HD Fire Protect IPO: dates, price band, lot size and GMP
HD Fire Protect IPO opens 13 – 15 Oct 2026 on the Mainboard, price band Band awaited, lot size awaited, no GMP reported yet. Allotment 16 Oct, listing 21 Oct.
Updated 6 Oct 2026, 15:11 IST. Dated dealer references.
BuyUnlistedShares tracks 198 IPOs on its calendar; the HD Fire Protect IPO has a price band of Band awaited, a lot of — shares and no grey-market premium reported yet as of 06 Oct 2026.
Key details
| Board | Mainboard |
|---|---|
| Issue dates | 13 – 15 Oct 2026 |
| Price band | Band awaited |
| Subscription | — |
| Registrar | MUFG Intime India Pvt.Ltd. |
| Lead managers | Ambit Pvt.Ltd., Anand Rathi Advisors Ltd., IIFL Capital Services Ltd. |
| Status | Upcoming |
Timeline
- Issue opens: 13 Oct
- Issue closes: 15 Oct
- Allotment: 16 Oct
- Refunds: 19 Oct
- Demat credit: 19 Oct
- Listing: 21 Oct
Issue details
| Face value | ₹5 |
|---|---|
| Issue type | Book Build Issue |
| Listing at | NSE, BSE |
| Offer for sale (shares) | 2,62,84,500 |
| Total shares offered | 2,62,84,500 |
| Promoter holding pre-issue | 100% |
| Promoter holding post-issue | 85% |
| Promoters | Harish Narshi Dharamshi, Kusum Harish Dharamshi, Miheer Sadanand Ghotikar, Parika Miheer Ghotikar, Anik Narendra Dharamshi |
| Lead managers | Ambit Pvt.Ltd., Anand Rathi Advisors Ltd., IIFL Capital Services Ltd. |
| Registrar phone | 022-49186000 |
| Registrar email | hdfire.ipo@in.mpms.mufg.com |
| Company website | hdfire.com |
| Anchor bid date | 12 Oct 2026 |
| Anchor lock-in ends (50%) | 15 Nov 2026 |
| Anchor lock-in ends (remaining) | 14 Jan 2027 |
Reservation
| Category | Share of issue | Shares offered | Basis |
|---|---|---|---|
| QIB | — | — | Not more than 50% of the Net Offer |
| NII (HNI) | — | — | Not less than 15% of the Net Offer |
| Retail | — | — | Not less than 35% of the Net Offer |
Key ratios as of 31 Mar 2025
| RoNW | 27.67% |
|---|---|
| RoCE | 39.64% |
| RoE | 29.59% |
| PAT margin | 24.31% |
| EBITDA margin | 31.89% |
| NAV per share | ₹22.59 |
Financials (₹ Cr)
| Metric | FY25 | FY24 | FY23 | FY25 vs FY24 |
|---|---|---|---|---|
| Assets | 449.91 | 392.63 | 319.88 | +14.6% |
| Total Income | 450.68 | 392.02 | 333.77 | +15% |
| Profit After Tax | 109.55 | 87.92 | 70.23 | +24.6% |
| EBITDA | 138.01 | 106.63 | 89.94 | +29.4% |
| NET Worth | 395.84 | 342.19 | 274.39 | +15.7% |
| Reserves and Surplus | 309.45 | 340.76 | 274.66 | −9.2% |
About HD Fire Protect
Incorporated in 1997, HD Fire Protect Ltd. specializes in designing, manufacturing, and supplying fire protection equipment and systems.
The company focuses on delivering reliable, innovative, and internationally certified solutions for industrial, commercial, and institutional safety requirements.
HD Fire Protect Ltd. emphasizes research, continuous improvement, and global compliance. Its strong distribution network and customer service help it maintain leadership while expanding its presence across domestic and international fire protection markets.
The company operate two manufacturing facilities in Maharashtra, Jalgaon MIDC and Thane MIDC, spanning a combined area of 8.50 acres.
The product portfolio includes fire sprinklers, valves, foam equipment, and detection systems, ensuring comprehensive protection. With advanced technology and stringent quality standards, the company supports industries such as oil, gas, power, manufacturing, and infrastructure.
As of March 31, 2025, the company had 261 permanent & 185 employees on contractual basis.
Peer comparison
| Company | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | Financial statements |
|---|---|---|---|---|---|---|
| HD Fire Protect Ltd. (issuer) | 6.25 | 6.25 | 22.59 | — | 27.67% | Restated |
| Azad Engineering Limited | 14.66 | 14.66 | 233.94 | 104.37x | 6.21% | Consolidated |
| Ksb Limited | 14.22 | 14.22 | 85.34 | 58.08x | 16.66% | Consolidated |
| Kirloskar Pneumatic Company Limited | 32.56 | 32.48 | 169.09 | 37.43x | 19.27% | Consolidated |
| Elgi Equipments Limited | 11.09 | 11.08 | 58.43 | 42.55x | 18.96% | Consolidated |
| Ingersoll Rand (india) Limited | 84.74 | 84.74 | 193.02 | 44.93x | 43.9% | Consolidated |
Notes: PE ratio has been calculated based on the closing market price as on August 29, 2025, divided by diluted EPS for the year ended March 31, 2025/December 31, 2024(in case of KSB Limited).
