💡 Overview & Quick Summary
HD Fire Protect Limited IPO Summary: HD Fire Protect Limited is launching a ₹712.31 Crore Initial Public Offering (entirely an Offer for Sale of 2,62,84,500 shares at ₹258 to ₹271 per share) opening on October 13, 2026 and closing on October 15, 2026. The company is India's second-largest manufacturer of fire protection equipment and systems by revenue and the largest exporter by value (FY25), exporting ~35% of revenue across 90+ countries. The franchise possesses strong moats with 21 UL Listed and 87 FM Approved certifications (highest in India) and marquee empanelments like Saudi Aramco. Financials demonstrate steady profitable growth: Total Income expanded at a 13.5% CAGR to ₹505.12 crore in FY26, Operating EBITDA margin hit 30.75% (₹150.46 cr), PAT rose at a 15.3% CAGR to ₹116.79 crore, and RoNW stood at 31.07% on a virtually debt-free balance sheet. Visibility is reinforced by an order book doubling to ₹159 crore in June 2026. Sushil Finance recommends investors to Subscribe to the issue for the long term.
1. IPO Overview
HD Fire Protect Limited, operating with the motto "Protecting what matters most to you", has announced the details for its Initial Public Offering. The issue opens for subscription on Oct 13, 2026 and closes on Oct 15, 2026. The price band has been fixed at Rs. 258 to 271 Per Share with a face value of Rs. 5/- per share. An employee discount of Rs. 25 per share is offered to eligible employees.
| Issue Parameter |
Details |
| Price Band |
Rs. 258 to 271 Per Share |
| Issue Opens on |
Oct 13, 2026 |
| Issue Closes on |
Oct 15, 2026 |
| Lot Size |
55 Shares & in Multiples thereafter |
| Issue Size |
Rs. 712.31 Cr |
| No of Shares |
2,62,84,500 Equity Shares |
| Face Value |
Rs. 5/- |
| Employee Discount |
Rs. 25/- per share |
| Listing |
BSE & NSE |
| Lead Managers |
Ambit Pvt. Ltd., Anand Rathi Advisors Ltd., IIFL Capital Services Ltd. |
| Registrar |
MUFG Intime India Pvt. Ltd. |
2. Key IPO Details
The public offer structure comprises an Offer for Sale (OFS) alongside reservation quotas across Qualified Institutional Buyers (QIB), High Net-Worth Individuals / Non-Institutional Investors (HNI), and Retail Individual Investors.
Offer Structure
| Issuance |
Rs. in Cr. |
| Fresh Issue |
- |
| Offer for Sale |
712.31 |
| Total |
712.31 |
Issue Breakup
| Reservation for |
% of Issue |
Rs. in Cr. (at upper band) |
| QIB |
50% |
356.16 |
| HNI |
15% |
106.85 |
| RETAIL |
35% |
249.30 |
| TOTAL |
100% |
Rs. 712.31 |
3. Company Overview
HD Fire Protect is an Indian manufacturer and supplier of fire protection equipment and systems, offering a comprehensive portfolio spanning water, foam and gas-based fire suppression systems, the majority developed in-house with proprietary designs.
As per CRISIL, it was India's second-largest manufacturer of fire protection equipment and systems by revenue and the largest exporter (equipment) in FY2025.
Key operational and business elements include:
- Comprehensive Product Breadth: Offerings span 8 product categories, including sprinklers and alarm valves, deluge valves and pre-action systems, foam systems, monitors and nozzles, custom engineered systems and gas suppression systems.
- Diverse End-User Industries: Serves industrial sectors (oil & gas, refining, power, pharma, data centres, warehousing) as well as residential and commercial end users.
- Manufacturing Infrastructure: Operates two manufacturing facilities at Jalgaon and Thane (Maharashtra) spanning 8.50 acres.
- Customer Base & Global Presence: Served 2,066 customers in FY2026 and has exported to over 90 countries, with exports contributing approximately ~35% of revenue.
- Marquee Installation Footprint: Products are installed at mission-critical sites including the Sriharikota space launch pad, India's largest refinery at Jamnagar, the new Parliament building, and Saudi Aramco's Ras Tanura Sea Island.
4. Objects of the Issue
The Offer is entirely an Offer for Sale of up to 2,62,84,500 equity shares (Rs. 712.31 crore at the upper band) by the Promoter Selling Shareholders, Harish Narshi Dharamshi and Kusum Harish Dharamshi.
The objects of the Offer are:
- To carry out the Offer for Sale of equity shares by the Selling Shareholders.
- To achieve the benefits of listing the equity shares on the Stock Exchanges (BSE & NSE).
Use of Proceeds: The Company will not receive any proceeds from the Offer; all proceeds, net of offer expenses and taxes, will go to the Selling Shareholders.
5. Key Investment Highlights
- High-barrier certifications: Possesses the highest number of UL Listed (21) and FM Approved (87) certifications among Indian fire protection equipment peers.
- Global leadership: Recognized as India's second-largest fire protection equipment manufacturer and largest exporter by value in FY2025, supplying to 90+ countries.
- Comprehensive portfolio: Covers 8 product categories across water, foam and gas-based suppression, catering to diverse industrial and commercial sectors.
- Sticky, diversified customers: Repeat customers contributed 85.20% of FY2026 revenue, while the top 10 customers accounted for only 23.69%, demonstrating high retention and low concentration risk.
