HD Fire Protect's IPO opened on Day 1 on 13 October 2026, clocking an overall subscription of 0.81x by 11:15 IST. The NII (sHNI) segment is leading the charge at 2.26x, with NII (bHNI) close behind at 1.49x, while QIB bids are yet to come in.

Subscription Status

At the close of the first available intraday snapshot, the IPO had received bids covering 81% of the total issue. The NII categories are the standout performers on Day 1, with both sHNI and bHNI buckets already fully subscribed and running ahead. Retail is ticking up at 0.87x, nearly at the fully subscribed mark. QIB demand, which typically accelerates in the final hours of the subscription window, remains at 0.00x at this stage.

Subscription Progression

Intra-day Timeline — 13 October 2026

Category-wise Breakdown

The NII (sHNI) bucket is the strongest performer on Day 1, already 2.26x subscribed, reflecting early interest from smaller high-net-worth investors. NII (bHNI) follows at 1.49x. The Employee category has seen modest participation at 0.68x. Retail is approaching the fully subscribed mark at 0.87x. QIB participation, at 0.00x, is typical for the opening day of an IPO, as institutional investors generally consolidate bids closer to the closing date of 15 October 2026.

Offer Details

The IPO is entirely an Offer for Sale by Promoter Selling Shareholders. The company will not receive any proceeds from the offer; all proceeds will go to the Promoter Selling Shareholders after deduction of offer-related expenses and applicable taxes. The listing is intended to enhance the company's visibility and brand image and to provide a public market for its equity shares.

About the Company

HD Fire Protect Limited, founded in 1997 and headquartered in Mulund West, Mumbai, is India's second-largest manufacturer of fire protection equipment and systems by operating income in FY2026 and the largest exporter by value in FY2025. The company offers a comprehensive portfolio spanning water, foam, and gas-based suppression systems across 8 product categories, operating two vertically integrated manufacturing facilities in Maharashtra (Jalgaon and Thane). It exports to over 90 countries and holds 21 UL Listed and 87 FM Approved certifications — the highest among Indian fire protection peers as of September 2026. End-use sectors served include oil & gas, petrochemicals, power, aerospace, data centres, and residential/commercial segments. The company is led by Managing Director Harish Narshi Dharamshi, who brings over 41 years of industry experience.

Financial Highlights

Revenue from operations grew at a CAGR of 14.54% from FY2024 to FY2026, reaching ₹489.28 crore in FY2026. The company reported Operating EBITDA margins of ~30.75% and PAT margins of ~23.12% in FY2026, with a debt-free balance sheet.

Risk Factors

• Product Malfunction and Liability Risk: Fire protection equipment is deployed in emergencies; systemic defects or batch-level malfunctions could expose the company to significant financial and reputational harm, despite a 0.01% replacement rate and no product recalls to date.
• Supplier Concentration: The top 10 suppliers accounted for 47.76% of total expenses in FY2026. The absence of long-term purchase agreements means any supplier disruption could cause production interruptions.
• Raw Material Price Volatility: Approximately 45% of total procurement is imported, with China alone accounting for 24.98%–30.96% of total purchases. No hedging arrangements are in place, exposing margins to currency and commodity price swings.
• Geographic Concentration of Manufacturing: All manufacturing is concentrated in Maharashtra (Thane and Jalgaon), contributing 61.02%–67.94% of revenue from operations, with limited ability to mitigate regional disruption risks.
• Regulatory and Certification Risk: Certification processes take 6–24 months and cost ₹27.23 million in FY2026; failure to obtain or maintain certifications such as UL Listing and FM Approval could restrict market access.

What's Next