HD Fire Protect IPO
HD Fire Protect LtdMainboard
This IPO is now Live.
- Open date
- 13 Oct 2026
- Close date
- 15 Oct 2026
- Min. Investment
- ₹14,905
- Lot Size
- -
- Fresh Issue
- ₹-
- Price Range
- -
- Face Value
- -
- IPO Document
- DRHP - PDF(opens in a new tab)
Subscription rate
- Qualified Institutional Buyers1.01x
- Non-Institutional Investors8.25x
- Retail-Individual Investors2.98x
- Total3.54x
Schedule
- Current step: IPO open date13 Oct 2026
- Upcoming: IPO close date15 Oct 2026
- Upcoming: Allotment date16 Oct 2026
- Upcoming: Funds unblock or debit19 Oct 2026
- Upcoming: Tentative listing date21 Oct 2026
About
Promoter shareholding in HD Fire Protect Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Harish Narshi Dharamshi | 9,83,51,000 | 56.13% | 8,93,67,300 | 51.00% |
| Kusum Harish Dharamshi | 3,12,40,000 | 17.83% | 1,39,39,200 | 7.95% |
| Miheer Sadanand Ghotikar | 1,83,92,000 | 10.49% | 1,83,92,000 | 10.49% |
| Parika Miheer Ghotikar | 1,15,94,000 | 6.62% | 1,15,94,000 | 6.62% |
| Anik Narendra Dharamshi | 74,58,000 | 4.26% | 74,58,000 | 4.26% |
| Narendra Visanji Dharamshi | 60,06,000 | 3.43% | 60,06,000 | 3.43% |
| Hiren Narshi Dharamshi (HUF) | 7,92,000 | 0.45% | 7,92,000 | 0.45% |
| Frenal Rishi Lodaya | 4,62,000 | 0.26% | 4,62,000 | 0.26% |
| Avika Miheer Ghotikar | 4,40,000 | 0.25% | 4,40,000 | 0.25% |
| Riaan Miheer Ghotikar | 4,40,000 | 0.25% | 4,40,000 | 0.25% |
| Usha Ashwin Shah | 55,000 | 0.03% | 55,000 | 0.03% |
HD Fire Protect IPO Strengths & Risks
- Well established global presence in a certification and stringent empanelment driven, high barrier industry.
- Comprehensive equipment and systems portfolio with presence across diverse end use sectors.
- Strong and diversified customer base with long standing global customer relationships.
- Advanced design and manufacturing capabilities, well equipped to deliver high quality fire protection equipment and systems with consistent R&D and innovation.
- Experienced management team and qualified personnel with significant industry experience.
- Track record of profitability and consistent financial performance.
- Risks Relating to the Business: Any malfunction or failures of the company's fire protection equipment and systems could result in loss of life, property damage, invocation of warranties, legal claims, and reputational harm, which could adversely affect its business, financial condition, and results of operations.
- Risks Relating to the Business: The company generated 32.78%, 34.69%, 36.24% and 33.33%, of its revenue from operations from outside India for the three months period ended June 30, 2026, and Fiscals 2026, 2025, and 2024, respectively. Any adverse changes in the conditions affecting the industries in global markets in which the company's products are supplied, including its key markets such as Middle East and Rest of Asia, could materially adversely affect the company's business, results of operations, financial condition, cash flows and future prospects.
- Risks Relating to the Business: As of the three months period ended June 30, 2026 and Fiscals 2026, 2025 and 2024, the company's top 10 suppliers contributed to 59.28%, 47.76%, 42.90% and 35.59% of the Total Expenses, respectively. The company relies on a limited number of third-party suppliers to meet its raw material and contract manufactured goods requirements, and the company does not have any long-term purchase agreements or firm commitments with its suppliers. As a result, any loss of or reduced support from one or more such suppliers could adversely impact the company's business, results of operations, and financial condition.
- Risks Relating to the Business: Any disruption in the availability, timely delivery, or price volatility of raw materials and contract manufactured goods may adversely affect the company's business, financial condition, and results of operations.
- Risks Relating to the Business: The company's business is subject to stringent regulatory requirements and certifications in India and overseas. Any failures to obtain, maintain, renew or comply with applicable standards, licenses or approvals may adversely affect the company operations, reputation and financial performance.
