HD Fire Protect IPO
Closes Thu 15 Oct13–15 Oct 2026
Our IPO analysis
What stands out in the offer document
The five questions
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1How it makes money₹34 of every ₹100 of sales comes from its "Sprinkler, alarm valves & accessories" segment. ₹80 of every ₹100 comes from India and Middle East.
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2Is it growing, and is profit turning into cash?Sales rose 31% from 2024 to 2026 (₹373 cr → ₹489 cr). Over 3 years it made ₹314 cr of profit and brought in ₹255 cr of cash from operations.
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3How much cushion does it have?It owes ₹0.00 for every ₹1 of its own money. The line for manufacturing is ₹2.
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4What you pay, and who gets the moneyAll the money raised goes to existing shareholders selling. At ₹271 you pay about ₹41 for every ₹1 of last year's profit. The listed peers the document names: ₹51 (middle of 5).
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5Who controls it, and what is on record?Promoters own 95% before the IPO. The document discloses 2 legal matters.
What the document doesn't lead with
Each line pairs what the document leads with and what it also prints, with both pages.
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Latest update:
GMP +32.1% (₹87) · Subscribed 4.62× (QIB 1.0× · NII 11.4× · Retail 3.8×) · Price band ₹258–₹271 · Closes 15 Oct 2026 · Allotment 16 Oct 2026 (Confirmed) · Lists 21 Oct 2026 (Expected)
GMP is a compass, not a ruler: across the 60 IPOs we followed to listing it pointed the right way 80% of the time. The record
What HD Fire Protect does
We are an Indian manufacturer and supplier of fire protection equipment and systems, offering a comprehensive portfolio spanning water, foam, and gas-based fire suppression systems, which are also generally known as fire fighting products. We develop majority of our products in-house with proprietary designs to meet national and international standards, serving high-hazard industrial applications as well as residential and commercial sectors.
HD Fire Protect financials
Rs crore · Annual| 2024 | 2025 | 2026 | ||
|---|---|---|---|---|
| Sales | 373 | 433 | 489 | |
| Operating Profit | 107 | 138 | 150 | |
| OPM % | 28.6% | 31.9% | 30.8% | |
| Net Profit | 88 | 110 | 117 | |
| Total Debt | 0 | 0 | 0 |
HD Fire Protect IPO offer structure
Offer for sale: ₹712 cr
The offer for sale alone, not the total raise: the document we read does not state the fresh-issue part.
Size and split come from a public aggregator rather than the exchange, cross-checked against a second.
Use of proceeds- Offer for Sale - proceeds to go to Selling Shareholders
HD Fire Protect promoters and holding
- Harish Narshi Dharamshi: Chairman and Managing Director
- Kusum Harish Dharamshi: Promoter
- Miheer Sadanand Ghotikar: Whole-Time Director
- Parika Miheer Ghotikar: Whole-Time Director
- Anik Narendra Dharamshi: Whole-Time Director
HD Fire Protect risks and strengths
- Any malfunction or failure of our fire protection equipment and systems could result in loss of life, property damage, and legal claims. (p.25)
- We generated a significant portion of our revenue from operations from outside India, exposing us to global market risks. (p.26)
- We rely on a limited number of third-party suppliers and do not have long-term purchase agreements. (p.28)
- Well established global presence in a certification and stringent empanelment driven, high barrier industry (p.213)
- Comprehensive equipment and systems portfolio with presence across diverse end use sectors (p.214)
- Strong and diversified customer base with long standing global customer relationships (p.215)
HD Fire Protect peer comparison: DRHP median P/E 51.4x
DRHP data only| Company | CMP | P/E | OPM% | ROE% | Source |
|---|---|---|---|---|---|
| Azad Engineering Limited | — | 145.7x | — | — | DRHP |
| KSB Limited | — | 55.7x | — | — | DRHP |
| Kirloskar Pneumatic Company Limited | — | 17.2x | — | — | DRHP |
| Elgi Equipment Limited | — | 44.8x | — | — | DRHP |
| Ingersoll-Rand (India) Limited | — | 51.4x | — | — | DRHP |
P/E from offer document where live data unavailable. Not a fair-value judgement.
HD Fire Protect market and competition
According to the CRISIL Report, we were the second-largest manufacturer of fire protection equipment and systems in India in terms of operating income (revenue from operations) in Fiscal 2025 and the largest exporter by value (equipment) in Fiscal 2025.
HD Fire Protect outlook, as the document states it
We are committed to advancing our market position by expanding and evolving our product portfolio through innovation and next-generation fire protection technologies. We are strategically expanding our manufacturing footprint to enhance operational capabilities, reduce lead time, and meet growing domestic and international demand.
HD Fire Protect IPO: common questions
What is the HD Fire Protect IPO GMP (grey-market premium) today?
As of 13 Oct 2026 the indicative grey-market premium (GMP) for the HD Fire Protect IPO is +32.1% across 2 independent grey-market sources. GMP is unregulated and self-reported, so treat it as a sentiment signal, never a guarantee. For context, across the 60 IPOs we have tracked from a pre-listing GMP quote through to the actual listing, grey-market premium pointed the right way 80% of the time. Never decide on GMP alone.
When does the HD Fire Protect IPO open and close?
The HD Fire Protect IPO is open for bidding from 13 Oct 2026 to 15 Oct 2026. You can bid on any working day in that window through a broker app or net banking, and a UPI mandate has to be approved by the cut-off time on the closing day. Allotment is fixed on the working day after the close.
What is the HD Fire Protect IPO price band?
The HD Fire Protect IPO price band is ₹258–₹271 per share. You can bid at any price inside the band, and a retail investor can bid at cut-off, which accepts the final issue price, usually the top of the band. The minimum investment is always worked out at that upper end.
What is the lot size and minimum investment for the HD Fire Protect IPO?
One lot is 55 shares, and a retail application must be at least one lot. An HNI application starts above Rs 2 lakh, so the minimum is higher for that category.
How much is the HD Fire Protect IPO subscribed?
As of 13 Oct 2026 the HD Fire Protect IPO is subscribed 4.62× in total, meaning investors have bid for that many times the shares on offer. Each category (QIB, NII and retail) is counted separately, and when retail is oversubscribed its allotment is decided by a lottery for one lot each.
When are the HD Fire Protect IPO allotment and listing dates?
Not published yet. Derived from the close date on the usual timetable: allotment around 16 Oct 2026, refund/unblock around 19 Oct 2026 and listing around 21 Oct 2026. Treat these as estimates until the exchange confirms them.
How do I apply for the HD Fire Protect IPO?
Through any broker app or your bank's net banking, using a demat account and a PAN. You bid in lots at a price inside the band, or at cut-off. The money is blocked in your account, not debited, until allotment. One application per PAN. We do not recommend brokers and carry no broker links. How to apply, start to finish →
How often do these actually open above the issue price?
Of the 538 mainboard IPOs that have listed on the NSE since 2003, 381 (71%) opened above their issue price, at a median of +10%. That is the segment's own record, not a forecast for this issue.
Check it at the source: The offer document · NSE issues · SEBI offer documents