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What the company does and where it sits in its industry
HD Fire Protect is a manufacturer and supplier of comprehensive fire protection equipment and systems, catering to diverse sectors such as industrial, commercial, residential, and infrastructure across India and over 90 countries. The company’s core business involves designing and producing a wide range of products, including water spray nozzles, foam equipment and suppression systems, gas suppression systems, deluge valves, pre-action systems, and custom-engineered solutions. It generates revenue primarily through the sale of these manufactured goods, alongside offering contract manufacturing services for off-the-shelf standard products. The business operates through a multi-tiered sales network comprising direct customers and international distributors, relying on short-term purchase orders. Production is centralized across two manufacturing facilities in Maharashtra. A significant portion of its sales stems from export markets, demonstrating a strong global footprint. The company maintains stringent quality controls, adhering to safety certifications.
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.
Its offerings span eight product categories: sprinklers, alarm valves and accessories; deluge valves, deluge skids and pre-action systems; foam equipment and suppression systems; monitors and monitor nozzles; systems valves and accessories; water spray nozzles; custom engineered systems; and gas suppression systems.
The company operates a vertically integrated manufacturing and supply model with in-house foundries, machining, and testing, complemented by contract manufacturing of select off-the-shelf components, serving customers through direct sales, domestic stockists, and international distributors.
According to the CRISIL Report, the company was the second-largest manufacturer of fire protection equipment and systems in India in terms of operating income in Fiscal 2025 and the largest exporter by value (equipment) in Fiscal 2025.
Who controls the company, and how much of it they hold
Harish Narshi Dharamshi, Kusum Harish Dharamshi, Miheer Sadanand Ghotikar, Parika Miheer Ghotikar, Anik Narendra Dharamshi
Points to weigh, drawn from the offer document and the figures on the other tabs
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.
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.