HD Fire Protect is a Mainboard IPO of HD Fire Protect Private Limited, a company engaged in providing fire protection and safety solutions. The company offers products and systems designed to protect industrial, commercial and other facilities from fire-related risks.
The company operates across different areas of fire protection, including fire detection, fire suppression and related safety systems. Its solutions are used across various industries and infrastructure projects where fire safety and protection systems are required.
HD Fire Protect IPO provides investors an opportunity to participate in the company’s growth through the public issue. Investors can check the IPO price, dates, issue size, lot size, subscription status, allotment, listing details, financial performance, strengths, risks and other important details before making an investment decision.
Table of Contents
HD Fire Protect IPO Details
| Particulars | Details |
|---|---|
| IPO Name | HD Fire Protect IPO |
| IPO Opening Date | 13 October 2026 |
| IPO Closing Date | 15 October 2026 |
| Listing Date | 21 October 2026 |
| IPO Price Band | ₹258 to ₹271 per share |
| Face Value | ₹5 per share |
| Lot Size | 55 Shares |
| Total Issue Size | ₹712.31 Crore (2,62,84,500 shares) |
| Fresh Issue | Nil |
| Offer for Sale | ₹712.31 Crore (2,62,84,500 shares) |
| Issue Type | Book Build Issue |
| Listing At | BSE, NSE |
| Employee Discount | ₹25 per share |
| Market Lot Value | ₹14,905 |
| Promoters | Harish Narshi Dharamshi, Kusum Harish Dharamshi, Miheer Sadanand Ghotikar, Parika Miheer Ghotikar and Anik Narendra Dharamshi |
| Registrar | MUFG Intime India Private Limited |
| Lead Managers | Ambit Private Limited, Anand Rathi Advisors Limited, IIFL Capital Services Limited |
HD Fire Protect IPO Dates
| IPO Event | Date |
|---|---|
| IPO Open Date | 13 October 2026 |
| IPO Close Date | 15 October 2026 |
| Anchor Investor Bidding | 12 October 2026 |
| Basis of Allotment | 16 October 2026 |
| Initiation of Refunds | 19 October 2026 |
| Credit of Shares | 19 October 2026 |
| Listing Date | 21 October 2026 |
HD Fire Protect IPO Reservation
HD Fire Protect IPO has reserved shares for different investor categories according to the applicable IPO allocation structure. QIB investors have been allocated 50% of the net offer, while NII investors have 15% and retail investors have 35%. An employee reservation portion of up to 64,575 equity shares has also been provided, with an employee discount of ₹25 per share.
| Investor Category | Reservation |
|---|---|
| QIB | 50% |
| NII | 15% |
| Retail | 35% |
| Employee Reservation | Up to 64,575 Shares |
HD Fire Protect IPO Lot Size
The minimum bid for HD Fire Protect IPO is 55 shares. Retail investors can apply for up to 13 lots, or 715 shares. At the upper price band of ₹271, one lot requires an investment of ₹14,905.
| Application | Lots | Shares | Amount at ₹271 |
|---|---|---|---|
| Retail Minimum | 1 | 55 | ₹14,905 |
| Retail Maximum | 13 | 715 | ₹1,93,765 |
| S-HNI Minimum | 14 | 770 | ₹2,08,670 |
| B-HNI Minimum | 68 | 3,740 | ₹10,13,540 |
About HD Fire Protect
HD Fire Protect Limited is a manufacturer and supplier of fire protection equipment and systems. The company provides water-based, foam-based and gas-based fire suppression solutions for industrial, commercial, residential and infrastructure applications. Its product portfolio includes fire sprinklers, alarm valves, deluge valves and skids, pre-action systems, water spray nozzles, foam equipment, fire monitors, gas suppression systems and custom-engineered firefighting systems.
The company began its journey in 1990 with the establishment of H.D. Fire Protect Co. It was subsequently incorporated as D.H. Fire Protect Private Limited in 1997 and later became HD Fire Protect Limited in June 2025. The company has developed a global presence and supplies its products to customers in more than 90 countries across six continents.
HD Fire Protect operates manufacturing facilities in Maharashtra and serves sectors including oil and gas, petrochemicals, power and energy, heavy engineering, aerospace, pharmaceuticals, data centres, infrastructure and commercial facilities.
HD Fire Protect Business Model
HD Fire Protect follows a manufacturing-led business model focused on the design, development and production of fire protection equipment and suppression systems. The company supplies both standard and customised products based on customer and project requirements.
