HD Fire Protect IPO

Lot size and investment

Reservation

QIB

1,31,06,681 shares (50.00% of the Offer)

NII

39,32,004 shares (15.00% of the Offer)

Retail

91,74,677 shares (35.00% of the Offer)

Employee

71,138 shares (0.27% of the Offer)

Current GMP

₹71

▲+26.20%

Estimated listing price

₹342

Issue price ₹271

Highest

₹91

13 Oct

Lowest

₹61

19 Oct

GMP by day (₹ per share)

Subject to sauda

₹3,000 retail · ₹42,000 HNI

GMP is an unofficial indicator from an unregulated market. It is shown for information only and is not a prediction of the listing price or a recommendation to apply.

P/E (pre-issue)

49.72

P/E (post-issue)

49.72

EPS (₹)

5.45

RoE

6.13%

RoCE

8.36%

RoNW

5.97%

PAT Margin

20.92%

EBITDA Margin

27.26%

NAV (₹)

22.82

Pre-issue P/E uses the shares outstanding before the IPO; post-issue P/E includes the new shares. Calculated by Be IPO Ready at the issue price.

Peers are other recent IPOs from the same industry, closest in issue size. Ratios are as disclosed at the time of each issue. This is not the listed-peer table from the offer document.

How HD Fire Protect plans to use the money raised, as stated in the offer document.

1. Offer for sale by the selling shareholders. The company receives no proceeds from the offer

HD Fire Protect Limited was incorporated in April 1997. It makes and supplies fire protection equipment and systems based on water, foam and gas fire suppression. The company sells eight product categories: sprinklers, alarm valves and accessories, deluge valves and systems, foam equipment and suppression systems, monitors and nozzles, water spray nozzles, custom-engineered systems and gas suppression systems. It develops most of its products in house. Its products are used in oil and gas, refining and petrochemicals, power, heavy engineering, aerospace, pharmaceuticals, data centres, hospitality and healthcare. The company supplied 2,066 customers in FY2026. Projects it has supplied include the Samruddhi Mahamarg, the Jamnagar refinery and the new Indian Parliament building. It has exported to more than 90 countries since inception, and to 49 countries in the three months ended 30 June 2026. It was the first Indian maker to get UL Listing for deluge valves, in 1996. As of September 2026 it holds 21 UL Listed and 87 FM Approved product certifications. There are two plants, at Jalgaon and Thane in Maharashtra, covering about 8.50 acres, along with a fire test laboratory and R&D unit. The order book was Rs 158.60 crore as of 30 June 2026. The company had 279 permanent and 253 contractual employees on that date.

Promoters and shareholding

Harish Narshi Dharamshi, Kusum Harish Dharamshi, Miheer Sadanand Ghotikar, Parika Miheer Ghotikar and Anik Narendra Dharamshi

Promoter holding, pre-issue

100%

Promoter holding, post-issue

85%