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₹258 - 271Day cells show that day's addition; Now is the running total. Amounts at the upper price band.
HD Fire Protect Ltd
Capital Goods-Non Electrical EquipmentIPO
₹258 - 271
Founded in 1990, HD Fire Protect manufactures certified fire suppression equipment and engineered systems, operating as India's largest exporter of fire protection hardware for high-hazard industrial complexes and infrastructure installations. Its growth relies on securing rigorous international safety certifications across valves, nozzles, and suppression vessels to displace global incumbents in heavy industrial capital projects.
Lot55Min Invest₹14,905Face Value₹5Issue Size₹712 CrOffer for Sale₹712 Cr
Timeline
13 Oct
Bidding opens
15 Oct
Bidding closes
16 Oct
Allotment
19 Oct
Refund & demat credit
21 Oct
Listing
Subscription · As of 7:48 PM, 15 Oct
Demand by day
CategoryDay 1Day 2Day 3Now+1.04x+0.45x+255.16x256.7x+11.38x+37.33x+154.50x203.2x+3.78x+7.56x+19.16x30.5xOverall+4.62x+11.88x+115.20x131.7x
Shares & amount
CategorySubscriptionShares OfferedShares BidAmt ₹ CrQIB256.7x1.25 Cr320.33 Cr86,809.24NII203.2x37.44 L76.09 Cr20,619.45Retail30.5x87.37 L26.64 Cr7,220.01Total131.7x2.63 Cr346.17 Cr89,311.04
Reports
Offer Details
Terms
Issue Size₹712 Cr2.63 Cr shares
Offer for Sale₹712 Cr
Face Value₹5
Lot Size55 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,9051-13 lots
sNII₹2,08,670from 14 lots
bNII₹10,13,540from 68 lots
Managers & Registrar
Lead ManagerAmbit Private Limited
Co-ManagerAnand Rathi Advisors Limited, IIFL Capital Services Limited
RegistrarMUFG Intime India Pvt Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrHarish Narshi DharamshiPRMTR89,83,700243.46Kusum Harish DharamshiPRMTR1,73,00,800468.85Total2,62,84,500712.31
Shareholding
CategoryPre IPOPost IPOPromoter Group100%84.99%Public0%15.01%
Objects of the Issue
- listing the Equity Shares on the Stock Exchanges
Anchor Book
Bid Date12-Oct-2026Bid Price₹271Shares78,64,008Amount₹213 CrMutual Funds71.88% of the book30-day lock-in14-Nov-202690-day lock-in13-Jan-2027
Financials
Profit & Loss
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| RevenueCr | 232 | 324 | 373 | 433 | 489 |
| Operating ProfitCr | 65 | 90 | 107 | 138 | 150 |
| OPM% | 27.9 | 27.8 | 28.6 | 31.9 | 30.8 |
| PBTCr | 72 | 93 | 116 | 147 | 156 |
| PATCr | 54 | 70 | 88 | 110 | 117 |
| EPS | 4,462 | 4 | 5 | 6 | 7 |
Balance Sheet
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity CapitalCr | 1 | 1 | 3 | 88 | 88 |
| ReservesCr | 279 | 275 | 341 | 310 | 290 |
| BorrowingsCr | 0 | 0 | 0 | 0 | 0 |
| Total AssetsCr | 313 | 320 | 393 | 450 | 432 |
Cash Flow
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 28 | 53 | 64 | 98 | 92 |
| Investing Cash FlowCr | -10 | 20 | -33 | -53 | 41 |
| Financing Cash FlowCr | -14 | -70 | -23 | -49 | -136 |
| Net Cash FlowCr | 4 | 3 | 8 | -3 | -3 |
Strengths & Risks
Strengths · as stated in the DRHP
- 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.
Strategies · as stated in the DRHP
- Focus on product innovation, portfolio expansion and scaling technological capabilities.
- Strategic capacity expansion at our Jalgaon and Thane facilities and infrastructure enhancement to increase our efficiency and shorten lead time.
- Further enhancing product credibility through international approvals and other global certifications.
- Expanding geographic presence internationally through strategic global partnerships.
Risks · as stated in the DRHP
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.