HD Fire Protect IPO
IPO Details
Bidding Dates
To be announced
Minimum Investment
To be announced
Price Range
To be announced
Maximum Investment
To be announced
Retail Discount
To be announced
Issue Size
To be announced
Investor category and sub category
Retail Individual Investors (RII) | Non-institutional Investors (NII) | Qualified Institutional Buyers (QIB)About HD Fire Protect IPO
HD Fire Protect IPO is a book-building issue consisting entirely of an offer for sale of up to 2.63 crore equity shares. The equity shares are proposed to be listed on BSE and NSE.
Ambit Private Limited, Anand Rathi Advisors Limited, and IIFL Capital Services Limited are the book-running lead managers to the issue, while MUFG Intime India Private Limited is the registrar. For detailed information on the company's financials, business operations, and associated risks, investors are advised to refer to the HD Fire Protect IPO DRHP.
About HD Fire Protect Limited
HD Fire Protect Limited was originally incorporated as D.H. Fire Protect Private Limited on April 24, 1997. The company was subsequently renamed HD Fire Protect Private Limited in 2005 and was converted into a public limited company as HD Fire Protect Limited on June 19, 2025.
The company is engaged in the manufacturing and supply of fire protection equipment and fire suppression systems, catering to industrial, commercial, infrastructure, and high-risk applications. Its product portfolio includes fire sprinklers, deluge valves, hydrants, foam systems, gas suppression systems, monitors, water spray nozzles, and custom-engineered fire protection solutions.
HD Fire Protect has established itself as one of India's leading fire protection equipment manufacturers through its in-house design, engineering, and research capabilities. The company manufactures products that comply with internationally recognized certifications and standards, including UL, FM, CE, and ASME approvals, enabling it to serve customers across domestic and global markets.
The company operates manufacturing facilities in Maharashtra and has developed an extensive global distribution network. As of FY25, its products were exported to more than 90 countries across the Middle East, Asia, Europe, the Americas, and Africa, making it one of the largest exporters in India's fire protection equipment industry.
HD Fire Protect's growth strategy is focused on expanding its manufacturing capacity, strengthening research and development capabilities, increasing global market penetration, and enhancing its portfolio of certified fire protection solutions. By leveraging its strong certification platform, engineering expertise, and export presence, the company aims to capitalize on the growing demand for fire safety and fire suppression systems worldwide.
Industry Outlook
- India's fire protection equipment market has witnessed strong growth, supported by increasing urbanization, industrialization, and infrastructure development across the country.
- Rising awareness regarding fire safety and stricter enforcement of fire safety regulations across commercial, residential, and industrial facilities are driving demand for advanced fire protection systems.
- The Indian fire protection equipment market was estimated at approximately ₹102 billion in FY25 and is projected to reach ₹165-175 billion by FY30, reflecting healthy long-term growth prospects.
- Fire suppression systems account for a significant share of the market and continue to benefit from increasing investments in oil & gas, power, petrochemicals, manufacturing, and infrastructure projects.
- Demand for certified fire protection products is increasing globally, with compliance requirements and safety standards creating high entry barriers for new participants.
- Growth in sectors such as data centers, warehousing, renewable energy, commercial real estate, and industrial manufacturing is expected to create substantial opportunities for fire protection equipment suppliers.
- India is emerging as a preferred manufacturing destination for certified fire protection products, supported by import substitution trends and expanding export opportunities.
HD Fire Protect IPO Objectives
The company proposes to utilize the net proceeds from the IPO for the following objectives:
- Achieving the benefits of listing the equity shares on the stock exchanges.
- Enhancing the company's visibility and brand recognition in the market.
- Providing liquidity and an exit opportunity to the selling shareholders.
- Creating a public market for the company's equity shares.
- Improving transparency and corporate governance standards associated with a listed entity.
- Increasing investor awareness and broadening the shareholder base.
- Supporting the company's market positioning through stock exchange listing.
