1. IPO Snapshot
| Particular | Details |
|---|
| Company Name | HD Fire Protect Limited |
| IPO Type | 100% Offer for Sale (OFS); book-built offer |
| Offer for Sale | 26,284,500 equity shares of face value ₹5 each |
| Total Issue Size | ₹6,779.62 million at ₹258 (floor); ₹7,121.32 million at ₹271 (cap) |
| Face Value | ₹5 per equity share |
| Price Band | ₹258–₹271 per equity share |
| Lot Size | 55 equity shares; bids in multiples of 55 |
| Opening Date | October 13, 2026 |
| Closing Date | October 15, 2026 |
| Anchor Bidding | October 12, 2026 |
| Tentative Listing Date | Not stated in the supplied documents |
| Listing Exchange | BSE is the designated stock exchange |
| Registrar | MUFG Intime India Private Limited (formerly Link Intime India Private Limited) |
| Book Running Lead Managers | Ambit Private Limited; Anand Rathi Advisors Limited; IIFL Capital Services Limited |
2. IPO Details
| Particular | Details |
|---|
| Pre-Offer Shares | 175,230,000 equity shares |
| Post-Offer Shares | 175,230,000 equity shares |
| Post-Offer Market Capitalisation at Floor Price (₹258) | ₹45,209.34 million |
| Post-Offer Market Capitalisation at Cap Price (₹271) | ₹47,487.33 million |
3. Issue Reservation
| Investor Category | Reservation / Allocation |
|---|
| Qualified Institutional Buyers (QIBs) | Not more than 50% of the Net Offer; 5% of the QIB portion is available for allocation to mutual funds |
| Non-Institutional Bidders (NII/NIB) | Not less than 15% of the Net Offer; one-third of the NII portion is reserved for applications above ₹2 lakh and up to ₹10 lakh, and two-thirds for applications above ₹10 lakh |
| Retail Individual Bidders | Not less than 35% of the Net Offer |
| Eligible Employees | Employee reservation portion up to ₹17.50 million |
| Anchor Investors | Up to 60% of the QIB portion may be allocated to anchor investors. The RHP provides for a 40% allocation within the Anchor Investor Portion for domestic mutual funds and life insurance companies/pension funds |
4. IPO Lot Size
| Application Category | Lots | Shares | Amount at Floor Price ₹258 | Amount at Cap Price ₹271 |
|---|
| Retail minimum | 1 | 55 | ₹14,190 | ₹14,905 |
| Retail maximum | 13 | 715 | ₹1,84,470 | ₹1,93,765 |
| Small HNI minimum | 14 | 770 | ₹1,98,660 | ₹2,08,670 |
| Small HNI maximum | 67 | 3,685 | ₹9,51,330 | ₹9,98,635 |
| Big HNI minimum | 68 | 3,740 | ₹9,64,920 | ₹10,13,540 |
5. About the Company
HD Fire Protect Limited manufactures and supplies fire protection equipment and systems, including water-, foam- and gas-based fire suppression solutions. Its product portfolio includes sprinklers, alarm valves and accessories; deluge valves, deluge skids and pre-action systems; foam equipment and suppression systems; monitors and monitor nozzles; system valves and accessories; water spray nozzles; custom-engineered systems; and gas suppression systems.
The business began as M/s HD Fire Protect Co. in 1990. The company was incorporated in 1997, renamed HD Fire Protect Private Limited in 2005, and converted into a public limited company in 2025.
The company serves industrial and infrastructure customers through domestic and export sales, with manufacturing facilities in Jalgaon and Thane, Maharashtra.
The company identifies certification and quality, design, manufacturing and R&D capabilities, management experience, product breadth, profitability, customer relationships, and global presence as its competitive strengths.
