HD Fire Protect is a Mumbai-based maker of fire-protection equipment: sprinklers, alarm and deluge valves, foam systems, monitors and nozzles, and gas suppression systems. It holds 21 UL and 87 FM approvals, exports to more than 90 countries from two plants (Jalgaon and Thane), and per CRISIL is India's second-largest player by revenue and largest exporter (FY25). Its order book was ₹158.6 crore in June 2026.
The issue was entirely an offer for sale of 2.63 crore shares by the promoters, priced at ₹271; 71,138 shares were reserved for employees at a ₹25 discount. Anchor investors put in ₹213.11 crore on 12 October 2026. Bidding closed on 15 October with the issue subscribed 131.73 times (47.55 lakh applications), and the basis of allotment was finalised on 16 October.
Objects of the issue
- None for the company — this was a 100% promoter offer for sale
Key numbers
- Market cap at ₹271: ₹4,749 crore
- Valuation: about 40.7x FY26 earnings (EPS ₹6.66); about 49.7x Q1 FY27 earnings annualised
- FY26: revenue from operations ₹489.28 crore, operating EBITDA ₹150.46 crore (30.8% margin), PAT ₹116.79 crore (23.9% margin), return on net worth 31.07%
- Borrowings: nil; about ₹157 crore of cash and investments
- Promoter holding: 100% pre-issue → 85% post-issue
Strengths
- Debt-free and cash-rich, with about 30% return on equity and about 31% operating margin
- Certification moat (UL/FM approvals) and a large export business
- Very strong institutional demand: QIB portion subscribed 256.65 times
Risks
- Profit growth slowed to about 6% in FY26, and the operating margin dipped to 27.3% in Q1 FY27
- 100% offer for sale; no money goes to the company
- A rising share of traded and imported goods in revenue
Financials are restated consolidated figures in ₹ crore; "Revenue" is total income. Net worth for Q1 FY27 was not available. Grey market premium is unofficial and changes quickly.