- Risks Relating to the Business: The company's manufacturing facilities are located in Maharashtra, India, and the company is dependent on them for a 61.02%, 63.49%, 65.80% and 67.94%, of its Revenue from Operations for the three months period ended June 30, 2026 and Fiscals 2026, 2025, and 2024, respectively, which exposes the company operations to potential geographical concentration risks arising from local and regional factors and any disruption, breakdown or shutdown of its facilities may adversely affect the company's business, results of operations, financial condition, cash flows and future prospects.
- Risks Relating to the Business: Under-utilization of the company's manufacturing capacities and an inability to effectively utilize its manufacturing capacities could have an adverse effect on the company's business, future prospects and future financial performance.
- Risks Relating to the Business: Any defaults or delays in payment by a significant portion of the company's customers may result in working capital risk and could have an adverse effect on business, results of operations, financial condition, cash flows and future prospects.
- Risks Relating to the Business: One of the company's joint statutory auditors resigned prior to the completion of their term and subsequently was appointed as the CFO of the Company, which may be perceived negatively by investors and stakeholders.
- Risks Relating to the Business: The Company and its Directors are involved in certain legal proceedings. Any adverse decision in such proceedings may have a material adverse effect on the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: The company operations are labour intensive. Any non-availability of contract labourers at reasonable cost or any strikes, work stoppages, increased wage demands, risks of workplace hazards or application of new labour laws could lead to disruption in the company's manufacturing facilities, which could adversely impact its business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: 79.76%, 85.20%, 86.30%, and 88.05% of the company's revenue from operations has been from repeat customers, for the three months period ended June 30, 2026, Fiscals 2026, 2025, and 2024, respectively. Further, the company relies on short-term work orders and does not have long-term contracts or exclusivity arrangements with the company's customers which exposes it to demand volatility, procurement risks, and customer concentration, which may adversely affect the company's business, financial condition, results of operations, and cash flows.
- Risks Relating to the Business: The company may not successfully protect its technical know-how, proprietary information, or patents and any unauthorised disclosure, use, or infringement, which may result in the loss of the company's competitive advantage and adversely affect its business, results of operations, and financial condition.
- Risks Relating to the Business: The company enters into certain related party transactions in the ordinary course of its business, and the company cannot assure you that such transactions will not have an adverse effect on its results of operation, cash flows and financial condition.
- Risks Relating to the Business: The company is subject to quality requirements, regular inspections and audits, and sales of its products are dependent on the company's quality controls and standards. Any failures to comply with quality standards may adversely affect its business prospects, cash flows and financial performance, including cancellation of existing and future orders.
- Risks Relating to the Business: If the company is unable to obtain, protect or use its intellectual property rights, the company's business may be adversely affected.
- Risks Relating to the Business: The company has filed compounding and adjudication applications with the competent regulatory authorities in relation to past non-compliances under the Companies Act, some of which are pending as of the date of this Red Herring Prospectus. There can be no assurance that these applications will have a favourable outcome or that penalties will not be imposed, which may impact the company's financial condition and reputation.
- Risks Relating to the Business: The company operations involve the uses of certain hazardous chemicals that are subject to environmental, health and safety laws, and subsequent ESG compliances, which could result in material liabilities in the future. Non-compliance with and changes in, safety, health, labour and environmental laws and other applicable regulations, may adversely affect the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: The company's inability to accurately forecast demand for its products and manage the company's inventory or working capital balances may have an adverse effect on its business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: Some of the company's business operations are being conducted on premises leased from third parties which includes its corporate office as well. The company's inability to continue operating from such premises, or to seek renewal or extension of such leases may have an adverse effect on its business, operations and financial condition.
- Risks Relating to the Business: The company's manufacturing facilities have significant water, power and fuel requirements. Any interruption in electricity and fuel supplies to its manufacturing facilities or any irregular or significant hike in tariff rates may lead to disruption in operations, higher operating cost and consequent decline in the company operating margins.
- Risks Relating to the Business: Unplanned slowdowns or shutdowns of the company's manufacturing operations could have an adverse effect on its business, results of operations, financial condition, cash flows and future prospects.
- Risks Relating to the Business: The company is dependent on its distribution and sales network for the sale, delivery and servicing of the company's products. Any disruption, underperformance, or inability to manage this network effectively, or the loss of key distributors, could adversely affect its business, operations, financial condition, and future prospects.
