HD Fire Protect IPO

About the company

HD Fire Protect is an Indian manufacturer and supplier of water-, foam- and gas-based fire-suppression equipment and systems for high-hazard industrial applications and residential and commercial premises. The business began as the partnership firm M/s HD Fire Protect Co. in April 1990; the company was incorporated in April 1997 and acquired the partnership as a going concern in April 2005. Its operating model combines proprietary product development and in-house manufacturing with selective contract manufacturing and white-labelling. CRISIL identifies it as India’s second-largest fire-protection equipment and systems manufacturer by operating income in FY25 and the largest exporter of fire-protection equipment by value during the same period. The portfolio covered eight categories as of June 30, 2026: sprinklers, alarm valves and accessories; deluge valves, deluge skids and pre-action systems; foam equipment and suppression systems; monitors and monitor nozzles; system valves and accessories; water-spray nozzles; custom-engineered systems; and gas-suppression systems. In FY26, sprinklers, alarm valves and accessories contributed 33.9% of product and service revenue, deluge products 21.8%, and foam equipment and suppression systems 18.7%; together, these three categories represented a calculated 74.5%. The portfolio serves oil and gas, refining and petrochemicals, power, aerospace, heavy engineering, pharmaceuticals, data centres, warehousing, hospitality, healthcare and other commercial applications. Manufacturing is undertaken at Jalgaon MIDC and Thane MIDC in Maharashtra, across a combined 8.50 acres. Jalgaon is vertically integrated across casting, machining, fabrication, assembly, testing and dispatch, supported by an ASME-certified fabrication shop, non-ferrous foundry and fire-testing infrastructure. In FY26, capacity utilisation was 80.9% for deluge products, 63.4% for foam equipment and systems, 78.9% for monitors and nozzles, 70.4% for sprinklers and alarm-valve products, and 94.1% for water-spray nozzles. The expanded Jalgaon unit includes manufacturing, warehousing, R&D, and a dedicated fire-test laboratory; the new production facility and warehouse at Wagle Estate, Thane, is expected to be completed by November 2026. The customer base spans direct domestic sales, Indian stockists and international distributors. The company served 2,066 customers in FY26 and had 22 distributors as of the RHP date; it had exported to more than 90 countries up to FY26. Domestic and export revenue, excluding export incentives and scrap sales, accounted for 65.3% and 34.6% of FY26 revenue, respectively, with the Middle East contributing 14.9%. The top 10 customers accounted for 23.69% of FY26 revenue; repeat customers contributed 85.20%; and customers associated with the company for more than five years contributed 54.40%. This provides customer and geographic diversification, although export execution remains dependent on distributors, certifications and customer qualification requirements. The Indian fire-protection equipment market comprises detection products and equipment used to control or extinguish fires; HD Fire Protect operates principally in the latter category. The market expanded at a 12% CAGR between FY20 and FY26 to ₹10,900 crore and is projected to reach ₹17,500–19,500 crore by FY31, implying a 10–12% CAGR. Fire suppression represented 75% of the FY26 market, valued at ₹8,200 crore, and is projected to grow at an 11–13% CAGR to ₹13,500–15,500 crore by FY31. The company’s water-, foam- and gas-based portfolio aligns it with the larger and faster-growing suppression subsegment, although participation will depend on certification continuity, customer approvals, distribution and price competitiveness. Commercial and industrial/infrastructure applications represented an estimated 42% and 37% of India’s FY26 fire-protection market, respectively. Demand is supported by construction activity, industrial capital expenditure, urbanisation and fire-safety regulation. Data-centre capacity is separately projected to grow at approximately 32–34% CAGR between FY26 and FY30, creating demand for specialised suppression systems that minimise equipment damage and operational interruption. HD Fire Protect’s exposure to data centres, warehousing, energy, refining, petrochemicals and commercial premises, together with its custom-engineered systems, provides routes to these demand pools; however, sector capital-expenditure cycles and project timing can affect order conversion. Competitive barriers are moderate to high in industrial and commercial suppression because product certification and qualification can take 6 to 24 months, while specialised oil-and-gas and data-centre applications may require UL or FM approvals. HD Fire Protect reported 21 UL Listed and 87 FM Approved certifications as of September 2026, alongside CE, VdS, ASME-U and Lloyd’s Register credentials. These certifications, in-house engineering and patents support access to certification-led projects and export markets. Now, HD Fire Protect is launching its Initial Public Offering (IPO), which is a complete offer for sale of ₹712 crore only. Its shares will be listed on the NSE and BSE.

GMP trend (Grey Market Premium by date)

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   13 Oct 2026

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   15 Oct 2026

   Last day to place your bid

3. Basis of Allotment

   Completed
   16 Oct 2026

   Share allotment finalised

4. Refund Initiation

   Completed
   19 Oct 2026

   Refunds credited for non-allottees

5. Credit to Demat

   In Progress
   19 Oct 2026

   Allotted shares credited to demat account

   1d since Credit to DematToday · 20 Oct 20261d to Listing on Exchange

6. Listing on Exchange

   Upcoming
   21 Oct 2026

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.