HD Fire Protect IPO: From Issue Details to Financials, Here’s What You Need to Know
HD Fire Protect Limited is launching its Initial Public Offering (IPO) to raise funds through a 100 percent book-built offer. The IPO comprises a pure offer for the sale of 2.63 crore equity shares aggregating up to Rs. 712.31 crore. There is no fresh issue component in this IPO.
The price band for the HD Fire Protect Limited IPO is fixed at Rs. 258 to Rs. 271 per share. The IPO will open for subscription on October 13, 2026, and close on October 15, 2026. The shares are proposed to be listed on the NSE and BSE on Wednesday, October 21, 2026.
GMP of HD Fire Protect Limited IPO
As of October 12th, 2025, the shares of HD Fire Protect Limited in the grey market were trading at a 29.89 percent premium. The shares in the Grey Market traded at Rs. 352. This gives it a premium of Rs. 81 per share over the cap price of Rs. 271.
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Overview of HD Fire Protect Limited
HD Fire Protect Limited was originally established as M/s HD Fire Protect Co. in 1990, while the company was incorporated as D.H. Fire Protect Private Limited on April 24, 1997. It was renamed HD Fire Protect Private Limited in 2005 and was subsequently converted into a public limited company in 2025, becoming HD Fire Protect Limited.
The company is engaged in the manufacturing and supply of fire protection equipment and systems. Its portfolio covers eight major product categories, including sprinklers, alarm valves and accessories, deluge valves, deluge skids and pre-action systems, foam equipment and suppression systems, monitors and monitor nozzles, system valves and accessories, water spray nozzles, custom-engineered systems and gas suppression systems.
These products are used across a wide range of industries, including oil and gas, refining and petrochemicals, power and energy, heavy engineering, aerospace, pharmaceuticals, data centres and warehousing. The company also serves commercial and residential sectors such as hospitality, healthcare, retail, education and banking.
HD Fire Protect operates two manufacturing facilities in Maharashtra, located at Jalgaon MIDC and Thane MIDC, covering a combined area of around 8.50 acres. It also has a dedicated fire test laboratory, industrial warehouse, and R&D centre at its expanded Jalgaon facility.
The company supplied its products to 2,066 customers in Fiscal 2026 and has exported its fire protection equipment and systems to more than 90 countries since inception. During the three months ended June 30, 2026, its products were supplied across 49 countries.
Promoters of HD Fire Protect
The promoters of HD Fire Protect are Harish Narshi Dharamshi, Kusum Harish Dharamshi, Miheer Sadanand Ghotikar, Parika Miheer Ghotikar and Anik Narendra Dharamshi. Harish Narshi Dharamshi is the Chairman and Managing Director of the company.
As per the reports, the five promoters collectively held 16.70 crore equity shares, representing 95.33 percent of the company's pre-Offer paid-up equity share capital.
Harish Narshi Dharamshi held 9.84 crore shares, representing 56.13 percent, while Kusum Harish Dharamshi held 3.12 crore shares, representing 17.83 percent. Miheer Sadanand Ghotikar held 10.49 percent, Parika Miheer Ghotikar held 6.62 percent, and Anik Narendra Dharamshi held 4.26 percent.
Selling Shareholders of HD Fire Protect
The entire IPO is an Offer for Sale. The two promoter selling shareholders are Harish Narshi Dharamshi and Kusum Harish Dharamshi. Harish Narshi Dharamshi is offering up to 8,983,700 equity shares, while Kusum Harish Dharamshi is offering up to 17,300,800 equity shares. Together, they are offering up to 26,284,500 equity shares.
Lead Managers of HD Fire Protect IPO
The Book Running Lead Managers for the HD Fire Protect IPO are Ambit Private Limited, Anand Rathi Advisors Limited and IIFL Capital Services Limited. The registrar to the offer is MUFG Intime India Private Limited, formerly known as Link Intime India Private Limited.
Objectives of the IPO Offer
Unlike a fresh issue, an Offer for Sale does not result in the company receiving new capital. The HD Fire Protect IPO consists entirely of an Offer for Sale by the promoter selling shareholders. Therefore, the company will not receive any proceeds from the IPO. The proceeds from the sale of shares will go to the respective selling shareholders after deduction of applicable offer-related expenses and taxes.
Financial Analysis of HD Fire Protect
HD Fire Protect has reported consistent growth in revenue and profitability over the last three financial years. Revenue from operations increased from Rs. 372.95 crore in FY24 to Rs. 432.80 crore in FY25 and further to Rs. 489.28 crore in FY26. Total income increased from Rs. 392.02 crore in FY24 to Rs. 450.68 crore in FY25 and Rs. 505.12 crore in FY26.