- Risks Relating to the Business: The company's insurance coverage may not be adequate to protect it against all potential losses or to satisfy potential claims, which may have an adverse effect on the company's business, results of operations, financial condition, cash flows and future prospects.
- Risks Relating to the Business: The company operations requires a significant amount of working capital. Any inability to meet its working capital requirements may adversely affect the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: The company is subject to risks associated with rejection of supplied products, and consequential claims and associated product liability costs due to defects in its products, which could generates adverse publicity and adversely affect the company's business, results of operations, cash flows or financial condition.
- Risks Relating to the Business: The company may not be able to maintain its current market position or successfully expand into new geographies, which could adversely affect the company's business, results of operations, and financial condition.
- Risks Relating to the Business: The company's success depends on its ability to develop new products in a timely manner. If the company's research and development efforts does not succeed, the introduction of new products may be hindered, which could adversely affect the company's business, cash flows, growth and financial condition.
- Risks Relating to the Business: Restrictions on import of raw materials and contract manufactured goods, increase in shipment cost and reliance on contract manufacturing may adversely impact the company's business, cash flows and results of operations.
- Risks Relating to the Business: The company faces foreign exchange risks that could adversely affect its results of operations and cash flows.
- Risks Relating to the Business: Some of the company's Directors does not have prior experience of holding a directorship in a company listed on the Stock Exchanges, which could adversely affect its compliance with regulations post listing.
- Risks Relating to the Business: Installation of the company's products is performed by customers or third parties over whom the company has no control, which could result in delays, improper installation, or damage to its equipment, thereby impacting performance, customer satisfaction, and reputation.
- Risks Relating to the Business: The company is required to furnish bank guarantees and performance guarantees under certain contracts, and any inability or delay in furnishing the same may adversely impact its operations, credit lines, and customer relationships.
- Risks Relating to the Business: The company's growth is dependent on government policies and regulatory mandates pertaining to fire safety and infrastructure development; any adverse changes or withdrawal of such policies may impact the demand for the company's products and the overall industry outlook.
- Risks Relating to the Business: The company faces competition from alternative suppliers for many of its products and if consumers preferences for any of these substitutes increases it could lead to a reduction in the demand for the company's products, which could have a material adverse effect on its business, financial condition and results of operations. Further, increased competition may result in lower prices of or a decreased market share for its products. The company failures to effectively compete may reduce its profitability.
- Risks Relating to the Business: The company's business and future growth are dependent on the growth of the industrial, commercial, and residential sectors. Any slowdown or stagnation in these sectors could adversely affect its operations, financial performance, and growth prospects.
- Risks Relating to the Business: The company is subject to stringent labour laws and industry regulations, and any disputes or non-compliance could adversely affect its operations, financial condition, and reputation.
- Risks Relating to the Business: The company could be adversely affected if its fails to keep pace with technological and technical developments in the fire protection industry.
- Risks Relating to the Business: Any reputational damage to the company's brand could have a material adverse effect on its business, results of operations, financial condition, and future prospects.
- Risks Relating to the Business: The company is currently entitled to certain incentives including duty drawback under government schemes. Any change in these benefits and incentives applicable to the company or a delay in disbursement of benefits under such schemes may affect its results of operations. The unavailability, reduction or elimination of government incentives could have a material adverse effect on the company's business, prospects, financial condition, results of operations and cash flows.
- Risks Relating to the Business: Pricing pressure from customers may affect the company's gross margin, profitability and ability to increase its prices, which in turn may materially adversely affect the company's business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company may not be successful in implementing its growth strategies, such as portfolio expansion , strategic capacity expansion at the company Jalgaon and Thane facilities, enhancing product credibility through international approvals , and expanding geographic presence internationally which could have a material adverse effect on the company's business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: The number of orders the company has received in the past, its current order book and the company's growth rate may not be indicative of the number of orders its will receive in future. The projects that are included in the company Order Book may be delayed, modified, cancelled, not fully paid, or suspended by its customers and, therefore the company Order Book is not necessarily indicative of its future revenue or profit. Any inability to realise the value of the company's projects could have a material adverse effect on its business, results of operation and financial condition.
- Risks Relating to the Business: The company is in the process of setting up new manufacturing facilities and expanding its existing operations, and any delay, cost overrun, or failures to successfully operationalize these facilities may adversely affect the company's business, financial condition and results of operations.
