HD Fire Protect Limited’s IPO opens on 13 October 2026 and closes on 15 October 2026. The price band is ₹258 to ₹271 per share, the lot size is 55 shares, and the issue is a pure offer for sale of up to 2,62,84,500 equity shares worth about ₹678 crore to ₹712 crore. This page covers the issue details, three years of financials, how the P/E works out, who gets the money and the main risks, based on the Red Herring Prospectus (RHP) dated 5 October 2026.
HD Fire Protect IPO Key Details
| Parameter | Details |
|---|---|
| IPO Dates | 13 October 2026 to 15 October 2026 |
| Anchor Book | 12 October 2026 |
| Face Value | ₹5 per equity share |
| Price Band | ₹258 to ₹271 per share |
| Lot Size | 55 shares (minimum ₹14,905 at the cap price) |
| Issue Type | Book-built, offer for sale only |
| Total Issue Size | Up to 2,62,84,500 equity shares, about ₹678 crore to ₹712 crore across the price band |
| Fresh Issue | Not applicable |
| Offer for Sale | Up to 2,62,84,500 equity shares by two promoters |
| Listing Exchanges | BSE and NSE (BSE is the designated exchange) |
| Allotment Date | 16 October 2026 (tentative) |
| Credit to Demat | 19 October 2026 (tentative) |
| Listing Date | 21 October 2026 (tentative) |
| Registrar | MUFG Intime India Private Limited (formerly Link Intime India Private Limited) |
| Book Running Lead Managers | Ambit Private Limited, Anand Rathi Advisors Limited, IIFL Capital Services Limited |
The anchor and bidding dates are from the RHP. The price band and lot size are from the company’s announcement, confirmed on several broker and media pages. Allotment, credit and listing dates are tentative and come from secondary sources, so they may change.
How the Issue Is Divided
The offer is made under Regulation 6(1) of the SEBI ICDR Regulations, 2018. Of the net offer, reported splits are:
| Category | Share of net offer |
|---|---|
| Qualified Institutional Buyers (QIB) | Not more than 50% |
| Non-Institutional Investors (NII) | Not less than 15% |
| Retail Individual Investors (RII) | Not less than 35% |
A small portion is also reserved for eligible employees. It is reported at up to ₹1.75 crore, with a discount of ₹25 per share to the offer price. The abridged prospectus does not state these employee terms, so please confirm them in the RHP.
What a Retail Application Costs
- One lot is 55 shares. It costs ₹14,190 at the floor price and ₹14,905 at the cap price.
- Your bank blocks funds at the cap price, even if the final price is lower.
- The maximum retail application is 13 lots, which is 715 shares and ₹1,93,765 at the cap price.
- A 14th lot would cost ₹2,08,670. That is above the ₹2,00,000 retail limit, so the application would move to the small non-institutional category.
About HD Fire Protect
HD Fire Protect Limited (CIN U29270MH1997PLC107536) is an Indian maker of fire protection equipment and systems. It sells water, foam and gas-based fire suppression products to industrial buyers (oil and gas, power, pharma, data centres) and to commercial and residential buyers. Its registered office is in Mulund West, Mumbai, and its corporate office is in Wagle Estate, Thane.
- Revenue comes from many product lines. In FY 2025-26, sprinklers, alarm valves and accessories were 33.95%, deluge valves and pre-action systems 21.85%, and foam equipment 18.71%.
- Gas suppression systems brought in ₹4.90 crore in FY 2024-25 and nothing in FY 2025-26.
- India gave 65.31% of FY 2025-26 revenue and exports 34.69%. The Middle East was the largest export region at 14.98%.
- The company served 2,066 customers in FY 2025-26 and has supplied to over 90 countries since inception.
- It runs two plants, at Jalgaon and Thane in Maharashtra, covering 8.50 acres. A warehouse at Wagle Estate, Thane, is expected by November 2026.
- According to CRISIL, it was India’s second-largest fire protection equipment maker by revenue and the largest exporter by value in FY 2024-25. CRISIL puts India’s fire protection equipment market at ₹10,900 crore in FY 2025-26, growing 10% to 12% a year to ₹17,500 crore to ₹19,500 crore by FY 2030-31.
