HD Fire Protect Limited: Company Analysis, Financials & IPO 2026

Komal Bhatt

Oct 9th 2026

Finance

HD Fire Protect Limited is an Indian manufacturer of fire protection equipment and systems serving industrial, commercial, and residential applications. The business traces its origins to M/s HD Fire Protect Co., established by Harish Dharamshi in 1990, before being incorporated as D.H. Fire Protect Private Limited in April 1997. In 2005, the company changed its name to HD Fire Protect Pvt Limited and subsequently converted into a public limited company in 2025 and renamed it again as HD Fire Protect Limited.

The company offers a broad range of fire protection products, including sprinklers, alarm valves and accessories, deluge valves and skids, pre-action systems, foam equipment and suppression systems, monitors and monitor nozzles, system valves and accessories, water spray nozzles and others. Its products are used in industries such as oil and gas, petrochemicals, power and energy, aerospace, heavy engineering, pharmaceuticals, data centres, warehousing, hospitality, healthcare and commercial buildings.

HD Fire Protect Limited IPO 2026: Key Details

The company has filed its Red Herring Prospectus (RHP) for a proposed initial public offering for an Offer for Sale by existing promoter selling shareholders. Here are the key details about HD Fire Protect Limited’s upcoming IPO:

To get the latest updates about the upcoming IPO, explore our detailed HD Fire Protect Limited IPO page.

Key Financial Highlights (FY 2025-26)

Here are the key financial metrics representing the financial performance of HD Fire Protect Limited for FY 2025-26:

HD Fire Protect Limited - An Overview

HD Fire Protect operates two manufacturing facilities in Maharashtra, located at Jalgaon MIDC and Thane MIDC, covering a combined area of 8.50 acres. The company supplied its products to 2,066 customers in FY2025-26 and had supplied products across more than 90 countries between inception and March 31, 2026.  The key facts about HD Fire Protect Limited are as follows:

History & Evolution

Here is a brief overview of the company’s history and evolution since its inception:

1990: M/s HD Fire Protect Co. was established by Harish Dharamshi

Harish Dharamshi started the business as a small partnership firm called M/s HD Fire Protect Co. At that time, the focus was mainly on manufacturing and supplying basic fire protection equipment in the local market. This marked the actual beginning of the company’s long journey in the fire safety industry.

1997: Incorporated as D.H. Fire Protect Private Limited

The partnership firm was converted into a private limited company and named D.H. Fire Protect Private Limited. It gave the business a more formal and professional structure and also helped in better management and future growth planning.

2005: Acquired M/s HD Fire Protect Co. as a going concern and renamed it HD Fire Protect Private Limited

The company acquired the original partnership firm (M/s HD Fire Protect Co.). At the same time, the name was changed to HD Fire Protect Private Limited. This move made the operations of the company more organised.

2022: Received 2-Star Export House Certification

HD Fire Protect received the 2-Star Export House Certification from the government. This recognition showed that the company had built a strong presence in overseas markets. It also boosted the company’s image as a reliable exporter of fire protection products.

2025: Converted from private limited company to public limited company

The company was converted from a private limited company to a public limited company in 2025. This change was an important step towards becoming a listed company. It was done mainly to prepare for the upcoming IPO and to meet regulatory requirements.

2026: Incorporated subsidiary HD Fire Protect Company in Saudi Arabia and launched its IPO

In this year, the company set up its first overseas subsidiary named HD Fire Protect Company in Saudi Arabia. In the same year, it also launched its Initial Public Offering (IPO) in India, which is set to open for public subscription from 13 October 2026 to 15 October 2026. Both these steps marked a big phase of expansion and growth for the company.

For a detailed video overview of the HD Fire Protect Limited IPO, including its financials, strengths, and other key details, watch our HD Fire Protect IPO analysis.

Company’s Promoters

HD Fire Protect Limited has 5 promoters as per its RHP. Here is a brief about each promoter of the company.

Harish Narshi Dharamshi

Harish Narshi Dharamshi is the Chairman and Managing Director of the Company. He holds a bachelor’s degree in mechanical engineering from B.V.B. College of Engineering and Technology, Karnatak University. He has over 36 years of experience in the fire protection industry, is a member of the UL Standards Technical Committee (UL-260), and has received several awards, including the Lifetime Achievement Award from the Institute of Fire Engineers (India).

