BSE List Price : ₹334.40

NSE List Price : ₹335.00

Subscription

Category	Times
QIBs	256.65x
HNIs	203.21x
Retail	30.49x
Employee	23.61x
Total : 131.70x

IPO Market Lot(s) Distribution

Application	Lot Size	Shares	Amount
Retail Minimum	1	55	₹14,905
Retail Maximum	13	715	₹193,765
S - HNI Minimum	14	770	₹208,670
S - HNI Maximum	67	3,685	₹998,635
B - HNI Minimum	68	3,740	₹1,013,540

About the Company

HD Fire Protect Limited, established in 1990, is a Mumbai-based manufacturer of fire protection equipment and systems. The company provides water-, foam- and gas-based fire suppression solutions for industrial, commercial, residential and infrastructure applications. It operates two manufacturing facilities in Maharashtra and serves customers in India and international markets. 

Business Model: The company follows a manufacturing and engineered-solutions model, developing most of its products in-house and supplying fire protection equipment and customised systems to domestic and overseas customers.

Products & Services

• Automatic Sprinklers

• Deluge Valves & Systems

• Foam-Based Fire Suppression Systems

• Gas Suppression Systems

• Fire Monitors & Nozzles

• Water Spray Nozzles

• Fire Protection Equipment

• Custom-Engineered Fire Protection Systems

Company Financial Report

_{Amount ₹ in Crores}

Period Ended	Revenue	Expense	PAT	Assets
2024	₹392.02	₹275.67	₹87.92	₹392.63
2025	₹450.68	₹303.96	₹109.55	₹4500.82
2026	₹505.12	₹349.14	₹116.79	₹432.03
June 2026	₹114.07	₹81.56	₹23.87	₹477.60

Company Promoter

Harish Narshi Dharamshi

Miheer Sadanand Ghotikar

Parika Miheer Ghotikar

Anik Narendra Dharamshi

Know before investing

• • Strengths

  Strong Market Position: According to the CRISIL industry report, HD Fire Protect was the second-largest fire protection equipment manufacturer in India by operating income in FY25 and the largest exporter by equipment value.

  Global Presence: The company exported to more than 90 countries in FY26, while international markets contributed approximately 35% of FY26 revenue.

  Strong Certifications: As of September 2026, the company had 21 UL Listed and 87 FM Approved product certifications, supporting its presence in highly regulated domestic and international markets.

  Diversified Customer Base: The company supplied products and systems to 2,066 customers in FY26, across domestic and international markets.

  In-House Product Development: The company develops a significant portion of its products in-house, supported by engineering, R&D and testing capabilities.

  Strong Financial Performance: Revenue increased from 372.95 crore in FY24 to 489.28 crore in FY26, while PAT increased from 87.92 crore to 116.79 crore. 

  Healthy Profitability: FY26 EBITDA stood at approximately 150.46 crore, reflecting an EBITDA margin of around 30.75%.

• • Risks

  Import Dependence: Approximately 45% of procurement is imported, exposing the company to foreign exchange, logistics, geopolitical and supply-chain risks.

  Supplier Concentration: Dependence on selected suppliers can create risks related to availability, pricing and continuity of raw materials/components.

  Certification Risk: International business depends significantly on maintaining important UL, FM and other product certifications.

  Industry Cyclicality: Demand is linked to capital expenditure in sectors such as oil & gas, petrochemicals, power, infrastructure, pharmaceuticals and industrial projects.

  Regulatory Risk: Fire protection products are subject to stringent safety standards, regulations and certification requirements.

  Manufacturing Concentration: Manufacturing facilities are concentrated in Maharashtra, creating geographical and operational concentration risk.

  International Market Risk: Around 35% of FY26 revenue came from international markets, exposing the company to currency fluctuations, international regulations and changes in overseas demand.

Objects of the Issue & Utilisation of proceeds

Offer for Sale: The IPO is entirely an Offer for Sale (OFS).

No Fresh Issue: There is no fresh issue of shares, so HD Fire Protect will not receive any IPO proceeds.

Selling Shareholders: The proceeds, after applicable offer expenses, will go to the selling promoter shareholders.

Purpose of IPO: The issue provides an exit/liquidity opportunity to the selling shareholders and facilitates listing of the company's equity shares.

Company Address

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/

IPO Registrar

MUFG Intime India Pvt. Ltd.
Phone: 022-49186000
Email: hdfire.ipo@in.mpms.mufg.com
Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html