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HD Fire Protect Ltd IPO
HD Fire Protect Ltd
₹14,190 /55 sharesMinimum investment
IPO listing details
Listed on
21 Oct '26
Issue price
₹271.00
Listing price
₹335.00
Listing gains
₹64.00 (23.62%)
Exchange
BSE
IPO details
Minimum investment
₹14,190
Price range
₹258 - ₹271
Lot size
55
Issue size
712.31 Cr
Face value
5
IPO document
Subscription rate
Qualified Institutional Buyers256.65x
Non-Institutional Investor202.73x
Retail Individual Investor28.91x
Employees22.86x
Total130.81x
As of 15 Oct'26, 04:55 PM
Schedule
13 Oct 2026
IPO open date
15 Oct 2026
IPO close date
16 Oct 2026
Allotment date
16 Oct 2026
Funds unblock or debit
21 Oct 2026
Tentative listing date
About
Founded in
1997
MD/CEO
Mr Harish Narshi Dharamshi
Parent organisation
HD Fire Protect Ltd
HD Fire Protect Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
HD Fire Protect has exported its fire protection equipment and systems to over 90 countries. It clocked export revenue of Rs 168.41 crore, accounting for 34.69% of its revenue from operations in FY26.
The company holds multiple international product certifications. HD Fire Protect claims to be the only company among its fire protection equipment-focused peers to hold UL Solutions, FM Approvals, CE, VdS, ASME-U, and Lloyd’s Register certifications across its product categories. As of September 2026, it had 21 UL Listed and 87 FM Approved product certifications, which the company claims were the highest among its peers in India.
The company has a vertically integrated manufacturing setup. It operates manufacturing facilities in Jalgaon and Thane, Maharashtra, with in-house capabilities covering research and development (R&D), design, casting, machining, assembly, testing, painting, and quality control. It also claims to have an ASME-certified fabrication shop, non-ferrous foundry, CNC and VMC machining facilities, 5-axis machining centres, and flow testing infrastructure capable of handling up to 18,000 litres of water per minute.
HD Fire Protect has a diversified customer base across industries and geographies. As of June 30, 2026, the company had 905 customers across India and international markets, covering sectors such as oil and gas, heavy engineering, aerospace, power and energy, pharmaceuticals, data centres, and warehousing. Customers with relationships of more than five years contributed 54.40% of revenue from operations in FY26.
The company holds patents and design registrations related to fire protection equipment. As of the date of the RHP, HD Fire Protect held eight patents filed and/or granted across India, the US, and other jurisdictions. These include a patented pressure-operated fluid valve with a configurable diaphragm and design registrations for the diaphragm of a fire protection valve.
The company holds certifications for quality, environmental, and occupational health and safety management. It is ISO 9001:2015 certified for quality management systems, ISO 14001:2015 certified for environmental management systems, and ISO 45001:2018 certified for occupational health and safety management systems.
The company has shown a consistent increase in revenue from operations and profit after tax. Revenue from operations increased from Rs 372.95 crore to Rs 432.80 crore and then to Rs 489.28 crore in FY24, FY25, and FY26, respectively. The profit after tax increased from Rs 87.92 crore to Rs 109.72 crore and then Rs 116.79 crore during the same period.
HD Fire Protect generates a significant portion of its revenue from customers outside India. Revenue from outside India accounted for Rs 35.49 crore (32.78%), Rs 168.40 crore (34.69%), Rs 155.26 crore (36.24%), and Rs 123.28 crore (33.33%) of revenue from operations in the three months ended June 30, 2026, FY26, FY25, and FY24, respectively. Adverse changes in economic, regulatory, geopolitical, or market conditions in its international markets, particularly the Middle East and the rest of Asia, could adversely affect its business, financial condition, and results of operations.
HD Fire Protect relies on a limited number of suppliers for raw materials and contract-manufactured goods. Its top 10 suppliers accounted for Rs 48.34 crore (59.28%), Rs 166.74 crore (47.76%), Rs 130.39 crore (42.90%), and Rs 98.12 crore (35.59%) of total expenses in the three months ended June 30, 2026, FY26, FY25, and FY24, respectively. The company does not have long-term purchase agreements or firm commitments with its suppliers, and any delay, non-performance, or discontinuation by key suppliers could disrupt production, increase procurement costs, and adversely affect its business and financial condition.
