131.25xsubscribed
HD Fire Protect IPO
131.25xsubscribed
listed
131.25xsubscribed
₹14,190Min. investment
HD Fire Protect Limited IPO Details
Issue size
₹712Cr
IPO type
Mainboard
Price range
₹258 – ₹271
Listing exchange
BSE, NSE
Listing date
21 Oct 2026
Lot size
55 shares
Red Herring Prospectus
Read
Price range₹258 – ₹271
IPO type
Regular
Lot size55 shares
Issue size₹712Cr
Red Herring Prospectus
Read
HD Fire Protect IPO Subscription Status
As on 13-Oct-26, 5:30 PM
HD Fire Protect IPO Timeline
- Pre-apply9 Oct 2026
- Bid start13 Oct 2026
- Bid end15 Oct 2026
- Allotment16 Oct 2026
- Release of funds19 Oct 2026
- Demat transfer19 Oct 2026
- Listing21 Oct 2026
About HD Fire Protect Limited
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.
Hd Fire Protect Limited IPO Analysis
IPO REVIEW
HD Fire Protect IPO | Analysis Video
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Watch our analysts break down the Hd Fire Protect Limited IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.
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Strength and Weakness
Certification-driven barriers to entry
The company has a 36+ year heritage and exports to over 90 countries. 87 FM, 21 UL Listed. Among Indian fire-protection equipment-focused peers, the highest approved certifications were in September 2026. New certifications can take 6 to 24 months, and customer empanelment typically takes 3-12 months, creating meaningful barriers to entry.
Broad suppression portfolio
Eight product categories across water-, foam- and gas-based systems provide exposure to industrial, oil and gas, power, pharmaceutical, data-centre, warehousing, residential and commercial demand. The top three categories represented a calculated 74.51% of FY26 product and service revenue, while the remaining categories broaden the addressable application base.
Customer diversification
In FY26, the company had 2,066 customers, and among the largest ten customers, it had a 23.6% contribution towards its revenue. It had an 85.2% contribution from repeat customers and a 54.4% contribution from customers that are more than five years old.
Manufacturing, research and development
Jalgaon has integrated manufacturing and research and development, where it develops products, castings, machining, assembly, testing, and quality assurance of products. Jalgaon and Thane have developed new capacity for the development and manufacturing of additional products.
Objectives of Hd Fire Protect Limited IPO
Carry out the offer for sale
The IPO is a complete offer-for-sale (OFS). Net IPO proceeds will go to selling shareholders.
Listing on stock exchanges:
The company want to achieve the benefits of listing its shares on the stock exchanges.
HD Fire Protect IPO Contact Details
Company NameHD Fire Protect Limited
How to apply for HD Fire Protect IPO?
- Step 1
Log in to your Upstox account to access IPO investments. Next, select the current IPO section.
- Step 2
Specify IPO details. Enter the number of lots and the price you wish to apply for.
- Step 3
Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
- Step 4
Mandate Notification. Your UPI app will receive a mandate notification to block funds.
- Step 5
Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.
Latest News on Hd Fire Protect Limited IPO
HD Fire Protect IPO sets price band at ₹258-₹271 per share; check lot size and key dates
2 min read
Upcoming IPOs: HD Fire Protect, Fusion CX, Zetwerk, Bonfiglioli Transmissions among 9 issues to open this week
4 min read
HD Fire Protect IPO: 10 key things retail investors should know from the RHP
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HD Fire Protect IPO fully subscribed on Day 1: Check price band, lot size and key details
3 min read
HD Fire Protect IPO subscribed 9.05 times so far on Day 2; check financials
2 min read
HD Fire Protect IPO subscribed 62.94 times so far on Day 3: Check allotment date and steps
2 min read
HD Fire Protect IPO allotment finalised: How to check status online on MUFG Intime India, NSE, BSE; listing date, time here
3 min read
HD Fire Protect shares list at nearly 24% premium; here's how much investors made per lot
2 min read
Hd Fire Protect Limited IPO FAQs
How to invest in the HD Fire Protect IPO ?
Investors can apply for the HD Fire Protect IPO through their Demat account via the stock exchange or through their broker.
What is the issue size of HD Fire Protect IPO ?
The issue size of the HD Fire Protect IPO is 712 Cr.
What is 'pre-apply' for HD Fire Protect IPO ?
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
Which exchanges will HD Fire Protect IPO shares list on?
The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
What are the open and close dates of the HD Fire Protect IPO ?
HD Fire Protect IPO will be open between 2026-10-13 and 2026-10-15.
What is the allotment date for the HD Fire Protect IPO ?
HD Fire Protect IPO allotment date is 2026-10-19. For HD Fire Protect IPO allotment status check, you can visit the website of the registrar of the IPO.
Who is the registrar of HD Fire Protect IPO ?
For HD Fire Protect IPO, the IPO registrar is MUFG Intime India Private Limited. You can check HD Fire Protect IPO allotment status on the website of the registrar.
Where is the HD Fire Protect IPO getting listed?
The shares are proposed to be listed on the BSE and NSE.
When will HD Fire Protect IPO shares be credited to your demat account?
The HD Fire Protect IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.
What is the lot size and minimum order quantity of the HD Fire Protect IPO ?
The HD Fire Protect IPO lot size is 55 and minimum order quantity is 55.
What is the price band for the HD Fire Protect IPO ?
HD Fire Protect IPO has set the price band for its IPO at 271 per equity share with a face value of 5.