HD Fire Protect Limited
Bookbuilding IPO · NSE, BSE
- Price band
- ₹258 - ₹271
- Lot size
- 55 shares
- Issue amount
- ₹712.31 cr
- Total subscription
- 131.7×
- Opens
- 13 Oct 2026
- Closes
- 15 Oct 2026
- Allotment
- 16 Oct 2026
- Listing
- 21 Oct 2026
Offer at a glance
Issue overview
- Issue size
- 2,62,84,500 shares
- Face value
- ₹5 per share
- Minimum investment
- ₹14,190
- Fresh issue
- ₹0 cr
- Offer for sale
- ₹712.31 cr
- Registrar
- Link Intime India Private Limited
- Listing exchange
- NSE, BSE
- Maximum investment
- ₹14,905
- Issue type
- Bookbuilding IPO
- Shares before issue
- 17,52,30,000
- Shares after issue
- 17,52,30,000
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 1 | 55 | ₹14,905 |
| sHNI | 14 | 770 | ₹2,08,670 |
| bHNI | 68 | 3,740 | ₹10,13,540 |
Share reservation
Subscription & GMP
Subscription by category
Reported 15 Oct 2026
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 1,66,812 | 43,58,265 |
| EMPLOYEES | 0 | 21,541 |
| HNIs(10L +) | 3,404 | 1,63,245 |
| HNIs (2-10L) | 1,702 | 2,25,347 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 142.08 | 36,464.2 |
| RETAIL | 248.63 | 7,581.82 |
| HNIs 2+ | 35.52 | 4,876.02 |
| HNIs 10+ | 71.04 | 16,776.98 |
| EMPLOYEES | 1.93 | 45.52 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Jun-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| EPS | 1.36 | 6.66 | 6.26 | 5.01 |
| ROE | 6.13 | 30.17 | 29.63 | 28.41 |
| ROCE | 8.36 | 40.33 | 39.63 | 37.61 |
| RONW | 0 | 0 | 0 | 0 |
| PRE IPO(PE) | 0 | 40.69 | 0 | 0 |
| POST IPO(PE) | 49.75 | 0 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Azad Engineering Limited | 145.65 | 0 | 2.00 | 236.74 | 8.74 | 20.57 |
| KSB Limited | 55.68 | 0 | 2.00 | 96.46 | 16.11 | 15.54 |
| Kirloskar Pneumatic Company Limited | 17.18 | 0 | 2.00 | 192.25 | 20.36 | 39.45 |
| Elgi Equipment Limited | 44.70 | 0 | 1.00 | 70.41 | 19.28 | 13.65 |
| Ingersoll-Rand (India) Limited | 51.39 | 0 | 10.00 | 195.04 | 20.36 | 81.10 |
| HD Fire Protect Limited | 40.69 | 0 | 5.00 | 21.45 | 31.07 | 6.66 |
Company information
Company profile
Incorporated in 1997, HD Fire Protect Ltd. specializes in designing, manufacturing, and supplying fire protection equipment and systems, providing reliable and internationally certified solutions for industrial, commercial, and institutional safety requirements. The company operates two manufacturing facilities in Maharashtra—Jalgaon MIDC and Thane MIDC—spanning a combined 8.50 acres, and offers products including fire sprinklers, valves, foam equipment, and detection systems to support industries such as oil, gas, power, manufacturing, and infrastructure. With a focus on research, continuous improvement, and global compliance, HD Fire Protect Ltd. leverages a strong distribution network and customer service to maintain leadership in domestic and international markets, employing 261 permanent and 185 contractual staff as of March 31, 2025.
Strengths
- Strong Global Presence & Entry Barriers: With over 36 years of experience and exports to more than 90 countries , the Company is supported by certifications such as UL Listed, FM Approved, ASME U Stamp and CE Marking . These certifications generally require 6–24 months to obtain, creating significant barriers for new competitors.
- Comprehensive Product Portfolio: Offers fire protection solutions across eight product categories , covering water, foam and gas-based suppression technologies. Its products serve industries such as industrials, oil & gas, power, pharmaceuticals and data centres, reducing reliance on any single sector.
- Diversified & Established Customer Base: As of June 30, 2026 , the Company served more than 905 customers globally , with 54.40% of FY2026 revenue generated from customers associated with the Company for over five years. Its reach is further supported by 22 distributors and multiple domestic stockists.
Risk factors
- Product Failure & Warranty Risk: Any malfunction or failure of fire protection equipment could result in loss of life, property damage, warranty claims or legal action. Despite quality controls and a low replacement rate of just 0.01% , such incidents could negatively affect the Company’s business and reputation.
- Dependence on Overseas Markets: Revenue from outside India contributed 32.78% , 34.69% , 36.24% and 33.33% of revenue from operations for the three months ended June 30, 2026 and FY2026, FY2025 and FY2024, respectively. Adverse economic or business conditions in key export markets, including the Middle East and Rest of Asia , could impact performance.
- Supplier Concentration Risk: The top 10 suppliers accounted for 59.28% , 47.76% , 42.90% and 35.59% of Total Expenses for the three months ended June 30, 2026 and FY2026, FY2025 and FY2024, respectively. Since the Company does not have long-term purchase agreements, any supply disruption or changes in supplier terms could affect operations and costs.
Promoters
Harish Narshi Dharamshi
Kusum Harish Dharamshi
Miheer Sadanand Ghotikar
Parika Miheer Ghotikar
Anik Narendra Dharamshi
Registrar & documents
Lead manager
Ambit Private Limited, Anand Rathi Advisors Limited, IIFL Capital Services Limited
Registrar & contacts
Link Intime India Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
O-611, 6th Floor, Runwal R Square, Opp. Veena Nagar, L. B. S. Marg, Mulund West, Mumbai, Maharashtra, 400080
+91 22 3528700
[email protected]Company website ↗Understanding HDFIRE IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.