- Consistent profitability: Revenue grew at a 14.54% CAGR over FY2024-26, delivering a 30.75% Operating EBITDA margin and 31.07% RoNW in FY2026.
6. Brief Financial Performance & Valuation
Figures in Rs. in Cr. | *P/E at upper price band of Rs. 271 | EBITDA = Operating EBITDA as per RHP (excluding other income):
| Particulars |
FY2024 |
FY2025 |
FY2026 |
| Total Income |
392.02 |
450.68 |
505.12 |
| Total Expenditure |
275.67 |
303.96 |
349.14 |
| EBITDA (Operating) |
106.63 |
138.01 |
150.46 |
| Profit Before Tax (PBT) |
116.35 |
146.71 |
155.98 |
| Profit After Tax (PAT) |
87.92 |
109.72 |
116.79 |
| E.P.S. (Diluted) (Rs.) |
5.01 |
6.26 |
6.66 |
| P/E (x) (Diluted)* |
54.09x |
43.29x |
40.69x |
| RONW (%) |
25.69% |
27.71% |
31.07% |
7. IPO Timeline & Payment Charts
Indicative Time Table
| Tentative Events |
Indicative Dates |
| Finalisation of Basis of Allotment with the Designated Stock Exchange |
16/10/2026 |
| Initiation of refunds/unblocking ASBA Fund |
19/10/2026 |
| Credit of Equity Shares to demat accounts of Allottees |
19/10/2026 |
| Commencement of trading of the Equity Shares on the Stock Exchanges |
21/10/2026 |
Price Chart (@ Rs. 271) (Retail Category)
| LOT SIZE |
Amount (Rs.) |
| 55 | 14,905 |
| 110 | 29,810 |
| 165 | 44,715 |
| 220 | 59,620 |
| 275 | 74,525 |
| 330 | 89,430 |
| 385 | 1,04,335 |
| 440 | 1,19,240 |
| 495 | 1,34,145 |
| 550 | 1,49,050 |
| 605 | 1,63,955 |
| 660 | 1,78,860 |
| 715 | 1,93,765 |
HNI Payment Chart (@ Rs. 271)
| Category |
No. of Shares |
Minimum Bid Lot Amount (Rs.) |
| Small HNI |
770 |
2,08,670 |
| Big HNI |
3,740 |
10,13,540 |
8. Our View / Recommendation
Analyst Recommendation: SUBSCRIBE FOR LONG TERM
Sushil Finance Research Stance & Valuation View
HD Fire Protect is a niche, high-quality franchise in a certification-driven industry.
Total Income grew at a 13.5% CAGR from Rs. 392.02 cr in FY2024 to Rs. 505.12 cr in FY2026, EBITDA rose from Rs. 106.63 cr to Rs. 150.46 cr and PAT grew at a 15.3% CAGR from Rs. 87.92 cr to Rs. 116.79 cr, with RONW improving from 25.69% to 31.07% on a virtually debt-free balance sheet (FY2026 finance cost of just Rs. 0.17 cr).
Its genuine moats are its 21 UL and 87 FM certifications, the highest among Indian peers and each taking 6-24 months to obtain, and multi-year vendor empanelments with marquee customers such as Saudi Aramco, which make it hard to displace and support a ~35% export share across 90+ countries.
Visibility has improved sharply, with the order book more than doubling from Rs. 70 cr in March 2025 to Rs. 159 cr in June 2026.
At the upper band, the issue is valued at a market cap of Rs. 4,749 cr, i.e. 40.69x FY2026 diluted EPS of Rs. 6.66 and ~12.6x book, below the peer average of 62.95x.
Given its high entry barriers, superior return ratios and strong order book, we recommend investors to Subscribe to the issue for the long term.
9. Frequently Asked Questions (FAQs)
Q1. What does HD Fire Protect Limited do?
HD Fire Protect is an Indian manufacturer and supplier of fire protection equipment and systems, offering water, foam, and gas-based suppression systems developed with proprietary designs across 8 product categories.
Q2. What are the key certifications held by HD Fire Protect?
The company holds 21 UL Listed and 87 FM Approved certifications, which is the highest number among Indian fire protection equipment peers. Each certification requires 6 to 24 months to obtain, creating strong industry entry barriers.
Q3. What is the order book position of HD Fire Protect?
Order visibility has expanded significantly, with the company's order book more than doubling from Rs. 70 crore in March 2025 to Rs. 159 crore in June 2026.
Q4. What is the valuation multiple of HD Fire Protect compared to peers?
At the upper price band of Rs. 271, the issue is valued at a market capitalization of Rs. 4,749 crore, translating to 40.69x FY2026 diluted EPS of Rs. 6.66 and ~12.6x book value, which is attractively priced below the peer average P/E of 62.95x.
Q5. Where are HD Fire Protect's manufacturing facilities located?
The company operates two manufacturing facilities in Jalgaon and Thane, Maharashtra, spanning a combined area of 8.50 acres.
10. Red Herring Prospectus (RHP) Reference
11. Disclaimer & Disclosures
The content provided in this blog is for informational and educational purposes only and should not be construed as investment, legal, or tax advice. While Sushil Finance makes reasonable efforts to ensure accuracy and reliability of the information, we do not guarantee its completeness or timeliness. Readers are advised to consult with their financial advisor before making any investment decisions. Sushil Finance shall not be held responsible for any direct or indirect loss arising from use of this content. Investments in securities are subject to market risks. Read all scheme-related documents carefully before investing.
