- POSITIVE
Annual Revenue HD Fire Protect Mar-2026 Annual Revenue is Rs 505 Cr which is growth of 12.1% YoY.
- POSITIVE
Annual Net Profit HD Fire Protect Mar-2026 Annual Net Profit is Rs 117 Cr which is growth of 6.4% YoY.
HD Fire Protect was incorporated on April 24, 1997. The company is an Indian manufacturer and supplier of fire protection equipment, offering water, foam, and gas-based systems for industrial, commercial, and residential applications. It is the second-largest domestic player by revenue, the largest exporter by value, and serves over 90 countries with over three decades of experience
| Bidding Dates |
|---|
| 13 Oct 2026 - 15 Oct 2026 |
| Subscription |
|---|
| 131.7x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹14,190 | 1 | 13 | 55 | 26.3 M | ₹258 - ₹271 | 85 % | ₹6,781.4 M - ₹7,123.1 M | RHP DOC |
HD Fire Protect IPO SUBSCRIPTION STATUS
15 Oct '26Total131.7x
Retail Individual Investor30.49x
HNI (NII) Investors203.21x
Qualified Institutional Buyers256.65x
Employees23.61x
HD Fire Protect IPO overall subscription rate was 131.7 times the total available shares
HD Fire Protect IPO retail subscription rate was 30.49 times in the retail segment
HD Fire Protect IPO non-institutional investor subscription rate was 203.21 times in the non-institutional investor category
HD Fire Protect IPO Qualified Institutional Bidder subscription rate was 256.65 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers | Employees |
|---|---|---|---|---|
| Category Reservation | 35% | 15% | 50% | - |
15 Oct 2026 (Day 3) | 30.49x | 203.21x | 256.65x | 23.61x |
14 Oct 2026 (Day 2) | 11.34x | 48.71x | 1.48x | 7.93x |
13 Oct 2026 (Day 1) | 3.78x | 11.38x | 1.04x | 2.93x |
HD Fire Protect FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| Q1FY27 | 109.1 | 23.9 | 47.2 | 47.2 | 27.3% |
| FY26 | 489.3 | 116.8 | 92.5 | 88.6 | 30.8% |
| FY25 | 432.8 | 109.7 | 98.3 | 82.4 | 31.9% |
| FY24 | 373.0 | 87.9 | 63.8 | 56.5 | 28.6% |
HD Fire Protect IPO SUBSCRIPTION STATUS DETAILS
HD Fire Protect had 26.3 M shares on offer
HD Fire Protect IPO offer price was in the range ₹258 - ₹271
HD Fire Protect IPO minimum Investment was ₹14190
HD Fire Protect IPO issue size was ₹ 6,781.4 M - ₹ 7,123.1 M
HD Fire Protect had a minimum lot size of 55 Shares per application
HD Fire Protect NUMBER OF SHARES ON OFFER
Total26.3 M
Fresh Issue0
Offer for Sale26.3 M
Post Issue Promoter Holding %85 %
HD Fire Protect IPO IMPORTANT DATES
| Issue Open Date | 13 Oct 2026 |
| Issue close Date | 15 Oct 2026 |
