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HD Fire Protect IPO

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WEBSITE Inc. Year: 1997 Industry: Engineering - Industrial Equipments

Profile
Issue Size 499.2 Cr
Profile
Price Range 258  to  271 per share
Profile
Min Investment ₹271
Profile
Lot Size 1
Profile
Face Value ₹5
Profile
Draft Prospectus
Invest Before the IPO Goes Live

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Profile
  • Basic Info
  • IPO Tentative Timetable
  • IPO Lot Size
  • Subscription Status
  • Financials
  • Profit & Loss
  • Balance Sheet
  • Cash Flow
  • Ratios
  • Growth Rates
  • Other info

Overview

We are an Indian manufacturer and supplier of fire protection equipment and systems, offering a comprehensive portfolio spanning water, foam, and gas-based fire suppression systems, which are also generally known as fire fighting products. We develop majority of our products in-house with proprietary designs to meet national and international standards, serving highhazard industrial applications as well as residential and commercial sectors. According to the CRISIL Report, we were the second-largest manufacturer of fire protection equipment and systems in India in terms of operating income (revenue from operations) in Fiscal 2024 and the largest exporter by value (equipment) in Fiscal 2024. We have export sales in more than 90 countries as of Fiscal 2025. With more than three decades of experience, we have established ourselves as a globally recognized and reliable brand.In the early 1990s, critical fire protection equipment and systems such as deluge valves, alarm valves, and medium velocity water spray nozzles were generally imported, with lack of Indian manufacturers offering high-quality alternatives like UL Listed and FM Approved products (Source: CRISIL Report). Our Company is the first Indian fire protection equipment and systems manufacturer to receive UL Listing for deluge valves (1996) (Source: CRISIL Report). Since the commencement of our business, we have consistently focused on providing locally manufactured fire protection equipment and systems as importsubstitutes. We are also the first Indian fire protection equipment and systems manufacturer to receive FM approval for rangeof products used in low expansion foam system namely foam concentrates, bladder tanks, proportioners, topside dischargedevices and foam water sprinkler discharge devices (Source: CRISIL Report). Further, we are also the first Indian company focused on fire protection equipment and systems manufacturing to receive ASME U (pressure vessels) stamp certification (Source: CRISIL Report). With 22 and 87 UL Listed and FM Approved certifications, as per UL product certifications and FM product certifications respectively, we have the highest number of UL Listed and FM Approved product certifications amongst the fire protection equipment focused peers in India as of September 2025 Read More

Basic Info

Face Value 5 per share

Price 258  to  271 per share

P/E (x) 43

Sales( Cr.) 433

PAT( Cr.) 110

EPS 6.3

Draft Prospectus

Exchange BSE-NSE

Promoter

Company Promoters

Harish Narshi Dharamshi Kusum Harish Dharamshi Miheer Sadanand Ghotikar Parika Miheer Ghotikar Anik Narendra Dharamshi

Pre Issue Share Holding 100%

Post Issue Share Holding --%

Listing Details:

Listing Price: --

Listing Gain: --

Current Price: --

Gain On Issue: 0 | 0%

GMP: 89

GMP %: 32.8 %

IPO Tentative Timetable

Opening Date Oct 13, 2026
Closing Date Oct 15, 2026
Allotment Oct 16, 2026
Refund Oct 19, 2026
Delivery of Shares Oct 19, 2026
Listing Date Oct 20, 2026

IPO Lot Size

Application Lots Shares Amount
Retail (Min) 1 55 14,905
Retail (Max) 13 715 193,765
S-HNI (Min) 14 770 208,670
S-HNI (Max) 67 3685 998,635
B-HNI (Min) 68 3740 1,013,540

Objective of the Issue

Issue

Category Nos Bid Bid (x)
QIB 5242672 7823310 1.5x
NII 3932005 191515060 48.7x
Retail 9174677 104017705 11.3x
EMP 71138 563915 7.9x
Total 18420492 303919990 16.5x

Net Sales (in cr.)

Total Income (in cr.)

Operating Profit (in cr.)

Net Profit (in cr.)

Shareholder Funds (in cr.)

Total Assets (in cr.)

