HD Fire Protect IPO
The HD Fire Protect IPO of ₹712.31 crore closed for bidding on 15 October 2026 (price band ₹258 to ₹271). Allotment was expected on 16 October 2026 and shares are expected to list on BSE and NSE on 21 October 2026. The whole issue is an offer for sale of 2.63 crore shares by the promoters, so the company itself raises nothing. HD Fire Protect is India's second-largest maker of fire protection equipment.
- Price band
- ₹258 to ₹271
- Lot size
- 55 shares
- Minimum bid
- ₹14,905
- Issue size
- ₹712.31 crore
- Bidding
- 13 Oct to 15 Oct 2026
- Listing
- 21 Oct on BSE, NSE (expected)
- Offer type
- 100% offer for sale
- Face value
- ₹5 per share
HD Fire Protect IPO dates
Source: RHP, Terms of the Offer- 12 OctAnchor bidding
- 13 OctBidding opens
- 15 OctBidding closes, UPI mandate by 5 pm
- 16 OctAllotment finalised (expected)
- 19 OctRefunds and demat credit (expected)
- 21 OctListing (expected)
Anchor lock-in dates are our estimate from the allotment date. Dates after closing are tentative.
HD Fire Protect IPO review: read before you apply
Our reading of the RHP dated 5 Oct 2026. Not a recommendation.Worth checking
6- SeriousCompany gets no money from this IPO
It is a 100% offer for sale. All proceeds go to two promoters, Harish and Kusum Dharamshi.
- SeriousLarge payouts just before listing
₹140 crore paid as dividends in FY26, more than that year's profit of ₹117 crore. ₹56 crore more in FY25 and a ₹29 crore buyback in FY24.
- Former auditor is now the CFO
A joint statutory auditor (not peer reviewed) resigned in March 2025 and joined as CFO in May 2025.
- Q1 FY27 is softer
Operating EBITDA margin fell to 27.3% from 30.8% in FY26. Cash conversion cycle stretched to 112 days.
- Rising supplier concentration
Top 10 suppliers went from 36% of expenses in FY24 to 59% in Q1 FY27. About 37% of revenue is from contract-manufactured products.
- Past filing lapses
Compounding orders for Companies Act lapses, with fines of about ₹10 lakh paid. One adjudication is still pending.
Strengths
5- Market leader position
Second-largest Indian maker by revenue and the largest exporter of fire protection equipment (FY25, CRISIL).
- Certification moat
21 UL and 87 FM certifications, the most among Indian peers. New entrants need 6 to 24 months per product.
- Debt free with high returns
No borrowings. RoE of 30% and RoCE of 40% in FY26.
- Order book nearly doubled
₹159 crore in June 2026 against ₹70 crore in March 2025.
- Clean legal record
Only 3 tax cases worth about ₹4 lakh. No criminal or material civil cases.
What HD Fire Protect does, in 60 seconds
Source: RHP, Our BusinessHD Fire Protect makes the equipment that puts out fires in factories, refineries, power plants, data centres and buildings: sprinklers, deluge valves, foam systems, monitors, water spray nozzles and gas suppression systems. Started as a partnership by Harish Dharamshi in 1990, it now sells to over 2,000 customers and has exported to more than 90 countries.
Its products have gone into the Sriharikota launch pad, the Jamnagar refinery, the new Parliament building and Saudi Aramco's Ras Tanura site. About two-thirds of revenue is from India and one-third from exports, mainly the UAE, Saudi Arabia, Brazil, Turkey, Malaysia and Indonesia.
It runs two plants in Jalgaon and Thane, Maharashtra, and has a subsidiary in Saudi Arabia set up in 2026.
HD Fire Protect IPO valuation calculator
Our calculation. Inputs from RHP, Restated Financial Information and Basis of Offer PriceSet to the upper end of the band, ₹271. Enter any price to see what you would be paying for.
- Market cap
- ₹4,749 crore
- P/E (FY26)
- 40.7x
- Price to book
- 11.8x
- Market cap to sales
- 9.7x
- Peer average P/E
- 62.9x
- Sellers' gain vs cost
- 3,011x
Based on FY26 EPS of ₹6.66, 17.52 crore shares after the IPO, net worth of ₹401.02 crore (June 2026) and revenue of ₹489.28 crore. Sellers' gain compares the price with the higher of the two selling promoters' average cost of ₹0.09 per share. Shares in issue do not change because there is no fresh issue.
HD Fire Protect IPO issue size, price band and lot size
Source: RHP, Offer Structure| Price band | ₹258 to ₹271 |
| Lot size | 55 shares |
| Issue size | ₹712.31 crore at the upper end of the band, 2,62,84,500 shares |
| Fresh issue | Nil |
| Offer for sale | ₹712.31 crore by promoters Harish Dharamshi and Kusum Dharamshi |
| Face value | ₹5 per share |
| Employee quota | Up to ₹1.75 crore, outside the net offer |
| Exchanges | BSE, NSE |
Where the money goes
Fresh issue money goes to the company. Offer for sale money goes to the selling shareholders. Percentages are our calculation.