Financial Performance of HD Fire Protect Limited
| Particulars | FY25 | FY24 | FY23 |
| Revenue from Operations (₹ Mn) | 4,327.99 | 3,729.53 | 3,240.78 |
| Domestic Revenue (₹ Mn) | 2,731.69 | 2,465.79 | 2,064.12 |
| Exports Revenue (₹ Mn) | 1,552.62 | 1,232.84 | 1,139.30 |
| Operating EBITDA (₹ Mn) | 1,380.08 | 1,066.32 | 899.41 |
| Operating EBITDA Margin (%) | 31.89 | 28.59 | 27.75 |
| PAT (₹ Mn) | 1,095.46 | 879.20 | 702.25 |
| PAT Margin (%) | 24.31 | 22.43 | 21.04 |
| RoE (%) | 29.59 | 28.41 | 25.29 |
| RoCE (%) | 39.64 | 37.61 | 33.59 |
HD Fire Protect Limited Peer Details Comparison
| Name of the Company | Basic EPS (₹) | Face Value (₹) | NAV per Share (₹) | Total Income (₹ Mn) | EPS - Diluted (₹) | P/E – (based on basic EPS) | P/E – (based on diluted EPS) | RoNW (%) |
| HD Fire Protect Limited | 6.25 | 5 | 22.59 | 4,506.75 | 6.25 | NA | NA | 27.67 |
| Azad Engineering Limited | 14.66 | 2 | 233.94 | 4,679.45 | 14.66 | 104.37 | 104.37 | 6.21 |
| KSB Limited | 14.22 | 2 | 85.34 | 25,698.37 | 14.22 | 58.08 | 58.08 | 16.66 |
| Kirloskar Pneumatic Company Limited | 32.56 | 2 | 169.09 | 16,624.16 | 32.48 | 37.43 | 37.52 | 19.27 |
| Elgi Equipment Limited | 11.09 | 1 | 58.43 | 35,681.00 | 11.08 | 42.55 | 42.59 | 18.96 |
| Ingersoll-Rand (India) Limited | 84.74 | 10 | 193.02 | 13,745.81 | 84.74 | 44.93 | 44.93 | 43.90 |
Strengths and Opportunities of HD Fire Protect IPO
HD Fire Protect is the 2nd largest fire protection equipment manufacturer in India by revenue and the largest exporter in the segment.
The company has a diversified portfolio covering water, foam and gas-based fire suppression systems.
Strong certification portfolio including UL, FM, CE, ASME and other international approvals creates significant entry barriers.
Products are exported to more than 90 countries, providing geographical diversification and global market access.
The company has established in-house research, design and engineering capabilities that support product innovation and development.
High repeat business from customers demonstrates strong relationships and product acceptance.
Growing demand for fire safety systems from infrastructure, industrial, data centre and energy projects offers long-term growth potential.
Capacity expansion initiatives and investments in R&D facilities are expected to support future growth.
Rising global fire safety compliance requirements create opportunities for further export expansion.
Risks and Threats of HD Fire Protect IPO
The IPO is entirely an Offer for Sale, and the company will not receive any fresh capital from the issue.
The business is dependent on maintaining critical certifications and approvals, and any delays or non-renewals may affect operations.
Demand is influenced by industrial and infrastructure project activity, making the business susceptible to economic slowdowns.
The company relies on repeat customers and does not have long-term contracts for a substantial portion of its business.
Raw material price fluctuations may adversely affect profit margins.
Export operations expose the company to foreign exchange fluctuations, geopolitical developments and trade restrictions.
Manufacturing operations are concentrated in Maharashtra, creating geographic concentration risk.
Competition from domestic and international fire protection equipment manufacturers may impact market share and pricing.
Supply chain disruptions, supplier concentration and execution risks relating to expansion projects could affect future performance.
HD Fire Protect IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 50% of the Offer |
| Retail Shares Offered | Not less than 35% of the Offer |
| NII Shares Offered | Not less than 15% of the Offer |
HD Fire Protect IPO Promoter Holding
The promoters of the company are Harish Narshi Dharamshi, Miheer Sadanand Ghotikar, Parika Miheer Ghotikar and Anik Narendra Dharamshi.
