HD Fire Protect Limited

HD Fire Protect Limited is an Indian manufacturer and supplier of fire protection equipment and systems, offering a comprehensive portfolio spanning water-, foam-, and gas-based fire suppression technologies. Established originally as a partnership firm in 1990 and acquired under a single corporate entity in 2005, the company develops the majority of its products in-house with proprietary designs to meet stringent national and international standards. HD Fire Protect serves high-hazard industrial applications as well as commercial and residential sectors. It is the second-largest manufacturer of fire protection equipment and systems in India by operating revenue in Fiscal 2025 and the country's largest exporter of firefighting equipment by value. Positioned as an import-substitute manufacturer, the company was the first Indian entity to receive UL Listing for deluge valves in 1996, FM Approval for low-expansion foam systems, and the ASME U-stamp certification for pressure vessels.

The company's product ecosystem spans eight major categories: sprinklers, alarm valves and accessories; deluge valves, deluge skids and pre-action systems; foam equipment and suppression systems; monitors and monitor nozzles; systems valves and accessories; water spray nozzles; custom-engineered systems; and gas suppression systems. These offerings cater to diverse end-use sectors, including heavy engineering, oil and gas, refining, petrochemicals, power and energy, pharmaceuticals, data centers, aerospace, warehousing, hospitality, and healthcare. In Fiscal 2026, HD Fire Protect supplied its equipment to 2,066 customers. Globally, the company reached customers across 49 countries in Q1 FY27 (and over 90 countries historically), supported by an international distributor-led supply chain and a domestic stockist model. Its systems have been deployed in high-profile installations, including India's space launch pad at Sriharikota, Reliance's Jamnagar refinery, the New Parliament building in New Delhi, Saudi Aramco's Ras Tanura Sea Island site, and Oman's Integrated Power & Water Plant.

Manufacturing operations are centralized across two main production facilities located in Jalgaon MIDC and Thane MIDC, Maharashtra, covering a combined area of 8.50 acres. The Jalgaon unit is a vertically integrated facility housing sand casting, non-ferrous foundry operations, precision CNC/VMC machining, assembly, hydrostatic testing, surface finishing, and quality control under one roof. In Fiscal 2026, capacity utilization across product categories at the Jalgaon facility stood at 80.90% for Deluge Valves, Skids & Pre-Action Systems; 63.40% for Foam Equipment & Suppression Systems; 78.90% for Monitors & Monitor Nozzles; 70.40% for Sprinklers & Alarm Valves; and 71.30% for Custom Engineered Systems. At the Thane facility, capacity utilization for Water Spray Nozzles stood at 94.10%.

R&D capabilities and global product certifications form the core of the company's competitive moat. HD Fire Protect holds 21 UL Listings and 87 FM Approvals—the highest among fire protection equipment-focused peers in India—alongside CE Markings, VdS, ASME-U Stamp, and Lloyd's Register Type Approvals. Its in-house R&D infrastructure at Jalgaon is being expanded with a dedicated fire test laboratory and development center, driving innovation in pressure-reducing deluge valves, next-generation pre-action cabinets, and fluorine-free AR-SFFF foam concentrates aligned with global PFAS phase-out trends. Supported by strict quality assurance, HD Fire Protect has recorded zero product recalls and a minimal replacement rate of 0.01% over the last three fiscals.

Financially, HD Fire Protect Limited reported total income and net profits of ₹392.02 Cr and ₹87.92 Cr (FY24), ₹450.68 Cr and ₹109.72 Cr (FY25), ₹505.12 Cr and ₹116.79 Cr (FY26), and ₹114.07 Cr and ₹23.87 Cr (Q1 FY27). The company has shown consistent top-line and bottom-line expansion, with a CAGR of 13.52% in total income and 15.26% in net profit from FY24 to FY26, while maintaining a debt-free balance sheet with zero fund-based borrowings. The company has an average EPS of ₹6.25 and an average RoNW of 29.05% over the last three fiscals.

Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 11.88 (NAV of ₹22.82 as of June 30, 2026). As this IPO is a 100% Offer for Sale (OFS), there are no fresh issue proceeds to expand the equity base, meaning the Post-Issue P/BV remains at 11.88. Attributing the earnings to the equity base, the asking price reflects a P/E of approximately 54.09 (FY24), 43.29 (FY25), and 40.69 (FY26). A comparison with listed peers are shown in above table.

The issue is managed by Ambit Private Limited, Anand Rathi Advisors Limited, and IIFL Capital Services Limited. Out of these, IIFL Capital Services Limited has handled 62 IPOs in the last three fiscal years, while Ambit Private Limited and Anand Rathi Advisors Limited have handled 5 and 7 IPOs, respectively. MUFG Intime India Private Limited is acting as the Registrar to the Offer.

• 1 Harish Narshi Dharamshi
• 2 Kusum Harish Dharamshi
• 3 Miheer Sadanand Ghotikar
• 4 Parika Miheer Ghotikar
• 5 Anik Narendra Dharamshi