HD Fire Protect Limited is set to launch its initial public offering on October 13, 2026, marking the public-market debut of one of India’s established fire-protection equipment manufacturers. The Mumbai-based company designs, manufactures and supplies fire protection equipment and suppression systems for industrial, commercial and high-hazard applications. Its products cover water-, foam- and gas-based fire suppression solutions and are used across industries such as oil and gas, petrochemicals, power, heavy engineering, pharmaceuticals, aerospace, data centres and warehousing. The IPO is scheduled to remain open until October 15, 2026. The current reported offer is an entirely Offer for Sale of up to 2.62845 crore equity shares, with no fresh issue component.
HD Fire Protect IPO Details
| IPO Details | Information |
|---|---|
| Company Name | HD Fire Protect Limited |
| IPO Type | Mainboard IPO |
| Issue Type | Book Built Issue |
| IPO Open Date | October 13, 2026 |
| IPO Close Date | October 15, 2026 |
| Price Band | To Be Announced |
| Face Value | ₹5 per share |
| Issue Size | Up to 2,62,84,500 shares; estimated ₹700–₹750 crore |
| Fresh Issue | Nil |
| Offer for Sale | Up to 2,62,84,500 shares |
| Lot Size | To Be Announced |
| Minimum Investment | To Be Announced |
| Listing | BSE & NSE |
| Anchor Investor Date | October 12, 2026 |
| Basis of Allotment | October 16, 2026 |
| Refund Initiation | October 19, 2026 |
| Demat Credit | October 19, 2026 |
| Expected Listing Date | October 20/21, 2026* |
| Lead Managers | Ambit, Anand Rathi Advisors, IIFL Capital Services |
| Registrar | MUFG Intime India |
*Current IPO trackers differ by one day on the listing date; the final exchange announcement should be treated as authoritative. The company has not yet announced the price band or minimum bid lot. The ₹700–₹750 crore figure is the currently reported expected issue size and should not be treated as final until the price band is formally announced.
Business Model and Products
HD Fire Protect has been operating in the fire-protection industry since 1990, with the present corporate entity incorporated in 1997. Over the years, the company has developed a broad portfolio of standard and customised fire-protection equipment and systems. Its products are designed for applications where reliable fire detection, suppression and control are critical for protecting people, industrial assets and infrastructure.
The company’s product portfolio includes fire sprinklers and accessories, system valves, deluge valves and skids, water-spray nozzles, foam proportioning systems, foam discharge devices, mobile foam units, fire monitors, gas suppression systems and custom-engineered firefighting skids. This wide portfolio allows HD Fire Protect to address both standard equipment requirements and more specialised project-specific applications.
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The company operates across three broad fire-suppression technologies: water-based, foam-based and gas-based systems. Its ability to provide multiple types of fire-protection solutions allows it to participate in projects with different fire hazards and technical requirements.
Manufacturing and R&D Capabilities
HD Fire Protect operates manufacturing facilities in Maharashtra, including plants at Jalgaon and Thane. Its infrastructure includes manufacturing facilities, a fire-test laboratory, research and development capabilities and warehouse infrastructure. The manufacturing footprint covers approximately 8.50 acres.
The company develops a significant portion of its products in-house, giving it control over design, engineering and manufacturing processes. This is particularly relevant for customised fire-protection systems, where equipment often needs to meet specific project, industry and regulatory requirements.
The company also has a substantial portfolio of international certifications. As of September 2025, the DRHP disclosed 22 UL Listed and 87 FM Approved product certifications, among the highest certification counts among its fire-protection-focused peers in India. Current company information indicates that certification coverage has continued to support its international business.
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Global Presence
International markets are an important component of HD Fire Protect’s business. The company states that its fire-protection solutions have been deployed in more than 90 countries across six continents. Its customer base includes EPC contractors as well as companies operating in oil and gas, petrochemicals, chemicals, aerospace, power, industrial and commercial sectors.
During the quarter ended June 30, 2026, the company exported products to 49 countries. Its export exposure provides geographical diversification beyond the domestic Indian market, although it also exposes the company to international regulatory requirements, currency movements and global project cycles.
The company’s products have been supplied for several high-profile projects. These include fire-protection installations at India’s space launch facilities in Sriharikota, the Jamnagar refinery, the new Parliament building and international projects such as Saudi Aramco’s Ras Tanura Sea Island facility and Oman’s Integrated Power & Water Plant Project.
Industry Position
According to the CRISIL industry report cited in the company’s offer documents, HD Fire Protect ranked as the second-largest fire-protection equipment manufacturer in India by operating income in FY2025 and the largest exporter of fire-protection equipment from India by value. This positioning reflects the company’s established manufacturing capabilities, product certifications and international distribution network.
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The company serves industries where fire-protection systems are essential rather than discretionary. Oil refineries, petrochemical plants, power facilities, aerospace projects, pharmaceutical plants, warehouses and data centres all require specialised fire-safety infrastructure. Continued industrial investment and expansion of high-value infrastructure can therefore create opportunities for specialised fire-protection suppliers.
Order Book
HD Fire Protect had an order book of approximately ₹158.60 crore as of June 30, 2026. The order book provides visibility into future revenue and reflects demand from projects across the company’s target industries. The company had supplied products to approximately 2,066 customers during FY2026.
However, the order book should not be interpreted as guaranteed future revenue. Project schedules, customer requirements, raw-material availability and execution timelines can affect the timing and profitability of orders.
