HD Fire Protect IPO Details, Dates, Financials & RHP Analysis (2026)
· 8 min read · Written by the BuyUnlistedShares desk. Information only, not investment advice.
HD Fire Protect Limited brings its Mainboard IPO of 2,62,84,500 equity shares via an Offer for Sale. Explore RHP business details, financial performance, and risk factors.
Direct answer: The HD Fire Protect IPO opens on 13 Oct 2026 and closes on 15 Oct 2026 as a Mainboard offer of 2,62,84,500 equity shares via an offer for sale. Track official RHP details and public issue updates with BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.
HD Fire Protect: Business Overview and Product Portfolio
Incorporated in April 1997, HD Fire Protect Limited originated as a partnership firm established in April 1990 by Harish Dharamshi. The company is an Indian manufacturer and supplier of fire protection equipment and systems, delivering water, foam, and gas-based fire suppression solutions tailored for industrial, commercial, and residential safety requirements.
| Item | Value | As of |
|---|---|---|
| Price band | ₹258 – ₹271 | 7 Oct 2026 |
| Lot size | 55 shares | 7 Oct 2026 |
| Issue size | ₹712.31 Cr | 7 Oct 2026 |
| Offer for sale | ₹712.31 Cr | 7 Oct 2026 |
| Exchange | NSE, BSE | 7 Oct 2026 |
| Issue type | MAINBOARD | 7 Oct 2026 |
| Face value | ₹5 | 7 Oct 2026 |
| Opens | 13 Oct 2026 | 7 Oct 2026 |
| Closes | 15 Oct 2026 | 7 Oct 2026 |
| Allotment | 16 Oct 2026 | 7 Oct 2026 |
| Listing | 21 Oct 2026 | 7 Oct 2026 |
| Registrar | MUFG Intime India Pvt.Ltd. | 7 Oct 2026 |
| GMP | ₹60 (unofficial, indicative) | 7 Oct 2026 |
Per the Red Herring Prospectus (RHP), the company's product line spans eight primary categories: fire 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. These systems serve critical high-hazard industries, including oil and gas, refining and petrochemicals, power generation, heavy engineering, aerospace, pharmaceuticals, and data centres.
HD Fire Protect operates two manufacturing facilities in Maharashtra, located at Thane MIDC and Jalgaon MIDC, occupying a combined area of 8.50 acres. According to the CRISIL Report excerpted in the document, the company stood as the second-largest manufacturer of fire protection equipment and systems in India by operating income in FY25, as well as the largest exporter by value of equipment in FY25. The company holds 21 UL Listed and 87 FM Approved product certifications as of September 2026, establishing early import substitution capabilities in deluge valves and low-expansion foam components across domestic and international markets.
HD Fire Protect IPO: Key Offer Terms and Calendar
The public offer is structured as a Mainboard book-built issue of 2,62,84,500 equity shares with a face value of ₹5.0 per share. The entire issue constitutes an Offer for Sale (OFS) by promoter selling shareholders, reducing the aggregate promoter shareholding from 100.0% pre-issue to 85.0% post-issue.
The bidding window for the issue opens on 13 Oct 2026 and closes on 15 Oct 2026. Basis of allotment is set for 16 Oct 2026, followed by initiation of refunds and credit of shares to demat accounts on 19 Oct 2026. The equity shares are scheduled for listing on BSE and NSE on 21 Oct 2026. Net issue reservations are allocated as not more than 50% for Qualified Institutional Buyers (QIB), not less than 15% for Non-Institutional Investors (NII/HNI), and not less than 35% for Retail Individual Bidders.
Investors reviewing upcoming public issues and unlisted market activity can reference the IPO calendar or evaluate active companies on the Unlisted shares screener. Dated tracking metrics and filings are monitored regularly by BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.
Objects of the Offer and Proceeds Allocation
Because the issue is 100% an Offer for Sale of up to 2,62,84,500 shares by the promoter selling shareholders—including Harish Narshi Dharamshi, Kusum Harish Dharamshi, Miheer Sadanand Ghotikar, Parika Miheer Ghotikar, and Anik Narendra Dharamshi—the company will not receive any proceeds from the offer.
All funds raised through the offer, after deducting issue-related expenses and applicable taxes, will go directly to the selling shareholders. Per the offer document, the primary objectives of the listing are to achieve the benefits of listing the equity shares on NSE and BSE, establish a public trading market in India, and enhance corporate visibility and brand recognition.
Financial Trend and Balance Sheet Highlights
As per the restated financial statements in the RHP, HD Fire Protect has shown revenue and earnings expansion across recent fiscal years. Total income for FY24 stood at ₹392.02 Cr, rising to ₹450.68 Cr in FY25 and reaching ₹505.12 Cr in FY26. For the three-month period ended 30 Jun 2026 (Q1 FY27), total income was recorded at ₹114.07 Cr.
The financial chart illustrates total income rising from ₹392.02 Cr in FY24 to ₹505.12 Cr in FY26, accompanied by an increase in PAT from ₹87.92 Cr to ₹116.79 Cr over the same period, with Q1 FY27 total income recorded at ₹114.07 Cr.
