HD Fire Protect IPO
HD Fire Protect IPO is a Mainboard Book Built issue of 2,62,84,500 equity shares of ₹5 each, comprising entirely of an Offer for Sale by the promoter selling shareholders. The IPO price band is ₹258 to ₹271 per share. The shares are proposed to be listed
HD Fire Protect IPO Details
HD Fire Protect IPO is a Mainboard IPO of HD Fire Protect Limited. The issue comprises an Offer for Sale of up to 2,62,84,500 equity shares of face value ₹5 each by promoter selling shareholders Harish Narshi Dharamshi and Kusum Harish Dharamshi. The IPO is priced in the range of ₹258 to ₹271 per share and is scheduled to open on October 13, 2026 and close on October 15, 2026. The shares are proposed to be listed on BSE and NSE. Since the issue is entirely an OFS, the company will not receive any proceeds from the IPO.
HD Fire Protect IPO GMP
HD Fire Protect IPO GMP was reported at ₹60 per share on October 7, 2026 by some grey-market tracking sources. At the upper price band of ₹271, this implies an indicative price of ₹331 and an indicative gain of approximately 22.14%. GMP is unofficial, unregulated and can change significantly before listing.
HD Fire Protect IPO Timeline (Tentative)
HD Fire Protect IPO opens for subscription on October 13, 2026 and closes on October 15, 2026. The basis of allotment is expected on October 16, followed by refund initiation and credit of shares to demat accounts on October 19. The shares are scheduled to list on October 21, 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Tue, Oct 13, 2026 |
| IPO Close Date | Thu, Oct 15, 2026 |
| Basis of Allotment | Fri, Oct 16, 2026 |
| Initiation of Refunds | Mon, Oct 19, 2026 |
| Credit of Shares to Demat | Mon, Oct 19, 2026 |
| Listing Date | Wed, Oct 21, 2026 |
HD Fire Protect IPO Lot Size
The HD Fire Protect IPO lot size is 55 shares. Retail investors can apply for a minimum of 1 lot, requiring ₹14,905 at the upper price band of ₹271. The maximum retail application is 13 lots or 715 shares.
| 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 IPO Reservation
HD Fire Protect IPO has a reservation structure of not more than 50% of the Net Offer for Qualified Institutional Buyers, not less than 15% for Non-Institutional Bidders and not less than 35% for Retail Individual Bidders. An employee reservation portion may also be included as specified in the offer documents.
HD Fire Protect IPO Subscription
The HD Fire Protect IPO has not opened for subscription yet. Subscription figures will become available after bidding begins on October 13, 2026.
| Category | Subscription (times) |
|---|---|
| QIB | |
| NII | |
| RII | |
| Total |
About HD Fire Protect
HD Fire Protect Limited is an Indian manufacturer and supplier of fire protection equipment and systems. The company was incorporated in 1997 and operates from Maharashtra. Its product portfolio covers fire protection solutions based on water, foam and gas technologies for industrial, commercial, residential and infrastructure applications. The company has developed a broad product range that includes fire sprinklers, deluge valves, foam systems and other fire suppression equipment.
The company serves customers in India as well as international markets. According to the company's offer documents, HD Fire Protect has exported its products to more than 90 countries over its operating history. The company has manufacturing facilities at Jalgaon and Thane, along with fire testing and research and development capabilities.
HD Fire Protect operates in a safety-critical industry where product certifications, approvals and technical capabilities are important competitive factors. As of the period disclosed in the offer documents, the company had multiple UL Listed and FM Approved products and supplied customers across sectors such as oil and gas, power, heavy engineering and infrastructure.
The company has reported strong financial performance in recent years. Revenue from operations increased from ₹372.95 crore in FY2024 to ₹432.80 crore in FY2025 and ₹489.28 crore in FY2026. Profit after tax increased from ₹87.92 crore in FY2024 to ₹109.72 crore in FY2025 and ₹116.79 crore in FY2026.
Strengths
- Established presence in the fire protection equipment industry.
- More than three decades of operating experience.
- Broad product portfolio covering water, foam and gas-based fire protection systems.
- Export presence across international markets.
- Multiple UL Listed and FM Approved products supporting international business.
- Manufacturing facilities and in-house testing and R&D capabilities.
- Strong revenue and profit growth during FY2024–FY2026.
- Strong FY2026 EBITDA margin of approximately 30.75%.
- Presence across industrial, commercial, infrastructure and other end-user segments.
- Order book of approximately ₹158.60 crore as of June 30, 2026.
Risks to Consider
- The IPO is entirely an Offer for Sale, so the company will not receive IPO proceeds for business expansion or debt reduction.
- The company's business is exposed to fluctuations in capital expenditure and project activity in sectors such as oil and gas, power and heavy engineering.
- Loss or non-renewal of important product certifications could adversely affect export sales.
- The company operates in a competitive market and faces competition from domestic and international manufacturers.
