for detailed information about the IPO, business, financials, risks, promoters and other disclosures.
Visit HD Fire Protect Official Website
Disclaimer
This HD Fire Protect IPO information is provided solely for educational and informational purposes. IPO investments are subject to market risks, and actual listing performance may differ from expectations. Investors should carefully review the company’s RHP, financial statements, risk factors and other official disclosures before making any investment decision. TradingMinds does not provide investment advice or guarantee IPO listing gains.
*Note: IPO allotment, refund, demat credit and listing dates mentioned in this post are tentative and may change according to the final IPO schedule, regulatory requirements and applicable exchange processes.
