⚠️ Neutral
Listed
Industrial Products
HD Fire Protect Limited IPO
₹712 Cr · Offer for Sale (OFS) · Industrial Products
Price Band
₹258 – ₹271
Lot: 55 shares (₹14,905)
GMP (Grey Market)
₹70 (+25.83%)
Est. listing ₹341
Issue Size
₹712 Cr
Offer for Sale (OFS)
Market Cap
₹4748.73 Cr
At upper band
P/E Ratio
40.7x
P/S: 9.7x
Listing Date
21 Oct 2026
BSE & NSE
IPO Timeline
✓
Opens
13 Oct 2026
✓
Closes
15 Oct 2026
✓
Allotment
16 Oct 2026
✓
Refund
19 Oct 2026
✓
Listing
21 Oct 2026
IPO India Hub: Neutral
Conviction
5/10
The company trades at 1.77× sector midpoint with exceptional 23.9% net margins and 40.3% ROCE, supporting the valuation multiple. However, a severe -49.7% revenue CAGR over two years and 100% OFS (promoter exit) raise material concerns about business trajectory and insider confidence.
Listing Performance
Issue Price
₹271
Allotment price
Listing Price
₹334.4
+23.39% on listing day
Current Price (CMP)
₹285.35
+5.3% vs issue
Listed On
21 Oct 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Exceptional profitability and returns
Net profit margin of 23.9% and ROCE of 40.33% are well above typical manufacturing peers, indicating strong operational efficiency and capital deployment. These metrics justify a premium valuation multiple and suggest the business generates substantial cash returns on invested capital.
✓ Strength
Strong market reception and GMP
Grey market premium of ₹70 (25.83% above upper band) and 4.66× subscription indicate robust investor demand. This bullish sentiment on a Mainboard IPO suggests confidence in the company's market position and growth prospects.
⚠ Risk
Severe revenue and profit contraction
Revenue collapsed from ₹505.1 Cr (FY-1) to ₹114.1 Cr (FY0), representing a -49.7% two-year CAGR; PAT fell similarly by -53.4%. This dramatic decline raises questions about whether FY0 reflects a temporary disruption or a structural deterioration in demand or operations.
⚠ Risk
100% promoter offer for sale
The entire ₹712 Cr issue is OFS with zero fresh capital raise, and promoter holding drops from 100% to 85% post-issue. This signals promoter exit at peak valuation and provides no growth capital to the business, which is a red flag given the recent revenue collapse.
₹ Valuation
Valuation at sector midpoint premium
P/E of 40.7× is 1.77× the manufacturing sector midpoint of 23×, placing it in the upper-fair range. While the 23.9% NPM justifies a modest premium, the multiple remains elevated given the -49.7% revenue CAGR and absence of visible recovery catalysts.
👁 Watch
Post-listing revenue trajectory
Investors must closely monitor Q1 FY27 and Q2 FY27 revenue and order book trends to confirm whether FY0's collapse was cyclical or structural. Any further contraction or stagnation would validate the exit thesis and pressure valuations materially.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "HD Fire Protect Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹489.28 Cr
Net Profit
₹116.79 Cr
Industry
Industrial Products
Issue Type
Offer for Sale (OFS)
Promoters
HARISH NARSHI DHARAMSHI, KUSUM HARISH DHARAMSHI, MIHEER SADANAND GHOTIKAR, PARIKA MIHEER GHOTIKAR AND ANIK NARENDRA DHARAMSHI
Lead Managers
Ambit, Anand Rathi Advisors and IIFL Capital Services
Quick Actions
Frequently Asked Questions
Neutral. The company trades at 1.77× sector midpoint with exceptional 23.9% net margins and 40.3% ROCE, supporting the valuation multiple. However, a severe -49.7% revenue CAGR over two years and 100% OFS (promoter exit) raise material concerns about business trajectory and insider confidence.
The current grey market premium (GMP) is ₹70, which is 25.83% above the upper band price of ₹271. This implies an estimated listing price of around ₹341. GMP is informal and unregulated — treat it as a sentiment indicator, not a guarantee.
The minimum lot size is 55 shares. At the upper band price of ₹271, the minimum investment per retail application is ₹14,905. You can apply for up to 13 lots (₹193,765) under the retail category (up to ₹2 lakh).
The IPO opens on 13 Oct 2026. It closes on 15 Oct 2026. Allotment is expected on 16 Oct 2026. Refunds initiate on 19 Oct 2026. Listing on BSE and NSE is on 21 Oct 2026.
The lead managers for the IPO are Ambit, Anand Rathi Advisors and IIFL Capital Services. Check the SEBI filing for the registrar details.
The IPO listed on 21 Oct 2026 at ₹334.4 against an issue price of ₹271 (+23.39% on listing day). The current market price (CMP) is approximately ₹285.35 (+5.3% vs issue).
Our analysis is <strong>Neutral</strong>. Consider applying selectively before the issue closes on 15 Oct 2026. The minimum investment is ₹14,905 for one lot (55 shares). The company trades at 1.77× sector midpoint with exceptional 23.9% net margins and 40.3% ROCE, supporting the valuation multiple. However, a severe -49.7% revenue CAGR over two years and 100% OFS (promoter exit) raise material concerns about business trajectory and insider confidence.
Our analysis is <strong>Neutral</strong>. Consider applying selectively before the issue closes on 15 Oct 2026. The IPO is priced at a P/E of 40.7x. Market cap at issue price is ₹4748.73 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The minimum lot is 55 shares at ₹271 each, costing ₹14,905 per application. The issue closes on 15 Oct 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'HD Fire Protect Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
Explore More