HD Fire Protect IPO

Every refinery, data centre, pharma plant and hospital needs a fire protection system, and it is one of those products nobody wants to use but nobody can do without. HD Fire Protect Ltd., a Maharashtra-based maker of fire suppression equipment, is tapping the market with a ₹712 crore IPO that opens today, 13 October 2026.

Here is what the company does, how the issue is structured (it is a 100% offer for sale), how the numbers look, and what to weigh before you bid.

HD Fire Protect IPO: Key Details

The listing date is tentative. Some trackers show 20 October and others 21 October, so confirm the final date from the exchange notice after the issue closes.

About HD Fire Protect

HD Fire Protect was founded in April 1997 and manufactures and supplies fire protection equipment and systems, with registered office in Mulund West, Mumbai.

• Solutions: Water-based, foam-based and gas-based fire suppression
• Product range: 8 categories, including sprinklers, alarm valves, deluge systems, foam equipment, monitors and nozzles, water spray nozzles, custom-engineered systems and gas suppression systems
• Customers: Industrial, commercial and residential, with exposure to oil and gas, refining and petrochemicals, power, pharmaceuticals, data centres and healthcare
• Global reach: Over 30 years of export experience, serving more than 90 countries
• Manufacturing: Facilities at Jalgaon and Thane in Maharashtra, spread over 8.50 acres
• Order book: About ₹158.6 crore as of 30 June 2026

Lot Size and Application Amount

The lot size is 55 shares. At the upper band of ₹271:

Reservation Structure

The anchor portion is about ₹213 crore, bid on 12 October 2026. Anchor lock-ins end in stages: 50% in mid-November 2026 and the rest in mid-January 2027.

A 100% Offer for Sale: What It Means

There is no fresh issue in this IPO. All 2.63 crore shares on offer are being sold by existing shareholders, and HD Fire Protect itself receives no money from the IPO.

That does not make it a poor issue. Many profitable, cash-generating companies list through an OFS, and it can bring liquidity, visibility and a public currency for future use. But you are buying existing shares from promoters, not funding new growth, so the case for the stock rests on the business you are buying into, not on how the money will be used.

Financial Performance

Key ratios (FY2026):

Over FY2024 to FY2026, total income grew at roughly 13.5% a year and profit at about 15% a year. Margins of about 31% at the EBITDA level and 23% at the PAT level are strong for a manufacturer.

One thing to check in the prospectus: the reported net worth fell from ₹396.01 crore in FY2025 to ₹375.93 crore in FY2026 even as profit rose, which usually points to dividends or other payouts to shareholders. Also, the June 2026 quarter ratios (ROE 6.13%) cover only three months, so don't compare them directly with full-year figures.

Strengths

• High profitability: EBITDA margin around 31% and PAT margin around 23%.
• Strong return ratios: ROE above 30% and ROCE above 40% in FY2026.
• Steady growth: Income and profit have risen each year since FY2024.
• Long track record: Operating since 1997, with exports to over 90 countries.
• Broad product range: Eight product categories across water, foam and gas suppression.
• Diverse end markets: Oil and gas, pharma, power, data centres and healthcare.
• Established lead managers: Ambit, Anand Rathi and IIFL Capital.

Risks to Consider

• No money to the company: The IPO is 100% OFS, so nothing goes to growth, debt reduction or working capital.
• Rich valuation: About 40.7x earnings and 12.6x book value leaves less room for disappointment.
• Project-driven demand: Fire protection for industrial and infrastructure projects depends on capex cycles and tender timing, and revenue can be uneven.
• Order book size: About ₹158.6 crore of orders against annual revenue of about ₹489 crore means visibility is limited to a few months.
• Promoter selling: Promoters are selling a large block, which some investors read as a signal of intent to monetise.
• Competition: Fire safety products face competition from domestic and global players.

How to Apply for the IPO ?

• Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials. 
• Locate the IPO Section: Navigate to the 'IPO' section on the platform. 
• Select IPO: Find and select the IPO from the list of open IPOs. 
• Enter the Lot Size: Specify the number of lots you want to bid for. 
• Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application. 
• Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN. 

How to Check the Allotment Status of the IPO?

Steps to check IPO allotment status on JM Pro app: 

• Log in to the JM Pro app. 
• Go to the IPO Section and then to IPO Orders. 
• Select the individual IPO that you had applied for and check the allotment status. 

JM Financial Services will notify you of your IPO allotment status via push notification and email