Incorporated in April 1997, Mumbai-based HD Fire Protect is an Indian manufacturer and supplier of fire protection equipment and systems, offering water, foam and gas-based fire suppression solutions. It offers a comprehensive portfolio across eight product categories. It develops a majority of its products in-house and focuses on proprietary designs meeting national and global standards.
Ahead of its IPO, HD Fire Protect raised Rs 213.11 crore from 25 anchor investors as it allocated 78.64 lakh equity shares at Rs 271 apiece. Its anchor book included names like Magnum Equity Fund, HDFC MF, ISIF Equity Fund, Kotak Infra MF, Aditya Birla Sun Life MF, Bandhan MF, Mirae Asset MF, Motilal Oswal Finvest, Bajaj Life Insurance, Axis Life Insurance, Axis MF, UTI MF, Amundi Funds and more.
HD Fire Protect reported a net profit at Rs 23.87 crore with a revenue of Rs 114.07 crore for the June 2026 quarter. The company clocked a net profit at Rs 116.79 crore with a revenue of Rs 505.12 crore for the financial year ended on March 31, 2026. At the current valuations, the company is commanding a market capitalization close to Rs 4,750 crore.
The company has reserved shares worth Rs 1.75 crore for its eligible employees who will get a discount of Rs 25 per share. Of the net issue, 50 per cent shares are reserved for qualified institutional bidders (QIBs), while retail investors will get 35 per cent allocations. Remaining 15 per cent shares will be reserved for non-institutional investors (NIIs).
Ambit, Anand Rathi Advisors and IIFL Capital Services are the book running lead managers of HD Fire Protect IPO and MUFG Intime India is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on Wednesday, October 21 on both NSE Ltd and BSE Ltd. Here's what a host of brokerage firms have to say about the IPO of HD Fire Protect:
SBI Securities
Rating: Subscribe
HD Fire Protect's established customer relationships, presence across more than 90 countries and available capacity headroom provide scope to increase production and deliver growth without significant capital expenditure. Cost-competitive products and global certifications are the key strengths of the business. 75 per cent-owned Saudi Arabian JV will act as one of the growth drivers, said SBI Securities.
The issue is valued at a post-issue FY26 P/E multiple of 40.7 times, which is backed by robust margins, debt-free balance sheet, superior return ratios and healthy cash-flows. Considering its established market position and operating performance, along with growth potential from better capacity utilisation, we recommend investors 'subscribe to this issue," it added.
Choice Broking
Rating: Subscribe for long-term
Growth capacity is already in place of HD Fire Protect. A 2.5-acre second unit at Jalgaon, with a fire test lab and R&D centre, has been completed, and a new Thane facility is due by November 2026. Both are funded from internal accruals, with no debt. As volumes rise, the business is showing operating leverage, said Choice Broking.
Margins have room to expand as new capacity fills up and the mix shifts towards certified high-value products such as fluorine-free foam and pre-action systems. The issue is a pure OFS and promoters have taken sizable payouts before the IPO. It offers about 30 per cent RoE, a debt-free balance sheet and a stronger entry barrier," it added with a 'subscribe for long-term' rating.
Swastika Investmart
Rating: Subscribe
India’s second-largest focused fire protection manufacturer and largest exporter, with industry-leading UL and FM certifications.
While its 40.7 times P/E appears slightly discounted relative to peer medians, HD Fire Protect operates as a specialized niche monopoly in fire safety systems. Lacking a direct apples-to-apples domestic peer, it fully factors in current performance, said Swastika Investmart.
Its margins declined to 27.26 per cent in Q1 FY27, while receivable days increased to 57; RoE remains strong at 30.17 per cent. The valuation is below the peer median, but limited discount and execution risks may cap upside. Listing gains could be modest," it added with 'subscribe' rating for the issue.
Sushil Finance
Rating: Subscribe
Its genuine moats are its 21 UL and 87 FM certifications, the highest among Indian peers and each taking 6–24 months to obtain, and multi-year vendor empanelment with marquee customers such as Saudi Aramco, which make it hard to displace and support a 35 per cent export share across over 90 countries.
"Visibility has improved sharply, with the order book more than doubling to Rs 159 crore in June 2026. The issue is valued at a mcap of Rs 4,749 crore, that is, 40.69 times FY2026 diluted EPS of Rs 6.66 and 12.6 times book, below the peer average of 62.95 times. Given its high entry barriers, superior return ratios and strong order book, we recommend investors to 'subscribe for the long term' rating," it said.
KC Securities
Rating: Subscribe for long-term
A growing order book, scope for higher capacity utilisation, manufacturing and R&D expansion, and the proposed Saudi Arabian joint venture are expected to support future growth, while its debt-free balance sheet and healthy cash flows provide financial flexibility. Its financial performance remains healthy, supported by improving operating margins and strong return ratios, said KC Securities.
The global fire protection equipment market is projected to grow at a CAGR of 6.5-7.5 per cent, driven by stringent fire safety regulations, infrastructure development and rising safety awareness. The issue is valued at 40.7 times FY26 earnings, which appears reasonable considering its competitive strengths, financial performance and long-term growth prospects," it said with a 'subscribe for long-term' rating.
GEPL Capital
Rating: Subscribe
HD Fire Protect is positioned to benefit from rising fire safety requirements across industrial infrastructure, energy, data centers and other high-risk applications, with its certification-led competitive advantage and global reach supporting sustainable business growth, said GEPL Capital with a 'subscribe' rating.
Kunvarji Wealth Solutions
Rating: Subscribe
"We recommend to subscribe to the IPO as it is backed by its established fire protection business, diversified product portfolio and strong export presence. Industrial safety, infrastructure development and oil & gas investments offer growth opportunities. However, customer concentration, project-based demand and competition from established players remain key concerns," said Kunvarji Wealth.
Ventura Securities
Rating: Subscribe
HD Fire Protect has delivered consistent growth in recent years, supported by increasing demand for fire safety solutions across industrial, commercial and infrastructure applications. It maintained healthy profitability, with an EBITDA margin at 31.9 per cent and PAT margin at 23.9 per cent in FY26, reflecting its strong operating profile and established manufacturing capabilities, said Ventura with a 'subscribe' rating.
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