HD Fire Protect Limited IPO: OFS details, dates, business, financials and key risks

HD Fire Protect Limited is set to open its mainboard initial public offering (IPO) on 13 October 2026, with the issue closing on 15 October 2026 and listing scheduled for 21 October 2026. The offer is structured as an Offer for Sale (OFS) by promoter selling shareholders, with no fresh issue component. As described in the offer objects, up to 26,284,500 equity shares (face value ₹5 each) are proposed to be sold. The price band and lot size were not available in the provided details at the snapshot time; the OFS value is indicated at about ₹258.98 crore in the supplied offer size fields.

What HD Fire Protect does and where it competes

HD Fire Protect Limited manufactures and supplies fire protection equipment and fire suppression systems across water-based, foam-based and gas-based technologies. The company sells across eight product categories that include sprinklers, alarm and deluge valves, foam systems, monitors and nozzles, system valves, water spray nozzles, custom-engineered skids, and gas suppression systems.

The stated customer mix spans high-hazard industrial users, as well as commercial and residential customers. The operating context highlighted for this segment is certification-led procurement, where approvals and compliance can influence vendor eligibility and project participation. The company describes itself as operating in a market where certifications such as UL, FM and ASME, among other approvals, are relevant for competing in regulated applications and export markets.

Operating footprint, exports and certification-led positioning

The company operates manufacturing facilities in Jalgaon and Thane in Maharashtra. It also reports exports to more than 90 countries, indicating a material international footprint alongside domestic sales.

Several milestones in the company history are positioned around certifications and capability build-out. In 1996, the partnership firm M/s HD Fire Protect Co. is stated to have become the first Indian fire protection equipment manufacturer to receive UL certification for a deluge valve. The business was incorporated in 1997 as D.H. Fire Protect Private Limited, and in 2005 it acquired the partnership firm M/s HD Fire Protect Co. as a going concern. The company also notes that in 2005 it became the first Indian fire protection equipment manufacturer to receive FM approval for fire-fighting monitors and monitor nozzles.

In terms of commercial expansion, the company opened its first regional sales office in New Delhi in 2006. More recently, it received a 2-star export house certification in 2022 and expanded its manufacturing footprint to 8.50 acres in 2023. In 2025, it converted into a public limited company and was renamed HD Fire Protect Limited, and it reported product distribution in over 90 countries. In 2026, it incorporated a subsidiary in Saudi Arabia named HD Fire Protect Company.

IPO structure, selling shareholders and what the offer aims to achieve

The IPO is an OFS-only issue, meaning shares are being sold by promoter selling shareholders and the company is not raising primary capital through a fresh issue. As a result, OFS proceeds (net of offer-related expenses) go to the selling shareholders, not to HD Fire Protect Limited.

The stated objects of the offer are to carry out the OFS of up to 26,284,500 equity shares and to achieve the benefits of listing the equity shares on the stock exchanges.

Because there is no fresh issue indicated in the provided details, there are no stated corporate deployment objectives tied to primary capital raising in this offer (for example, capacity expansion funding through IPO proceeds). Any operational expansion and capability additions referenced in the company description are part of the broader business narrative rather than a funded use-of-proceeds list for this IPO.

The category reservation mix provided shows 50% of the net offer for Qualified Institutional Buyers (QIB), 15% for Non-Institutional Investors (NII), and 35% for Retail Individual Investors (RII). Anchor allocation is described as up to 60% of the QIB portion, with 33.33% of the anchor portion reserved for domestic mutual funds.

Financial trajectory and profitability/return indicators

The restated Ind AS financial information shows growth in total revenue and profit after tax (PAT) from FY2024 to FY2026, with total assets rising in FY2025 and then lower in FY2026 compared with FY2025.

In rounded terms, total revenue increased from ₹392.02 crore in FY2024 to ₹505.12 crore in FY2026, while PAT increased from ₹87.92 crore to ₹116.79 crore over the same period. The PAT margin moved from 22.43% in FY2024 to 23.12% in FY2026 (with FY2025 at 24.35%).

The provided key performance indicators (KPIs) include an EBITDA margin of 27.26% and a reported PAT margin of 20.92% in the KPI set. Return ratios provided include return on equity (ROE) of 6.13%, return on capital employed (ROCE) of 8.36%, and return on net worth (RoNW) of 5.97%. Earnings per share (EPS) is stated at ₹6.66, and debt-to-equity is shown as 0 in the supplied KPI fields.

Valuation data status, GMP snapshot, and how to read early subscription fields

At the snapshot time, the price band was not available. The KPI table also shows pre-IPO price-to-earnings (P/E) and price-to-book values as 0, which does not provide an interpretable valuation multiple in the supplied context. In practical terms, valuation discussion typically becomes concrete only once the price band (and resulting market capitalisation at the offer price) is disclosed.

One grey market premium (GMP) observation is available in the supplied context: ₹60 as of 7 October 2026, referenced against an issue price of ₹271. GMP is an unofficial, non-exchange market indicator and can change; it is not part of the offer document.

Subscription fields in the provided data show category-wise bids as 0 at the snapshot time. Since the IPO status is marked as upcoming and the issue opens on 13 October 2026, these pre-open figures should be treated as not yet opened for subscription rather than as a signal of demand.

Key risks and monitoring points for the listing period

The business operates in a safety-critical segment where performance, compliance and certifications can matter for customer acceptance. The supplied SWOT and risk context highlights several factors relevant to investors tracking a certification-driven manufacturer with a material export footprint.

Product performance and liability risk is central in safety equipment. A product failure can trigger claims and reputational damage, which can reduce customer trust and affect future orders.

Export exposure is another factor to track. The company states that about one-third of revenue is from outside India, which can create sensitivity to regulatory changes, demand conditions in key export regions, and geopolitical or trade restrictions, including country-specific approvals.

Supply chain concentration is highlighted in the provided context. The top 10 suppliers form a large share of total expenses and there are no long-term contracts noted, which can raise the risk of supply disruption, delivery delays, and changes in procurement cost.

Input cost volatility is also referenced, with commodity prices (including copper and steel) capable of affecting margins, particularly under fixed-price orders. Separately, lengthy certification and empanelment cycles can add time and cost for new product launches and market entry.

Monitoring points based on the provided context (to be tracked over time):

Certification continuity and audit outcomes remain important because approvals such as UL, FM and ASME influence access to regulated projects and markets.

Export geography exposure and regulatory developments matter given distribution across 90+ countries and the stated outside-India revenue share.

Supplier concentration and the absence of long-term supply agreements warrant attention for procurement stability and fulfilment timelines.

Working capital intensity and cash conversion cycle trends merit monitoring, consistent with the SWOT noting working capital intensity.

Complete numeric snapshot

IPO terms and schedule

Key performance indicators and valuation

Category reservations and anchor allocation

Subscription status (07 Oct 2026)

Grey market premium (GMP) trend

GMP is an unofficial market indicator and can change; these are dated snapshot observations, not a listing forecast.