Operating EBITDA grew from ₹106.63 Cr in FY24 to ₹138.01 Cr in FY25 and ₹150.46 Cr in FY26, delivering an EBITDA margin of 30.75% for FY26. Net profit after tax (PAT) scaled from ₹87.92 Cr in FY24 to ₹109.72 Cr in FY25 and ₹116.79 Cr in FY26, representing a PAT margin of 23.12% in FY26. For Q1 FY27, PAT stood at ₹23.87 Cr with an EBITDA of ₹29.73 Cr.
As of 31 Mar 2026, the company reported a Net Worth of ₹375.93 Cr, Return on Equity (RoE) of 30.17%, Return on Capital Employed (RoCE) of 40.33%, pre-issue Basic EPS of ₹6.66, post-issue Basic EPS of ₹5.45, and Net Asset Value (NAV) of ₹21.45 per share. Total assets as of 30 Jun 2026 stood at ₹477.60 Cr. Readers examining manufacturing and industrial supply offerings can also compare business models via Quality Enviro Engineers: Business, Financials & SME IPO Plan (2026) and Ekkaa Electronics IPO & Unlisted Shares Overview (2026).
Strengths, Key Risk Factors, and Peer Comparison
Key Strengths:
- Established Customer Base: A global network of over 905 clients as of 30 Jun 2026 (down from 2,066 in FY26 due to quarterly run-rate), maintaining multi-year supply relationships across infrastructure, energy, and heavy industries.
- In-House Capabilities & Compliance: Vertically integrated manufacturing with design, casting, machining, assembly, and testing, backed by 21 UL Listed and 87 FM Approved product certifications as of September 2026.
- Financial Discipline: Consistent margin profile with an EBITDA margin above 30% in FY26 and strong asset turnover ratios.
Key Risk Factors (Rephrased from RHP):
- Operational & Product Liability: Fire suppression systems deploy in high-risk emergency situations; product failures or defects could trigger property loss, severe liability, warranty enforcement, or legal claims.
- Geographic Concentration: Both active manufacturing sites are located in Thane and Jalgaon, Maharashtra, generating 61.02% to 67.94% of operational output across recent periods.
- International Exposure: Exports accounted for 32.78% of operational revenue in Q1 FY27 and 34.69% in FY26, exposing performance to international regulatory, trade, and currency fluctuations.
- Supplier Dependency: The top 10 raw material and component suppliers contributed 59.28% of procurement in Q1 FY27 and 47.76% in FY26, without long-term binding supply agreements.
- Auditor Resignation Event: One joint statutory auditor resigned prior to term completion and was subsequently appointed as the Chief Financial Officer (CFO) of the company.
Peer Comparison (as of 31 Mar 2026):
| Company Name | Basic EPS (₹) | NAV (₹) | P/E Ratio | RoNW (%) |
|---|---|---|---|---|
| HD Fire Protect Ltd. | 6.66 | 21.45 | N/A | 31.07% |
| Azad Engineering Ltd. | 20.57 | 236.74 | 145.65x | 8.74% |
| KSB Ltd. | 15.54 | 96.46 | 55.68x | 16.11% |
| Kirloskar Pneumatic Co. Ltd. | 39.45 | 192.25 | 17.18x | 20.36% |
| Elgi Equipments Ltd. | 13.65 | 70.41 | 44.70x | 19.28% |
| Ingersoll-Rand (India) Ltd. | 81.10 | 195.04 | 51.39x | 20.36% |
To track corporate announcements, prospectus filings, and market data for upcoming public issues or pre-IPO shares, explore the dedicated page for HD Fire Protect on BuyUnlistedShares. For inquiries regarding unlisted offerings, get in touch via BuyUnlistedShares enquiry desk. BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.
Frequently Asked Questions
What are the opening and closing dates for the HD Fire Protect IPO?
The HD Fire Protect IPO opens for subscription on 13 Oct 2026 and closes on 15 Oct 2026. Allotment finalization is scheduled for 16 Oct 2026, with stock exchange listing planned for 21 Oct 2026 on BSE and NSE.
What is the total issue size and structure of the HD Fire Protect IPO?
The Mainboard offer comprises 2,62,84,500 equity shares of face value ₹5.0 each, structured entirely as an Offer for Sale (OFS) by promoter selling shareholders. The company will not receive any net offer proceeds.
Where are HD Fire Protect's manufacturing plants located?
HD Fire Protect operates two manufacturing facilities in Maharashtra, located at Thane MIDC and Jalgaon MIDC, spanning a combined area of 8.50 acres per the offer document.
What is the current Grey Market Premium (GMP) for HD Fire Protect IPO?
As of 07 Oct 2026, no unofficial and indicative grey market premium (GMP) is recorded in desk data for this issue. Unofficial quotes, when present, do not serve as reliable indicators of eventual stock exchange listing prices.
Is the HD Fire Protect IPO suitable for retail investors?
We do not make that call or offer investment advice. Prospective applicants must review their risk tolerance, assess the financial statements and risk factors in the official Red Herring Prospectus, and consult an authorized financial advisor.
Information only, not investment advice. Unlisted and pre-IPO securities carry liquidity, valuation and listing-timing risk; read the offer document and consult a SEBI-registered investment adviser for advice specific to your situation.
