HD Fire Protect IPO

About HD Fire Protect IPO

The HD Fire Protect IPO, a mainboard IPO, opens on October 13, 2026 and closes on October 15, 2026. The allotment of shares will take place on Friday, October 16, 2026. The listing of shares will take place on October 21, 2026 on the BSE and NSE.

HD Fire Protect IPO's price band is set at ₹258 to ₹271 per share. The lot size for an application is 55. The minimum amount of investment required by a retail investor is ₹14,905 (55 shares) based on the upper price.

The offer consists solely of an offer for sale component. The offer for sale portion includes up to 26,284,500 shares aggregating up to ₹712.31 crore.

HD Fire Protect is an Indian manufacturer and supplier of fire protection equipment and systems. It was the second-largest manufacturer of fire protection equipment and systems in India by revenue from operations in FY25 and the largest exporter by value. Its products have been supplied to more than 90 countries since inception.

Objectives of HD Fire Protect IPO

• To carry out the offer for sale of up to 26,284,500 equity shares.
• To achieve the benefits of listing the equity shares on the stock exchanges.

Industry Outlook

The Indian fire protection equipment market was valued at ₹10,900 crore in FY 26. It grew at a CAGR of 12% between FY 20 and FY 26, ahead of the 7% CAGR posted by the global market between 2020 and 2025. CRISIL projects a 10–12% CAGR through FY 31. In FY 26, sprinklers, hydrants, deluge valves, foam equipment, and gas-based systems together made up 75% of the market, or ₹8,200 crore. CRISIL expects this segment to grow at an 11–13% CAGR to ₹13,500–15,500 crore by FY 31. Fire detection accounted for the remaining 25%, valued at ₹2,700 crore.

Commercial buildings form the largest end-use segment at 42% of FY 26 demand, followed by industrial and infrastructure at 37% and residential at 21%. Per capita spending shows the headroom. India consumed just $1 of fire protection equipment per person in FY 26, compared with $57 in North America and $52 in Europe in 2025. The global market reached $62 billion in 2025 and is projected to touch $85–90 billion by 2030. HD Fire Protect sells into the suppression segment as India's second-largest manufacturer by FY 25 revenue from operations.

About HD Fire Protect Limited

HD Fire Protect manufactures water, foam, and gas-based fire suppression equipment and systems. The business began on April 27, 1990, as M/s HD Fire Protect Co., a partnership firm established by Harish Narshi Dharamshi. As of June 30, 2026, its portfolio spanned 8 product categories. These include sprinklers, alarm valves, deluge skids, foam suppression systems, monitors, water spray nozzles, and custom-engineered systems for oil and gas, refining, power, aerospace, and data centres.

Production runs out of two facilities at Jalgaon MIDC and Thane MIDC in Maharashtra, covering a combined 8.50 acres. The Jalgaon facility is vertically integrated, with a non-ferrous foundry, 5-axis machining centres, and flow testing capacity of up to 18,000 litres of water per minute. The company holds 21 UL Listed and 87 FM Approved product certifications. In 1996, it became the first Indian fire protection equipment and systems manufacturer to receive UL Listing for deluge valves.

Strengths of HD Fire Protect

• Economic growth is expected to drive infrastructure and construction activity, supporting demand for fire suppression equipment.
• Mandatory BIS, NBC and product- and state-specific regulations ensure consistent demand for fire suppression equipment.
• PLI schemes and Make in India are expected to increase construction activity and demand for fire suppression equipment.
• Demand spans industrial, infrastructure, commercial, healthcare, educational and residential segments, providing a broad customer base.
• Government efforts to strengthen fire protection infrastructure and raise awareness are expected to support demand for fire suppression equipment.
• Specialised expertise, equipment and regulatory compliance create significant barriers to entry for new competitors.

Risks of HD Fire Protect

• Weak enforcement of fire protection laws in some regions and segments may limit awareness and adoption of fire safety equipment.
• Limited awareness about fire protection and fire suppression equipment, particularly in rural areas, may restrict voluntary adoption.
• Intense competition from domestic and international players may put pressure on product pricing.
• Dependence on imported raw materials and components exposes the supply chain to currency fluctuations, geopolitical tensions and policy changes.

Anchor Investor Bidding Date

Monday, October 12, 2026

IPO Registrar and Book Running Lead Managers

Registrar Details
MUFG Intime India Private (Formerly Link Intime India Private Limited)
E-mail: hdfire.ipo@in.mpms.mufg.com
Tel: +91 810 811 4949

Book Running Lead Managers

• Ambit Private Limited
  
• Anand Rathi Advisors Limited
  
• IIFL Capital Services (formerly IIFL Securities Limited)
  

HD Fire Protect Contact Details
O-611, 6th Floor, Runwal R Square, Opp. Veena Nagar, L. B. S. Marg,
Mulund West, Mumbai – 400 080, Maharashtra, India.
E- mail: investors@hdfire.com
Tel: +91 (22) 35287000

HD Fire Protect Business Model

The company earns its revenue through the sale of fire protection equipment and systems, the rendering of services, and other operating revenue such as export incentives and scrap sales. Sprinklers, alarm valves, and accessories formed the largest category at 33.95% of FY 26 revenue from operations (excluding other operating revenue), followed by deluge valves, deluge skids, and pre-action systems at 21.85%. In India, the company supplies directly and through two stockists in New Delhi and one in Mumbai, while international sales run through a network of 22 distributors.

HD Fire Protect Growth Trajectory

HD Fire Protect Limited's Total Income for FY 26 was ₹505.12 crore, whereas in FY 25 and FY 24 it was ₹450.68 crore and ₹392.02 crore, respectively. The Profit After Tax for FY 26 was ₹116.79 crore, whereas in FY 25 and FY 24 it was ₹109.72 crore and ₹87.92 crore, respectively. Their EBITDA for FY 26 was ₹166.29 crore, whereas in FY 25 and FY 24 it was ₹155.88 crore and ₹125.70 crore, respectively.

HD Fire Protect Market Position

The company supplied customers across 49 countries in the three months ended June 30, 2026, and reported an order book of ₹134.45 crore as of March 31, 2026. As of 31 March 2026, the company's Total Income, Profit After Tax, and EBITDA were ₹505.12 crore, ₹116.79 crore, and ₹166.29 crore, respectively.

How to apply for HD Fire Protect IPO?

• Log in to your Kotak Neo account on the app/web and go to the "IPO" section.
• Select the IPO to review details such as the price band and issue size.
• Tap "Apply for IPO", select your category, and enter lots and bid price or choose the cut-off option.
• Enter your valid UPI ID or choose ASBA to block funds in your linked bank account.
• Submit the application and approve the mandate request sent to your UPI app to block funds.