- Price band fixed at ₹258–₹271 per share; anchor investor bidding begins October 12
- Entirely an offer for sale, with promoters offloading 2.63 crore shares and no fresh capital accruing to the company
- Fire protection solutions maker exports to more than 90 countries, with 2,066 customers served in FY26
- Revenue rises 14.54% annually between FY24 and FY26 to ₹489.28 crore
- First-quarter FY27 profit after tax touches ₹23.87 crore as order book stands at ₹158.60 crore
- Management pledges dividend continuity; in-house R&D receives nearly 10% of annual revenue
R MANICKAVASAGAM
AHMEDABAD, OCT 8
As fire-safety requirements expand across industrial infrastructure, energy facilities and critical installations, HD Fire Protect Limited is heading to the capital market with a ₹712-crore initial public offering (IPO), backed by an international footprint spanning more than 90 countries, rising revenues and sustained investment in product innovation. However, investors should note that the issue is entirely an offer for sale (OFS), meaning the company will not receive any proceeds from the public offering.
The Mumbai-based manufacturer has fixed its IPO price band at ₹258–₹271 per equity share of face value ₹5. The offer opens on Tuesday, October 13, and closes on Thursday, October 15, 2026. Bidding by anchor investors is scheduled for October 12.
At the upper end of the price band, the issue is valued at approximately ₹712.13 crore, with the company’s implied valuation estimated at around ₹4,750 crore.
Promoters to sell 2.63 crore shares
The IPO comprises an OFS of up to 2,62,84,500 equity shares by promoter selling shareholders Harish Narshi Dharamshi and Kusum Harish Dharamshi. Harish Narshi Dharamshi will sell up to 89,83,700 shares, while Kusum Harish Dharamshi will offload up to 1,73,00,800 shares.
Since there is no fresh issue component, the proceeds will accrue to the selling shareholders rather than being available to HD Fire Protect for business expansion or other corporate purposes.
Investors can bid for a minimum lot of 55 shares and in multiples thereof. At the upper price band, the minimum retail investment will be ₹14,905. Eligible employees bidding under the employee reservation portion will receive a discount of ₹25 per share.
The equity shares are proposed to be listed on the BSE and National Stock Exchange of India (NSE), with BSE designated as the stock exchange for the offer. Ambit Private Limited, Anand Rathi Advisors Limited and IIFL Capital Services Limited are the book-running lead managers.
Fire protection across critical industries
Incorporated in April 1997, HD Fire Protect designs and manufactures water-, foam- and gas-based fire suppression equipment and systems. Its portfolio spans eight product categories, including sprinklers, alarm valves and accessories, deluge valves and systems, foam equipment, monitors and nozzles, water-spray nozzles, custom-engineered systems and gas-suppression solutions.
The company’s products serve industrial, residential and commercial applications across oil and gas, refining and petrochemicals, power and energy, heavy engineering, aerospace, pharmaceuticals, data centres, warehousing, hospitality and healthcare.
Its two manufacturing facilities in Jalgaon and Thane, Maharashtra, cover approximately 8.5 acres and are supported by a fire-test laboratory and research and development capabilities.
The company has supplied equipment for 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.
Exports and innovation drive growth
Addressing the media, CMD Harish N. Dharamshi said, “The company has been exporting its products to over 90 countries. Ten top consumers of the company have been contributing nearly 24 percent of the revenue. The in-house research and development team has been constantly upgrading the products with innovation to cater to the needs of customers from all sectors. The profit after tax for the first quarter of the current fiscal was Rs 24 crore.”
The company’s revenue from operations increased from ₹372.95 crore in FY24 to ₹489.28 crore in FY26, representing a compound annual growth rate of 14.54%.
Total income rose to ₹505.12 crore in FY26 from ₹450.68 crore in FY25. Profit after tax increased to ₹116.79 crore from ₹109.72 crore, while EBITDA climbed to ₹150.46 crore from ₹138.01 crore.
For the quarter ended June 30, 2026, the company reported total income of ₹114.07 crore, EBITDA of ₹29.73 crore and profit after tax of ₹23.87 crore. Its order book stood at ₹158.60 crore as of June 30, 2026.
R&D commitment and dividend assurance
Explaining the company’s commitment to innovation, CFO Hitesh Dedhia said, “We plough back nearly 10 percent of revenue every year for R&D.”
The management also indicated continuity in its dividend policy when asked whether the company would maintain its record of regular dividend payments after the IPO.
Whole-Time Director Mihir S. Ghotikar replied, “We will certainly maintain this in future too.”
With its export reach, established manufacturing capabilities and focus on product development, HD Fire Protect is positioning itself to tap demand for fire-protection systems across critical sectors. For prospective investors, the key considerations will include the company’s growth trajectory, customer concentration, profitability and valuation, alongside the fact that the IPO offers an exit opportunity for existing promoters rather than fresh capital for the business.