HD Fire Protect Financial Performance
HD Fire Protect has reported consistent growth in revenue and profitability. Total income increased from approximately ₹392.02 crore in FY2024 to ₹450.68 crore in FY2025 and ₹505.12 crore in FY2026. Profit after tax increased from ₹87.92 crore in FY2024 to ₹109.72 crore in FY2025 and ₹116.79 crore in FY2026.
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The company generated EBITDA of approximately ₹150.46 crore in FY2026 compared with ₹138.01 crore in FY2025. Its FY2026 EBITDA margin was around 30.75%, while PAT margin was approximately 23.12%. Return on equity was around 30.17% and return on capital employed was approximately 40.33%, according to the offer-document-based financial data.
For the three months ended June 30, 2026, HD Fire Protect reported total income of approximately ₹114.07 crore and PAT of ₹23.87 crore. EBITDA during the quarter was around ₹29.73 crore.
Another notable feature of the company’s balance sheet is the absence of significant borrowings. Offer-document-based financial data shows total borrowings at zero for FY2024, FY2025 and FY2026. This gives the company a relatively strong balance-sheet position compared with highly leveraged manufacturing businesses.
Use of IPO Proceeds
Unlike a conventional IPO involving a fresh issue, the HD Fire Protect offering is entirely an Offer for Sale. The proposed offer comprises up to 2,62,84,500 equity shares being sold by promoter shareholders Harish Narshi Dharamshi and Kusum Harish Dharamshi. Consequently, HD Fire Protect itself will not receive the IPO proceeds.
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This is an important distinction for investors. The IPO is primarily providing an exit and liquidity opportunity to existing shareholders while creating a public market for the company’s shares. There is no new capital being raised by the company through the offer to fund expansion, repay debt or increase working capital.
The DRHP identifies the selling shareholders and their respective offered shares, with Harish Narshi Dharamshi proposing to sell up to 89,83,700 shares and Kusum Harish Dharamshi proposing to sell up to 1,73,00,800 shares.
Growth Opportunities
HD Fire Protect operates in a specialised segment where safety requirements create recurring demand across industrial and infrastructure projects. India’s expansion of refineries, petrochemical facilities, power projects, warehouses, data centres and manufacturing infrastructure can create additional opportunities for fire-protection equipment suppliers.
International expansion is another potential growth driver. With products already supplied across more than 90 countries and certifications supporting overseas sales, the company has an established base from which to increase its international presence.
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The company can also benefit from increasing emphasis on fire-safety standards and compliance. As industrial facilities become more sophisticated and regulatory requirements become stricter, demand can shift toward certified and technically capable suppliers rather than basic equipment providers.
Its R&D capabilities and customised-engineering business provide another opportunity. Custom-engineered systems can potentially generate higher-value projects and strengthen relationships with EPC contractors and industrial customers.
Key Risks
One important risk is that the IPO is entirely an OFS. Since there is no fresh issue, HD Fire Protect will not receive any capital from the public offering. Investors therefore cannot expect the IPO to directly strengthen the company’s balance sheet or finance new manufacturing capacity.
The company also operates in industries such as oil and gas, petrochemicals, power and heavy engineering, where capital expenditure can be cyclical. A slowdown in industrial investment or delays in major projects could reduce demand for fire-protection systems.
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International operations create additional risks. Export markets require the company to maintain product certifications and comply with different regulatory standards. Failure to maintain important certifications such as UL or FM approvals could affect its ability to serve certain international customers.
Raw-material prices, supply-chain disruptions and project execution are additional factors. Manufacturing fire-protection equipment requires various metals, components and specialised materials, and fluctuations in input costs can influence margins.
Competition is also significant. HD Fire Protect competes with domestic and international manufacturers offering fire-protection equipment and integrated systems. Maintaining technological capabilities, certifications, quality and delivery reliability will remain important for protecting its market position.
HD Fire Protect IPO GMP
The grey market premium for HD Fire Protect has not yet established a meaningful official market reference because the price band itself is still awaited. Current IPO trackers show GMP as unavailable or ₹0.
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GMP is an unofficial indicator and can change substantially after the price band is announced. Investors should therefore avoid using an early GMP figure as a substitute for evaluating the company’s fundamentals, valuation and IPO structure.
Conclusion
HD Fire Protect IPO provides investors with an opportunity to participate in the public listing of an established Indian fire-protection equipment manufacturer with a strong industrial and international footprint. The company supplies water-, foam- and gas-based fire-protection systems across sectors including oil and gas, power, heavy engineering, aerospace, pharmaceuticals, data centres and warehousing.
The company’s financial profile is one of its key strengths. Revenue reached approximately ₹505.12 crore in FY2026, while PAT stood at ₹116.79 crore. The company also reported strong EBITDA margins, healthy returns on capital and no significant borrowings in the reported financial periods.
Its international presence, product certifications, manufacturing capabilities, R&D infrastructure and established customer base provide a platform for further growth. The order book of approximately ₹158.60 crore as of June 30, 2026 also offers some visibility into future business.
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However, investors should pay particular attention to the IPO structure. The offering is entirely an OFS, meaning HD Fire Protect will receive no proceeds from the issue. The final price band will therefore be especially important because it will determine the valuation investors are paying for an already established and profitable business without any fresh capital infusion.
Financial Disclaimer: This article is for educational and informational purposes only and should not be considered investment advice, a recommendation to buy or avoid the IPO, or a guarantee of listing or future returns. Investors should read the company’s RHP and other official disclosures carefully and consult a qualified financial adviser before making investment decisions.
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