Financial Performance (Restated)
| Particulars (₹ crore) | Q1 FY 2026-27 (3 months, not annualised) | FY 2025-26 | FY 2024-25 | FY 2023-24 |
|---|---|---|---|---|
| Revenue from Operations | 109.05 | 489.28 | 432.80 | 372.95 |
| Operating EBITDA | 29.73 | 150.46 | 138.01 | 106.63 |
| Operating EBITDA Margin | 27.26% | 30.75% | 31.89% | 28.59% |
| Profit After Tax (PAT) | 23.87 | 116.79 | 109.72 | 87.92 |
| PAT Margin (on total income, as the RHP defines it) | 20.92% | 23.12% | 24.35% | 22.43% |
| Net Worth | 401.02 | 377.15 | 397.23 | 343.41 |
| Total Borrowings | Nil | Nil | Nil | Nil |
| Return on Net Worth | 5.95% | 30.97% | 27.62% | 25.60% |
| Return on Equity | 6.13% | 30.17% | 29.63% | 28.41% |
| Return on Capital Employed | 8.36% | 40.33% | 39.63% | 37.61% |
| Net Cash from Operating Activities | 47.20 | 92.49 | 98.31 | 63.77 |
Over two years, revenue grew at about 14.5% a year, operating EBITDA at about 18.8% and PAT at about 15.3% (our calculations). The recent pace is slower. FY 2025-26 revenue grew 13.1% against 16.0% a year earlier, and PAT grew only 6.4% against 24.8%. The company has no borrowings in any period shown.
Working capital is the part to watch. Inventory days were 85 in FY 2025-26 against 77 a year earlier. Receivable days rose from 45 to 57. The cash conversion cycle lengthened from 83 days to 102 days. Operating cash flow was ₹92.49 crore against PAT of ₹116.79 crore, so profit is converting to cash at a lower rate than before. The June 2026 quarter shows inventory days of 109 and a cash conversion cycle of 112 days, though those use a different formula for a short period.
Net worth fell to ₹377.15 crore on 31 March 2026 from ₹397.23 crore a year earlier despite the profit. The summary does not explain why. These are historical disclosures and do not indicate future performance.
Valuation Metrics Explained
| Metric | FY 2025-26 | FY 2024-25 | FY 2023-24 |
|---|---|---|---|
| Basic EPS | ₹6.66 | ₹6.26 | ₹5.01 |
| Diluted EPS | ₹6.66 | ₹6.26 | ₹5.01 |
| Net Asset Value per Share | ₹21.45 | ₹22.59 | ₹19.49 |
| Return on Net Worth | 30.97% | 27.62% | 25.60% |
Weighted average EPS and weighted average RoNW are Not disclosed in the abridged prospectus.
The formulas, in plain words
- EPS is profit after tax divided by the number of shares. It is the profit earned per share.
- P/E is the share price divided by EPS. It shows how many rupees you pay for each rupee of yearly profit.
- RoNW is profit divided by net worth. It shows how much profit the company earns on shareholders’ money.
- NAV is net worth divided by the number of shares. It is the book value behind each share.
Working out the P/E
The RHP leaves the price-dependent figures blank, because the price band was announced after it was filed. Here is how they work out, using FY 2025-26 diluted EPS of ₹6.66 and NAV of ₹21.45:
| Measure | At ₹258 (floor) | At ₹271 (cap) |
|---|---|---|
| P/E | 38.7 | 40.7 |
| Price to book value | 12.0 | 12.6 |
| Market cap (17,52,30,000 shares) | ₹4,521 crore | ₹4,749 crore |
Because this is an offer for sale, no new shares are created. The share count and EPS stay the same after the issue, so the post-issue P/E equals the P/E above. Only the owners change.
How that compares with listed peers
IPO Watch and IPOji report the following peer figures from the RHP. Peer prices are closing prices on 30 September 2026. We have not seen the RHP’s own peer table, so please check it before relying on these.
| Company | Diluted EPS | P/E | RoNW | NAV |
|---|---|---|---|---|
| HD Fire Protect (at ₹271) | ₹6.66 | 40.7 | 30.97% | ₹21.45 |
| Azad Engineering | ₹20.57 | 145.65 | 8.74% | ₹236.74 |
| KSB | ₹15.54 | 55.68 | 16.11% | ₹96.46 |
| Ingersoll-Rand (India) | ₹81.10 | 51.39 | 20.36% | ₹195.04 |
| Elgi Equipments | ₹13.65 | 44.70 | 19.28% | ₹70.41 |
| Kirloskar Pneumatic | ₹39.45 | 17.18 | 20.36% | ₹192.25 |
The simple average of the five peer P/Es is about 62.9 and the middle value is 51.4 (our calculations). At the cap price, HD Fire Protect’s 40.7 sits below both, and its return on net worth is higher than any peer shown. Against that, the average is pulled up by Azad Engineering at 145.65, only Kirloskar Pneumatic is cheaper on P/E, and HD Fire Protect’s profit growth slowed to 6.4% in FY 2025-26. A lower P/E also does not by itself make a share cheap, because the peers differ in size and business mix.