Kusum Harish Dharamshi

She is a promoter of the Company and holds a master’s degree in commerce from Shivaji University, Kolhapur. She was associated with Kum. U. R. Shah Women’s College of Commerce for 38 years (1977–2014), where she held various positions including Vice Principal and Director of Academics.

Miheer Sadanand Ghotikar

He is a promoter and Whole-Time Director of the Company. He holds a bachelor’s degree in biomedical engineering from Thadomal Shahani College of Engineering (University of Mumbai) and a master’s degree in biomedical engineering from the University of South Florida, USA. He has over 16 years of experience in international business operations, manufacturing, product development, and corporate strategy, and earlier worked with Pilgrim Software and Baxter Healthcare in the USA.

Parika Miheer Ghotikar

She is a promoter and Whole-Time Director of the Company. She holds a bachelor’s degree in mechanical engineering from the University of Toledo, USA, and a master’s degree in engineering and management from Case Western Reserve University, USA. She has over 16 years of experience in business systems integration, finance & treasury management, administration, and human resources.

Anik Narendra Dharamshi

He is a promoter and Whole-Time Director of the Company. He holds a bachelor’s degree in mechanical engineering from Lokmanya Tilak College of Engineering (University of Mumbai) and a master’s degree in manufacturing engineering and management from the University of Birmingham, UK. He has been associated with the company for over 16 years and currently serves as the President of the Fire Protection Association of India.

Shareholding Structure

Here is the shareholding structure of the company as per its RHP:

Board of Directors

Here is a brief overview of the board of directors of the company as disclosed in the RHP:

Subsidiary Companies

The subsidiary company of HD Fire Protect Limited as disclosed in the RHP is HD Fire Protect Company, incorporated in Saudi Arabia in 2026. The company holds a 70% stake in the subsidiary. The subsidiary has been set up to manufacture fire protection equipment / industrial machinery in Saudi Arabia - the same line of business as the parent company (HD Fire Protect Limited).

Products and Services

HD Fire Protect Limited's products are broadly categorized across multiple fire protection equipment and systems categories.

• Sprinklers, Alarm Valves and Accessories: These products are used across industrial, commercial and residential applications, including offices, malls, hospitals, airports, hotels, residential buildings, warehouses and industrial facilities.
• Deluge Valves, Deluge Skids and Pre-Action Systems: These systems are designed for applications requiring rapid fire suppression and controlled discharge, particularly in industrial and high-risk environments.
• Foam Equipment and Suppression Systems: The company offers foam-based fire suppression equipment for applications where water alone may not be suitable, including oil and gas, petrochemicals, and other industrial facilities.
• Monitors and Monitor Nozzles: Fire monitors and monitor nozzles are used for directing large volumes of water or foam over considerable distances and are relevant to industrial facilities and high-risk installations.
• System Valves and Accessories: The company supplies various valves and related components used in fire protection systems.
• Water Spray Nozzles: Water spray systems are used for fire protection and cooling applications across industrial and infrastructure facilities.
• Custom-Engineered Systems: HD Fire Protect also undertakes customised fire protection solutions designed around specific customer and project requirements.
• Gas Suppression Systems: The company provides gas-based fire suppression systems for applications where water-based suppression may not be appropriate.

Financial Overview

Here are the key financial metrics of the company, including its Financial Performance, Balance Sheet Snapshot, and Cash Flow Statement for FY 2025-26 and FY 2024-25.

Financial Performance

Key Financial Insights

• Revenue from Operations increased from ₹4,327.99 million to ₹4,892.81 million, a healthy growth of 13.1%.
• Profit Before Tax rose from ₹1,467.14 million to ₹1,559.79 million (+6.3%)
• Profit After Tax increased from ₹1,097.18 million to ₹1,167.87 million (+6.4%)
• PAT Margin stood at 23.1% in FY26.

