🔥 HD Fire Protect IPO — Quick Review
📅 Updated: 13 October 2026 | 6.00 AM
🏭 Manufactures water, foam and gas-based fire suppression equipment.
🧯 Products include sprinklers, alarm valves, deluge systems, monitors and nozzles.
🌍 Serves industrial and commercial customers, with exports to over 90 countries since inception.
🏗️ Manufacturing facilities are located at Jalgaon and Thane.
📋 FY26 customer base: 2,066; June 2026 order book: Rs. 158.60 crore.
✅ Product certifications, proprietary designs and in-house testing support business quality.
💰 Issue size: Rs. 712.31 crore, entirely an Offer for Sale.
📌 Price band: Rs. 258–271; minimum retail investment: Rs. 14,905.
🗓️ Subscription opens on 13 October and closes on 15 October 2026.
📈 FY26 total income rose 12.08% to Rs. 505.12 crore.
💵 FY26 net profit increased 6.44% to Rs. 116.79 crore.
📊 EBITDA stood at Rs. 150.46 crore; profit growth lagged income growth.
💪 ROCE of 40.33% and RoNW of 31.07% indicate strong reported returns.
🔎 Net worth declined despite profitability; the prospectus explanation merits attention.
⚖️ At Rs. 271, valuation is approximately 40.69 times supplied FY26 EPS—demanding.
🔥 GMP: Rs. 86, implying Rs. 357 listing value and 31.73% indicative upside.
⚠️ GMP is unofficial and fluctuates; the company receives no proceeds from this OFS.
✅ Conclusion: Apply — selectively, with valuation discipline. Overall rating: ⭐⭐⭐⭐☆.