The company has a broad product portfolio covering water, foam and gas fire suppression solutions. It sells products in domestic and international markets through direct customers, distributors and project-related orders. Export markets form an important part of its business, while its certifications and technical capabilities support its presence in regulated fire-safety markets.
HD Fire Protect Industry Overview
The fire protection equipment industry serves industries and infrastructure where fire prevention and suppression are essential for protecting people, assets and operations. Demand is supported by industrial expansion, infrastructure development, stricter safety standards and increasing awareness of fire protection requirements.
HD Fire Protect operates in a specialised segment where product certifications, engineering capabilities, manufacturing experience and customer relationships can create entry barriers. The company’s presence across multiple end-user industries and international markets provides diversification in its revenue base.
HD Fire Protect Business Strategy
HD Fire Protect’s business strategy focuses on expanding its product portfolio, strengthening its international presence and developing customised fire protection solutions. The company continues to focus on quality certifications and technical capabilities to serve customers across regulated markets.
The company also aims to strengthen its global supply network and maintain relationships with customers across industrial and infrastructure sectors. Its focus on research, product development and customised systems supports its positioning in specialised fire protection applications.
HD Fire Protect Financial Information
The company’s financial performance has shown growth in revenue and profitability over recent years. For FY2026, total income was approximately ₹505.12 crore and profit after tax was ₹116.79 crore. For the quarter ended June 2026, total income stood at ₹114.07 crore and PAT was ₹23.87 crore.
| Financial Year | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Total Assets | ₹432.03 Cr | ₹450.08 Cr | ₹392.63 Cr |
| Revenue from Operations | ₹489.28 Cr | ₹432.80 Cr | ₹372.95 Cr |
| Total Income | ₹505.12 Cr | ₹450.68 Cr | ₹392.02 Cr |
| EBITDA | ₹150.46 Cr | ₹138.01 Cr | ₹106.63 Cr |
| Profit After Tax | ₹116.79 Cr | ₹109.72 Cr | ₹87.92 Cr |
| Net Worth | ₹375.93 Cr | ₹396.01 Cr | ₹342.19 Cr |
| Total Borrowings | ₹0.00 Cr | ₹0.00 Cr | ₹0.00 Cr |
| EPS | ₹6.66 | ₹6.25 | ₹5.01 |
HD Fire Protect IPO KPIs
The company reported an EBITDA margin of 30.75%, PAT margin of 23.12%, ROE of 30.17% and ROCE of 40.33% for FY2026. The latest June 2026 quarter reported lower annualised ratios due to the short three-month reporting period.
| KPI | June 2026 | FY2026 | FY2025 | FY2024 |
|---|---|---|---|---|
| EBITDA Margin (%) | 27.26 | 30.75 | 31.89 | 28.59 |
| PAT Margin (%) | 20.92 | 23.12 | 25.31 | 23.57 |
| EPS (₹) | 1.36 | 6.66 | 6.25 | 5.01 |
| ROE (%) | 6.13 | 30.17 | 27.59 | 25.60 |
| ROCE (%) | 8.36 | 40.33 | 39.64 | 37.61 |
| RoNW (%) | 5.97 | 31.07 | — | — |
| NAV (₹) | 22.82 | 21.45 | — | — |
| Debt to Equity | 0.00 | 0.00 | 0.00 | 0.00 |
HD Fire Protect IPO Valuation
At the upper price band of ₹271, HD Fire Protect is valued at approximately ₹4,748.73 crore. Based on FY2026 diluted EPS of ₹6.66, the P/E works out to approximately 40.69x at the upper price band. The post-IPO EPS is approximately ₹5.45 because the issue is structured as an OFS and the public shareholding changes after the offer.
| Particulars | Pre-IPO | Post-IPO |
|---|---|---|
| EPS (₹) | ₹6.66 | ₹5.45 |
| P/E (x) | 40.69x | 49.72x |
| Market Cap at ₹271 | ₹4,748.73 Cr | ₹4,748.73 Cr |
Objects of the Issue
HD Fire Protect IPO is entirely an Offer for Sale. Therefore, the company will not receive any proceeds from the IPO. The proceeds from the sale of shares will go to the promoter selling shareholders after deduction of applicable offer-related expenses.
- Offer for Sale: 2,62,84,500 equity shares.
- Selling Shareholder: Harish Narshi Dharamshi.
- Selling Shareholder: Kusum Harish Dharamshi.