| Allotment Date | 16 Oct 2026 |
| Refund Date | 19 Oct 2026 |
| Demat Account Credit Date | 19 Oct 2026 |
| Listing Date | 21 Oct 2026 |
| Listing on Exchange(s) | NSE and BSE |
| HD Fire Protect Allotment Status | Exchange/ Registrar |
HD Fire Protect IPO subscription opened on 13 Oct 2026, and closed on 15 Oct 2026
IPO allotment for HD Fire Protect was finalized on Friday, 16 Oct 2026
IPO listing for HD Fire Protect was on NSE and BSE on Wednesday, 21 Oct 2026
HD Fire Protect IPO LISTING GAINS
| Issue Price (adjusted) | 271.0 |
| Listing Open Price | 335.0 |
| Listing Close Price | 306.8 |
| Listing Gain% | 23.6% |
| Current Gain% | -2.3% |
HD Fire Protect Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| HD Fire Protect Ltd. | 265.6 | 4653.2 | 39.8 | 6.2 | 9.2 | 31 | 27 | 505.1 | 12.1 | 116.8 | 6.4 | 6.7 | 6.4 |
| Elgi Equipments Ltd. | 514.6 | 16309.7 | 36.4 | 1.6 | 3.9 | 19.3 | 12.1 | 4068.5 | 14 | 430.2 | 22.8 | 14.1 | 23.4 |
| Kirloskar Brothers Ltd. | 1594.9 | 12664.9 | 33.9 | -3.3 | 2.7 | 15.2 | 8.5 | 4615.2 | 1.1 | 373.6 | -10 | 47 | -10.4 |
| Ingersoll-Rand (India) Ltd. | 3728.9 | 11771.4 | 44 | 40.7 | 8.1 | 41.6 | 25.6 | 1430.8 | 4.1 | 256 | -4.3 | 84.7 | 1.1 |
| KSB Ltd. | 669.4 | 11651.1 | 47.5 | -10.8 | 4.3 | 16.1 | 9.7 | 2754.9 | 7.2 | 270.5 | 9.3 | 14.1 | -4.4 |
| Kirloskar Pneumatic Company Ltd. | 584.2 | 7592.9 | 28.9 | 1.2 | 4.2 | 20.5 | 14.6 | 1814.5 | 9.1 | 256.1 | 21.3 | 20.2 | 24.7 |
Quarterly
Annual
Balance Sheet
Ratios
Cash Flow
HD Fire Protect annual results: revenue, profit, P&L, and margins as of Mar 2026 – 11 year history
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Export
| Indicator | Graph | Mar '26 | Mar '25 | Mar '24 |
|---|---|---|---|---|
| 505.1 | 450.7 | 392 | ||
Operating Exp. Ann. | 338.8 | 294.8 | 266.3 | |
Operating Profit Ann. | 150.5 | 138 | 106.6 | |
OPM Ann. % | 29.79% | 30.62% | 27.20% | |
| 349.1 | 304 | 275.7 | ||
EBITDA Ann. | 166.3 | 155.9 | 125.7 | |
EBITDA Ann. margin % | 32.92% | 34.59% | 32.06% | |
Interest Ann. | 0.2 | 0 | 0 | |
Depr. | 10.1 | 9.1 | 9.3 | |
PBT Ann. | 156 | 146.7 | 116.4 | |
Tax Ann. | 39.2 | 37 | 28.4 | |
| 116.8 | 109.7 | 87.9 | ||
Net Profit Ann. | 116.8 | 109.7 | 87.9 | |
NPM Ann. % | 23.86% | 25.35% | 23.57% | |
EPS Adj. latest Ann. | 6.7 | 6.3 | 5 |
*All financials are in INR Cr and price data in INR
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Total Rev. Ann.
1Y CHG
12.1%
2Y CAGR
13.5%
Net Profit Ann.
1Y CHG
6.5%
2Y CAGR
15.3%
Operating Exp. Ann.
