Incorporated in April 1997, HD Fire Protect Limited is an Indian manufacturer and supplier of fire protection equipment and systems, offering water, foam and gas-based fire suppression solutions. The Company offers a comprehensive portfolio across eight product categories, including 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. Its products cater to industrial, residential and commercial applications, including oil and gas, refining and petrochemicals, power and energy, heavy engineering, aerospace, pharmaceuticals, data centres, hospitality, healthcare and other sectors. The Company develops a majority of its products in-house and focuses on proprietary designs meeting national and international standards.
The Company has over three decades of experience and has established a global presence, with exports to more than 90 countries since inception and 49 countries during the three months ended June 30, 2026. It was the first Indian fire protection equipment manufacturer to receive UL Listing for deluge valves in 1996 and the first Indian manufacturer to receive FM approval for a range of low-expansion foam system products. As of September 2026, it had 21 UL Listed and 87 FM Approved product certifications. The Company operates two manufacturing facilities in Jalgaon and Thane, Maharashtra, covering approximately 8.50 acres, supported by a fire test laboratory and R&D capabilities.
The Company has supplied fire protection equipment and systems to 2,066 customers in Fiscal 2026 and has supplied products for major projects including the Samruddhi Mahamarg, Jamnagar refinery, new Indian Parliament building, Saudi Aramco's Ras Tanura Sea Island site and Oman's Integrated Power & Water Plant Project. Revenue from operations increased from ₹3,729.53 million in Fiscal 2024 to ₹4,892.81 million in Fiscal 2026, representing a CAGR of 14.54%, while its order book stood at ₹1,586.01 million as of June 30, 2026.
As of June 30, 2026, the Company had 279 permanent employees and 253 contractual employees.
Competitive Strengths
- Strong product certification and quality track record.
- Advanced design, manufacturing and R&D capabilities.
- Experienced management team and qualified personnel.
- Comprehensive fire protection equipment and systems portfolio.
- Track record of profitability and consistent financial performance.
- Strong and diversified customer base with long-standing global relationships.
- Well-established global presence in a certification-driven, high-barrier industry.
| Purpose | Amount (₹ Cr) |
|---|---|
| — |
| Metric | Jun 30, 2026 | 31 Mar 2026 | 31 Mar 2025 |
|---|---|---|---|
| Total Assets | 478 | 432 | 450 |
| Revenue | 114 | 505 | 451 |
| PAT | 24 | 117 | 110 |
| EBITDA | 30 | 150 | 138 |
| Net Worth | — | 376 | 396 |
| Reserves | 310 | 286 | 303 |
| Category | Sub (x) | Offered | Bid For |
|---|---|---|---|
| QIB | 256.65 | 5,242,673 | 1,345,542,605 |
| NII / HNI | 203.21 | 3,932,004 | 799,003,480 |
| Retail (RII) | 30.55 | 9,174,677 | 280,331,260 |
| Employee | — | 71,138 | — |
| Total | 131.73 | 18,420,492 | 2,426,557,100 |
* Amount calculated at upper price band (₹271) · ** Total includes all investor categories
- 1 Initiation of Refund 19 Oct 2026
- 2 Credit of Shares to Demat 19 Oct 2026
- 3 Lock-in Period (30%) Sun, Nov 15, 2026
- 4 Lock-in Period (50%) Thu, Jan 14, 2027
- The IPO P/E of 50x reflects a weak valuation relative to typical market ranges.
- Pre-issue EPS of ₹7 compares to post-issue EPS of ₹5 after dilution.
This IPO has relatively lower interest or stretched valuation. Proceed with thorough research and caution.
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