These ratios are shared for educational understanding, not as investment guidance.
Objects of the Issue
The company receives nothing from this IPO. The whole offer is a sale by two promoters, and the proceeds, after offer expenses and taxes, go to them in proportion to the shares they sell. The stated objects are to carry out the sale and to get the benefits of listing.
| Selling shareholder | Shares offered | Amount at ₹258 | Amount at ₹271 | Weighted average cost per share |
|---|---|---|---|---|
| Harish Narshi Dharamshi | Up to 89,83,700 | ₹231.78 crore | ₹243.46 crore | ₹0.05 |
| Kusum Harish Dharamshi | Up to 1,73,00,800 | ₹446.36 crore | ₹468.85 crore | ₹0.09 |
Amounts are before offer expenses and taxes. The promoters’ holding falls from 95.33% to about 80.32% after the sale (our calculation, assuming the offer is fully subscribed). The offer is 15.00% of post-offer capital. The company has no debt, so there is no repayment object. The expansion at Jalgaon and Thane is not funded from this issue. No credit rating is disclosed in the abridged prospectus.
Strengths and Risk Factors
| Strengths | Risks |
|---|---|
| Return on capital employed of 40.33% in FY 2025-26 | The issue is a 100% offer for sale, so the company gets no funds |
| Zero borrowings in all periods shown | PAT growth slowed to 6.4% in FY 2025-26 from 24.8% |
| Operating EBITDA margin of 30.75% in FY 2025-26 | Cash conversion cycle lengthened from 83 days to 102 days in a year |
| 2,066 customers in FY 2025-26, across several end industries | Top 10 suppliers were 47.76% of total expenses, with no long-term supply contracts |
| Exports were 34.69% of revenue, with 90+ countries served since inception | The two Maharashtra plants gave 63.49% of FY 2025-26 revenue, so one region carries concentration risk |
| Revenue rose from ₹372.95 crore to ₹489.28 crore in two years | A joint statutory auditor resigned before finishing the term and was later appointed CFO |
Other disclosed risks include product failure leading to claims, regulatory certifications, under-use of capacity, and customer payment delays. Two criminal proceedings are pending against directors. No proceedings are pending against the company itself. The company has filed three tax cases worth ₹0.04 crore.
How to Apply via Findoc
- Log in to your Findoc account.
- Open the IPO section and select the HD Fire Protect IPO issue.
- Enter your UPI ID and the number of lots. Quantity must be in multiples of 55 shares.
- Place your bid within ₹258 to ₹271.
- Approve the UPI mandate on your UPI app. The mandate end time is 5:00 PM IST on 15 October 2026.
You can also apply through your bank’s ASBA facility. If you do not have a demat account, open a demat account before bidding closes on 15 October 2026.
Checking Your Allotment
Allotment is tentatively on 16 October 2026. Check the status on the website of MUFG Intime India Private Limited, or on the BSE and NSE allotment pages. You will need your application number, PAN or demat details. Refunds and demat credit are tentatively on 19 October 2026.
Key Takeaways
- The IPO opens on 13 October 2026 and closes on 15 October 2026. The price band is ₹258 to ₹271 and the lot size is 55 shares.
- It is a pure offer for sale of up to 2,62,84,500 shares by two promoters. The company gets no money.
- Revenue was ₹489.28 crore and PAT ₹116.79 crore in FY 2025-26, with no borrowings.
- P/E at the cap price is about 40.7 on FY 2025-26 EPS, against a peer average of about 62.9 and a middle value of 51.4.
- The maximum retail bid is 13 lots, or ₹1,93,765 at the cap price.
- Key risks are slowing profit growth, a longer cash cycle, supplier and regional concentration and no proceeds to the company.
Investments in securities are subject to market risks. This is not investment advice; please read all related documents carefully before investing.
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