6. Restated Financial Information
| Particular (in rs million) | 3 months ended 30 Jun 2026 | FY 2026 | FY 2025 | FY 2024 |
|---|
| Revenue from operations (KPI table) | 1,090.52 | 4,892.81 | 4,327.99 | 3,729.53 |
| Domestic revenue | 727.77 | 3,170.07 | 2,731.69 | 2,465.79 |
| Exports revenue | 354.93 | 1,684.05 | 1,552.62 | 1,232.84 |
| Operating EBITDA | 297.25 | 1,504.59 | 1,380.08 | 1,066.32 |
| Profit after tax (PAT) | 238.65 | 1,167.87 | 1,097.18 | 879.20 |
| Basic EPS (₹) | 1.36* | 6.66 | 6.26 | 5.01 |
| Diluted EPS (₹) | 1.36* | 6.66 | 6.26 | 5.01 |
| RoNW (%) | 5.95* | 30.97 | 27.62 | 25.60 |
| NAV per equity share (₹) | 22.82 | 21.45 | 22.59 | 19.49 |
7. Key Performance Indicators
| KPI | Unit | 3 months ended 30 Jun 2026 | FY 2026 | FY 2025 | FY 2024 |
|---|
| Revenue from operations | ₹ million | 1,090.52 | 4,892.81 | 4,327.99 | 3,729.53 |
| Domestic revenue | ₹ million | 727.77 | 3,170.07 | 2,731.69 | 2,465.79 |
| Exports revenue | ₹ million | 354.93 | 1,684.05 | 1,552.62 | 1,232.84 |
| Operating EBITDA | ₹ million | 297.25 | 1,504.59 | 1,380.08 | 1,066.32 |
| Operating EBITDA margin | % | 27.26% | 30.75% | 31.89% | 28.59% |
| PAT | ₹ million | 238.65 | 1,167.87 | 1,097.18 | 879.20 |
| PAT margin | % | 20.92% | 23.12% | 24.35% | 22.43% |
| RoE | % | 6.13%# | 30.17% | 29.63% | 28.41% |
| RoCE | % | 8.36%# | 40.33% | 39.63% | 37.61% |
| Fixed asset turnover ratio | Ratio | 1.09# | 5.17 | 5.18 | 4.86 |
| Inventory days | Days | 109 | 85 | 77 | 85 |
| Trade receivable days | Days | 61 | 57 | 45 | 48 |
| Trade payable days | Days | 58 | 40 | 39 | 37 |
| Cash conversion cycle | Days | 112 | 102 | 83 | 96 |
| Number of customers | No. | 905 | 2,066 | 2,179 | 2,114 |
8. IPO Valuation
| Metric | Disclosure |
|---|
| Price band | ₹258–₹271 per share |
| Face value | ₹5 per share |
| P/E at lower end | 38.74 times, based on diluted FY2026 EPS |
| P/E at upper end | 40.69 times, based on diluted FY2026 EPS |
| Industry peer-group P/E average | 62.95 times |
| Weighted average RoNW for FY2024–FY2026 | 29.05% |
| RoNW for three months ended June 30, 2026 | 5.97%, not annualised |
| Post-offer market capitalisation at floor price | ₹45,209.34 million |
| Post-offer market capitalisation at cap price | ₹47,487.33 million |
| NAV per share as of June 30, 2026 | ₹22.82 |
9. Peer Comparison
| Company | Face value (₹) | EPS basic (₹) | EPS diluted (₹) | P/E basic | P/E diluted | RoNW | NAV/share (₹) |
|---|
| HD Fire Protect Limited | 5 | 6.66 | 6.66 | 38.74x–40.69x* | 38.74x–40.69x* | 31.07% | 21.45 |
| Azad Engineering Limited | 2 | 20.57 | 20.57 | 145.65x | 145.65x | 8.74% | 236.74 |
| KSB Limited | 2 | 15.54 | 15.54 | 55.68x | 55.68x | 16.11% | 96.46 |
| Kirloskar Pneumatic Company Limited | 2 | 39.45 | 39.39 | 17.18x | 17.20x | 20.36% | 192.25 |
| Elgi Equipments Limited | 1 | 13.65 | 13.61 | 44.70x | 44.83x | 19.28% | 70.41 |
| Ingersoll-Rand (India) Limited | 10 | 81.10 | 81.10 | 51.39x | 51.39x | 20.36% | 195.04 |
10. Shareholding & Capital Structure
| Particular | Updated advertisement disclosure |
|---|
| Pre-offer paid-up equity shares | 175,230,000 shares |
| Post-offer equity shares | 175,230,000 shares |
| Promoters / promoter group | Promoter and promoter group holding reduces to 85% after the offer; public holding is 15% |
| Offer structure | 100% OFS; total 26,284,500 shares |
11. OFS / Selling Shareholders
| Selling shareholder | Category | Shares offered | WACA per share | Offer value at floor ₹258 | Offer value at cap ₹271 |
|---|
| Harish Narshi Dharamshi | Promoter selling shareholder | 8,983,700 | ₹0.05 | ₹2,317.79 million | ₹2,434.58 million |
| Kusum Harish Dharamshi | Promoter selling shareholder | 17,300,800 | ₹0.09 | ₹4,461.61 million | ₹4,688.52 million |
| Total | — | 26,284,500 | — | ₹6,779.60 million | ₹7,123.10 million |
12.Litigation, Tax Matters and Outstanding Dues
| Category | Key disclosures |
|---|
| Company tax proceedings | 3 cases: 1 direct-tax case (amount shown as NA) and 2 indirect-tax cases involving ₹0.40 million in dispute/demand, to the extent quantifiable. |
