HD Fire Protect IPO
HD Fire Protect IPO is a mainboard IPO raising ₹712 Cr at ₹258 – ₹271 a share. It listed on 21 Oct 2026 at ₹335, +23.6% against its issue price of ₹271, and trades at ₹267 today (−1.6% since issue). It was subscribed 132× in total.
131.7 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
HD Fire Protect manufactures fire protection equipment and systems in India using water, foam and gas-based suppression technologies. Their portfolio spans 8 product categories — sprinklers and alarm valves, deluge valves and pre-action systems, foam equipment, monitors and nozzles, system valves, water spray nozzles, custom-engineered systems, and gas suppression systems. They serve industrial buyers (oil & gas, refining and petrochemicals, power, aerospace, heavy engineering, pharmaceuticals, data centres) and commercial/residential buyers (hospitality, healthcare, retail, banking, warehousing). They sell in India through stockists and export to more than 90 countries, using a distributor-led model abroad.
How it earns
They earn by designing and manufacturing fire protection equipment and systems in-house at their Jalgaon and Thane facilities and selling them direct, via stockists in India and via 22 distributors internationally, with about 65% of revenue from domestic sales and 35% from exports.
Who buys
2,066 customers in Fiscal 2026; top 10 customers contributed 23.69% of FY26 revenue and top 3 contributed 11.40% (Fiscal 2026). 54.40% of FY26 revenue came from customers associated for over 5 years. Named customers include Sterling and Wilson Private Limited, Metec Design & Construction Engineers India Private Limited, Matrix Engineers, Techno Electric & Engineering Company Limited, Godrej Properties Limited, HCPL–Mittal Energy Limited, Chetan Corporation, Phoenix Engineers, Agnice Fire Protection Private Limited, Universal Fire Protect LLP, Sahaj Fire Safety & Equipments, and Punim Engineering Co. Notable project references include India's Sriharikota space launch pad, the Jamnagar refinery, the new Indian parliament building, Saudi Aramco's Ras Tanura Sea Island site, and Oman's Integrated Power & Water Plant.
Scale
Two manufacturing facilities in Maharashtra — Jalgaon MIDC and Thane MIDC — spanning 8.50 acres combined; new 2.50-acre Jalgaon unit (manufacturing + fire test lab + warehouse + R&D) added in Fiscal 2026 and a 0.50-acre Wagle Estate Thane warehouse under construction (expected by November 2026); 532 employees as of June 30, 2026 (279 permanent, 253 contractual); 22 distributors globally; sold to 2,066 customers in Fiscal 2026; cumulative exports to more than 90 countries; Revenue from Operations ₹489.28 crore in Fiscal 2026, ₹432.80 crore in Fiscal 2025 and ₹372.95 crore in Fiscal 2024 (figures converted from stated ₹ million at 1 crore = 10 million).
What it says sets it apart
- Highest number of UL Listed (21) and FM Approved (87) product certifications among Indian fire protection equipment-focused peers as of September 2026.
- Only Indian fire protection equipment-focused peer to hold all six of the following — UL, FM, VdS, CE, ASME-U and Lloyd's Register — across sprinklers, alarm valves, deluge valves, foam equipment, monitors, system valves, water spray nozzles and gas suppression systems.
- First Indian fire protection equipment maker to receive UL Listing for deluge valves (1996), first to receive FM approval for low-expansion foam system components, and first Indian fire-protection-focused company to receive ASME U-stamp certification; also holds a 9COM number from Saudi Aramco for valves and sprinkler systems.
- Patented 'pressure operated fluid valve with configurable diaphragm arrangement' granted in USA, India, Turkey and Saudi Arabia, with patent pending in UAE; two Indian design registrations for fire protection valve diaphragms.
- Vertically integrated facility at Jalgaon with in-house non-ferrous foundry, 5-axis CNC/VMC machining, ASME U-stamp fabrication, in-house flow testing infrastructure capable of handling up to 18,000 litres of water per minute, and a 745 kWp rooftop solar installation.
Revenue mix
The last few years in numbers
From the prospectus’s own summary financial table (restated standalone (Ind AS)). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth |
|---|---|---|---|---|
| Year ended March 31, 2026 | ₹489 Cr | ₹117 Cr | 23.9% | ₹377 Cr |
| Year ended March 31, 2025 | ₹433 Cr | ₹110 Cr | 25.4% | ₹397 Cr |
| Year ended March 31, 2024 | ₹373 Cr | ₹88 Cr | 23.6% | ₹343 Cr |
| Period ended June 30, 2026 | ₹109 Cr | ₹24 Cr | 21.9% | ₹401 Cr |
Where the money goes
The offer →100% of this issue is existing shareholders cashing out — only the fresh issue reaches the business.
How its cohort has done
101 mainboard issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
QIB: 257× their allocation. Retail: 30×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 14 risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
Led by IIFL Capital Services Limited — median +12.2% across the 42 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 26 Nov 2026.
What to watch
- 100% of the issue is offer for sale — only ₹0 Cr of new money reaches the company.
- The register's top risk: Resigning auditor appointed as CFO; firm not peer-reviewed (prospectus page 36).
- Its cohort's record: median +9.2% since issue price, 38.6% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track HD FIRE PROTECT LIMITED
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.