HD Fire Protect Profit & Loss

#(Fig in Cr.) Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 324 373 433
Other Income 14 19 18
Total Income 338 392 451
Total Expenditure 238 266 295
Operating Profit 100 126 156
Interest 0 0 0
Depreciation 6 9 9
Exceptional Income / Expenses 0 0 0
Profit Before Tax 93 116 147
Provision for Tax 23 28 37
Profit After Tax 70 88 110
Adjustments 0 0 0
Profit After Adjustments 70 88 110
Adjusted Earnings Per Share 3.7 5 6.3

HD Fire Protect Balance Sheet

#(Fig in Cr.) Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 276 343 397
Minority's Interest 0 0 0
Borrowings 0 0 0
Other Non-Current Liabilities 1 3 4
Total Current Liabilities 43 46 49
Total Liabilities 320 393 450
Fixed Assets 77 75 87
Other Non-Current Assets 57 106 158
Total Current Assets 186 211 205
Total Assets 320 393 450

HD Fire Protect Cash Flow

#(Fig in Cr.) Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 10 13 21
Cash Flow from Operating Activities 53 64 98
Cash Flow from Investing Activities 20 -33 -53
Cash Flow from Financing Activities -70 -23 -49
Net Cash Inflow / Outflow 3 8 -3
Closing Cash & Cash Equivalent 13 21 17

HD Fire Protect Ratios

# Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 3.73 5.02 6.25
CEPS(Rs) 4.07 5.55 6.77
DPS(Rs) 0.01 0.03 40.25
Book NAV/Share(Rs) 14.65 19.6 22.66
Core EBITDA Margin(%) 26.5 28.58 31.89
EBIT Margin(%) 28.78 31.2 33.9
Pre Tax Margin(%) 28.78 31.2 33.9
PAT Margin (%) 21.67 23.57 25.31
Cash Profit Margin (%) 23.63 26.08 27.42
ROA(%) 21.95 24.68 26
ROE(%) 25.48 28.41 29.59
ROCE(%) 33.84 37.59 39.63
Receivable days 57.22 48.33 44.59
Inventory Days 77.87 60.81 52.72
Payable days 40.62 37.16 39.48
PER(x) 0 0 0
Price/Book(x) 0 0 0
Dividend Yield(%) 0 0 0
EV/Net Sales(x) -0.08 -0.08 0.15
EV/Core EBITDA(x) -0.28 -0.24 0.41
Net Sales Growth(%) 0 15.08 16.05
EBIT Growth(%) 0 24.75 26.11
PAT Growth(%) 0 25.2 24.6
EPS Growth(%) 0 34.39 24.6
Debt/Equity(x) 0 0 0
Current Ratio(x) 4.29 4.61 4.16
Quick Ratio(x) 2.69 3.41 2.74
Interest Cover(x) 0 0 5643.85
Total Debt/Mcap(x) 0 0 0

Sihora Industries Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 16% 0% 0% 0%
Operating Profit CAGR 24% 0% 0% 0%
PAT CAGR 25% 0% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR NA% NA% NA% NA%
ROE Average 30% 28% 28% 28%
ROCE Average 40% 37% 37% 37%

Company Contact Information

HD Fire Protect Ltd.

Sundaram Balasubramanian Iyer

91 (22) 35287000

investors@hdfire.com

O-611, 6th Floor, Runwal R Square Opp. Veena Nagar, L. B. S. Marg Mulund (West)

IPO Lead Manager(s)

HD Fire Protect Ltd.

Ambit Corporate Finance Pvt Ltd

Anand Rathi Advisors Ltd.

IIFL Capital Services Ltd.

Registrar Info

HD Fire Protect Ltd.

MUFG Intime India Pvt Ltd.

C 101, 247 Park, LBS Marg, Vikhroli (W), Mumbai (Old Address:) C-13 Pannalal Silk Compound, L B S Marg, Bhandup Mumbai Maharashtra

+91 810 811 8484

91-022-49186060

rnt.helpdesk@in.mpms.mufg.com

https://in.mpms.mufg.com/

Frequently Asked Questions

All You Need To Know About IPO

When you leave without vesting, generally unvested ESOPs are cancelled. Vested ESOPs usually can be exercised after you depart, often within 3 to 6 months, depending on the company's ESOP plan.

For companies listed on a stock exchange, you can sell the shares any time after you exercise the ESOP option and the shares are in your demat account. If the company is unlisted or otherwise a startup, you can only sell the shares if and when the company announces a buyback or has a process for secondary sales.

Whenever you exercised your options to hold shares, you entered into a market risk situation, and if the valuation of the company drops, so do the shares.

Yes. ESOPs are valuable to the employer in that the employer is able to retain the best talent, align employee interests with company goals, and preserve cash while rewarding performance.

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