HD Fire Protect IPO 2026: Details, GMP, Financials & Analysis

HD Fire Protect IPO is a book-built issue of ₹712.31 crore, entirely comprising an offer for sale (OFS). The IPO will open for subscription on October 13, 2026, and close on October 15, 2026. The shares are proposed to be listed on BSE and NSE on October 21, 2026.

The price band is fixed at ₹258–₹271 per share, with a lot size of 55 shares. At the upper price band, retail investors need a minimum investment of ₹14,905.

HD Fire Protect Ltd. operates in the fire protection industry and manufactures and supplies fire safety equipment and integrated fire protection systems for industrial, commercial and institutional customers. Its product portfolio includes fire sprinklers, valves, foam-based firefighting equipment and fire detection systems.

HD Fire Protect IPO Details

HD Fire Protect IPO Timeline

Dates are tentative and may change.

HD Fire Protect IPO GMP

As of October 7, 2026, the HD Fire Protect IPO GMP is ₹0 against the upper issue price of ₹271.

Based on the latest recorded GMP, the estimated listing price is ₹271. GMP is unofficial and can change significantly before listing.
Disclaimer: Grey Market Premium is based on unofficial market activity and is indicative only. It should not be considered a reliable indicator of the actual listing price.

HD Fire Protect IPO Subscription Status

The HD Fire Protect IPO subscription will be updated once bidding opens on October 13, 2026. The IPO will remain open until October 15, 2026.

As of now, live subscription data is not available yet because the IPO bidding has not started.

The issue has a reservation of not more than 50% for QIBs, not less than 35% for Retail investors and not less than 15% for NIIs.

Once bidding starts, this section can be updated with the latest subscription figures from BSE and NSE.

HD Fire Protect IPO Day-wise Subscription Trend

The HD Fire Protect IPO subscription trend will become available after the issue opens on October 13, 2026.

The day-wise subscription data will help track changes in demand across QIB, NII and Retail investor categories during the three-day bidding period.

HD Fire Protect IPO Current Subscription Data

The current HD Fire Protect IPO subscription data will be updated once the IPO opens for bidding on October 13, 2026.

As of now, the IPO has not opened for subscription, so category-wise live bidding data is not available. Live subscription figures will be updated during the IPO bidding period based on the latest available exchange data.

HD Fire Protect IPO Lot Size

The minimum application is 55 shares and bids can be placed in multiples of 55 shares.

Investment amounts are calculated at the upper price band of ₹271.

HD Fire Protect IPO Reservation

About HD Fire Protect

Incorporated in 1997, HD Fire Protect Ltd. is engaged in the design, manufacture and supply of fire protection equipment and integrated fire safety systems.

The company caters to industrial, commercial and institutional customers and provides fire protection solutions across several high-risk industries. Its focus includes product development, engineering capabilities, quality standards and after-sales services.

HD Fire Protect operates two manufacturing facilities located at Jalgaon MIDC and Thane MIDC in Maharashtra, covering a combined area of approximately 8.50 acres.

Business & Product Portfolio

The company's product portfolio includes:

• Fire sprinklers
• Fire protection valves
• Foam-based firefighting equipment
• Fire detection systems
• Integrated fire protection systems
• Other specialised fire safety equipment

The company serves industries such as oil & gas, power generation, manufacturing, infrastructure and other industrial applications.

As of March 31, 2025, HD Fire Protect had 261 permanent employees and 185 contractual employees.

HD Fire Protect Financial Performance

HD Fire Protect reported growth in both revenue and profit between FY25 and FY26.

Between FY25 and FY26, total income increased from ₹450.68 crore to ₹505.12 crore, while PAT increased from ₹109.72 crore to ₹116.79 crore.
EBITDA also increased from ₹138.01 crore in FY25 to ₹150.46 crore in FY26, indicating continued operating profitability.

HD Fire Protect Key Financial Ratios

The FY26 figures show a 30.17% ROE and 31.07% RoNW, while the EBITDA margin stood at 30.75%. The June 2026 figures are based on a shorter reporting period and therefore should not be directly compared with full-year ratios without considering the period difference.

HD Fire Protect IPO Valuation

The post-IPO P/E based on the supplied figures is 49.72x. Investors should evaluate this valuation against the company's earnings growth, profitability, industry position and peer valuations.

Promoter Holding

The promoters of HD Fire Protect are:

• Harish Narshi Dharamshi
• Kusum Harish Dharamshi
• Miheer Sadanand Ghotikar
• Parika Miheer Ghotikar
• Anik Narendra Dharamshi

Promoter holding is expected to decline from 100% pre-IPO to 85% post-IPO based on the supplied valuation data.

HD Fire Protect Peer Comparison

The company can be compared with businesses operating in industrial equipment and engineering-related segments.
 

HD Fire Protect's reported RoNW of 31.07% is higher than the listed peer figures provided in the source. However, its post-IPO P/E of 49.72x places the company at a valuation that requires investors to assess whether its earnings growth and business prospects justify the premium.

Competitive Strengths

• Regulated and certification-driven industry: Fire safety equipment requires adherence to technical and safety standards, creating barriers for new entrants.
• Diversified applications: The company's products are used across oil & gas, power, manufacturing, infrastructure and other industrial sectors.
• Integrated manufacturing capabilities: The company designs and manufactures a broad range of fire protection products.
• Domestic and international presence: HD Fire Protect has established relationships across both Indian and international markets.
• Strong profitability: FY26 PAT stood at ₹116.79 crore, while EBITDA was ₹150.46 crore.

