HD Fire Protect IPO
Bookbuilding IPO | ₹712.00 Cr | Listing at BSE, NSE
IPO Open
Tue, Oct 13, 2026
IPO Close
Thu, Oct 15, 2026
Price Band
₹258.00 to ₹271.00
Market Cap (Pre-IPO)
₹4,748.73 Cr
IPO Details
| IPO Date | Oct 13, 2026 to Oct 15, 2026 |
| Listing Date | Tentative: Oct 21, 2026 |
| Face Value | ₹5.00 per share |
| Price Band | ₹258.00 to ₹271.00 |
| Lot Size | 55 Shares (Minimum: ₹14,905.00) |
| Sale Type | Offer For Sale |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Issue Size | ₹712.00 Crores |
| Total Shares Offered | 26,284,500 shares |
| Fresh Issue | 26,284,500 shares |
| Offer For Sale | 26,284,500 shares |
Subscription Data
| Category | Times Subscribed |
|---|---|
| QIB | 1.05x |
| NII | 1.05x |
| RII | 4.54x |
| Total | 5.81x |
HD Fire Protect IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | 50.00 |
| Retail Shares Offered | 35.00 |
| NII Shares Offered | 15.00 |
HD Fire Protect IPO Lot Size
Investors can bid for a minimum of 55 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 55 | ₹14,905 |
| Retail (Max) | 13 | 715 | ₹193,765 |
| S-HNI (Min) | 14 | 770 | ₹208,670 |
| S-HNI (Max) | 67 | 3,685 | ₹998,635 |
| B-HNI (Min) | 68 | 3,740 | ₹1,013,540 |
HD Fire Protect Financial Information (Restated Consolidated)
HD Fire Protect Ltd.'s revenue increased by 12% and profit after tax (PAT) rose by 6% between the financial year ending with March 31, 2026 and March 31, 2025.
| Period Ended | 30 Jun 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Assets | 477.60 | 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 |
| Total Borrowing | - | - | - | - |
Amount in ₹ Cr
Key Performance Indicators
As of Tuesday, March 31, 2026| KPI | Values |
|---|---|
| ROE (Return on Equity) | 30.17% |
| ROCE (Return on Capital Employed) | 40.33% |
| RoNW (Return on Net Worth) | 31.07% |
| PAT Margin (Profit After Tax Margin) | 23.12% |
| EBITDA Margin | 30.75% |
| Price to Book Value | 12.63 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 6.66 | 5.45 |
| P/E (x) | 40.69 | 49.72 |
Company Overview
HD Fire Protect Limited – Company Overview
- 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.
- The Company offers 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 cater to industrial, residential and commercial applications across sectors including 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 meet national and international standards.
- With over three decades of experience, the Company has established a global presence, exporting products to more than 90 countries since inception and 49 countries during the three months ended June 30, 2026.
- The Company was 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, it had 21 UL Listed and 87 FM Approved product certifications.
- The Company operates two manufacturing facilities in Jalgaon and Thane, Maharashtra, covering approximately 8.50 acres, supported by a fire test laboratory and research and development (R&D) capabilities.
- In Fiscal 2026, the Company supplied fire protection equipment and systems to 2,066 customers. Its products have been used in major projects, including the Samruddhi Mahamarg, Jamnagar refinery, the 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%. Its order book stood at ₹1,586.01 million as of June 30, 2026.
- As of June 30, 2026, the Company had 279 permanent employees and 253 contractual employees.
Company Strengths
- Strong product certification and quality track record.
- Advanced design, manufacturing and R&D capabilities.
- Experienced management team and qualified personnel.
- Comprehensive fire protection equipment and systems portfolio.
- Track record of profitability and consistent financial performance.
- Strong and diversified customer base with long-standing global relationships.
- Well-established global presence in a certification-driven, high-barrier industry.
HD Fire Protect IPO Peer Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| HD Fire Protect Ltd. | 6.66 | 6.66 | 21.45 | - | 31.07 | - | - |
| Azad Engineering Ltd. | 20.57 | 20.57 | 236.74 | 145.65 | 8.74 | 6.29 | Consolidated |
| Ksb Ltd. | 15.54 | 15.54 | 96.46 | 55.68 | 16.11 | 8.29 | Consolidated |
| Elgi Equipments Ltd. | 13.65 | 13.61 | 70.41 | 44.70 | 19.28 | 6.67 | Consolidated |
| Ingersoll-rand (india) Ltd. | 81.10 | 81.10 | 195.04 | 51.39 | 20.36 | 17.89 | Consolidated |
Quick Info
| Sector | fire protection equipment and industrial manufacturing |
| Exchange | BSE, NSE |
| Market Cap (Pre-IPO) | ₹4,748.73 Cr |
Important Dates
| IPO Open | Oct 13, 2026 |
| IPO Close | Oct 15, 2026 |
| Allotment Date | Oct 16, 2026 |
| Credit to Demat | Oct 19, 2026 |
| Listing Date | Tentative: Oct 21, 2026 |
Lead Manager(s)
Ambit Pvt.Ltd.
Registrar
MUFG Intime India Pvt.Ltd.
022-49186000
Description
- IPO Type: Book build issue aggregating to ₹712.31 crores.
- Issue Structure: The issue is entirely an offer for sale of 2.63 crore shares aggregating to ₹712.31 crores.
- IPO Dates: The issue opens for subscription on October 13, 2026 and closes on October 15, 2026.
- Allotment Date: The allotment is expected to be finalized on October 16, 2026.
- Listing Details: The shares are proposed to be listed on NSE and BSE on October 21, 2026.
- Retail Investment Requirement: Minimum 1 lot (55 shares) amounting to approximately ₹14,905 at the upper price band.
- Issue Price Band: ₹258 to ₹271 per equity share.
- Lot Size: 55 shares per lot.
This IPO offers investors an opportunity to participate in the company through an offer for sale by existing shareholders.