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HD Fire Protect Limited
Mainboard IPOOpen · Day 1 of 3Opens today
Price band₹258 – ₹271per share · face value ₹5
Minimum investment₹14,9051 lot · 55 shares at upper band
IPO dates13 Oct – 15 OctCloses today, 5:00 PM
Prepared with AI. This analysis was generated on 12 Oct 2026. Figures can contain errors; check them against the offer document before relying on them. It is information, not investment advice.
What the company does and where it sits in its industry
HD Fire Protect Limited is an Indian manufacturer and supplier of fire protection equipment and systems, offering a portfolio spanning water, foam, and gas-based fire suppression systems. The company develops the majority of its products in-house with proprietary designs to meet national and international standards.
The company serves customers across industrial end-use sectors (including oil & gas, refining, petrochemicals, power & energy, aerospace, data centres, and heavy engineering) as well as commercial and residential sectors. It operates two manufacturing facilities located in Jalgaon and Thane in Maharashtra, India.
The company earns revenue through the domestic sale of fire protection equipment and systems directly and through stockists, as well as exports to over 90 countries through a distributor network and white-labelling arrangements.
Restated figures, FY24 – FY26, ₹ crore unless stated
At the upper price band of ₹271
From the offer document’s own listed-peer table
Points to weigh, drawn from the offer document and the figures above
The company has a 36-year operating history with exports to more than 90 countries and holds the highest number of UL Listed and FM Approved certifications among fire protection equipment peers in India as of September 2026.
The company provides a wide portfolio covering water, foam, and gas-based suppression systems across eight product categories serving diverse end-use sectors including oil and gas, power, data centres, and infrastructure.
As of June 30, 2026, the company served over 905 clients, and 54.40% of its Fiscal 2026 revenue from operations was derived from customers associated with the company for more than five years.
Revenue grew about 15% a year from FY24 to FY26; EBITDA margin widened (28.6% to 30.8%).
The offer price is to be determined through the book-building process, while the company's listed peers in the industrial and capital goods sector traded at P/E multiples ranging from 17.18 to 145.65 with an industry average P/E of 62.95 as of September 30, 2026.
The company operates two manufacturing facilities spanning 8.50 acres in Maharashtra with in-house non-ferrous foundry, precision machining, flow testing capacity of up to 18,000 litres per minute, and proprietary patented designs.
The company delivered a revenue CAGR of 14.54% between Fiscal 2024 and Fiscal 2026, maintaining an Operating EBITDA margin of 30.75% in Fiscal 2026 with zero fund-based debt.
Any malfunction or failure of fire protection equipment and systems could result in loss of life, property damage, invocation of warranties, legal claims, and reputational harm.
Revenue from operations generated outside India accounted for 34.69%, 36.24%, and 33.33% of revenue in Fiscals 2026, 2025, and 2024, respectively, exposing the company to geopolitical, regulatory, and trade policy risks across global markets.
In Fiscals 2026, 2025, and 2024, the top 10 suppliers contributed 47.76%, 42.90%, and 35.59% of total expenses, and supplies are procured through purchase orders without long-term contracts.
The company depends on uninterrupted supplies of ductile iron, brass, copper, and steel, with significant import dependence on China which accounted for 30.96% of total purchases in Fiscal 2026.
Manufacturing operations are centralized in Thane and Jalgaon in Maharashtra, exposing operations to regional disruption risks; products manufactured at these facilities contributed 63.49% of revenue from operations in Fiscal 2026.