- A slowdown in infrastructure and industrial investment could reduce demand.
- The company depends on its ability to maintain product quality and safety standards.
- International operations expose the company to foreign exchange and geopolitical risks.
- Changes in regulations and fire-safety standards could require additional compliance expenditure.
- Customer concentration and dependence on large industrial projects may affect revenue visibility.
- The valuation at the upper price band represents a significant multiple of FY2026 earnings.
HD Fire Protect Financials (₹ Cr)
HD Fire Protect reported consistent growth in revenue and profitability over FY2024 to FY2026. Revenue from operations increased from ₹372.95 crore in FY2024 to ₹432.80 crore in FY2025 and ₹489.28 crore in FY2026. Total income reached ₹505.12 crore in FY2026, while PAT stood at ₹116.79 crore.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2024 | 372.95 | 87.92 | 392.63 | 342.19 |
| FY2025 | 432.80 | 109.72 | 450.08 | 396.01 |
| FY2026 | 489.28 | 116.79 | 432.03 | 375.93 |
| June 30, 2026 | 109.05 | 23.87 | 477.60 | - |
KPIs & Valuation
HD Fire Protect reported FY2026 basic EPS of approximately ₹6.66. At the upper IPO price of ₹271, the issue implies a P/E of approximately 40.7 times FY2026 earnings. The FY2026 NAV was approximately ₹21.45 per share. The company reported an EBITDA margin of 30.75%, RoE of 30.17% and RoCE of 40.33%.
Objects of the Issue
The HD Fire Protect IPO comprises an Offer for Sale of up to 2,62,84,500 equity shares. Since the entire issue is an Offer for Sale, the company will not receive any proceeds from the IPO. The proceeds from the Offer will accrue to the promoter selling shareholders, subject to applicable offer-related expenses. The final allocation and amount may be subject to the terms of the final offer document. The company proposed to utilise the IPO proceeds for:
- Carrying out the Offer for Sale by the Promoter Selling Shareholders.
- Achieving the benefits of listing the Equity Shares on the Stock Exchanges.
- Enhancing the company's visibility and brand image and providing a public market for the Equity Shares.
Promoters, Lead Managers & Registrar
HD Fire Protect Limited is promoted by Harish Narshi Dharamshi, Kusum Harish Dharamshi, Miheer Sadanand Ghotikar, Parika Miheer Ghotikar and Anik Narendra Dharamshi. The Book Running Lead Managers are Ambit Private Limited, Anand Rathi Advisors Limited and IIFL Capital Services Limited. MUFG Intime India Private Limited is the Registrar to the Offer.
Promoters
Lead Managers (BRLM)
Registrar
| Name | MUFG Intime India Private Limited |
|---|---|
| Phone | +91 81081 14949 |
| hdfire.ipo@in.mpms.mufg.com | |
| Website | www.in.mpms.mufg.com |
HD Fire Protect IPO Review
HD Fire Protect has an established position in the fire protection equipment industry, supported by a diversified product portfolio, international export presence and multiple product certifications. The company has demonstrated healthy financial growth, with revenue from operations rising from ₹372.95 crore in FY2024 to ₹489.28 crore in FY2026. PAT increased from ₹87.92 crore to ₹116.79 crore over the same period, while FY2026 EBITDA stood at ₹150.46 crore with an EBITDA margin of 30.75%.
The main point investors should note is the structure of the IPO. HD Fire Protect is offering 100% of the issue through an OFS, meaning the company itself does not receive the IPO proceeds. At the upper price of ₹271, the company is valued at approximately ₹4,748.73 crore, representing around 40.7 times FY2026 earnings. The valuation therefore requires investors to consider whether the company's earnings growth, margins, export business and industry position justify the asking multiple.
The company also operates in a specialized industry where certifications, technical capabilities and customer relationships can provide competitive advantages. However, investors should consider project-cycle exposure, competition, certification requirements and the fact that FY2026 profit growth was slower than revenue growth. Overall, the IPO presents an established business with strong recent financial performance, but the OFS structure and valuation are important factors to evaluate before applying.
How to Apply
How to Apply
HD Fire Protect IPO applications can be made through the ASBA and UPI mechanisms. Retail investors can apply through their stockbroker or bank after selecting the IPO and entering the required lot quantity. The minimum retail application is 1 lot of 55 shares, requiring ₹14,905 at the upper price band.
Through UPI
- Log in to your stockbroker app or website.
- Go to the IPO section.
- Select HD Fire Protect IPO.
- Enter the number of lots you want to apply for.
- Enter your bid price or select the Cut-off option where available.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI application after receiving the mandate request.
- Approve the IPO mandate using your UPI PIN.
- The application amount will be blocked in your bank account. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.
Prospectus & Documents
The HD Fire Protect IPO RHP was filed with SEBI on October 5, 2026. The offer documents contain the IPO structure, financial information, business details, risk factors, promoter information and other offer-related disclosures.
Last updated Oct 8, 2026.