HD Fire Protect Limited is going live for an IPO. It is India’s second-largest maker of fire protection equipment by operating income and its largest exporter by value.
IPO Summary
| HD Fire Protect IPO Details | |
|---|---|
| IPO Date | 13th to 15th Oct, 2026 |
| Sale Type | 100% OFS |
| Tentative Listing Date | 21st Oct, 2026 |
| Price Band | ₹258to ₹271 |
| Post Issue M. Cap at ₹214 | ₹4,749 Cr |
| Total Issue Size | ₹712Cr |
Introduction
India spends just about $1 per person on fire protection equipment. North America spends $57 and Europe $52.
But, the Indian market for fire protection equipment grew about 12% a year from FY20 to FY26 reaching ~₹10,900 Cr. New buildings, infrastructure and factories drive demand, and insurers add to it by setting fire protection rules.
Fire suppression equipment, which puts fires out, made up 75% of the market in FY26. Fire detection equipment, which warns of fires, made up the other 25%.
HD Fire Protect Limited (HD Fire) makes fire suppression equipment, including valves, sprinklers, foam systems and nozzles.
They’re now coming to market with an IPO consisting of a 100% Offer for Sale of ~₹712 Cr, from 13th to 15th Oct, 2026.
The Business Model
Harish Dharamshi started HD Fire as a partnership firm in 1990. The company was incorporated in 1997 and took over the partnership in 2005.
It now sells eight product categories of water, foam and gas based fire suppression equipment to industrial buyers (oil and gas, refining, power, pharma, data centres) and to residential and commercial buyers (hospitality, healthcare, retail).
It was the second-largest Indian maker of fire protection equipment by operating income in FY25 and the largest exporter by value.
Key customers include Sterling and Wilson, Techno Electric & Engineering, Godrej Properties and Agnice Fire Protection.
HD Fire Protect’s catalogue includes:
- Sprinklers, alarm valves and accessories,
- deluge valves and pre-action systems,
- foam equipment
These products together make up ~75% of revenue, while water spray nozzles, monitors, system valves, custom engineered systems and gas suppression make up most of the rest.
HD Fire has two plants in Maharashtra, at Jalgaon and Thane, on 8.50 acres. The Jalgaon plant covers casting, machining, assembly and testing under one roof. HD’s own plant-made products made up ~63% of revenue this year.
Fire equipment needs approvals such as UL Listed and FM Approved before large buyers will use it. HD Fire holds 21 UL Listed and 87 FM Approved certifications, the most among India’s fire protection peers.
Apart from domestic sales, 22 distributors in 18 countries handle exports, and HD Fire has sold in more than 90 countries.
HD Fire Protect’s products are in use at the Sriharikota launch pad, the Jamnagar refinery, the new Parliament building and Saudi Aramco’s Ras Tanura Sea Island site.
Unit Economics (₹ Lakh per Customer)
- Revenue per customer rose ~13% in FY25 and ~19% in FY26, reaching ~₹24 lakh. The customer count barely moved though, from 2,114 in FY24, falling to 2,066 in FY26.
- Adj. EBITDA per customer rose from ₹5 lakh in FY24 to ₹7 lakh in FY26.
- Costs rose more or less in line with revenue, though employee benefits expense growth was lesser than revenue growth in FY25 and FY26, explaining the higher EBITDA Margin.
Operating Metrics
- Foam equipment has actually grown fastest of the three large categories, and makes up ~19% of revenue in FY26. Sprinkler systems and deluge valves, however, make a huge chunk of revenue still.
- Exports grew 16.9% a year from FY24 to FY26 and domestic sales grew 13.4% a year. The Middle East is the largest export market at ₹72.73 Cr, or 14.98% of FY26 revenue. The export share fell from 36.24% in FY25 to 34.69% in FY26, and stood at 32.78% in Q1 FY27.
- HD Fire leans more on goods made by others (contract manufacturers) each year. Own plants made ~68% of revenue in FY24 and 63% in FY26.
The Financial Stuff
- Revenue grew from ₹373 Cr in FY25 to ₹489 Cr in FY26, a CAGR of ~15%.
- PAT grew ~6% in FY26 to ₹156 Cr, after growing ~25% to ₹147 Cr in FY25.
- With very marginal Finance Costs, and a steady Depreciation, PAT Margin was able to consistently remain at ~23% throughout FY24 to FY26.
HD Fire’s Peers (FY26)
Note that no Indian fire protection equipment company is listed as a peer to HD Fire Protect. The company compares itself with listed capital goods makers that sell engineered products to infrastructure, real estate, power and industry.
- HD Fire is the smallest by revenue. Its ₹489 Cr compares with ₹590 Cr at Azad Engineering, the next smallest, and is about 12% of Elgi’s ₹3,954 Cr.
- HD’s Adj. EBITDA Margin of 31% is second only to Azad’s 37%. The other four peers lag behind in EBITDA Margins.
- HD Fire has the highest PAT Margin at 23% and RoNW at 31% in the group.
At the upper band of ₹271 and FY26 EPS of ₹6.66, HD Fire will trade at a P/E of 40.7x. Peers range from 17.2x at Kirloskar Pneumatic to 145.7x at Azad, with an average of 62.95x.
Key Risks
- Product failure: HD Fire’s equipment works in emergencies. A failure can cause loss of life, property damage, warranty claims and legal action. Failures caused by poor installation by third parties can still hurt its name and expose it to claims.
- Export exposure: Exports gave 35% of FY26 revenue, with the Middle East at 15%. Exports run mainly through 22 distributors, and a weak market or a failed distributor would cut sales.
- Imports and input prices: Imported contract-made goods were 31% of FY26 total expenses and imported raw material 6%. Supplier quotes are usually valid for 45 days, and HD Fire has no contract terms that fully pass cost increases on to customers.
IPO FAQs
Q: What is HD Fire Protect’s price band?
A: HD Fire Protect has a price band of ₹258 to ₹271
Q: What is HD Fire Protect’s closing date?
A: HD Fire Protect IPO closes on 15th Oct, 2026
Q: What is HD Fire Protect’s listing date?
A: HD Fire Protect lists on 21st Oct, 2026, on the NSE and the BSE
Summary
HD Fire is an Indian maker of fire suppression equipment with more UL Listed and FM Approved certifications than its Indian peers. Revenue grew 15% a year from FY24 to FY26 and Adj. EBITDA Margin stayed between ~30%. But, PAT growth slowed to 6% in FY26, receivables rose 62%, and a larger share of sales comes from goods made by others.
