HD Fire ProtectIPO Review — Financials, Valuation & Peers
A data-only look at the HD Fire Protect IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | EPS (₹) |
|---|---|---|---|---|---|---|
| FY 2024 | 392.02 | 87.92 | 106.63 | 342.19 | 392.63 | — |
| FY 2025 | 450.68 | 109.72 | 138.01 | 396.01 | 450.08 | — |
| FY 2026 | 505.12 | 116.79 | 150.46 | 375.93 | 432.03 | — |
| Jun 2026 (interim) | 114.07 | 23.87 | 29.73 | — | 477.6 | 6.66 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- P/E (pre-issue)
- 40.69x
- P/E (post-issue)
- 49.72x
- RoNW
- 5.97%
- RoE
- 6.13%
- RoCE
- 8.36%
- EPS (pre-issue)
- ₹6.66
- EPS (post-issue)
- ₹5.45
- EBITDA Margin
- 27.26%
- PAT Margin
- 20.92%
- P/BV
- 12.63x
- NAV / share
- ₹22.82
- Market Cap
- ₹4,748.73 Cr
As of 30 Jun 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| HD Fire Protect | 6.66 | 21.45 | — | 31.07% | — | Restated |
| Azad Engineering Ltd. | 20.57 | 236.74 | 145.65x | 8.74% | 6.29x | Consolidated |
| Elgi Equipments Ltd. | 13.65 | 70.41 | 44.7x | 19.28% | 6.67x | Consolidated |
| Ingersoll-rand (india) Ltd. | 81.1 | 195.04 | 51.39x | 20.36% | 17.89x | Consolidated |
| Kirloskar Pneumatic Co.Ltd. | 39.45 | 192.25 | 17.18x | 20.36% | 5.42x | Consolidated |
| Ksb Ltd. | 15.54 | 96.46 | 55.68x | 16.11% | 8.29x | Consolidated |
Peer group as disclosed in the offer document, figures as of 30 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Harish Narshi Dharamshi, Kusum Harish Dharamshi, Miheer Sadanand Ghotikar, Parika Miheer Ghotikar, Anik Narendra Dharamshi</p>
- Holding (pre-issue)
- 100%
- Holding (post-issue)
- 85%
- Dilution
- 15%
Analysis in brief
Margin and return profile
Away from the price multiples, the offer document also discloses the shape of the underlying business. HD Fire Protect operates at an EBITDA margin of 27.26% and a net (PAT) margin of 20.92% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 8.36% and a return on equity (RoE) of 6.13%. At the upper band, the post-issue market capitalisation works out to about ₹4,748.73 crore. These are offer-document figures for the latest reported period (as of 30 Jun 2026); they describe the business as disclosed, not how the stock will trade.
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.
Frequently asked questions
- Who are the promoters of HD Fire Protect and what is their holding?
- The promoters are <p>Harish Narshi Dharamshi, Kusum Harish Dharamshi, Miheer Sadanand Ghotikar, Parika Miheer Ghotikar, Anik Narendra Dharamshi</p>. Promoter holding is 100% before the issue and 85% after listing.
- What is the P/E ratio of the HD Fire Protect IPO?
- At the upper price band, the HD Fire Protect IPO is valued at 40.69× pre-issue earnings and 49.72× post-issue earnings, based on the financials disclosed in the offer document.