IPO Overview
Incorporated in April 1997, 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. The company offers a comprehensive portfolio across eight product categories, including 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 cater to industrial, residential, and commercial applications including oil and gas, refining and petrochemicals, power and energy, heavy engineering, aerospace, pharmaceuticals, data centres, hospitality, and healthcare sectors.
The company is launching its Mainboard IPO on BSE and NSE. The ₹712.31 crore book-built issue comprises entirely an Offer for Sale (OFS) of 2.63 crore equity shares, with no fresh issue component. The price band is set at ₹258–₹271 per share, with a lot size of 55 shares, making the minimum retail investment ₹14,905. The IPO opens on 13 October 2026 and closes on 15 October 2026, with listing tentatively scheduled on 21 October 2026 on both BSE and NSE.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – Mainboard |
| Listing Exchange | BSE & NSE |
| Anchor Investor Date | 12 October 2026 |
| IPO Open Date | 13 October 2026 |
| IPO Close Date | 15 October 2026 |
| Allotment Date | 16 October 2026 (Expected) |
| Refund Initiation | 17 October 2026 |
| Credit to Demat | 17 October 2026 |
| Listing Date | 21 October 2026 (Tentative) |
| Price Band | ₹258 – ₹271 per share |
| Face Value | ₹5 per share |
| Lot Size | 55 shares |
| Minimum Investment (Retail) | ₹14,905 |
| Issue Size | ₹712.31 crore |
| Fresh Issue | Nil |
| Offer For Sale (OFS) | 2,62,84,500 shares (₹712.31 crore) |
| Employee Discount | ₹25 per share |
Note: The entire IPO is an OFS. HD Fire Protect will not receive any proceeds — all funds go directly to the promoter selling shareholders.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | Not more than 50% of Net Offer |
| Non-Institutional Investors (NII/HNI) | Not less than 15% of Net Offer |
| Retail Individual Investors (RII) | Not less than 35% of Net Offer |
| Employee Reservation | Reserved at ₹25 discount |
OFS / Selling Shareholders
The IPO is entirely an offer for sale by two promoters — Harish Narshi Dharamshi and his wife, Kusum Dharamshi — who are the selling shareholders. As this IPO is entirely an OFS, HD Fire Protect will not receive any proceeds.
Promoter holding will fall from 100% to approximately 85% after the issue as promoters Harish Dharamshi and Kusum Dharamshi sell their shares.
Objects of the Issue (Fund Utilization)
Since the IPO is entirely an OFS, the company receives zero proceeds. The objectives of the IPO are to enhance the public image of the company, get the company listed on stock exchanges to provide liquidity to shareholders, and to offer a more market-driven, valuation-based pricing of shares.
Lead Managers & Registrar
- Book Running Lead Managers: Ambit Private Limited, Anand Rathi Advisors Limited, IIFL Capital Services Limited
- Registrar to the Issue: MUFG Intime India Private Limited
Promoters & Management
The promoters of the company are Harish Narshi Dharamshi, Miheer Sadanand Ghotikar, Parika Miheer Ghotikar, and Anik Narendra Dharamshi. The selling shareholders under the OFS are Harish Narshi Dharamshi and Kusum Harish Dharamshi.
HD Fire Protect is a Mumbai-based fire protection equipment manufacturer with promoters bringing decades of experience in fire safety systems design, manufacturing, and global exports.
Company Details
Incorporated in 1997, HD Fire Protect Ltd. specialises in designing, manufacturing, and supplying fire protection equipment and systems, focusing on delivering reliable, innovative, and internationally certified solutions for industrial, commercial, and institutional safety requirements. The company operates two manufacturing facilities in Maharashtra — at Jalgaon MIDC and Thane MIDC — spanning a combined area of 8.50 acres.
Sectors Served:
- Oil & Gas and Petrochemicals
- Power & Energy
- Heavy Engineering & Aerospace
- Pharmaceuticals & Healthcare
- Data Centres
- Hospitality & Commercial Infrastructure
- Government / Defence Infrastructure
Key Products (8 Categories):
- Sprinklers
- Alarm Valves & Accessories
- Deluge Valves & Systems
- Foam Equipment & Suppression Systems
- Monitors & Nozzles
- Water Spray Nozzles
- Custom-Engineered Systems
- Gas Suppression Systems
Key Capabilities & Highlights:
- Holds 21 UL Listings and 87 FM Approvals; exports to more than 90 countries; major clients include Saudi Aramco, Jamnagar Refinery, and the new Indian Parliament building.
- Top 10 customers account for only 21% of revenues, indicating a highly diversified customer base. Over 86% of revenue in FY25 came from repeat customers.
- Order book stood at ₹158.60 crore as of 30 June 2026; served 2,066 customers in FY26.
Manufacturing Facilities:
- Jalgaon MIDC, Maharashtra
- Thane MIDC, Maharashtra
- Combined area: 8.50 acres
Financial Snapshot
| Period | Revenue from Operations (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹372.95 | ₹87.92 |
| FY25 | ₹432.80 | ₹109.72 |
| FY26 | ₹489.28 | ₹116.79 |
| Q1 FY27 (Apr–Jun 2026) | ₹~109 Cr | ₹23.87 |
Key Financial Metrics
- Revenue from operations grew at a CAGR of approximately 14.5% per year from FY24 to FY26, and PAT at approximately 15.3% per year.
- In FY26, EBITDA margin stood at 30.75% and PAT margin at 23.12% — reflecting strong operational efficiency.
- Fixed asset turnover ratio of 5.18x — indicating highly efficient use of physical assets. Diluted EPS for FY25: ₹6.25.
- Indian fire protection equipment market estimated at approximately ₹102 billion in FY25 and projected to reach ₹165–175 billion by FY30.
- Implied market capitalization at upper price band: ~₹4,750 crore
Company Strengths
- 2nd largest fire protection equipment manufacturer in India by revenue and the largest exporter in the segment, with products exported to over 90 countries.
- Highly diversified customer base — top 10 customers account for only 21% of revenue, with over 86% of FY25 revenue from repeat customers.
- Strong certifications portfolio — 21 UL Listings and 87 FM Approvals — providing significant competitive moat for global industrial contracts
- Presence in high-value, mission-critical projects including Saudi Aramco, Jamnagar Refinery, and the Indian Parliament building
- Capacity utilization sustained above 75% across principal product lines, reflecting strong demand consistency.
- Expanding addressable market — Indian fire protection equipment market projected to grow from ₹102 billion in FY25 to ₹165–175 billion by FY30.
Key Risks & Challenges
- Pure OFS — No funds to company: The company receives zero proceeds from this IPO. All ₹712.31 crore goes to promoter selling shareholders.
- Revenue grew 12% but PAT grew only 6% between FY25 and FY26, indicating profit growth lagging sales growth — margin pressure warrants attention.
- The company depends heavily on UL and FM certifications for its export business; any failure to maintain or renew these could significantly hurt international sales.
- Raw material price fluctuations may adversely affect profit margins. Supply chain disruptions, supplier concentration, and execution risks could affect future performance.
- International exposure introduces currency and geopolitical risks, given exports to over 90 countries including Middle East-heavy clients.
- Order book of ₹158.60 crore as of June 2026 is relatively modest compared to annual revenue of ₹489 crore — near-term revenue visibility may be limited.
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