The company's operating EBITDA also improved from Rs. 106.63 crore in FY24 to Rs. 138.01 crore in FY25 and Rs. 150.46 crore in FY26. Its operating EBITDA margin stood at 28.59 percent in FY24, 31.89 percent in FY25 and 30.75 percent in FY26.
Profit after tax increased from Rs. 87.92 crore in FY24 to Rs. 109.72 crore in FY25 and Rs. 116.79 crore in FY26. The PAT margin stood at 22.43 percent in FY24, 24.35 percent in FY25, and 23.12 percent in FY26.
The company's RoNW stood at 25.60 percent in FY24, 27.62 percent in FY25, and 30.97 percent in FY26. NAV per share increased from Rs. 19.49 in FY24 to Rs. 22.59 in FY25 and Rs. 21.45 in FY26.
For the three months ended June 30, 2026, the company reported revenue from operations of Rs. 109.05 crore and PAT of Rs. 23.87 crore. The three-month EPS was Rs. 1.36, although this figure is not annualised.
The company's export business is also significant. Exports accounted for 34.69 percent of revenue from operations in FY26, compared with 36.24 percent in FY25 and 33.33 percent in FY24. Domestic revenue accounted for the remaining 65.31 percent in FY26.
HD Fire Protect Vs Peers
HD Fire Protect Limited reported total income of Rs. 505.12 crore, with basic and diluted EPS of Rs. 6.66 and a RoNW of 31.07 percent. Its NAV per share stood at Rs. 21.45.
In comparison, Azad Engineering Limited reported total income of Rs. 648.63 crore, with basic and diluted EPS of Rs. 20.57 and a RoNW of 8.74 percent. Its NAV per share stood at Rs. 236.74. KSB Limited reported total income of Rs. 2,754.87 crore, with basic and diluted EPS of Rs. 15.54 and a RoNW of 16.11 percent. Its NAV per share stood at Rs. 96.46.
Kirloskar Pneumatic Company Limited reported total income of Rs. 1,814.46 crore, with basic EPS of Rs. 39.45 and diluted EPS of Rs. 39.39, while its RoNW stood at 20.36 percent and NAV per share at Rs. 192.25. Elgi Equipment Limited reported total income of Rs. 4,068.50 crore, with basic EPS of Rs. 13.65 and diluted EPS of Rs. 13.61, a RoNW of 19.28 percent and NAV per share of Rs. 70.41.
Ingersoll-Rand (India) Limited reported total income of Rs. 1,430.80 crore, with basic and diluted EPS of Rs. 81.10 and a RoNW of 20.36 percent. Its NAV per share stood at Rs. 195.04.
The comparison shows that HD Fire Protect is smaller than most of its selected listed peers in terms of total income, but it reported a higher RoNW of 30.97 percent than all the peers listed above. Its NAV per share is significantly lower than that of the selected peers.
Strengths of HD Fire Protect Limited
Strong presence in the fire protection equipment and systems industry across global markets.
More than three decades of experience supports established industry expertise and relationships.
Comprehensive product portfolio serves diverse industrial, commercial, and residential applications.
Strong certification portfolio includes UL Listed and FM Approved products.
Exports to more than 90 countries provide diversified international market exposure.
Diversified customer base reduces dependence on individual major customers significantly.
Healthy margins and improving RoNW reflect strong financial performance.
Weaknesses of HD Fire Protect Limited
IPO entirely comprises an Offer for Sale, providing no fresh capital.
Raw material price volatility can pressure margins and profitability.
Supplier concentration creates risks from disruptions and changing procurement conditions.
Manufacturing facilities concentrated in Maharashtra increase geographical operational risks.
Export exposure makes the business vulnerable to global market conditions.
Long cash conversion cycle increases working capital requirements significantly.
Product failures could result in claims, warranties, and reputational damage.
Conclusion
HD Fire Protect Limited's IPO offers investors an opportunity to participate in India's growing fire protection equipment and systems industry. The company has built a strong presence through its diversified product portfolio, international customer base, and established manufacturing capabilities. It also has strong certifications and exports its products to more than 90 countries. Groww
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The company has reported steady financial growth, with revenue from operations increasing to Rs. 489.28 crore and profit after tax reaching Rs. 116.79 crore in FY26. Its EBITDA margin of 30.75 percent and RoNW of around 31 percent indicate healthy profitability.
However, the company remains exposed to raw material price fluctuations, supplier concentration, manufacturing concentration, export markets, working capital requirements, and product-related liabilities. Since the IPO is entirely an Offer for Sale, investors should carefully evaluate the company's financial performance, valuation and associated risks before making an investment decision.