1Y CHG
14.9%
2Y CAGR
12.8%
HD Fire Protect INFORMATION ON IPO ISSUE
About HD Fire Protect
HD Fire Protect was incorporated on April 24, 1997. The company is an Indian manufacturer and supplier of fire protection equipment, offering water, foam, and gas-based systems for industrial, commercial, and residential applications. It is the second-largest domestic player by revenue, the largest exporter by value, and serves over 90 countries with over three decades of experience
Object of the Issue
- To carry out the offer for sale of up to 26,284,500 equity shares bearing face value of Rs 5 each by the selling shareholders
- To achieve the benefits of listing the equity shares on the stock exchanges
HD Fire Protect - PROMOTERS
| Name |
|---|
| Harish Narshi Dharamshi |
| Kusum Harish Dharamshi |
| Miheer Sadanand Ghotikar |
| Parika Miheer Ghotikar |
| Anik Narendra Dharamshi |
HD Fire Protect - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Harish Narshi Dharamshi | Chairman & Managing Director |
| Miheer Sadanand Ghotikar | Whole-Time Director |
| Parika Miheer Ghotikar | Whole-Time Director |
| Anik Narendra Dharamshi | Whole-Time Director |
| Navin Muthu Ram | Independent Director |
| Sudha Ravi | Independent Director |
| Nagesh Dinkar Pinge | Independent Director |
| Ramesh Chandak | Independent Director |
HD Fire Protect Book Running Lead Manager
Ambit Private Limited
hdfire.ipo@ambit.co
Anand Rathi Advisors Limited
hdfpl.ipo@rathi.com
IIFL Capital Services Limited
hdfire.ipo@iiflcap.com
HD Fire Protect Registrar to the Offer
MUFG Intime India Private Limited
hdfire.ipo@in.mpms.mufg.com
HD Fire Protect Strengths
Global presence
The company has over 35 years of experience in fire protection equipment, exporting to more than 90 countries, with strong technical expertise, manufacturing capabilities, and a global presence. The industry’s high entry barriers, long certification cycles, stringent regulatory requirements, capital-intensive processes, and established vendor relationships protect its market position and limit competition
Strength
Comprehensive equipment & systems portfolio
The company offers a wide range of fire protection equipment and systems across water, foam, and gas-based technologies, serving over 90 countries and diverse sectors such as industrials, aerospace, oil & gas, power, pharmaceuticals, and data centres. It holds three patents and two design registrations, with additional patent applications in the UAE and Turkey, while its diversified presence mitigates industry-specific risks
Strength
Advanced design & manufacturing capabilities
The company is a vertically integrated manufacturer managing the full value chain from R&D and design to casting, machining, assembly, testing, painting, and quality control, ensuring high product quality and compliance with global standards. It offers a comprehensive range of fire protection equipment, including sprinklers, deluge and foam systems, monitors, valves, custom-engineered solutions, and gas suppression systems
Strength
HD Fire Protect Risks
Inspections & certifications
The company’s operations are governed by stringent regulatory requirements and certifications in India and internationally. Compliance with laws, licenses, and approvals, including ASME U Stamp, CE Marking, UL Listing, FM Approval, and China National Quality Testing Centre certification, is critical, and any failure could adversely affect its operations, reputation, and financial performance
Risk
Labour intensive
The company’s labour-intensive operations rely on a large workforce of permanent and contractual employees, making it vulnerable to strikes, wage disputes, workplace hazards, or new labour laws. Disruptions or compliance risks could adversely impact manufacturing continuity, efficiency, cash flows, and overall business performance
Risk
Technical know-how
The company’s proprietary technical know-how, including hydraulic calculations, product configuration, and specialised testing methods, is central to its competitive advantage. Any unauthorised use, disclosure, or patent infringement could harm its business, operations, and financial condition
Risk
IPO FAQs
This IPO consists of an offer for sale of up to Rs 712.3 crore, of 26,284,500 shares.
The promoters of the company are Harish Narshi Dharamshi, Kusum Harish Dharamshi, Miheer Sadanand Ghotikar, Parika Miheer Ghotikar and Anik Narendra Dharamshi.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 258.0 - 271.0.
The IPO application opens on Oct 13, 2026 and closes on Oct 15, 2026.
The minimum lot size for the IPO is 55. The maximum lot size for the IPO is 715.
For all category investors, the minimum application amount for this IPO is Rs. 14,190.0, the maximum value for this IPO is Rs 193,765.0.
This IPO will be allotted on Oct 16, 2026.
The refund will be credited to your account on Oct 19, 2026.
The allotted shares will be credited to your demat on Oct 19, 2026.
HD Fire Protect Ltd.’s shares listed on the stock exchanges on Oct 21, 2026.