- Risks Relating to the Business: The company is highly dependent on its Promoters and the company's management team, Senior Management and Key Managerial Personnel and the loss of any key team member may adversely affect its business performance.
- Risks Relating to the Business: There have been certain instances of delays in payment of statutory dues by the company in the three months period ended June 30, 2026 and the last three Fiscals. Any delay in payment of statutory dues by the company in future, may result in the imposition of penalties and in turn may have an adverse effect on its business, financial condition, results of operation and cash flows.
- Risks Relating to the Business: If the company is unable to sustain or manage its growth, the company's business, results of operations, financial condition, cash flows and future prospects may be materially adversely affected.
- Risks Relating to the Business: Certain of the company's Promoters, Directors and Key Managerial Personnel have interests in the Company in addition to their normal remuneration or benefits and reimbursement of expenses incurred.
- Risks Relating to the Business: Technology failures or breaches in the company IT and enterprise resource planning ("ERP") systems could disrupt its operations, compromise sensitive information and adversely affect the company's business operations, cash flows and financial performance.
- Risks Relating to the Business: The company has invested in marketing over multiple channels; there is no guarantee that this expense will continue to yield results and may adversely impact its profitability, return on investment, and financial performance.
- Risks Relating to the Business: The improper handling, processing or storage of raw materials and contract manufactured goods, or spoilage of and damage to such raw materials and contract manufactured goods, or any real or perceived contamination in the company's products, could subject it to regulatory and legal action, damage the company's reputation and have an adverse effect on its business, results of operations and financial condition.
- Risks Relating to the Business: Industry information included in this Red Herring Prospectus has been derived from an industry report prepared by CRISIL exclusively commissioned and paid for by the company for such purpose.
- Risks Relating to the Business: The company is dependent on third party transportation providers and logistic services for the supply of raw materials and contract manufactured goods and delivery of its products.
- Risks Relating to the Business: The company's ability to maintain and grow its revenues and profitability significantly depends on the company's success in retaining and expanding its customer base including direct customers and distributors, deepening relationships with such existing customers, and consistently meeting their expectations for quality. Failures to achieve these strategic objectives could materially adversely affect the company's business, reputation, financial condition, and results of operations.
- Risks Relating to the Business: The Offer Price, Market Capitalization to Revenue from Operations multiple and price to earnings ratio based on the Offer Price of the Company, may not be indicative of the market price of the Equity Shares on listing.
- Risks Relating to the Business: Information relating to the installed manufacturing capacity and capacity utilization of the company's manufacturing facilities included in this Red Herring Prospectus are based on certain assumptions and future production and capacity may vary.
- Risks Relating to the Business: The company has certain contingent liabilities as per Ind AS 37 that have been disclosed in its financial statements, which if materialised, may adversely affect the company's financial condition and cash flows.
- Risks Relating to the Business: Failures in internal control systems could cause operational errors which may have an adverse impact on the company profitability, results of operations and cash flows.
- Risks Relating to the Business: Negative publicity against the company, its suppliers, the company's customers or any of its or their affiliates could cause the company's reputational harm and could have a material adverse effect on its business, financial condition, cash flows, results of operations and prospects.
- Risks Relating to the Business: The Company may not be able to pay dividends in the future. The company's ability to pay dividends in the future will depends upon its future earnings, financial condition, cash flows, working capital requirements and capital expenditures and the terms of the company's financing arrangements.
- Risks Relating to the Business: The company will be controlled by its Promoters along with members of the Promoter Group so long as they hold a majority of the Equity Shares, which will allow them to influence the outcome of certain matters submitted for approval of the company's Shareholders and their interests may not be aligned with the interest of other Shareholders.
- Risks Relating to the Business: The company has in this Red Herring Prospectus included certain non-GAAP financial measures and certain other industry measures related to its operations and financial performance. These non-GAAP measures and industry measures may vary from any standard methodology that is applicable across the industry in which the company operates, not be comparable with financial, operational or industry related statistical information of similar nomenclature computed and presented by other similar companies.
- Risks Relating to the Business: Failures to maintain confidential information of the company's customers could adversely affect its results of operations and or damage the company's reputation.
- Risks Relating to the Business: The Company will not receive any proceeds from the Offer. The Promoter Selling Shareholders will receive the net proceeds from such Offer.
