HD Fire Protect Limited is one of India’s premier designers, manufacturers, and global exporters of fire protection equipment and suppression systems. Founded in 1990 by Harish Dharamshi as a local partnership firm, the company has transformed into an international fire engineering powerhouse. Today, HD Fire Protect serves high-risk industrial, commercial, infrastructure, and residential sectors across more than 90 countries.
According to industry reports, HD Fire Protect stands as India’s second-largest manufacturer of fire protection equipment by operating revenue and the largest Indian exporter of equipment by value.
Evolution & Historical Milestones
The growth story of HD Fire Protect spans over three decades, marked by key structural transformations and international growth:
Inception as M/s HD Fire Protect Co.
1990
Harish Dharamshi founded M/s HD Fire Protect Co. as a partnership firm to manufacture basic fire safety components for the domestic market.
Incorporation of Private Entity
1997
Incorporated as D.H. Fire Protect Private Limited, formalizing operations and management structure.
Consolidation & Rebranding
2005
Acquired the original partnership firm as a going concern and renamed the company to HD Fire Protect Private Limited.
2-Star Export House Status
2022
Recognized by the Government of India as a 2-Star Export House following significant expansion in international sales.
Public Conversion & IPO Filing
2025–2026
Converted into a Public Limited Company in 2025 and filed its Red Herring Prospectus (RHP) for a mainboard initial public offering (IPO) on BSE/NSE in October 2026.
Core Product Portfolio & Application Areas
HD Fire Protect specializes in custom-engineered and standardized fire detection and suppression systems designed to perform in high-hazard environments.
Key Product Categories
- Deluge Valves & Pre-Action Systems: Heavy-duty valves engineered for rapid deluge, double-interlock pre-action systems widely deployed in data centers, power plants, and chemical units.
- Sprinklers & Flexible Hoses: High-density fire sprinklers, alarm check valves, and HD-FLEX stainless steel flexible sprinkler connections for high-rise buildings and commercial facilities.
- Foam Firefighting Equipment: Bladder tanks, ratio controllers, foam proportioners, and monitor nozzles built for oil refineries and storage terminals.
- Gas Suppression Systems: Clean agent and inert gas fire suppression systems (e.g., HD-INERTSYS®) engineered for electrical cabinets, telecommunication hubs, and sensitive IT infrastructure.
- Water Spray & Special Hazard Nozzles: Medium- and high-velocity spray nozzles for protecting bulk flammable storage tanks and transformer yards.
Manufacturing Strengths & Key Competitive Moats
- High Barriers to Entry (Global Certifications): Holding 21 UL Listed and 87 FM Approved product lines, along with VdS, CE, and BIS certifications. Getting global certifications takes 6 to 24 months per product line, creating a strong moat against prospective competitors.
- In-House R&D & Test Labs: Advanced manufacturing units located in Jalgaon and Thane, supported by specialized fire test laboratories, high-precision machining, and product design capabilities.
- Diversified Customer Base: Serves over 2,000 active clients globally across oil & gas, pharmaceuticals, aerospace, defense, energy, data centers, and marine industries. Top 10 clients contribute less than 24% of overall revenue.
- Middle East Expansion: Established a 70%-owned subsidiary in Saudi Arabia to capture industrial safety projects in the GCC region.
Financial Performance Highlights
HD Fire Protect has demonstrated double-digit revenue growth while maintaining debt-free balance sheets and high profitability margins.
| Parameter | FY2024 | FY2025 | FY2026 |
| Revenue from Operations | ₹372.95 Cr | ₹432.80 Cr | ₹489.28 Cr |
| Profit After Tax (PAT) | ₹87.92 Cr | ₹109.55 Cr | ₹116.79 Cr |
| EBITDA Margin | ~31.2% | 31.89% | 30.75% |
| PAT Margin | 23.57% | 24.31% | 23.87% |
| Return on Capital Employed (RoCE) | — | — | 40.33% |
| Debt Profile | Zero Long-Term Borrowings | Zero Long-Term Borrowings | Zero Debt |
HD Fire Protect IPO Details (October 2026)
HD Fire Protect filed for its Mainboard initial public offering in October 2026.
- Issue Size: Up to ₹712.31 Crore (Entirely Offer for Sale by Promoters).
- Price Band: ₹258 to ₹271 per share.
- Lot Size: 55 Shares (Minimum Retail Investment: ₹14,905 at upper band).
- IPO Timeline: Subscription opens October 13, 2026, and closes October 15, 2026.
- Valuation: Implied market cap of ~₹4,748 Crore at the upper price band, representing a P/E multiple of ~40.7x FY26 earnings.
Strengths & Key Risk Factors
Key Strengths: Strong global compliance certifications, debt-free balance sheet, robust operating cash flows, high return ratios (RoCE > 40%), and low customer concentration risk.
Key Risks: Reliance on imported raw materials (~34.5%), foreign exchange fluctuations, raw material cost inflation, and strict global regulatory changes regarding chemical foam additives.