| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 372.95 | 432.80 | 489.28 |
| Expenses | 275.67 | 303.96 | 349.14 |
| Other Income | 19.07 | 17.88 | 15.83 |
| Total Revenue | 392.02 | 450.68 | 505.12 |
| Profit Before Tax | 116.35 | 146.71 | 155.98 |
| Net Profit | 87.92 | 109.72 | 116.79 |
HD Fire Protect
HD Fire Protect IPO
₹14,190
1.29 xOver-subscribedBidding Dates 13 Oct, 26 -15 Oct, 26
Min Investment ₹14,190
Lot Size55
Price Range ₹258 – ₹271
Issue Size ₹712.31 Cr.
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IPO Subscription Details
Retail Subscription Details
1.37 x
Non-Institutional Buyers (sHNI)
3.63 x
Non-Institutional Buyers (bHNI)
2.43 x
Qualified Institutional Buyers (QIB)
0 x
Employees
1.18 x
Total1.29 x
1.29 x IPO Timeline
IPO Offer Start
13 Oct,26
IPO Offer Ends
15 Oct,26
Allotment Finalisation
16 Oct,26
Refund Initiation
19 Oct,26
Listing of Shares
21 Oct,26
IPO Analysis
Strengths
The company has a business legacy of over 36 years, with fire protection equipment and systems exported to more than 90 countries. With 21 UL Listed and 87 FM Approved certifications, the company holds the highest number of such certifications amongst fire protection equipment focused peers in India as of September 2026.
The company offers 8 product categories spanning water, foam, and gas-based suppression technologies, supplied across 90+ countries to sectors including oil & gas, aerospace, power & energy, data centres, and pharmaceuticals. Patents are held in the USA, India, Turkey, and Saudi Arabia for a 'pressure operated fluid valve with configurable diaphragm arrangement'.
The company serves over 905 clients across India and international markets as of June 30, 2026, with 54.40% of Fiscal 2026 revenue from operations contributed by customers associated for more than 5 years. Top 10 customers account for only 23.69% of revenue in Fiscal 2026, reflecting low customer concentration risk.
Risks
The company's fire protection equipment is deployed in emergency scenarios where failure can result in loss of life, property damage, warranty claims, and legal liability. Despite a 0.01% replacement rate and no product recalls to date, systemic defects or batch-level malfunctions could expose the company to significant financial outlays and reputational harm.
The top 10 suppliers accounted for 59.28%, 47.76%, 42.90%, and 35.59% of Total Expenses for the three months ended June 30, 2026, and Fiscals 2026, 2025, and 2024, respectively. The company operates without long-term purchase agreements, and any supplier disruption, insolvency, or non-performance could cause production interruptions and increased procurement costs.
The company has significant import concentration of approximately 45% of total procurement, with imports from China alone constituting 24.98%–30.96% of total purchases across recent periods. The absence of hedging arrangements and long-term fixed-price contracts exposes the company to raw material price volatility that may not be passed on to customers, adversely impacting profit margins.
Objectives
The IPO involves an Offer for Sale of Equity Shares of face value of Rs.5 each by the Promoter Selling Shareholders. The company will not receive any proceeds from the Offer, as all Offer Proceeds will be received by the Promoter Selling Shareholders after deduction of Offer-related expenses and relevant taxes.
The company aims to achieve the benefits of listing the Equity Shares on the Stock Exchanges, which is expected to enhance the company's visibility and brand image while providing liquidity and a public market for the Equity Shares in India.
The Offer expenses, estimated at approximately a specified amount in millions, comprise listing fees, underwriting fees, selling commission and brokerage, fees payable to BRLMs, legal counsel, Registrar, and other incidental expenses for listing the Equity Shares on the Stock Exchanges.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 392.63 | 450.08 | 432.03 |
| Fixed Assets | 181.19 | 245.30 | 192.39 |
| Total Equity & Liabilities | 392.63 | 450.08 | 432.03 |
| Total Liabilities | 49.22 | 52.85 | 54.88 |
| Current Liabilities | 45.90 | 49.20 | 52.91 |
| Non Current Liabilities | 3.32 | 3.65 | 1.97 |
| Total Equity | 343.41 | 397.23 | 377.15 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | 7.90 | -3.45 | -2.59 |
| Investing Activities | -32.98 | -52.56 | 40.97 |
| Operating Activities | 63.77 | 98.31 | 92.49 |
| Financing Activities | -22.89 | -49.20 | -136.06 |
About HD Fire Protect
HD Fire Protect Limited is India's second-largest manufacturer of fire protection equipment and systems (by operating income in FY2025) and the largest exporter by value in FY2025, offering a comprehensive portfolio spanning water, foam, and gas-based suppression systems across 8 product categories. The company operates two vertically integrated manufacturing facilities...more
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Managing DirectorHarish Narshi Dharamshi
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