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HD Fire Protect IPO
Price Band
₹258.0–271.0
Issue Size
₹712.31 Cr
Lot Size
55 shares
Min Investment
₹14,905
GMP
+₹70.0 (25.83%)
Issue Price
₹271.0
Subject to Sauda
₹2900
Paid only if allotted
HD Fire Protect IPO AI Summary
- HD Fire Protect IPO is upcoming on BSE, NSE in the Other Consumer Services sector.
- Price band: ₹258.0–₹271.0 per share, lot size 55 shares (min. investment ₹14,905).
- Subscription window: 13 Oct–15 Oct 2026, listing on 21 Oct 2026.
- Current GMP is +₹70.0 (25.83%), an estimated listing price of ₹341 — unofficial and can change daily.
HD Fire Protect Ltd. is set to launch its IPO with a price band of ₹258.0 to ₹271.0, aiming to raise ₹712.31 Cr. The company has shown strong revenue and profit growth in recent years, supported by a robust product portfolio and experienced management.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Important Dates
Subscription Status
IPO not open yet
Opens 13 Oct 2026 · in 5 days
HD Fire Protect IPO Grey Market Premium (GMP) Today
GMP
+₹70.0
GMP %
+25.83%
Est. Listing
₹341.0
Updated: 08 Oct 2026 18:15
GMP Trend (Last 3 Days)
TopFund Score — Listing Data Indicator
GMP is 25.8% above issue price
Subscription not open yet
No anchor allocation for this IPO
Similar IPOs (same sector & type) averaged 41.5% listing gain
A rules-based composite of GMP, subscription demand, anchor participation and comparable-IPO history — each weighted as shown above. Not a statistically validated probability, a guarantee of listing performance, or personalized investment advice.
Limitations: weights are fixed by TopFund, not backtested against outcomes; the "Historical Similar-IPO Performance" factor needs at least 3 comparable past listings and falls back to a broader, less specific cohort when this sector/type doesn't have enough; GMP and subscription data can change daily right up to listing day, so scores shown may already be stale — check the "as of" date above.
About the Company
Incorporated in 1997, HD Fire Protect Ltd. specializes in designing, manufacturing, and supplying fire protection equipment and systems. The company focuses on delivering reliable, innovative, and internationally certified solutions for industrial, commercial, and institutional safety requirements. HD Fire Protect Ltd. emphasizes research, continuous improvement, and global compliance. Its strong distribution network and customer service help it maintain leadership while expanding its presence across domestic and international fire protection markets. The company operate two manufacturing facilities in Maharashtra, Jalgaon MIDC and Thane MIDC, spanning a combined area of 8.50 acres. The product portfolio includes fire sprinklers, valves, foam equipment, and detection systems, ensuring comprehensive protection. With advanced technology and stringent quality standards, the company supports industries such as oil, gas, power, manufacturing, and infrastructure. As of March 31, 2025, the company had 261 permanent & 185 employees on contractual basis. Competitve Strengths: Well established global presence in a certification and stringent empanelment driven, high barrier industry. Comprehensive equipment and systems portfolio with presence across diverse end use sectors. Strong and diversified customer base with long standing global customer relationships. Advanced design and manufacturing capabilities, well equipped to deliver high quality fire protection equipment and systems with consistent R&D and innovation. Experienced management team and qualified personnel with significant industry experience.