- Company Proceeds: Nil.
- Purpose of Listing: To provide a public market for the company’s equity shares and enhance visibility and liquidity.
HD Fire Protect IPO GMP
HD Fire Protect IPO GMP was reported at around ₹60 on 7 October 2026, according to available grey-market data. At the upper price band of ₹271, this indicates an estimated price of around ₹331 based on that GMP. GMP is unofficial and can change before listing.
HD Fire Protect IPO GMP History
| Date | GMP | Sub2 | Kostak |
|---|---|---|---|
| 07-Oct-2026 | ₹80.00 | — | — |
| 08-Oct-2026 | ₹63.00 | — | — |
| 09-Oct-2026 | ₹74.00 | — | — |
| 10-Oct-2026 | ₹75.00 | — | — |
| 11-Oct-2026 | ₹86.00 | — | — |
| 12-Oct-2026 | ₹86.00 | — | — |
| 13-Oct-2026 (Day 1) | ₹89.00 | — | — |
HD Fire Protect IPO Subscription Status
| Investor Category | Subscription |
|---|---|
| QIB | 1.02x |
| NII | 9.43x |
| RII | 3.35x |
| Total Subscription | 4.58x |
HD Fire Protect IPO Review
HD Fire Protect has an established business in specialised fire protection equipment and systems with a presence across domestic and international markets. The company has a broad product portfolio covering water, foam and gas-based suppression systems and serves several industrial and infrastructure sectors.
The financial performance has remained profitable, with revenue and PAT increasing between FY2024 and FY2026. The company also reported strong FY2026 profitability ratios, including a 30.75% EBITDA margin, 23.12% PAT margin and 40.33% ROCE.
However, the IPO is entirely an OFS, meaning HD Fire Protect itself will not receive funds from the issue. Investors should also consider the valuation, dependence on certifications and industry-specific risks before making an investment decision.
HD Fire Protect IPO Strengths
- Established Fire Protection Business: The company has operated in the fire protection industry for several decades.
- Wide Product Portfolio: It offers water, foam and gas-based fire suppression equipment and systems.
- Global Presence: HD Fire Protect supplies products to more than 90 countries.
- Strong Profitability: The company reported ₹116.79 crore PAT in FY2026.
- Specialised Industry: Certifications, technical expertise and product approvals create entry barriers.
- Experienced Management: The company is led by professionals with significant experience in the fire protection industry.
HD Fire Protect IPO Risk Factors
- 100% OFS: The company will not receive any proceeds from the IPO.
- Certification Dependence: Maintaining required product certifications is important for its business.
- Export Exposure: A significant portion of revenue comes from international markets.
- Customer Concentration: Revenue is partly dependent on major customers and project-based orders.
- Manufacturing Concentration: Manufacturing operations are concentrated in Maharashtra.
- Project Execution Risk: Delays or changes in industrial projects can affect order execution and revenue.
HD Fire Protect Promoters
The promoters of HD Fire Protect Limited are Harish Narshi Dharamshi, Kusum Harish Dharamshi, Miheer Sadanand Ghotikar, Parika Miheer Ghotikar and Anik Narendra Dharamshi.
Promoter Holding
| Promoter / Promoter Group | Pre-IPO Holding |
|---|---|
| Harish Narshi Dharamshi | 56.13% |
| Kusum Harish Dharamshi | 17.83% |
| Miheer Sadanand Ghotikar | 10.49% |
| Parika Ghotikar | 6.62% |
| Anik Dharamshi | 4.26% |
| Other Promoter Group | 4.67% |
| Total | 100% |
HD Fire Protect Management Team
| Name | Designation |
|---|---|
| Harish Dharamshi | Chairman and Managing Director |
| Miheer Ghotikar | Executive Director |
| Anik Dharamshi | Executive Director |
| Parika Ghotikar | Executive Director |
| Hitesh Dedhia | Chief Financial Officer |
| Jose Marcos Codesal | International Sales Director – EMEA & LATAM |
| Cresenciano Angelito Nosa | International Sales Director – Asia |
| Jitendra Khanvilkar | General Manager – Sales |
| Sudhir Patil | General Manager – Plant Operations |
HD Fire Protect IPO Registrar Details
The registrar is responsible for processing IPO applications, finalising the basis of allotment, crediting equity shares to successful applicants, initiating refunds, and handling investor-related services.
