IPO Analysis
HD Fire Protect IPO Analysis: GMP, Financials, Valuation & Risks
HD Fire Protect IPO opens on October 13, 2026, with a price band of 258 to 271 per share and issue size of about 712.31 crores.
By Feneel Patel
ยท 6 min read
AI wrote this article from prospectus and exchange data, and software checked its figures against that data before publishing. How our content is made
Summary
HD Fire Protect IPO is a mainboard issue on BSE and NSE with a price band of 258 to 271 per share and an issue size of approximately 712.31 crores. The issue opens on October 13, 2026 and closes on October 15, 2026.
We also have the unofficial grey market premium quote at 75 as of 12 Oct 2026, 5:05 pm IST. That is an unofficial quote, and listings can move away from it.
IPO snapshot
| Particulars | Details |
|---|---|
| IPO type | Mainboard |
| Issue type | Bookbuilding IPO |
| Exchange | BSE, NSE |
| Price band | 258 to 271 Per Share |
| Face value | 5 per share |
| Issue size | Approx 712.31 Crores |
| Fresh issue | Not available |
| Offer for sale | 2,62,84,500 shares of 5 (agg. up to 712 Cr) |
| Open date | October 13, 2026 |
| Close date | October 15, 2026 |
| Allotment date | October 16, 2026 |
| Refunds | October 19, 2026 |
| Credit to demat | October 19, 2026 |
| Listing date | October 21, 2026 |
Lot size
| Application | Lot size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 55 | 14,905 |
| Retail Maximum | 13 | 715 | 1,93,765 |
| S-HNI Minimum | 14 | 770 | 2,08,670 |
| S-HNI Maximum | 67 | 3685 | 9,98,635 |
| B-HNI Minimum | 68 | 3740 | 10,13,540 |
Business
HD Fire Protect Limited was incorporated in April 1997. It is an Indian manufacturer and supplier of fire protection equipment and systems, with water, foam and gas-based fire suppression solutions.
Its portfolio covers 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.
The company sells to industrial, residential and commercial use cases across oil and gas, refining and petrochemicals, power and energy, heavy engineering, aerospace, pharmaceuticals, data centres, hospitality and healthcare. It has two manufacturing facilities in Jalgaon and Thane, Maharashtra.
The company states that it develops a majority of its products in-house and focuses on proprietary designs that meet national and international standards. It has exported to more than 90 countries since inception and to 49 countries during the three months ended June 30, 2026.
Financials
| Period ended | Assets | Revenue | Profit after tax | EBITDA | Net worth | Reserves and surplus |
|---|---|---|---|---|---|---|
| 31 Mar 2024 | 392.63 | 392.02 | 87.92 | 106.63 | 342.19 | 332.19 |
| 31 Mar 2025 | 450.08 | 450.68 | 109.72 | 138.01 | 396.01 | 302.59 |
| 31 Mar 2026 | 432.03 | 505.12 | 116.79 | 150.46 | 375.93 | 286.07 |
| 30 Jun 2026 | 477.60 | 114.07 | 23.87 | 29.73 | Not available | 309.93 |
Revenue from operations increased from 3,729.53 million in Fiscal 2024 to 4,892.81 million in Fiscal 2026. The company also reported an order book of 1,586.01 million as of June 30, 2026.
Valuation
The reported valuation metrics are below.
| Metric | Value |
|---|---|
| ROE | 6.13% |
| ROCE | 8.36% |
| Return on net worth (RoNW) | 5.97% |
| PAT margin | 20.92% |
| EBITDA margin | 27.26% |
| Net asset value (NAV) | 22.82 |
| Price to book value | 12.63 |
| Earnings per share (EPS) | 6.66 (Basic) |
| Price earning (P/E) ratio | N/A |
At the issue price band, the reported price to book value is 12.63. The P/E ratio is listed as N/A.
GMP
The unofficial grey market premium is 75 as of 12 Oct 2026, 5:05 pm IST. The estimated listing price shown with that quote is 346, and the estimated listing percent is 26.68.
| Date | GMP | Estimated listing percent |
|---|---|---|
| 2026-10-07 | 60 | 22.14 |
| 2026-10-08 | 55 | 20.29 |
| 2026-10-09 | 75 | 27.67 |
| 2026-10-10 | 75 | 27.7 |
| 2026-10-11 | 55 | 20.29 |
| 2026-10-12 | 75 | 26.68 |
This is an unofficial quote, not an exchange figure.
Strengths
The company has over three decades of experience and a product range across eight categories. It also has certifications and approvals that include 21 UL Listed and 87 FM Approved product certifications as of September 2026.
HD Fire Protect says it was the first Indian fire protection equipment manufacturer to receive UL Listing for deluge valves in 1996, and the first Indian manufacturer to receive FM approval for a range of low-expansion foam system products. It has also supplied major projects including the Samruddhi Mahamarg, Jamnagar refinery, the new Indian Parliament building, Saudi Aramco's Ras Tanura Sea Island site and Oman's Integrated Power & Water Plant Project.
Risks
The issue is fully an offer for sale of 2,62,84,500 shares of 5, so the company will not receive fresh issue proceeds from that portion. That limits the direct capital coming into the business from this IPO.
The company works in a specialised industrial safety segment, where customer approvals, certifications and project execution matter. It also operates across many sectors and countries, so demand can vary by industry and geography.
Important dates
| Event | Date |
|---|---|
| IPO open | October 13, 2026 |
| IPO close | October 15, 2026 |
| Allotment | October 16, 2026 |
| Refunds | October 19, 2026 |
| Credit to demat | October 19, 2026 |
| Listing | October 21, 2026 |
Promoters
The promoters of the company are Harish Narshi Dharamshi, Miheer Sadanand Ghotikar, Parika Miheer Ghotikar and Anik Narendra Dharamshi.
FAQs
What is the HD Fire Protect IPO price band?
The price band is 258 to 271 per share.
When does the HD Fire Protect IPO open and close?
It opens on October 13, 2026 and closes on October 15, 2026.
What is the issue size?
The issue size is approximately 712.31 crores.
What is the lot size for retail investors?
Retail minimum lot size is 1 lot of 55 shares, worth 14,905.
What is the unofficial grey market premium?
The unofficial grey market premium is 75 as of 12 Oct 2026, 5:05 pm IST.