Strengths (per the offer document)
- Strong and diversified customer base with long standing global customer relationships — As of June 30, 2026, we have built a robust and diversified customer base of over 905 clients across India and international markets, with long-standing relationships spanning industrials, heavy…
- Advanced design and manufacturing capabilities — We are a vertically integrated manufacturer with in-house capabilities spanning the entire value chain, from research and development to designing, casting, machining, assembly, testing, painting,…
- Track record of profitability and consistent financial performance — We have demonstrated a consistent and resilient financial performance over the three months period ended June 30, 2026 and the past three Fiscal years.
Risk factors (as disclosed by the company)
- Any malfunction or failure of our fire protection equipment and systems could result in loss of life, property damage, invocation of warranties, legal claims — Our fire protection equipment and systems are deployed as part of emergency responses where failure to perform as intended can lead to serious consequences, including loss of life and property damage.
- We generated 32.78%, 34.69%, 36.24% and 33.33%, of our revenue from operations from outside India for the three months period ended June 30, 2026 — Our products are sold to customers in India and overseas to over 90 countries, with Middle East and Rest of Asia being few of the key markets.
- As of the three months period ended June 30, 2026 and Fiscals 2026, 2025 and 2024, our top 10 suppliers contributed to 59.28%, 47.76% — We rely on a limited number of third-party suppliers to meet our raw material and contract manufactured goods requirements, and we do not have any long-term purchase agreements or firm commitments…
- Our business is subject to stringent regulatory requirements and certifications in India and overseas — Our business operations, including manufacturing and export of fire protection equipment and systems, are subject to a broad range of regulatory and licensing requirements in India and across…
- Our manufacturing facilities are located in Maharashtra, India, and we are dependent on them for a 61.02%, 63.49%, 65.80% and 67.94% — As of the date of this Red Herring Prospectus, all of our manufacturing operations are centralized in two locations, namely, Thane and Jalgaon in Maharashtra, India.
- Under-utilization of our manufacturing capacities and an inability to effectively utilize our manufacturing capacities could have an adverse effect… — As of the date of this Red Herring Prospectus, we operate two manufacturing facilities, one located in Thane, Maharashtra, and the other in Jalgaon, Maharashtra, spanning a combined area of 8.50 acres.
- Any defaults or delays in payment by a significant portion of our customers may result in working capital risk and could have an adverse effect on business — We may be subject to working capital risks due to delays or defaults in payment by customers, which may restrict our ability to procure raw materials and contract manufactured goods and make…
- One of our joint statutory auditors resigned prior to the completion of their term and subsequently was appointed as the CFO of the Company — Considering the scale of our operations, the volume and geographical spread of our audit requirements, and the need for timely completion of statutory audits, our Company decided to appoint M/s.
From the RHP (strengths pages 217–224, risk factors pages 25–35). Headings shortened; the wording is the company’s. Not a recommendation.
Offer documents: DRHP (PDF) · RHP (PDF)
Track this issue
- HD Fire Protect IPO GMP today and trend
- HD Fire Protect IPO subscription status, day by day
- HD Fire Protect IPO allotment status and how to check
Frequently asked questions
When does the HD Fire Protect IPO open and close?
The issue is scheduled for 13 – 15 Oct 2026.
What is the HD Fire Protect IPO price band?
The price band is Band awaited per share.
When will HD Fire Protect list?
The tentative listing date is 21 Oct on the main board.
How do I apply for the HD Fire Protect IPO?
Apply through your broker or bank using ASBA or UPI within the issue window; the amount stays blocked in your account until allotment. BuyUnlistedShares does not take applications; it tracks the issue and the unlisted price before it.
Sources
- Draft red herring prospectus (DRHP), HD Fire Protect · as filed with SEBI · nsearchives.nseindia.com
- Red herring prospectus (RHP), HD Fire Protect · as filed · iiflcapital.com
- Registrar allotment page, MUFG Intime India Pvt.Ltd. · allotment 16 Oct · in.mpms.mufg.com
- NSE public issues page · listing 21 Oct · nseindia.com
- BSE public issues page · listing 21 Oct · bseindia.com
- HD Fire Protect company website · hdfire.com
- BuyUnlistedShares IPO record: GMP, subscription and allotment, dated daily · GMP as of 6 Oct, 09:00 · buyunlistedshares.com
How to cite this page: BuyUnlistedShares, “HD Fire Protect IPO”, https://buyunlistedshares.com/ipo/hd-fire-protect-ipo, as of 06 Oct 2026.
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- Jio Platforms IPO · 21 – 23 Oct 2026
Indicative reference price, dated. BuyUnlistedShares is India's premium unlisted shares desk: the unlisted and pre-IPO dealing desk of Gayatri Financial Synergy, Faridabad, in the market since 2002. Reviewed by the BuyUnlistedShares desk before publishing. Data as of 06 Oct 2026.
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