Incorporated in April 1997, HD Fire Protect Limited is an Indian manufacturer and supplier of fire protection equipment and systems, offering water, foam and gas-based fire suppression solutions.
The Company offers a comprehensive portfolio across eight product categories, including 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. Its products cater to industrial, residential and commercial applications, including oil and gas, refining and petrochemicals, power and energy, heavy engineering, aerospace, pharmaceuticals, data centres, hospitality, healthcare and other sectors. The Company develops a majority of its products in-house and focuses on proprietary designs meeting national and international standards.
The Company has over three decades of experience and has established a global presence, with exports to more than 90 countries since inception and 49 countries during the three months ended June 30, 2026. It was the first Indian fire protection equipment manufacturer to receive UL Listing for deluge valves in 1996 and the first Indian manufacturer to receive FM approval for a range of low-expansion foam system products. As of September 2026, it had 21 UL Listed and 87 FM Approved product certifications. The Company operates two manufacturing facilities in Jalgaon and Thane, Maharashtra, covering approximately 8.50 acres, supported by a fire test laboratory and R&D capabilities.
The Company has supplied fire protection equipment and systems to 2,066 customers in Fiscal 2026 and has supplied products for major projects including the Samruddhi Mahamarg, Jamnagar refinery, new Indian Parliament building, Saudi Aramco’s Ras Tanura Sea Island site and Oman’s Integrated Power & Water Plant Project. Revenue from operations increased from ₹3,729.53 million in Fiscal 2024 to ₹4,892.81 million in Fiscal 2026, representing a CAGR of 14.54%, while its order book stood at ₹1,586.01 million as of June 30, 2026.
As of June 30, 2026, the Company had 279 permanent employees and 253 contractual employees.
Competitive Strengths
HD Fire Protect Ltd.’s revenue increased by 12% and profit after tax (PAT) rose by 6% between the financial year ending with March 31, 2026 and March 31, 2025.
| Period Ended | 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 |
| Amount in ₹ Crore | ||||
Note:-
Operating EBITDA is provided in the financial statements.
| Company | Issue Type | Issue Size | Issue Price | PE Ratio | Listing Day Close | Listing Gain/Loss % | LTP |
|---|---|---|---|---|---|---|---|
| Eventions Ltd. | SME | ₹38.12 Cr | ₹118 | 13.69 | ₹105.45 | -10.64% | ₹105.45 |
| Mopshop Distribution Ltd. | SME | ₹27.26 Cr | ₹138 | 22.22 | ₹130.15 | -5.69% | ₹32.61 |
| Safecure Services Ltd. | SME | ₹30.60 Cr | ₹102 | 11.66 | ₹77.55 | -23.97% | ₹25.00 |
The HD Fire Protect Ltd. IPO is a 100% Offer for Sale (OFS), so the company will not receive any funding and the entire IPO proceeds will go to the selling shareholders.
| KPI | Jun 30, 2026 | Mar 31, 2026 |
|---|---|---|
| ROE | 6.13% | 30.17% |
| ROCE | 8.36% | 40.33% |
| RoNW | 5.97% | 31.07% |
| PAT Margin | 20.92% | 23.12% |
| EBITDA Margin | 27.26% | 30.75% |
| NAV | 22.82 | 21.45 |
| P/B (x) | 12.63 |
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 6.66 | 5.45 |
| P/E (x) | 40.69 | 49.72 |
| IPO Date | 13 to 15 Oct, 2026 |
| Listing Date | Wed, Oct 21, 2026 |
| Face Value | ₹5 per share |
| Price Band | ₹258 to ₹271 |
| Lot Size | 55 Shares |
| Sale Type | OFS only |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Employee Discount | ₹25.00 |
| Total Issue Size | 2,62,84,500 shares (agg. up to ₹712 Cr) |
| Offer for Sale | 2,62,84,500 shares of ₹5 (agg. up to ₹712 Cr) |
| Share Holding Pre Issue | 17,52,30,000 shares |
| Share Holding Post Issue | 17,52,30,000 shares |
The promoters of the company are Harish Narshi Dharamshi, Kusum Harish Dharamshi, Miheer Sadanand Ghotikar, Parika Miheer Ghotikar and Anik Narendra Dharamshi.
| Share Holding Pre Issue | 100% |
| Share Holding Post Issue | 85% |
As per our analysis and Based on the information we have, this is the output.
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