HD Fire Protect Limited IPO
Offer terms, application timeline, financial context and company details in one place.
Issue at a glance
- Issue size
- ₹712.31 crore
- Face value
- ₹5
- Issue method
- Book Building
- Symbol
- HDFIRE
- ISIN
- INE18AK01028
Subscription
82.41×overall subscribed
| Investor category | Applications | Shares bid | Subscribed |
|---|---|---|---|
| Qualified Institutional Buyers(QIBs) | — | 82,21,48,690 | 156.82× |
| Foreign Institutional Investors(FIIs) | — | 9,31,66,480 | — |
| Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) | — | 49,73,58,730 | — |
| Mutual funds | — | 2,07,91,045 | — |
| Others | — | 21,08,32,435 | — |
| Non Institutional Investors | — | 50,36,96,105 | 128.1× |
| Non Institutional Investors(Bid amount of more than Ten Lakh Rupees) | — | 38,39,48,785 | 146.47× |
| Corporates | — | 26,70,140 | — |
| Individuals(Other than RIIs) | — | 36,33,29,505 | — |
| Others | — | 1,79,49,140 | — |
| Non Institutional Investors(Bid amount of more than Two Lakh Rupees upto Ten Lakh Rupees) | — | 11,97,47,320 | 91.36× |
| Corporates | — | 2,28,580 | — |
| Individuals(Other than RIIs) | — | 11,47,89,785 | — |
| Others | — | 47,28,955 | — |
| Retail Individual Investors(RIIs) | — | 19,11,36,165 | 20.83× |
| Cut Off | — | 16,04,09,095 | — |
| Price bids | — | 3,07,27,070 | — |
| Employees | — | 11,20,020 | 15.74× |
| Cut Off | — | 9,53,645 | — |
| Price Bids | — | 1,66,375 | — |
| Total | — | 1.52 | 82.41× |
About the company
Incorporated in April 1997, HD Fire Protect Limited is an Indian manufacturer and supplier of fire protection equipment and systems, offering water, foam and gas-based fire suppression solutions. The Company offers a comprehensive portfolio across eight product categories, including 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. Its products cater to industrial, residential and commercial applications, including oil and gas, refining and petrochemicals, power and energy, heavy engineering, aerospace, pharmaceuticals, data centres, hospitality, healthcare and other sectors. The Company develops a majority of its products in-house and focuses on proprietary designs meeting national and international standards.
Financial snapshot
| Period Ended | Jun-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| Assets | 477.60 | 432.03 | 450.08 | 392.63 |
| Total Income | 114.07 | 505.12 | 450.68 | 392.02 |
| Profit After Tax | 23.87 | 116.79 | 109.72 | 87.92 |
| EBITDA | 29.73 | 150.46 | 138.01 | 106.63 |
| NET Worth | 401.02 | 377.15 | 397.23 | 343.41 |
| Reserves and Surplus | 313.41 | 289.53 | 309.62 | 340.76 |
| Total Borrowing | 0.00 | 0.00 | 0.00 | 0.00 |
What to consider
Use of proceeds
The HD Fire Protect Ltd. IPO is a 100% Offer for Sale (OFS), so the company will not receive any funding and the entire IPO proceeds will go to the selling shareholders.
Business strengths
- High Barrier Global PresenceThe company has over 36 years of experience and exports to more than 90 countries, supported by certifications such as UL Listed, FM Approved, ASME U Stamp and CE Marking, which typically take 6-24 months to obtain and create substantial entry barriers for new competitors.
- Comprehensive Product PortfolioThe company offers fire protection equipment across eight product categories spanning water, foam and gas-based suppression technologies, serving diverse end-use sectors including industrials, oil & gas, power, pharmaceuticals and data centres, reducing dependence on any single industry.
- Diversified Long-Standing Customer BaseAs of June 30, 2026, the company served over 905 customers globally, with 54.40% of Fiscal 2026 revenue from customers associated for more than five years, supported by a distributor network of 22 distributors and multiple domestic stockists.
Key risks
- Product Failure and Warranty LiabilityMalfunction or failure of fire protection equipment could cause loss of life, property damage and invocation of warranties or legal claims, which, despite quality controls and a replacement rate of only 0.01%, could adversely affect the company's business and reputation.
- Dependence on Overseas RevenueThe company generated 32.78%, 34.69%, 36.24% and 33.33% of its revenue from operations from outside India for the three months ended June 30, 2026 and Fiscals 2026, 2025 and 2024, respectively, exposing it to risks from adverse conditions in key export markets such as the Middle East and Rest of Asia.
- Supplier Concentration RiskTop 10 suppliers accounted for 59.28%, 47.76%, 42.90% and 35.59% of Total Expenses in the three months ended June 30, 2026 and Fiscals 2026, 2025 and 2024 respectively, and the company has no long-term purchase agreements, exposing it to risks of supply disruption.
Peer comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (₹ per share) | P/E (x) |
|---|---|---|---|---|
| HD Fire Protect Ltd. | 6.66 | 6.66 | 21.45 | 31.07 |
| Azad Engineering Ltd. | 20.57 | 20.57 | 236.74 | 145.65 |
| Ksb Ltd. | 15.54 | 15.54 | 96.46 | 55.68 |
| Kirloskar Pneumatic Co.Ltd. | 39.45 | 39.39 | 192.25 | 17.18 |
| Elgi Equipments Ltd. | 13.65 | 13.61 | 70.41 | 44.70 |
| Ingersoll-rand (india) Ltd. | 81.10 | 81.10 | 195.04 | 51.39 |