HD Fire Protect IPO

Strengths · 6

• 01Revenue from operations grew from Rs 372.95 crore in FY2024 to Rs 489.28 crore in FY2026, a CAGR of 14.54%.
• 02Profit after tax rose from Rs 87.92 crore in FY2024 to Rs 109.72 crore in FY2025 and Rs 116.79 crore in FY2026.
• 03FY2026 margins are strong: EBITDA margin of 30.75% and PAT margin of 23.12%, with RoE of 30.17% and RoCE of 40.33%.
• 04The order book stood at Rs 158.60 crore as of 30 June 2026, and the company supplied 2,066 customers in FY2026.
• 05It holds 21 UL Listed and 87 FM Approved product certifications as of September 2026, and exported to 49 countries in the quarter ended 30 June 2026.
• 06It runs two plants at Jalgaon and Thane with a fire test laboratory and R&D unit, and develops most products in house.

Risks · 8

• 01The price band, lot size and issue size in rupees are not announced yet, so the valuation cannot be worked out at this stage.
• 02The whole issue is an offer for sale of 2,62,84,500 shares by promoters. The company gets no proceeds, so none of the money funds growth or reduces debt.
• 03The source page shows the net worth row with only three values for four periods, and the figures do not tie to the reserves row, so net worth and debt to equity are not reliable here.
• 04Promoter holding falls from 100% to 85% after the issue as promoters Harish Dharamshi and Kusum Dharamshi sell shares.
• 05The source shows EPS of Rs 6.66 before the issue and Rs 5.45 after it. An offer for sale creates no new shares, so the drop looks like a source inconsistency, and the PE ratio is not available yet.
• 06Revenue grew 12% and profit after tax 6% between FY2025 and FY2026, so profit grew slower than sales.
• 07Products are used in cyclical sectors such as oil and gas, power and heavy engineering, so a slowdown in project spending can affect orders.
• 08The company depends on UL and FM certifications for its export business, and losing or failing to renew them could hurt sales.

HD Fire Protect Limited was incorporated in April 1997. It makes and supplies fire protection equipment and systems based on water, foam and gas fire suppression.

The company sells eight product categories: 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. It develops most of its products in house.

Its products are used in oil and gas, refining and petrochemicals, power, heavy engineering, aerospace, pharmaceuticals, data centres, hospitality and healthcare. The company supplied 2,066 customers in FY2026. Projects it has supplied include the Samruddhi Mahamarg, the Jamnagar refinery and the new Indian Parliament building.

It has exported to more than 90 countries since inception, and to 49 countries in the three months ended 30 June 2026. It was the first Indian maker to get UL Listing for deluge valves, in 1996. As of September 2026 it holds 21 UL Listed and 87 FM Approved product certifications.

There are two plants, at Jalgaon and Thane in Maharashtra, covering about 8.50 acres, along with a fire test laboratory and R&D unit. The order book was Rs 158.60 crore as of 30 June 2026. The company had 279 permanent and 253 contractual employees on that date.

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