Company Financials (₹ Cr)
As of 2026-06-30
| Period Ended | 30 Jun 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Assets | 477.60 | 432.03 | 450.08 | 392.63 |
| Total Income | 114.07 | 505.12 | 450.68 | 392.02 |
| Profit After Tax | 23.87 | 116.79 | 109.72 | 87.92 |
| EBITDA | 29.73 | 150.46 | 138.01 | 106.63 |
| NET Worth | 375.93 | 396.01 | 342.19 | |
| Reserves and Surplus | 309.93 | 286.07 | 302.59 | 332.19 |
Key Ratios
EPS
₹6.66
NAV
₹21.45
ROE
30.17%
ROCE
40.33%
RoNW
31.07%
P/B Value
12.63
P/E Ratio
40.69
Market Cap
₹4748.73 Cr
PAT Margin
23.12%
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Ingersoll-rand (india) Ltd. | 195.04 | 20.36% | 51.39 | 81.1 | 81.1 |
| Elgi Equipments Ltd. | 70.41 | 19.28% | 44.7 | 13.65 | 13.61 |
| Kirloskar Pneumatic Co.Ltd. | 192.25 | 20.36% | 17.18 | 39.45 | 39.39 |
| Ksb Ltd. | 96.46 | 16.11% | 55.68 | 15.54 | 15.54 |
| Azad Engineering Ltd. | 236.74 | 8.74% | 145.65 | 20.57 | 20.57 |
| HD Fire Protect Ltd. This IPO | 21.45 | 31.07% | — | 6.66 | 6.66 |
Promoters
Harish Narshi Dharamshi, Kusum Harish Dharamshi, Miheer Sadanand Ghotikar, Parika Miheer Ghotikar, Anik Narendra Dharamshi
IPO Evaluation
Generated 08 Oct 2026Revenue Trend
Total income was ₹392.02 Cr in the year ending 31 Mar 2024, increasing to ₹450.68 Cr by 31 Mar 2025. This growth continued, with total income reaching ₹505.12 Cr in the year ending 31 Mar 2026. However, the most recent figure of ₹114.07 Cr as of 30 Jun 2026 is a 9-month figure and not directly comparable to the full fiscal years.
Profit Trend
Profit after tax was ₹87.92 Cr for the year ending 31 Mar 2024, which rose to ₹109.72 Cr by 31 Mar 2025. This upward trend continued, with profit after tax increasing to ₹116.79 Cr for the year ending 31 Mar 2026. The latest figure of ₹23.87 Cr as of 30 Jun 2026 is also a 9-month figure and not directly comparable to the full fiscal years.
Valuation
At the issue price of ₹271.0, HD Fire Protect Ltd. has an implied P/E ratio of approximately 40.69 based on its EPS of ₹6.66. This is compared to peers trading at P/E ratios ranging from 17.18 to 145.65.
Grey Market Premium, Explained
The grey market refers to the unofficial trading of shares before they are listed on the stock exchange. The Grey Market Premium (GMP) indicates the expected listing price of an IPO based on demand in this unofficial market. A positive GMP suggests that investors expect the stock to list at a higher price than the issue price.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their personal investment goals and market conditions. It's important to consider the company's fundamentals and growth potential.
Who May Want to Wait
Investors who prefer stable, low-risk investments may want to avoid IPOs, as they can be subject to high volatility and uncertainty in the initial trading period.
IPO Timeline, Explained
The IPO process includes several key dates: the opening date is 13 October 2026, and the closing date is 15 October 2026. Allotment of shares will be done on 16 October 2026, followed by the listing date on 21 October 2026.
Listing Gains — The Risk
Listing gains refer to the potential profit an investor can make when a stock starts trading on the stock exchange. However, these gains are not guaranteed and can be influenced by market conditions, investor sentiment, and the company's performance post-listing.
This evaluation is generated from HD Fire Protect's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is HD Fire Protect IPO GMP today?
HD Fire Protect IPO GMP today is +₹70.0 (25.83%), indicating an estimated listing price of ₹341. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of HD Fire Protect IPO?
The price band of HD Fire Protect IPO is ₹258.0–₹271.0 per share.
When does HD Fire Protect IPO open and close?
HD Fire Protect IPO opens on 13 October 2026 and closes on 15 October 2026.
When does HD Fire Protect IPO list on the stock exchange?
HD Fire Protect IPO is scheduled to list on 21 October 2026, with an estimated listing price of ₹341.0 based on current GMP.
What is the lot size for HD Fire Protect IPO?
The lot size for HD Fire Protect IPO is 55 shares, requiring a minimum investment of ₹14,905.
What is the TopFund Listing Data Indicator for HD Fire Protect?
HD Fire Protect's Listing Data Indicator score is 67/100 (High signal), a weighted composite of GMP strength, subscription demand, anchor investor interest and how similar past IPOs performed on listing. It's a rules-based summary of public market data, not a statistically validated probability, a guarantee, or personalized investment advice.
What is the lot size for this IPO?
The lot size for HD Fire Protect's IPO is 55 shares.
What is the minimum investment required?
The minimum investment required is ₹14,905.
What is the price band for the IPO?
The price band for the IPO is ₹258.0 to ₹271.0.
When is the listing date?
The listing date for the IPO is 21 October 2026.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected listing price of the IPO based on unofficial trading.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
13 Oct 2026
Close
15 Oct 2026
Allotment
16 Oct 2026
Listing
21 Oct 2026
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