HD Fire Protect IPO

Mainboard • Equity • OFS only

LISTEDMAINBOARDEquity

HD Fire Protect

Price band

₹258 – ₹271

Lot size

55 shares

Min investment

₹14,905

Issue size

₹712.13 Cr

About the company

HD Fire Protect Limited was incorporated in April 1997. It makes and supplies fire protection equipment and systems based on water, foam and gas fire suppression. The company sells eight product categories: 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. It develops most of its products in house. Its products are used in oil and gas, refining and petrochemicals, power, heavy engineering, aerospace, pharmaceuticals, data centres, hospitality and healthcare. The company supplied 2,066 customers in FY2026. Projects it has supplied include the Samruddhi Mahamarg, the Jamnagar refinery and the new Indian Parliament building. It has exported to more than 90 countries since inception, and to 49 countries in the three months ended 30 June 2026. It was the first Indian maker to get UL Listing for deluge valves, in 1996. As of September 2026 it holds 21 UL Listed and 87 FM Approved product certifications. There are two plants, at Jalgaon and Thane in Maharashtra, covering about 8.50 acres, along with a fire test laboratory and R&D unit. The order book was Rs 158.60 crore as of 30 June 2026. The company had 279 permanent and 253 contractual employees on that date.

HD Fire Protect makes fire protection equipment such as sprinklers, deluge valves and foam systems, and has exported to more than 90 countries since inception. The issue is a 100% offer for sale of 2,62,84,500 shares, so the company receives no proceeds.

IPO details

Issue price: ₹271
Price band: ₹258 – ₹271
Face value: ₹5
Lot size: 55
Min investment: ₹14,905
Issue size: ₹712.13 Cr
Sale type: OFS only
Listing on: BSE, NSE
BSE scrip code: 8034
NSE symbol: HDFIRE.NS
Employee discount: Rs 25.00 per share

Lot size & investment by category

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
B-HNI (Min)	68	3,740	₹10,13,540

Investor reservation

CATEGORY	RESERVED
QIB	1,31,06,681 shares (50.00% of the Offer)
NII	39,32,004 shares (15.00% of the Offer)
Retail	91,74,677 shares (35.00% of the Offer)
Employee	71,138 shares (0.27% of the Offer)

Objects of the issue

1Offer for sale by the selling shareholders. The company receives no proceeds from the offer

Financials

Rs. Crore • restated

METRIC	30 Jun 2026	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	477.60	432.03	450.08	392.63
Total Income	114.07	505.12	450.68	392.02
Profit After Tax	23.87	116.79	109.72	87.92
EBITDA	29.73	150.46	138.01	106.63
NET Worth		375.93	396.01	342.19
Reserves and Surplus	309.93	286.07	302.59	332.19

Key performance indicators

P/E Ratio

49.72

EPS (₹)

5.45

RoE

6.13%

RoCE

8.36%

RoNW

5.97%

PAT Margin

20.92%

EBITDA Margin

27.26%

NAV (₹)

22.82

✓ Strengths

• Revenue from operations grew from Rs 372.95 crore in FY2024 to Rs 489.28 crore in FY2026, a CAGR of 14.54%.

• Profit after tax rose from Rs 87.92 crore in FY2024 to Rs 109.72 crore in FY2025 and Rs 116.79 crore in FY2026.

• EBITDA rose from Rs 106.63 crore in FY2024 to Rs 150.46 crore in FY2026, and profit after tax was Rs 116.79 crore in FY2026 on total income of Rs 505.12 crore.

• The order book stood at Rs 158.60 crore as of 30 June 2026, and the company supplied 2,066 customers in FY2026.

• It holds 21 UL Listed and 87 FM Approved product certifications as of September 2026, and exported to 49 countries in the quarter ended 30 June 2026.

• It runs two plants at Jalgaon and Thane with a fire test laboratory and R&D unit, and develops most products in house.

⚠ Risks

• The price band is Rs 258 to Rs 271 and one lot is 55 shares, about Rs 14,905 at the upper band. At Rs 271 the issue is priced at 49.72 times post issue EPS of Rs 5.45.

• The whole issue is an offer for sale of 2,62,84,500 shares by promoters. The company gets no proceeds, so none of the money funds growth or reduces debt.

• The source page shows the net worth row with only three values for four periods, and the figures do not tie to the reserves row, so net worth and debt to equity are not reliable here.

• Promoter holding falls from 100% to 85% after the issue as promoters Harish Dharamshi and Kusum Dharamshi sell shares.

• The source shows EPS of Rs 6.66 before the issue and Rs 5.45 after it, which is 40.69 times and 49.72 times at the upper band. An offer for sale creates no new shares, so the drop looks like a source inconsistency.

• Revenue grew 12% and profit after tax 6% between FY2025 and FY2026, so profit grew slower than sales.

• Products are used in cyclical sectors such as oil and gas, power and heavy engineering, so a slowdown in project spending can affect orders.

• The company depends on UL and FM certifications for its export business, and losing or failing to renew them could hurt sales.

Promoters & holding

Harish Narshi Dharamshi, Kusum Harish Dharamshi, Miheer Sadanand Ghotikar, Parika Miheer Ghotikar and Anik Narendra Dharamshi

Pre-issue promoter holding

100%

Post-issue promoter holding

85%

Promoters hold 100% before the issue and will hold 85% after it, since they are selling 15% through the offer for sale.

Data refreshed 09 Nov 2026, 04:30 am IST. GMP is unofficial market sentiment, not investment advice.