| Direct-tax matter | The company filed a writ petition before the Bombay High Court after the CBDT rejected its condonation application relating to the section 115BAA tax regime for AY 2020–21. The RHP describes the petition and relief sought. |
| Directors’ legal proceedings | Two criminal matters were disclosed against independent director Sudha Ravi in connection with products of another company. Proceedings were pending before the Gujarat and Patna High Courts, with interim relief/stay described in the RHP. |
| Outstanding creditor dues | As of June 30, 2026, the company had 622 creditors with total outstanding dues of ₹422.05 million. |
| Creditor dues — breakdown | MSME creditors: ₹177.83 million across 477 creditors; material creditors: ₹192.12 million across 5 creditors; other creditors: ₹52.10 million across 136 creditors. |
| Material creditor threshold | ₹21.10 million, equivalent to 5% of trade payables as of June 30, 2026. |
13. Key Risks Highlighted in the RHP
| Editorial category | RHP disclosure |
|---|
| Business / product performance | Failure or malfunction of fire protection products could lead to property damage, loss of life, warranty claims, legal claims and reputational harm. |
| Customer concentration / repeat business | Changes in repeat customers, orders or pricing may affect results. |
| Supplier dependence | Supplier concentration or changed supply terms may disrupt operations. |
| Raw material availability and pricing | Raw-material delays, shortages or price changes may affect operations and margins. |
| Regulatory / certification | Failure to maintain required approvals or certifications may affect operations. |
| Geographic / facility concentration | Manufacturing is concentrated in Maharashtra, which contributes materially to revenue. |
| Capacity utilisation | Utilisation varies by product category and period. |
| Working capital / liquidity | Working-capital shortfalls may affect business and cash flows. |
| Legal / regulatory proceedings | Some compounding/adjudication applications for past Companies Act matters were pending. |
| Environmental, health and safety | Hazardous chemicals and EHS/ESG compliance may create liabilities. |
| Technology / intellectual property | Know-how, proprietary information or patents may not be fully protected. |
| Offer / listing-market risk | There was no pre-listing market; trading activity and post-listing price are uncertain. |
| Currency exposure | Foreign-exchange movements may affect profit before tax. |
| Project execution / order book | Order conversion depends on execution, customer performance, payment and project readiness. |
14. Registrar
| Field | Details |
|---|
| Name | MUFG Intime India Private Limited (formerly Link Intime India Private Limited) |
| Contact person | Shanti Gopalkrishnan |
| Email | hdfire.ipo@in.mpms.mufg.com |
| Telephone | +91 810 811 4949 |
| Address / website | Detailed particulars not included here. |
15. Book Running Lead Managers
| Book Running Lead Manager | Contact Person(s) | Email | Telephone |
|---|
| Ambit Private Limited | Anmol Modi / Nitya Chandak | hdfire.ipo@ambit.co | +91 (22) 6623 3030 |
| Anand Rathi Advisors Limited | Shivani Tapadia / Suhani Bafna | hdfpl.ipo@rathi.com | +91 (22) 4047 7000 |
| IIFL Capital Services Limited (formerly IIFL Securities Limited) | Vikranth Settipalli / Pawan Kumar Jain | hdfire.ipo@iiflcap.com | +91 (22) 4646 4728 |
16. Company Contact Details
| Field | Details |
|---|
| Registered office | O-611, 6th Floor, Runwal R Square, Opp. Veena Nagar, L. B. S. Marg, Mulund West, Mumbai – 400 080, Maharashtra, India |
| Corporate office | Plot No. D-6/2, Road No. 34, Wagle Estate, Thane – 400 604, Maharashtra, India |
| Contact person | Sundaram Balasubramanian Iyer, Company Secretary and Compliance Officer |
| Telephone | +91 (22) 35287000 |
| Email | investors@hdfire.com |
| Website | www.hdfire.com |
| CIN | U29270MH1997PLC107536 |