| Particular | Details |
|---|---|
| Registrar Name | MUFG Intime India Private Limited |
| Website | https://in.mpms.mufg.com |
| IPO Allotment Status | https://in.mpms.mufg.com/Initial_Offer/public-issues.html |
| Email ID | [email protected] |
| Contact Number | +91 81081 49490 |
HD Fire Protect IPO Lead Manager Details
The Book Running Lead Managers are responsible for managing the IPO process, coordinating regulatory compliance, and assisting the company throughout the public issue.
| Particular | Details |
|---|---|
| Lead Managers | Ambit Private Limited, Anand Rathi Advisors Limited, IIFL Capital Services Limited |
| Ambit Private Limited | Ambit House, 449, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra |
| Anand Rathi Advisors Limited | 11th Floor, Times Tower, Kamala City, Senapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra |
| IIFL Capital Services Limited | 24th Floor, One Lodha Place, Senapati Bapat Marg, Lower Parel (W), Mumbai – 400013, India |
| Ambit Email ID | [email protected] |
| Anand Rathi Email ID | [email protected] |
| IIFL Capital Email ID | [email protected] |
| Ambit Contact Number | +91 (22) 6623 3030 |
| Anand Rathi Contact Number | +91 (22) 4047 7001 |
| IIFL Capital Contact Number | +91 (22) 4646 4728 |
HD Fire Protect Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | HD Fire Protect Limited |
| Registered Office | O-611, 6th Floor, Runwal R Square, Opp. Veena Nagar, L. B. S. Marg, Mulund West, Mumbai – 400080, Maharashtra, India |
| Website | https://www.hdfire.com |
| Email ID | [email protected] |
| Contact Number | +91 22 3528 7000 |
How to Check HD Fire Protect IPO Allotment Status
Investors can check the HD Fire Protect IPO allotment status after the basis of allotment is finalised through either the registrar’s website or the BSE IPO portal.
Through MUFG Intime India Private Limited
- Visit the official MUFG Intime IPO allotment portal.
- Select HD Fire Protect IPO from the available IPO list.
- Choose PAN Number, Application Number, or DP/Client ID.
- Enter the required details correctly.
- Click Submit to view the allotment status.
Through BSE
- Visit the official BSE IPO allotment page.
- Select HD Fire Protect IPO from the IPO list.
- Enter your PAN Number or Application Number.
- Complete the verification process if required.
- Click Search to check the allotment status.
HD Fire Protect IPO Conclusion
HD Fire Protect IPO is a ₹712.31 crore Mainboard IPO consisting entirely of an Offer for Sale by promoter selling shareholders. The company has an established presence in fire protection equipment, a broad product portfolio, global operations and a profitable financial track record. FY2026 revenue and PAT stood at approximately ₹489.28 crore and ₹116.79 crore respectively.
The IPO valuation and the fact that the entire issue is an OFS are important factors for investors to consider. Investors should review the RHP, financial performance, valuation, GMP, subscription data and associated risk factors before making an investment decision.
HD Fire Protect IPO FAQs
What is HD Fire Protect IPO?
HD Fire Protect IPO is a Mainboard Book Build Issue of ₹712.31 crore comprising an Offer for Sale of 2,62,84,500 equity shares.
When will HD Fire Protect IPO open?
HD Fire Protect IPO will open for subscription on 13 October 2026.
What is the price band of HD Fire Protect IPO?
The price band of HD Fire Protect IPO is ₹258 to ₹271 per equity share.
What is the lot size of HD Fire Protect IPO?
The lot size of HD Fire Protect IPO is 55 shares.
When is the HD Fire Protect IPO listing date?
HD Fire Protect shares are proposed to be listed on 21 October 2026 on BSE and NSE.
What is HD Fire Protect IPO GMP?
HD Fire Protect IPO GMP was reported at ₹60 on 7 October 2026. GMP is unofficial and may change before listing.
What was the Final GMP of HD Fire Protect IPO?
The final GMP of HD Fire Protect IPO is Yet to be Updated because the IPO has not yet been listed.
What was the Actual Listing Price of HD Fire Protect IPO?
The actual listing price is Yet to be Updated. HD Fire Protect IPO is scheduled to list on 21 October 2026.
What is the minimum investment for HD Fire Protect IPO?
The minimum investment for one retail lot is ₹14,190 at the lower price band and ₹14,905 at the upper price band.
Who is the registrar of HD Fire Protect IPO?
MUFG Intime India Private Limited is the registrar of the HD Fire Protect IPO.