Share Holding Pre-Issue | 100% |
Share Holding Post Issue | - |
HD Fire Protect IPO Prospectus
HD Fire Protect IPO Registrar and Lead Managers
HD Fire Protect IPO Lead Managers
Ambit Private Limited
Anand Rathi Advisors Limited
IIFL Capital Services Limited
Registrar for HD Fire Protect IPO
MUFG Intime India Private Limited
Contact Number: +91 22 49186000
Email Address: hdfire.ipo@in.mpms.mufg.com
HD Fire Protect IPO Registrar
How To Apply for HD Fire Protect IPO Online?
Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
Locate the IPO Section: Navigate to the 'IPO' section on the platform.
Select IPO: Find and select the HD Fire Protect IPO from the list of open IPOs.
Enter the Lot Size: Specify the number of lots you want to bid for.
Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of the HD Fire Protect IPO?
Steps to check IPO allotment status on Angel One’s app:
Log in to the Angel One app.
Go to the IPO Section and then to IPO Orders.
Select the individual IPO that you had applied for and check the allotment status.
Angel One will notify you of your IPO allotment status via push notification and email.
Don't miss the next investment opportunity - browse the Upcoming IPO on Angel One.
Contact Details of HD Fire Protect IPO
Registered Office: O-611, 6th Floor, Runwal R Square, Opp. Veena Nagar, L. B. S. Marg, Mulund West, Mumbai, Maharashtra, 400080.
Phone: 3528700
E-mail: investors@hdfire.com
Website: https://www.hdfire.com/
- How to Apply in IPO
- How to Check IPO Allotment Status
Login to Angel One App / Website & click on IPO
Select desired IPO & tap on "Apply"
Enter UPI ID, set quantity/price & submit
Accept mandate on the UPI app to complete the process
HD Fire Protect IPO FAQs
What minimum lot size can retail investors subscribe to?
The lot size for the HD Fire Protect IPO has not yet been announced. The minimum investment amount for retail investors will also be known once the price band and lot size are announced.
When will the HD Fire Protect IPO be allotted?
The basis of allotment date for the HD Fire Protect IPO has not yet been announced. Investors can check their allotment status after it is finalised through the registrar or stock exchange websites.
How to increase your chances of getting a HD Fire Protect IPO allotment?
Multiple Submissions: Use different Demat accounts belonging to different eligible applicants to make separate applications.
Price Bidding: Opt for bidding at the cut-off price or the upper price band to avoid the application being rejected due to a lower bid.
Timely Subscription: Ensure you submit your IPO application within the specified subscription period and complete the required application process before the deadline.
Application Details: Check your PAN, Demat account, bank account and UPI details carefully before submitting the application to avoid rejection due to errors.
How do I approve the UPI mandate request for the HD Fire Protect IPO?
After submitting your IPO application, you will receive a UPI mandate request in your chosen UPI app. Review the details and approve the mandate before the specified deadline to complete your application.
Can I submit more than one application for the public issue of HD Fire Protect Limited using one PAN?
No, you should not submit multiple IPO applications using the same PAN under the same investor category. Multiple applications with the same PAN may be rejected as invalid during the allotment process.
What is 'pre-apply' for HD Fire Protect Limited IPO?
Pre-apply allows investors to submit their IPO application before the public issue officially opens for subscription. The application is saved in advance and is processed when the IPO opens.
If I pre-apply for the HD Fire Protect Limited IPO, when will my order get placed?
The IPO opening date for HD Fire Protect Limited has not yet been announced. Therefore, the date on which a pre-applied order will be placed will be known once the IPO schedule is announced.
When will I know if my HD Fire Protect Limited IPO order is placed?
You will receive a confirmation once your IPO order has been successfully placed on the exchange. You will also receive notifications through your email and SMS.
Where is the HD Fire Protect Limited IPO getting listed?
The HD Fire Protect Limited IPO is proposed to be listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The tentative listing date has not yet been announced.
