HD Fire Protect
- Issue price
- ₹ 271
- Issue size
- ₹ 712.13 Cr.
- Min. investment
- ₹ 14,905
- Listing price
- ₹ 335
- Subscribed
- 132.21x
- Lot size
- 55 shares
- P/E
- 49.72
- RoNW
- 5.97%
- RoCE
- 8.36%
- PAT margin
- 20.92%
- EBITDA margin
- 27.26%
- RoE
- 6.13%
- EPS
- ₹ 5.45
- NAV
- ₹ 22.82
- Promoter stake
- 85%
About
HD Fire Protect Limited was incorporated in April 1997. It makes and supplies fire protection equipment and systems based on water, foam and gas fire suppression. The company sells eight product categories: 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. It develops most of its products in house. Its products are used in oil and gas, refining and petrochemicals, power, heavy engineering, aerospace, pharmaceuticals, data centres, hospitality and healthcare. The company supplied 2,066 customers in FY2026. Projects it has supplied include the Samruddhi Mahamarg, the Jamnagar refinery and the new Indian Parliament building. It has exported to more than 90 countries since inception, and to 49 countries in the three months ended 30 June 2026. It was the first Indian maker to get UL Listing for deluge valves, in 1996. As of September 2026 it holds 21 UL Listed and 87 FM Approved product certifications. There are two plants, at Jalgaon and Thane in Maharashtra, covering about 8.50 acres, along with a fire test laboratory and R&D unit. The order book was Rs 158.60 crore as of 30 June 2026. The company had 279 permanent and 253 contractual employees on that date.
Timeline
- doneOpens13 Oct
- doneCloses15 Oct
- doneAllotment16 Oct
- doneRefunds19 Oct
- doneDemat credit19 Oct
- doneListing21 Oct
Grey market premium (GMP)
GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
- Highest
- ₹ 91 on 13 Oct 2026
- Lowest
- ₹ 61 on 19 Oct 2026
- First quoted
- ₹ 80 on 7 Oct 2026
Subscription
How many times each investor group bid for its share, as of 20 Oct 2026, 06:30 PM IST.
How much to apply for
The smallest and largest bids for each kind of investor at the upper price band.
| Retail (Min) | 1 | 55 | ₹ 14,905 |
| Retail (Max) | 13 | 715 | ₹ 1,93,765 |
| S-HNI (Min) | 14 | 770 | ₹ 2,08,670 |
| B-HNI (Min) | 68 | 3,740 | ₹ 10,13,540 |
Company overview
Financials
| Assets | 477.6 | 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 |
Strengths
- Revenue from operations grew from Rs 372.95 crore in FY2024 to Rs 489.28 crore in FY2026, a CAGR of 14.54%.
- Profit after tax rose from Rs 87.92 crore in FY2024 to Rs 109.72 crore in FY2025 and Rs 116.79 crore in FY2026.
- EBITDA rose from Rs 106.63 crore in FY2024 to Rs 150.46 crore in FY2026, and profit after tax was Rs 116.79 crore in FY2026 on total income of Rs 505.12 crore.
- The order book stood at Rs 158.60 crore as of 30 June 2026, and the company supplied 2,066 customers in FY2026.
- It holds 21 UL Listed and 87 FM Approved product certifications as of September 2026, and exported to 49 countries in the quarter ended 30 June 2026.
- It runs two plants at Jalgaon and Thane with a fire test laboratory and R&D unit, and develops most products in house.
Risks
- The price band is Rs 258 to Rs 271 and one lot is 55 shares, about Rs 14,905 at the upper band. At Rs 271 the issue is priced at 49.72 times post issue EPS of Rs 5.45.
- The whole issue is an offer for sale of 2,62,84,500 shares by promoters. The company gets no proceeds, so none of the money funds growth or reduces debt.
- The source page shows the net worth row with only three values for four periods, and the figures do not tie to the reserves row, so net worth and debt to equity are not reliable here.
- Promoter holding falls from 100% to 85% after the issue as promoters Harish Dharamshi and Kusum Dharamshi sell shares.
- The source shows EPS of Rs 6.66 before the issue and Rs 5.45 after it, which is 40.69 times and 49.72 times at the upper band. An offer for sale creates no new shares, so the drop looks like a source inconsistency.