Risks Investors Should Consider

• The IPO is entirely an OFS, meaning the company will not receive proceeds from the issue for business expansion or debt reduction.
• The company's valuation at a post-IPO P/E of 49.72x needs to be assessed against earnings growth and peer valuations.
• Demand is linked to industrial, infrastructure, power and other sectors requiring fire protection systems.
• Changes in safety regulations, certifications or compliance requirements could affect product demand and costs.
• Manufacturing operations expose the company to raw material prices and supply-chain risks.
• Competition from established domestic and international fire protection equipment manufacturers can affect margins and market share.
• International operations expose the company to currency and geographical risks.

Should You Invest in HD Fire Protect IPO?

HD Fire Protect's IPO provides exposure to a specialised fire protection equipment and systems business operating across industrial, infrastructure and other high-risk sectors. The company has a broad product portfolio, manufacturing facilities and a presence in domestic as well as international markets.

Financially, the company has demonstrated growth, with total income increasing from ₹392.02 crore in FY24 to ₹505.12 crore in FY26, while PAT increased from ₹87.92 crore to ₹116.79 crore during the same period. EBITDA also increased to ₹150.46 crore in FY26.

However, the IPO is entirely an offer for sale of ₹712.31 crore, so the proceeds will go to the selling shareholders rather than the company. The valuation also requires attention, with the supplied post-IPO P/E at 49.72x.

As of October 7, 2026, the recorded GMP is ₹0, implying an estimated listing price of ₹271 based on the upper price band.

Investors should therefore assess the issue based on valuation, profitability, industry entry barriers, customer diversification, international business, future growth prospects and the OFS structure, rather than relying only on GMP.

HD Fire Protect IPO Allotment Status

The tentative basis of allotment date is October 16, 2026.

After the allotment is finalized, investors can check their application status through the IPO registrar's website using details such as PAN or application number.

Refunds are expected to begin on October 19, while shares are expected to be credited to successful applicants' demat accounts on the same date.

HD Fire Protect IPO Registrar

MUFG Intime India Pvt. Ltd.

LBS Marg, Vikhroli (West), Mumbai

• Website: MUFG Intime IPO Status
• Phone: 022-49186000
• Email: hdfire.ipo@in.mpms.mufg.com

HD Fire Protect IPO Lead Managers

• Anand Rathi Advisors Ltd.
• IIFL Capital Services Ltd.
• Ambit Pvt. Ltd.

HD Fire Protect Company Details

• Company: HD Fire Protect Ltd.
• Registered Office: O-611, 6th Floor, Runwal R Square, Opp. Veena Nagar, L. B. S. Marg, Mulund West, Mumbai, Maharashtra – 400080
• Website: HD Fire Protect Official Website
• Phone: +91 22 35287000
• Email: investors@hdfire.com

HD Fire Protect IPO Summary

HD Fire Protect IPO is a ₹712.31 crore book-built issue entirely comprising an offer for sale. The IPO will open from October 13 to October 15, 2026, with a price band of ₹258–₹271 per share and a lot size of 55 shares. At the upper price band, the minimum retail investment is ₹14,905. HD Fire Protect operates in the fire protection industry and manufactures products such as fire sprinklers, valves, foam-based firefighting equipment and fire detection systems. 

The company reported total income of ₹505.12 crore and PAT of ₹116.79 crore in FY26. While the business has shown financial growth and operates in a specialised, certification-driven industry, investors should consider the entirely OFS structure and the supplied post-IPO valuation of 49.72x P/E along with industry, competition and execution risks.

As of October 7, 2026, the recorded GMP is ₹0, implying an estimated listing price of ₹271 based on the upper price band.

FAQs

What is HD Fire Protect IPO?

HD Fire Protect IPO is a ₹712.31 crore book-built IPO comprising entirely an offer for sale.

When will HD Fire Protect IPO open?

The IPO will open for subscription on October 13, 2026.

When will HD Fire Protect IPO close?

The IPO will close on October 15, 2026.

What is the HD Fire Protect IPO price band?

The price band is ₹258 to ₹271 per share.

What is the HD Fire Protect IPO lot size?

The minimum lot size is 55 shares, requiring ₹14,905 at the upper price band.

What is HD Fire Protect IPO GMP today?

As of October 7, 2026, the recorded GMP is ₹0, implying an estimated listing price of ₹271 based on the upper price band.

What is the HD Fire Protect IPO listing date?

The tentative listing date is October 21, 2026 on BSE and NSE.

What is the HD Fire Protect IPO issue size?

The total issue size is ₹712.31 crore, entirely comprising an offer for sale.

Who is the registrar of HD Fire Protect IPO?

MUFG Intime India Pvt. Ltd. is the registrar for HD Fire Protect IPO.

Who are the lead managers of HD Fire Protect IPO?

The lead managers are Anand Rathi Advisors Ltd., IIFL Capital Services Ltd. and Ambit Pvt. Ltd.

What are the objectives of HD Fire Protect IPO?

The IPO is entirely an offer for sale, so the issue proceeds will go to the selling shareholders and the company will not receive proceeds from the OFS.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. IPO dates, GMP, subscription figures, financial information and other issue details may change. Investors should review the company's official offer documents and conduct their own due diligence before making any investment decision.

Author: Komal Bhatt

Komal Bhatt is a finance content writer at InvestKraft, specialising in well-researched articles on financial products, stock markets, and investment opportunities, with a particular focus on unlisted shares.

She holds a Master’s degree in Commerce from the University of Delhi, which gives her a solid academic foundation in finance and business. With over three years of hands-on experience in creating digital finance content, Komal has developed a clear understanding of investor needs through her work on wealth management, NISM certification programs, and market education materials.

Komal is passionate when it comes to breaking down complex financial concepts into simple, accurate and actionable insights. Her goal is to help everyday investors understand markets better and make more informed decisions based on reliable, research-backed information.