About the Business
Incorporated in April 1997, HD Fire Protect Limited is an Indian manufacturer and global supplier of industrial fire protection equipment and advanced suppression systems, delivering engineered water, foam, and gas-based firefighting solutions. The company develops a majority of its products in-house through proprietary engineering designs that meet rigorous national and international life-safety standards.
Its comprehensive portfolio spans eight distinct product categories: automatic sprinklers, alarm valves & accessories, deluge valves and systems, foam equipment and suppression systems, high-capacity monitors and nozzles, water spray nozzles, custom-engineered packages, and clean-agent gas suppression systems. These solutions protect critical installations across demanding end-markets, including oil & gas refineries, petrochemical complexes, thermal and renewable power plants, heavy engineering facilities, aerospace, pharmaceutical manufacturing, high-density data centres, hospitality, and healthcare infrastructure.
- Extensive Global Reach: Backed by over three decades of operating history, exporting products to more than 90 countries since inception and supplying to 49 countries during the quarter ended June 30, 2026.
- Pioneering International Certifications: Holds 21 UL Listed and 87 FM Approved certifications as of September 2026; recognized as the first Indian manufacturer to receive UL Listing for deluge valves (1996) and FM approval for low-expansion foam systems.
- Established Manufacturing Footprint: Operates two integrated manufacturing facilities across Jalgaon and Thane, Maharashtra, covering approximately 8.50 acres, equipped with specialized R&D units and a dedicated fire testing laboratory.
- Marquee Project Installations: Served 2,066 customers in FY26, with mission-critical equipment deployed at the Jamnagar refinery, the new Indian Parliament building, Samruddhi Mahamarg, Saudi Aramco’s Ras Tanura Sea Island, and Oman’s Integrated Power & Water Plant.
- Robust Order Book & Workforce: Holds a confirmed order book of ₹158.60 Cr (₹1,586.01 million) as of June 30, 2026, supported by 279 permanent employees and 253 contractual personnel.
The company’s promoters are Harish Narshi Dharamshi, Kusum Harish Dharamshi, Miheer Sadanand Ghotikar, Parika Miheer Ghotikar, and Anik Narendra Dharamshi.
Company Financials (Restated)
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. For the quarter ended June 30, 2026, the company recorded total income of ₹114.07 Cr and a PAT of ₹23.87 Cr.
| 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 |
| Operating EBITDA | 29.73 | 150.46 | 138.01 | 106.63 |
| NET Worth | — | 375.93 | 396.01 | 342.19 |
| Reserves & Surplus | 309.93 | 286.07 | 302.59 | 332.19 |
Amount in ₹ Crore
Key Performance Indicator (KPI)
IPO Valuation
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 6.66 | 5.45 |
| P/E ratio (x) | 40.69 | 49.72 |
| Market Cap at Offer Price | ₹4,748.73 Cr | ₹4,748.73 Cr |
Calculated on restated earnings at the upper price band of ₹271 (Post-IPO annualized based on Q1 FY27)
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 | ₹1,93,765 |
| S-HNI (Min) | 14 | 770 | ₹2,08,670 |
| S-HNI (Max) | 67 | 3,685 | ₹9,98,635 |
| B-HNI (Min) | 68 | 3,740 | ₹10,13,540 |
Issue Reservation
| Investor Category | Allocation Share |
|---|---|
| QIB Shares Offered | Not more than 50.00% of the Net Offer |
| Retail Shares Offered | Not less than 35.00% of the Net Offer |
| NII (HNI) Shares Offered | Not less than 15.00% of the Net Offer |
Shareholding Structure
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 100.00% | 85.00% |
| Public | 0.00% | 15.00% |
| Total | 100% | 100% |
Offer For Sale – Selling Shareholders
| Shareholder | Category | Shares Offered | Amount (₹ Cr) |
|---|---|---|---|
| Harish Narshi Dharamshi | Promoter | 89,83,700 | 243.46 |
| Kusum Harish Dharamshi | Promoter | 1,73,00,800 | 468.85 |
| Total OFS | 2,62,84,500 | 712.31 |
Total OFS component: 2,62,84,500 equity shares aggregating ₹712.31 Cr
IPO Objects of the Issue
The HD Fire Protect Ltd. IPO is a 100% Offer for Sale (OFS). The company will not receive any proceeds from the offer, and the entire capital of ₹712.31 Cr will be remitted to the promoter selling shareholders after deducting offer expenses.
HD Fire Protect Limited operates in a high-entry-barrier, certification-intensive engineering sector where product reliability is critical to life safety and asset protection. Holding 21 UL Listings and 87 FM Approvals, the company has built significant brand equity across international industrial complexes, exporting to more than 90 countries and serving demanding clients such as Saudi Aramco, Jamnagar Refinery, and mission-critical government infrastructure like the new Indian Parliament building.
Operationally and financially, HD Fire Protect demonstrates strong performance. In FY26, the company generated ₹505.12 Cr in total income with a robust Operating EBITDA of ₹150.46 Cr (30.75% margin) and a PAT of ₹116.79 Cr (23.12% margin). Return metrics are also solid, reflected in an FY26 ROE of 30.17% and an ROCE of 40.33%. However, investors must consider two key factors: first, the issue is 100% secondary Offer for Sale (₹712.31 Cr), meaning no capital will be infused into the company for growth capex or R&D expansion; second, at the upper price band of ₹271, the stock commands a post-issue P/E of 49.72x and a Price-to-Book multiple of 12.63x, reflecting a rich premium. Investors with a long-term horizon who value high operating margins, strong return ratios, and global industrial tailwinds may evaluate this issue with moderate expectations.
