HD Fire Protect IPO: Dates, Price Band, Lot Size and Issue Details 

HD Fire Protect Limited makes fire-protection equipment and systems across water, foam and gas-based suppression. Its products serve industrial, infrastructure, oil and gas, warehousing, commercial and residential applications in India and export markets. 

The HD Fire Protect IPO opens on 13 October 2026 and closes on 15 October 2026. The price band is ₹258 to ₹271 per share, with a minimum bid lot of 55 shares and a cap-price minimum application of ₹14,905.  The total offer is 2,62,84,500 shares, worth ₹678.14 crore to ₹712.31 crore across the price band. It is entirely an offer for sale, with no fresh issue, so HD Fire Protect will not receive IPO proceeds. 

HD Fire Protect IPO details 

What the company does 

The company operates manufacturing facilities in Jalgaon and Thane. It sells deluge valves and skids, foam systems, gas-suppression systems, monitors, sprinklers, alarm valves, water-spray nozzles and custom-engineered systems. 

Exports were 34.69% of product and service revenue in FY26, led by the Middle East and the rest of Asia. Repeat customers contributed 85.20% of FY26 revenue excluding export incentives and scrap sales, which is useful evidence of specification-led customer retention. 

Capacity is disclosed product by product, so an aggregate utilisation rate would be misleading. FY26 utilisation ranged from nil for gas-suppression systems to 94.10% for water-spray nozzles; several core Jalgaon categories operated between 63.40% and 80.90%. 

HD Fire Protect Financial performance 

Growth quality. Revenue grew at about 14.5% CAGR from FY24 to FY26, while operating EBITDA grew faster at about 18.8%. The margin peaked in FY25 and softened in FY26, then fell further in Q1 FY27 as raw material and contract-manufactured goods formed a larger cost burden. 

Order conversion. The FY26 order book was ₹134.45 crore and rose to ₹158.60 crore by 30 June 2026. That improves near-term visibility, but confirmed orders can still be delayed by site readiness, approvals and changes in project scope. 

Cash flow, returns and working capital 

Cash conversion remained healthy in absolute terms, but FY26 receivable days and the cash conversion cycle worsened. Inventory and receivables also rose again by June 2026, making working-capital discipline the clearest near-term monitorable. 

The balance sheet had no reported borrowings at 31 March 2026. Equity nevertheless fell from ₹397.23 crore in FY25 to ₹377.15 crore in FY26 because the company paid ₹140.18 crore of dividends during FY26, then a further ₹52.57 crore special dividend in FY27. 

What the offer changes 

This IPO does not fund manufacturing, working capital or debt reduction. All proceeds, after expenses and taxes, go to the two promoter selling shareholders. 

At the cap price, the offer values the existing equity at about ₹4,748.73 crore and implies a FY26 P/E of roughly 40.7 times on diluted EPS of ₹6.66. There is no fresh-issue dilution, but there is also no balance-sheet infusion. 

Peer comparison 

Peer figures are prospectus-selected and not exact pure-play comparisons. P/E data in the RHP uses market prices at 30 September 2026; HD Fire Protect's band P/E is calculated from FY26 diluted EPS. 

Strengths 

• High operating margins and returns, supported by specialist products, certifications and a broad suppression-system portfolio.
• A diversified customer base: the top 10 customers contributed 23.69% of FY26 revenue excluding other operating income.
• Meaningful exports and long customer relationships, with 54.40% of FY26 revenue from customers associated for more than five years.
• Debt-free reported balance sheet and positive free cash flow across FY24-FY26. 

Risks 

• Supplier concentration is rising: the top 10 suppliers represented 47.76% of FY26 total expenses and 59.28% in Q1 FY27, without long-term purchase commitments.
• Imported contract-manufactured goods accounted for 31.24% of FY26 expenses, creating freight, currency and trade-policy exposure.
• The cash conversion cycle rose to 102 days in FY26 and 112 days in Q1 FY27, tying up more capital in inventory and receivables.
• The IPO is a complete offer for sale. Investors fund promoter liquidity rather than new operating assets or debt reduction.
• Large dividends and historical buybacks reduced retained capital; future distributions may not follow the same pattern. 

What to watch next 

• Conversion of the ₹158.60 crore order book into revenue without a further rise in receivable days.
• Operating EBITDA margin after the Q1 FY27 moderation and movements in copper, bronze and contract-manufactured product costs.
• Supplier concentration, import dependence and utilisation of lower-loaded product categories.
• Export growth across the Middle East and Asia, alongside certification and regulatory costs in new markets. 

Disclaimer: This blog is only for educational and informational purposes and does not constitute investment advice. Please consult your financial advisor before taking any investment decisions.