HD Fire Protect IPO

The HD Fire Protect mainboard IPO is open between 13 Oct 2026 and 15 Oct 2026, offered at a price band of ₹258–271 per share, and is set to list on NSE and BSE. The IPO seeks to raise ₹712.31 crore. Retail investors bid in lots of 55 shares, a minimum application of ₹14,905.

Issue structure

The IPO is structured entirely as an offer for sale of ₹712.31 crore. The company receives no fresh capital — the proceeds go to the selling shareholders who are paring their stake.

Financials

In FY2026, HD Fire Protect reported revenue of ₹114.07 crore and a net profit of ₹23.87 crore. Revenue declined from ₹392.02 crore in FY2024 to ₹114.07 crore in FY2026 (-71.0%). At the upper band, that puts the issue at roughly 40.7× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.

Valuation

At the upper band, the issue is priced at 49.72× post-issue earnings and 12.63× book value, against a return on net worth of 5.97%. These ratios come from the offer document and are for comparison, not a recommendation.

Peer comparison

The offer document names listed peers including Azad Engineering Ltd. and Elgi Equipments Ltd., with a median peer P/E of about 51.4×. The issue's own post-issue P/E works out to 49.72×.

Promoters

The promoters of the company are <p>Harish Narshi Dharamshi, Kusum Harish Dharamshi, Miheer Sadanand Ghotikar, Parika Miheer Ghotikar, Anik Narendra Dharamshi</p>. Promoter holding stands at 100% before the issue and comes down to 85% after listing.

Grey market premium (GMP)

In the unofficial grey market, HD Fire Protect shares are quoted at a premium of ₹74 implying an expected listing around ₹345, about +27.3% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.

What to weigh

When evaluating the HD Fire Protect IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.

About HD Fire Protect

Incorporated in 1997, HD Fire Protect Ltd. specializes in designing, manufacturing, and supplying fire protection equipment and systems. The company focuses on delivering reliable, innovative, and internationally certified solutions for industrial, commercial, and institutional safety requirements. HD Fire Protect Ltd. emphasizes research, continuous improvement, and global compliance. Its strong distribution network and customer service help it maintain leadership while expanding its presence across domestic and international fire protection markets. The company operate two manufacturing facilities in Maharashtra, Jalgaon MIDC and Thane MIDC, spanning a combined area of 8.50 acres. The product portfolio includes fire sprinklers, valves, foam equipment, and detection systems, ensuring comprehensive protection. With advanced technology and stringent quality standards, the company supports industries such as oil, gas, power, manufacturing, and infrastructure. As of March 31, 2025, the company had 261 permanent &amp;&nbsp;185 employees on contractual basis. Competitve Strengths: Well established global presence in a certification and stringent empanelment driven, high barrier industry. Comprehensive equipment and systems portfolio with presence across diverse end use sectors. Strong and diversified customer base with long standing global customer relationships. Advanced design and manufacturing capabilities, well equipped to deliver high quality fire protection equipment and systems with consistent R&amp;D and innovation. Experienced management team and qualified personnel with significant industry experience.