HD Fire Protect IPO: Price Band, Lot Size, Financials & Review
HD Fire Protect IPO opens on Tue, 13 Oct 2026 and closes on Thu, 15 Oct 2026. The latest GMP is 0.
Last updated
- Price band
- Not announced
- Lot size
- —
- Min. investment
- —
- Issue size
- —
- GMP
- 0
HD Fire Protect IPO details
HD Fire Protect IPO is a book-building IPO on the Mainboard segment, listing on BSE & NSE.
The issue opens on Tue, 13 Oct 2026 and closes on Thu, 15 Oct 2026. Allotment is expected on Fri, 16 Oct 2026 and listing on Tue, 20 Oct 2026.
MUFG Intime India Pvt Ltd is the registrar, and Ambit Private Limited, IIFL Capital Services Limited and Anand Rathi Advisors Limited are the book running lead managers.
Grey market premium (GMP)
Day-wise GMP →The latest HD Fire Protect IPO GMP is 0 as of 06 Oct.
| Latest GMP | 0 |
|---|---|
| GMP vs upper band | — |
| Estimated listing price | — |
Grey market trading is unofficial and unregulated. GMP is a sentiment indicator, not a guarantee of the listing price. See the HD Fire Protect IPO day-wise GMP.
Share reservation by category
| Category | Shares offered | Share of issue |
|---|---|---|
| Qualified Institutions | 0 | 50.00% |
| Retail Investors | 0 | 35.00% |
| Non-Institutional | 0 | 15.00% |
Issue structure and valuation
P/E is not meaningful here because earnings per share is zero or negative.
Promoter holding falls from 100.00% before the issue to 85.00% after it.
| EPS (pre-issue) Latest earnings per share before the issue | ₹0 |
|---|---|
| P/E (pre-issue) Upper price band ÷ pre-issue EPS | — |
| EPS (post-issue) EPS on the enlarged share capital | ₹0 |
| P/E (post-issue) Upper price band ÷ post-issue EPS | — |
| Promoter holding (pre-issue) | 100.00% |
| Promoter holding (post-issue) | 85.00% |
HD Fire Protect Limited financials
Between 31 Mar 2024 and 30 Jun 2026, revenue fell from ₹392.02 Cr to ₹114.07 Cr, and profit after tax fell from ₹87.92 Cr to ₹23.87 Cr. The PAT margin for 30 Jun 2026 was 20.93%.
| Period ended | 30 Jun 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Assets | 477.60 | 432.03 | 450.08 | 392.63 |
| Revenue | 114.07 | 505.12 | 450.68 | 392.02 |
| Profit After Tax | 23.87 | 116.79 | 109.55 | 87.92 |
| Net Worth | 0.00 | 375.93 | 396.01 | 342.19 |
| Reserve & Surplus | 309.93 | 286.07 | 302.59 | 332.19 |
| Total Borrowings | 0.00 | 0.00 | 0.00 | 0.00 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | Jun 2026 | Mar 2026 | Mar 2025 | Mar 2024 |
|---|---|---|---|---|
| ROE % | 6.13 | 30.17 | 29.59 | 28.41 |
| ROCE % | 8.36 | 40.33 | 39.64 | 37.61 |
| RoNW % | 5.97 | 31.07 | 27.67 | 25.69 |
| Pat Margin % | 20.92 | 23.12 | 24.31 | 22.43 |
About HD Fire Protect Limited
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. With over three decades of industry experience, the Company has developed 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 serve industrial, commercial and residential applications across sectors such as oil and gas, refining and petrochemicals, power and energy, heavy engineering, aerospace, pharmaceuticals, data centres, hospitality and healthcare.
The Company develops a majority of its products in-house and focuses on proprietary designs that comply with national and international standards. It has established a strong certification track record, including being 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, the Company had 21 UL Listed and 87 FM Approved product certifications.
HD Fire Protect has a global presence, having exported its products to more than 90 countries since inception, including 49 countries during the three months ended June 30, 2026. The Company operates two manufacturing facilities in Jalgaon and Thane, Maharashtra, spread across approximately 8.50 acres, supported by an R&D centre, fire test laboratory and warehouse infrastructure. According to CRISIL, the Company was the second-largest fire protection equipment manufacturer in India by operating income and the largest equipment exporter by value in Fiscal 2025.
The Company supplied fire protection equipment and systems to 2,066 customers in Fiscal 2026 and has contributed to 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%. As of June 30, 2026, its order book stood at ₹1,586.01 million (₹158.60 crore), providing visibility for future growth.
As of June 30, 2026, the Company had 279 permanent employees and 253 contractual employees.
Competitive Strengths
Strong product certification and quality track record.
Advanced design, manufacturing and R&D capabilities.
Experienced management team and qualified personnel.
Comprehensive portfolio of fire protection equipment and systems.
Track record of profitability and consistent financial performance.
Diversified customer base with long-standing domestic and international relationships.
Established global presence in a certification-driven, high-barrier industry.
Promoters
- Harish Narshi Dharamshi
- Kusum Harish Dharamshi
- Miheer Sadanand Ghotikar
- Parika Miheer Ghotikar
- Anik Narendra Dharamshi
Objects of the issue
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.
Contact details
HD Fire Protect Ltd.
O-611, 6th Floor, Runwal R Square,
Opp. Veena Nagar, L. B. S. Marg, Mulund West,
Mumbai, Maharashtra, 400080
Phone: +91 22 3528700
Email: investors@hdfire.com
Website: https://www.hdfire.com/
HD Fire Protect IPO FAQs
- When does HD Fire Protect IPO open and close?
- HD Fire Protect IPO opens on Tue, 13 Oct 2026 and closes on Thu, 15 Oct 2026.
- What is the HD Fire Protect IPO GMP today?
- The latest HD Fire Protect IPO GMP is 0 as of 06 Oct. GMP is an unofficial grey market indicator and can change quickly.
- What is the HD Fire Protect IPO allotment date?
- The HD Fire Protect IPO basis of allotment is expected on Fri, 16 Oct 2026. You can check your allotment status on the MUFG Intime India Pvt Ltd website.
- What is the HD Fire Protect IPO listing date?
- HD Fire Protect IPO is expected to list on BSE & NSE on Tue, 20 Oct 2026.
- Who are the registrar and lead managers of the HD Fire Protect IPO?
- The registrar for the HD Fire Protect IPO is MUFG Intime India Pvt Ltd, and the book running lead managers are Ambit Private Limited, IIFL Capital Services Limited and Anand Rathi Advisors Limited.
- How to apply for the HD Fire Protect IPO?
- Apply through your broker app or net banking using UPI or ASBA. Select the IPO, enter the number of lots and your bid (retail investors can bid at the cut-off price), and approve the UPI mandate before the issue closes on Thu, 15 Oct 2026.
Data is compiled from the prospectus, stock exchanges and market sources and is for information only. It is not investment advice; read the RHP before applying.