Who gets how much of the net offer
Up to 60% of the QIB portion can go to anchor investors. NII is split one-third for ₹2 to 10 lakh bids and two-thirds for bids above ₹10 lakh.
Minimum and maximum investment
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 55 | ₹14,905 |
| Retail (max) | 13 | 715 | ₹1,93,765 |
| Small NII (min) | 14 | 770 | ₹2,08,670 |
| Small NII (max) | 67 | 3,685 | ₹9,98,635 |
| Big NII (min) | 68 | 3,740 | ₹10,13,540 |
Our calculation at ₹271 per share. Retail bids are capped at ₹2 lakh and small NII bids at ₹10 lakh.
HD Fire Protect IPO subscription status and GMP
Live data from 13 OctHD Fire Protect business
Source: RHP, Our BusinessEight product categories: sprinklers and alarm valves, deluge valves and pre-action systems, foam equipment, monitors and nozzles, system valves, water spray nozzles, custom-engineered skids and gas suppression systems. Most are designed in-house. It also contract-manufactures and white-labels some off-the-shelf products.
Revenue mix, FY26
- Customers FY26
- 2,066
- Repeat revenue
- 85%
- Plant area
- 8.5 acres
- Order book, Jun 2026
- ₹159 crore
HD Fire Protect financials
Source: RHP, Restated Financial Information. ₹ crore.Revenue and profit
Profit vs cash paid to shareholders
Revenue grew 14.5% a year from FY24 to FY26, and profit 15.3% a year (our calculation).
| ₹ crore | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue from operations | 372.95 | 432.80 | 489.28 | 109.05 |
| Other income | 19.07 | 17.88 | 15.83 | 5.02 |
| Operating EBITDA | 106.63 | 138.01 | 150.46 | 29.73 |
| EBITDA margin | 28.6% | 31.9% | 30.8% | 27.3% |
| Profit after tax | 87.92 | 109.72 | 116.79 | 23.87 |
| PAT margin | 22.4% | 24.4% | 23.1% | 20.9% |
| EPS (₹) | 5.01 | 6.26 | 6.66 | 1.36 |
| Net worth | 343.41 | 397.23 | 377.15 | 401.02 |
| Total assets | 392.63 | 450.08 | 432.03 | 477.60 |
| Borrowings | Nil | Nil | Nil | Nil |
| Cash from operations | 63.77 | 98.32 | 92.49 | 47.20 |
Q1 FY27 covers April to June 2026 and is not annualised.
HD Fire Protect vs listed peers
Source: RHP, Basis of Offer Price. Peer prices as of 30 Sep 2026.There is no listed fire protection company in India. The company picked these capital goods makers as the closest comparisons, so treat the P/E range with care.
| Company | Total income (₹ crore) | EPS (₹) | P/E | RoNW |
|---|---|---|---|---|
| HD Fire Protect | 505 | 6.66 | 40.7x at ₹271 | 31.1% |
| Azad Engineering | 649 | 20.57 | 145.7x | 8.7% |
| KSB | 2,755 | 15.54 | 55.7x | 16.1% |
| Ingersoll-Rand (India) | 1,431 | 81.10 | 51.4x | 20.4% |
| Elgi Equipments | 4,069 | 13.61 | 44.8x | 19.3% |
| Kirloskar Pneumatic | 1,814 | 39.39 | 17.2x | 20.4% |
The peer average P/E of 62.9x is our calculation, a simple average of the peers listed.
Key performance indicators
Source: RHP, Basis of Offer Price| Metric | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Return on equity | 28.4% | 29.6% | 30.2% | 6.1%* |
| Return on capital employed | 37.6% | 39.6% | 40.3% | 8.4%* |
| Export revenue (₹ crore) | 123.3 | 155.3 | 168.4 | 35.5 |
| Inventory days | 85 | 77 | 85 | 109 |
| Receivable days | 48 | 45 | 57 | 61 |
| Cash conversion cycle (days) | 96 | 83 | 102 | 112 |
| Customers | 2,114 | 2,179 | 2,066 | 905 |
*Not annualised. Q1 customer count covers three months only.
HD Fire Protect promoters and shareholding
Source: RHP, Capital StructurePromoters: Harish Dharamshi (Chairman and MD, 41 years in the industry), Kusum Dharamshi, Miheer Ghotikar, Parika Ghotikar and Anik Dharamshi. The promoter group owns about 99% before the IPO and will own about 84% after.
| Shareholder | Before IPO | Selling | After IPO | Avg cost per share |
|---|---|---|---|---|
| Harish Dharamshi | 56.13% | 89,83,700 | 51.00% | ₹0.05 |
| Kusum Dharamshi | 17.83% | 1,73,00,800 | 7.95% | ₹0.09 |
| Miheer Ghotikar | 10.49% | Nil | 10.49% | |
| Parika Ghotikar | 6.62% | Nil | 6.62% | |
| Anik Dharamshi | 4.26% | Nil | 4.26% | |
| Narendra Dharamshi | 3.43% | Nil | 3.43% | |
| Public (new investors) | 0% | 15.00% |
After-IPO figures are our calculation assuming the full offer is sold. A 10-for-1 bonus issue in March 2025 is why the average cost is so low.
