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HD Fire Protect IPO: price band, dates, financials, valuation and risks
HD Fire Protect Limited, which makes fire protection and suppression equipment, is selling shares worth about ₹712 cr in a 100% Offer for Sale at a price band of ₹258 to ₹271. The company gets no money from the issue.
Last updated 23 Oct 2026. Sources: RHP and broker notes.
IPO means initial public offering. RHP is the Red Herring Prospectus, the offer document filed before the issue opens. UPI is the Unified Payments Interface. BSE is BSE Limited and NSE is the National Stock Exchange of India. FY26 means the financial year ended 31 March 2026.
Key dates
| Anchor investor bidding | Mon, 12 Oct 2026 |
|---|---|
| Issue opens | Tue, 13 Oct 2026 |
| Issue closes | Thu, 15 Oct 2026 (UPI mandate cut-off 5:00 pm) |
| Basis of allotment | Fri, 16 Oct 2026 (expected) |
| Refunds and credit of shares to demat accounts | Mon, 19 Oct 2026 (expected) |
| Listing | Wed, 21 Oct 2026 on BSE and NSE (expected) |
Issue details and application size
| Price band | ₹258 to ₹271 per share (face value ₹5) |
|---|---|
| Lot size | 55 shares |
| Minimum application at upper band | 55 × ₹271 = ₹14,905 |
| Total issue size | about ₹712 cr (2,62,84,500 shares) |
| Fresh issue | Nil |
| Offer for Sale | 100%, by promoters Harish Narshi Dharamshi (89,83,700 shares) and Kusum Harish Dharamshi (1,73,00,800 shares) |
| Anchor portion | ₹213 cr (78,64,008 shares at ₹271) |
| Quota of the net offer | Qualified institutional buyers up to 50%, non-institutional investors at least 15%, retail investors at least 35%; 71,138 shares reserved for eligible employees |
| Book running lead managers | Ambit, Anand Rathi Advisors, IIFL Capital Services |
| Registrar | MUFG Intime India Private Limited |
About the company
Incorporated on 24 April 1997 at Mumbai as D.H. Fire Protect Private Limited, the company was renamed HD Fire Protect Private Limited in 2005 and became a public limited company in June 2025. It makes water-, foam- and gas-based fire protection and suppression equipment in eight product categories, including sprinklers, alarm valves, deluge valves, foam equipment, monitors and custom-engineered systems, at two plants in Maharashtra (Jalgaon and Thane). About 65% of FY26 revenue came from India and about 34.7% from exports; it served 2,066 customers and holds 21 UL Listed (Underwriters Laboratories) and 87 FM Approved (FM Global) product certifications.
According to the industry report cited in the RHP, it was India’s second-largest manufacturer of fire protection equipment and systems by revenue and the largest exporter by value in FY25. The order book was ₹159 cr at 30 June 2026, against ₹134 cr at 31 March 2026. The same report sizes the Indian fire protection equipment market at about ₹10,900 cr in FY26, growing 10% to 12% a year to FY31.
Financial snapshot (year ended 31 March 2026)
| Revenue | ₹489 cr (₹433 cr in FY25, up 13.1%) |
|---|---|
| Profit after tax | ₹117 cr (₹110 cr in FY25, up 6.4%); about 23.9% of revenue |
| EBITDA margin | 30.8% in FY26 (31.9% in FY25), operating EBITDA excluding other income |
| Debt to equity | 0 times (no borrowings at 31 March 2026) |
| Order book | ₹159 cr at 30 June 2026 |
EBITDA is earnings before interest, tax, depreciation and amortisation, a measure of operating profit. FY26 means the financial year ended 31 March 2026.
Valuation versus peers
At the upper band of ₹271 the market capitalisation is about ₹4,749 cr on 17,52,30,000 shares, which is 40.7 times FY26 earnings per share of ₹6.66 (price to earnings, or P/E, is the share price divided by earnings per share). The share count is the same before and after the issue because it is a pure Offer for Sale. The peer median P/E in the RHP peer table is 51.4 times, so the issue is priced below that median.
The peer table lists Azad Engineering (145.7 times), KSB (55.7), Ingersoll-Rand (India) (51.4), Elgi Equipments (44.8) and Kirloskar Pneumatic (17.2). The RHP notes there is no listed pure-play fire protection peer in India, so these are engineered-products companies.
Strengths
Certification moat: 21 UL Listed and 87 FM Approved products, and approvals of this kind take roughly 6 to 24 months to obtain (broker notes); second-largest Indian maker and largest exporter by value, with exports to 90 or more countries; operating EBITDA margin of 30.8% with no borrowings; order book up from ₹70 cr at March 2025 to ₹159 cr at June 2026; 85% of revenue from repeat customers; new capacity at Jalgaon and Thane funded from internal accruals.
Key risks
The whole issue is an Offer for Sale, so the company receives nothing. FY26 profit grew only 6.4% against revenue growth of 13.1%, and the operating EBITDA margin fell to 27.3% in the April to June 2026 quarter. The top 10 suppliers were 47.8% of total expenses in FY26 with no long-term contracts, and imported goods were about 31% of expenses (broker notes). Trade receivables rose to ₹94 cr from ₹58 cr. Product failure could lead to warranty and liability claims, both plants are in Maharashtra, exports (34.7% of revenue) carry currency and geopolitical risk, and a joint statutory auditor who resigned in March 2025 was later appointed Chief Financial Officer. The promoters also took large dividends before the IPO (₹53 cr and ₹105 cr in the two latest final dividends, plus interim dividends).
Use of proceeds
The company receives no proceeds. The selling promoters receive the money from the sale of their shares. The stated objects are to carry out the Offer for Sale and obtain the benefits of listing.
Anchor investors
Anchors put in ₹213 cr at the upper band of ₹271 on 12 Oct 2026, across 25 investors. Reported participants include Bajaj Life Insurance, Axis Max Life Insurance, Allianz Global Investors, and the Kotak, HDFC, ICICI Prudential, Aditya Birla Sun Life, Mirae Asset, Bandhan and UTI mutual funds.
Frequently asked questions
What is the HD Fire Protect IPO price band and lot size?
The price band is ₹258 to ₹271 per share and one lot is 55 shares, so the minimum application at the upper band is ₹14,905.
Is the HD Fire Protect IPO a fresh issue or an Offer for Sale?
It is a 100% Offer for Sale of 2,62,84,500 shares worth about ₹712 cr by the promoters Harish Narshi Dharamshi and Kusum Harish Dharamshi. The company does not receive any proceeds.
When does the HD Fire Protect IPO open, close and list?
Anchor bidding is on 12 Oct 2026, the issue is open from 13 Oct to 15 Oct 2026, allotment is expected on 16 Oct, refunds and credit of shares on 19 Oct, and listing on BSE and NSE on 21 Oct 2026.
Who are the lead managers and registrar?
The book running lead managers are Ambit, Anand Rathi Advisors and IIFL Capital Services. The registrar is MUFG Intime India Private Limited.
What is the valuation compared with peers?
At the upper band the market capitalisation is about ₹4,749 cr, or 40.7 times FY26 earnings, against a peer median of 51.4 times in the RHP peer table.
How much will the promoters hold after the IPO?
The promoters and promoter group hold 100% before the issue and about 85% after it, as the two promoters sell about 15% through the Offer for Sale.
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