HD Fire Protect is subject to regulatory requirements, product certifications, and customer empanelment requirements in India and overseas. Obtaining and maintaining certifications such as UL Listing, FM Approval, CE Marking, and ASME U Stamp involves audits, testing, and documentation, with UL and FM approvals for new products typically taking 6 to 24 months. Failure or delay in obtaining, renewing, or maintaining required approvals or complying with changing local standards could restrict the company’s ability to supply products in certain markets, delay product launches, increase costs, or result in regulatory action.
HD Fire Protect’s manufacturing operations are concentrated in two facilities in Thane and Jalgaon, Maharashtra, which contributed 61.02%, 63.49%, 65.80%, and 67.94% of its revenue from operations in the three months ended June 30, 2026, FY26, FY25, and FY24, respectively. While the company also uses contract manufacturers, these contributed 36.16%, 36.71%, 33.02%, and 31.13% of revenue from operations during the same periods. Any disruption caused by natural disasters, labour unrest, power outages, transportation issues, supply chain disruptions, or adverse regional developments in Maharashtra could delay production and shipments, increase costs, and adversely affect its business and financial condition.
HD Fire Protect and its directors are involved in certain legal proceedings pending before various courts, tribunals, and other authorities. Any adverse decision could require the company to incur more costs and divert management time and attention towards the suits, which may adversely affect its business, financial condition, and results of operations.
HD Fire Protect depends substantially on repeat orders from existing customers and does not typically have long-term or exclusive arrangements with its customers. Revenue from repeat customers accounted for Rs 86.34 crore (79.76%), Rs 413.50 crore (85.20%), Rs 369.74 crore (86.30%), and Rs 325.66 crore (88.05%) of revenue from operations in the three months ended June 30, 2026, FY26, FY25, and FY24, respectively. As customers are not contractually required to continue placing orders, any reduction, delay, or cancellation of orders, changes in procurement policies, or project delays could make demand and production planning less predictable, resulting in excess inventory, higher holding costs and an adverse effect on its business and financial condition.
The company had contingent liabilities and guarantees of Rs 9.61 crore as of June 30, 2026. If a significant portion of these liabilities materialise, or if adverse developments in ongoing matters require additional provisions, the company’s expenses, liabilities, cash flows, and financial condition could be adversely affected.
The company had trade receivables of Rs 55.28 crore as of June 30, 2026, indicating a significant amount of funds outstanding from its customers. Any delay or failure in recovering these receivables could adversely affect the company’s cash flows, working capital position, and financial condition.
Application details
For HD Fire Protect IPO, eligible investors can apply as Regular & Employee.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Regular | ₹258 - ₹271 | Upto ₹2 Lakhs | 55 |
| Employee | ₹233 - ₹246 | Upto ₹5 Lakhs | 55 |
| High Networth Individual | ₹258 - ₹271 | ₹2 - ₹5 Lakhs | 55 |
About
Book Running Lead Managers & Registrar of HD Fire Protect IPO
|
Book Running Lead Managers |
Ambit Private Limited, Anand Rathi Advisors Limited, IIFL Capital Services Limited |
|
Registrar to the Issue |
MUFG Intime India Private Limited |
Key Performance Indicators (KPIs) of HD Fire Protect Ltd.
|
KPI |
Value (for the three month period ended June 30, 2026) |
|
ROE (%) |
6.13 |
|
ROCE (%) |
8.36 |
|
Operating EBITDA Margin (%) |
27.26 |
|
PAT Margin (%) |
20.92 |
|
Return on Net Worth (RoNW) (%) |
5.97 |
|
Net Asset Value (NAV) per Equity Share (₹) |
22.82 |
HD Fire Protect IPO Contact Details
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Company Name |
HD Fire Protect Limited |
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Registered Office |
O-611, 6th Floor, Runwal R Square, Opp. Veena Nagar, L. B. S. Marg, Mulund West, Mumbai – 400 080, Maharashtra, India |
|
Phone |
+91 22 35287000 |
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Website |
HD Fire Protect IPO Registrar Contact Details
|
Company Name |
MUFG Intime India Private Limited |
|
Phone |
+91 810 811 4949 |
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Website |