Capital goods industry context
Source: CRISIL report in the RHP, paid for by the company- India market FY26
- ₹10,900 crore
- FY20 to FY26 growth
- 12% a year
- Expected by FY31
- ₹17,500 to 19,500 crore
- Expected growth
- 10 to 12% a year
Competitors include Honeywell, Johnson Controls, Siemens, Viking and Victaulic internationally, and Ceasefire, Newage, Safex and Firetech in India.
HD Fire Protect IPO risks
Source: RHP, Risk Factors (81 listed)- Product failure could cost livesA malfunction could lead to injury
- Export and currency exposureAbout a third of revenue is from outside India and depends on overseas demand and export incentives.
- Few suppliersThe top 10 suppliers are 59% of expenses and none are on long-term agreements.
- Short-term orders onlyCustomers place orders without long-term contracts
- Plants concentrated in MaharashtraBoth factories are in one state
- Working capital heavyInventory and receivable days are rising.
- Certifications must be keptLosing UL, FM or other approvals would shut it out of key markets.
These are the 7 we think matter most for a retail investor. The RHP lists all 81.
Litigation
Source: RHP, Outstanding Litigation| Type | Cases | Amount |
|---|---|---|
| Criminal | 0 | |
| Direct tax | 1 | Not quantified |
| Indirect tax | 2 | ₹0.04 crore |
The direct tax case is a Bombay High Court petition about switching to the lower corporate tax rate. Contingent liabilities are ₹9.6 crore, mostly bank guarantees backed by deposits.
HD Fire Protect IPO lead managers and registrar
Source: RHP cover pageHD Fire Protect IPO allotment status: how to check
Available from 16 Oct 2026 (expected)- Go to the registrar's websiteMUFG Intime India Private Limited (formerly Link Intime India) is the registrar. Open its IPO allotment status page.
- Select HD Fire Protect LimitedIt appears in the list of companies once the basis of allotment is final.
- Enter your PAN, application number or DP IDUse the same details you used when applying.
- Or check on the exchangeBSE's allotment status page works too, with issue type Equity and the company name.
If you are not allotted shares, the blocked amount is released by 19 October 2026. Allotment status for all IPOs.
About HD Fire Protect Limited
Source: RHP, General Information| Legal name | HD Fire Protect Limited |
| Founded | 1990 as a partnership; incorporated 24 April 1997 |
| Chairman and MD | Harish Narshi Dharamshi |
| Registered office | Mulund West, Mumbai, Maharashtra |
| Plants | Jalgaon and Thane, Maharashtra |
| CIN | U29270MH1997PLC107536 |
| Website | hdfire.com |
HD Fire Protect RHP and documents
Primary sources only- Red herring prospectus, 5 Oct 2026 (PDF): link to be added
- Draft red herring prospectus (PDF): link to be added
- Price band advertisement: link to be added
- Anchor investor list: expected 12 Oct
- Basis of allotment: expected 16 Oct
HD Fire Protect IPO FAQs
When does the HD Fire Protect IPO open and close?
The HD Fire Protect IPO opens on Tuesday, 13 October 2026 and closes on Thursday, 15 October 2026. Anchor bidding is on 12 October 2026. UPI mandates must be approved by 5 pm on the closing day.
What is the HD Fire Protect IPO price band and lot size?
The price band is ₹258 to ₹271 per share. The lot size is 55 shares, so the minimum bid is 55 shares, or ₹14,905 at the upper price.
What is the HD Fire Protect IPO size?
The HD Fire Protect IPO is of ₹712.31 crore at the upper end of the price band. It is a 100% offer for sale by promoters Harish Dharamshi and Kusum Dharamshi. The company receives no money from the IPO.
What is the HD Fire Protect IPO allotment date?
Allotment is (expected) on Friday, 16 October 2026. Refunds and demat credit are expected on 19 October 2026.
What is the HD Fire Protect IPO listing date?
HD Fire Protect shares are expected to list on BSE and NSE on Wednesday, 21 October 2026.
Who is the registrar of the HD Fire Protect IPO?
MUFG Intime India Private Limited is the registrar. Allotment status can be checked on its website or on BSE using your PAN or application number.
What does HD Fire Protect do?
HD Fire Protect makes fire protection equipment and systems such as sprinklers, deluge valves, foam and gas suppression systems. It was the second-largest Indian maker by revenue and the largest exporter in FY25, according to a CRISIL report in the RHP.
What were HD Fire Protect's revenue and profit in FY26?
Revenue from operations was ₹489.28 crore and profit after tax was ₹116.79 crore in FY26, with no borrowings.
How much of the issue is reserved for retail investors?
At least 35% of the net offer is for retail investors bidding up to ₹2 lakh.