- Revenue grew 12% and profit after tax 6% between FY2025 and FY2026, so profit grew slower than sales.
- Products are used in cyclical sectors such as oil and gas, power and heavy engineering, so a slowdown in project spending can affect orders.
- The company depends on UL and FM certifications for its export business, and losing or failing to renew them could hurt sales.
What the money is for
| Offer for sale by the selling shareholders. The company receives no proceeds from the offer | — |
Promoters
- Harish Narshi Dharamshi
- Kusum Harish Dharamshi
- Miheer Sadanand Ghotikar
- Parika Miheer Ghotikar
- Anik Narendra Dharamshi
Anchor investors
25 anchors put in ₹ 213.13 Cr., including 17 mutual funds.
| MAGNUM EQUITY EX-TOP 100 LONG-SHORT FUND | 9,67,505 | 26.22 | 12.3% |
| HDFC INNOVATION FUND | 3,22,520 | 8.74 | 4.1% |
| HDFC MULTI CAP FUND | 6,44,985 | 17.48 | 8.2% |
| ICICI PRUDENTIAL ENERGY OPPORTUNITIES FUND | 5,35,370 | 14.51 | 6.81% |
| ISIF EQUITY LONG-SHORT FUND | 3,05,965 | 8.29 | 3.89% |
| KOTAK INFRASTRUCTURE & ECONOMIC REFORM FUND | 8,41,335 | 22.8 | 10.7% |
| ASHOKA WHITEOAK ICAV-ASHOKA WHITEOAK EMERGING MARKETS EQUITY FUND | 8,41,335 | 22.8 | 10.7% |
| ADITYA BIRLA SUN LIFE INFRASTRUCTURE FUND | 3,68,225 | 9.98 | 4.68% |
| ADITYA BIRLA SUN LIFE MANUFACTURING EQUITY FUND | 3,68,170 | 9.98 | 4.68% |
| APEX EQUITY LONG-SHORT FUND | 34,980 | 0.95 | 0.44% |
| APEX EQUITY EX-TOP 100 LONG-SHORT FUND | 34,980 | 0.95 | 0.44% |
| APEX HYBRID LONG-SHORT FUND | 34,980 | 0.95 | 0.44% |
| ALLIANZ GLOBAL INVESTORS FUND-ALLIANZ INDIA EQUITY | 3,25,435 | 8.82 | 4.14% |
| BANDHAN INNOVATION FUND | 2,03,203 | 5.51 | 2.58% |
| ARUDHA EQUITY LONG-SHORT FUND | 1,21,902 | 3.3 | 1.55% |
| MIRAE ASSET SMALL CAP FUND | 3,23,620 | 8.77 | 4.12% |
| PGIM INDIA SMALL CAP FUND | 3,08,421 | 8.36 | 3.92% |
| MOTILAL OSWAL FINVEST LTD. | 3,08,421 | 8.36 | 3.92% |
| BAJAJ LIFE INSURANCE LTD. | 2,75,990 | 7.48 | 3.51% |
| AXIS MAX LIFE INSURANCE LTD.-SMART INNOVATION FUND | 55,198 | 1.5 | 0.7% |
| AXIS MAX LIFE INSURANCE LTD.-UEGFH-HIGH GROWTH FUND II | 1,37,995 | 3.74 | 1.75% |
| AXIS MAX LIFE INSURANCE LTD.-ULIF 01715/02/13 PENSMAXIMI 104-PENSION MAXIMISER FUND | 82,797 | 2.24 | 1.05% |
| UTI INFRASTRUCTURE FUND | 1,04,940 | 2.84 | 1.33% |
| UTI SMALL CAP FUND | 1,31,230 | 3.56 | 1.67% |
| AMUNDI FUNDS INDIA EQUITY CONTRA | 1,84,506 | 5 | 2.35% |
Registrar, lead managers and documents
- Listing on
- BSE, NSE
- Face value
- ₹ 5 a share
- Registrar
- MUFG Intime India Private Limited
- Lead managers
- Ambit Capital, IIFL Capital Services Limited
- Red herring prospectus (RHP)
- Open
- Draft prospectus (DRHP)
- Open
- Basis of allotment
- Open
IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.