Home › Upcoming IPOs › HD Fire Protect IPO
HD Fire Protect IPOUPCOMING
HD Fire Protect Limited is a leading Indian manufacturer of fire protection equipment, offering water, foam and gas-based fire suppression solutions across industrial, commercial and infrastructure sectors.
Opens
13 Oct 26Closes
15 Oct 26Allotment
16 Oct 26Refund
19 Oct 26Demat
19 Oct 26Listing
21 Oct 26Bidding opens
in 2 days
13 – 15 Oct
Retail bids until 5:00 PM, other categories until 4:00 PM on the closing day.
Overview
Price band
₹271
Lot size
55 shares
Min. investment
₹14,905
Issue size
₹712.31 Cr
2.63 Cr shares
Offer for sale
₹712.31 Cr
2.63 Cr shares
Face value
₹5 / share
Issue type
Book Built Issue
Listing at
NSE, BSE
Employee discount
₹25
Reservation
Lot size & investment
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 55 | ₹14,905 |
| Retail (Max) | 13 | 715 | ₹1,93,765 |
| S-HNI (Min) | 14 | 770 | ₹2,08,670 |
| S-HNI (Max) | 67 | 3,685 | ₹9,98,635 |
| B-HNI (Min) | 68 | 3,740 | ₹10,13,540 |
HD Fire Protect Live GMP
Latest GMP
₹72
All-time high
₹80
All-time low
₹10
Subscription
Live category-wise bids appear here once bidding opens on 13 Oct 26. Reserved share of the issue:
Financials
(₹ in crores)
Key performance indicators
As of 31 Mar 2026ROE
30.17%
PAT Margin
23.12%
ROCE
40.33%
EBITDA Margin
30.75%
Price to Book Value
12.63
RoNW
31.07%
Valuation vs listed peers
EPS Pre IPO
₹6.66
EPS Post IPO
₹5.45
P/E Pre IPO
40.69
P/E Post IPO
49.72
Price-to-earnings
| Company | P/E | P/B | RoNW | Face value |
|---|---|---|---|---|
| Azad Engineering Limited | 145.65 | — | — | — |
| KSB Limited | 55.68 | — | — | — |
| Kirloskar Pneumatic Company Limited | 17.2 | — | — | — |
| Elgi Equipment Limited | 44.83 | — | — | — |
| IngersollRand (India) Limited | 51.39 | — | — | — |
Peer median P/E 51.4× · Ratios as disclosed in the offer document.
Buzz AI analysis
From this IPO's filings and market data · educational, not investment advice
Revenue growth FY24 → FY26
+28.9%
Profit growth FY24 → FY26
+32.8%
P/E vs peer median
49.7× vs 51.4×
- PAT margin 23.1% and ROCE 40.3%.
- Priced below its listed-peer median P/E.
- 100% offer for sale — the company raises no new money.
- Price-to-book of 12.6× leaves little room for an earnings miss.
Strengths & risks
- Global Presence with exports to over 90 countries.
- Strong Certifications with 21 UL Listed and 87 FM Approved certifications.
- Diversified Products across eight fire protection categories.
- Established Customer Base with long-standing client relationships.
- Strong Financials with a 31.71% operating EBITDA margin in FY26.
Buzz score · Neutral
From GMP, subscription and issue size
Objects of the issue
| Purpose | Amount (₹ Cr) |
|---|---|
| The HD Fire Protect Ltd. IPO is a 100% Offer for Sale (OFS), so the company will not receive any funding and the entire IPO proceeds will go to the selling shareholders. | - |
Company & documents
HD Fire Protect Limited is an Indian manufacturer and supplier of fire protection equipment and systems, offering water, foam and gas-based fire suppression solutions. According to the CRISIL Report, the company was the second-largest fire protection equipment manufacturer in India by revenue from operations in FY2025 and the largest exporter by equipment value in FY2025.
Established in 1990, the company offers products across eight categories, including sprinklers, alarm valves, deluge valves, foam suppression systems, monitors, water spray nozzles, custom-engineered systems and gas suppression systems. Its products serve industries such as oil and gas, petrochemicals, power, aerospace, pharmaceuticals, data centres, infrastructure, and residential and commercial buildings.
The company has supplied products to more than 90 countries since inception, including 49 countries during the quarter ended June 30, 2026. It operates through direct sales, domestic stockists and a global network of 22 distributors. As of September 2026, it held 21 UL Listed and 87 FM Approved product certifications, along with patents in India and international markets.
HD Fire Protect Limited operates two manufacturing facilities in Jalgaon and Thane, Maharashtra, covering approximately 8.50 acres, supported by in-house R&D, engineering and testing capabilities. During FY2026, it supplied products to 2,066 customers, including major engineering and infrastructure companies. Its equipment has been used in projects such as the Jamnagar refinery, new Indian Parliament building, Saudi Aramco's Ras Tanura Sea Island site and India's space launch facility at Sriharikota.
The company's revenue from operations increased from ₹372.95 crore in FY2024 to ₹489.28 crore in FY2026, registering a CAGR of 14.54%. Exports contributed 34.69% of its FY2026 revenue from operations excluding other operating revenue.
As of June 30, 2026, its order book stood at ₹158.60 crore, and it employed 279 permanent and 253 contractual employees.
Registrar
MUFG Intime India Pvt. Ltd.
Phone: 022-49186000
Email: hdfire.ipo@in.mpms.mufg.com
Web: https://in.mpms.mufg.com/Initial_Offer/public-issues.html
Company contact
HD Fire Protect Ltd.
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
Book running lead managers
- Ambit Private Limited
- IIFL Capital Services Limited
- Anand Rathi Advisors Limited
Promoters
- Harish Narshi Dharamshi
- Kusum Harish Dharamshi
- Miheer Sadanand Ghotikar
- Parika Miheer Ghotikar
- Anik Narendra Dharamshi