Balance Sheet Snapshot

Balance Sheet Insights

• Total Assets declined from ₹4,500.82 million to ₹4,320.26 million ( ~4%), mainly due to a sharp fall in Non-Current Assets.
• Equity forms ~87% of total assets in FY26 (₹3,771.47 mn out of ₹4,320.26 mn), indicating a very low debt profile.
• Almost debt-free company, as Non-Current Liabilities are negligible (only ₹19.70 mn in FY26), and total liabilities are just ~13% of the balance sheet.
  Working capital improved; current assets increased while current liabilities rose moderately.
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Cash Flow Statement

Cash Flow Statement

• Cash declined in FY26 as Cash & Cash Equivalents fell from ₹174.66 million to ₹148.74 million (net outflow of ₹25.92 million).
• Heavy cash outflow from financing activities, a large dividend payout (₹1,401.84 mn), and share buyback significantly reduced cash in the previous year.
  Operating cash flow appears healthy. Despite financing outflows, the company maintained reasonable cash balances, supported by strong internal generation.

Peer Comparison

HD Fire Protect Limited is generally compared with KSB Limited and Kirloskar Pneumatic Company Limited. Here is a brief comparison of how HD Fire Protect Limited is compared with its peers.

Awards and Recognitions

The company has received several awards and industry recognitions over the years.

Key Business Strengths

HD Fire Protect Limited has built a strong position in the fire protection equipment and systems segment. The key strengths that support its business are as follows:

• Wide product portfolio: HD Fire Protect offers products across sprinklers, valves, deluge systems, foam equipment, monitors, water spray nozzles, custom-engineered systems, and gas suppression systems.
• Long operating history: The company's roots go back to 1990, providing it with more than three decades of experience in the fire protection equipment industry.
• Strong certification base: The company has multiple UL Listed and FM Approved product certifications, supporting its ability to serve customers with stringent technical and safety requirements.
• International presence: HD Fire Protect had export sales in more than 90 countries as of FY2025-26.
• Established customer base: The company supplied fire protection equipment and systems to 2,066 customers in FY2025-26.
• Exposure to specialised end markets: Its products are used in oil and gas, petrochemicals, power, aerospace, data centres, warehousing, healthcare, hospitality and other applications where fire protection standards are important.

Growth Plans & Outlook

Looking ahead, HD Fire Protect aims to strengthen its position in the fire protection equipment and systems market through several strategic initiatives:
Expanding international presence: The company is using strategic global partnerships and its newly incorporated Saudi Arabian subsidiary to deepen its presence in international markets. The Saudi subsidiary is intended to support local customer service, reduce logistics challenges, and meet local sourcing requirements.

• Increasing presence in Saudi Arabia: The company is participating in Saudi Arabia's localisation initiatives and intends to use its local presence to pursue larger government and infrastructure opportunities.
• Expanding wallet share with existing customers: HD Fire Protect intends to increase business from existing customers through tailored solutions, closer collaboration during project design, and stronger system integration capabilities.
• Focus on emerging sectors: Data centres, warehouses, and other infrastructure segments are identified as areas where demand for fire protection systems can create additional opportunities.
• Strengthening global sales and marketing: The company plans to develop a specialised global sales and marketing team with technical and regional expertise.
  Increasing manufacturing and warehouse capacity: The company has expanded its Jalgaon facility and is constructing an additional warehouse at Wagle Estate, Thane, expected to be completed by November 2026.
• Leveraging contract manufacturing: The company uses contract manufacturing for selected products to improve scalability, access specialised capabilities, and support customer requirements.

Key Business Challenges

While HD Fire Protect has a strong position in the fire protection equipment segment, investors should also consider several challenges that could affect its future performance.

• Project-driven Order Conversion: The company operates in a project-driven industry where converting enquiries into confirmed orders depends on customer project schedules, budget approvals, logistics and site readiness. A strong order pipeline does not always translate into immediate revenue.
• Raw Material Price Instability: Pricing of fire protection equipment depends partly on raw material costs such as brass, steel, aluminium and copper. Rising input costs can put pressure on margins if they cannot be fully passed on to customers.
• High Certification & Compliance Requirements: Products require certifications such as UL, FM, CE, VdS, and ASME. While these strengthen the company’s position, maintaining them requires continuous investment in testing, quality systems, and technical expertise.
• Intense Competition: HD Fire Protect faces competition from established Indian players (Safex Fire Services, Newage Fire Fighting, Vimal Fire Controls, etc.) as well as global companies, creating pressure on pricing, innovation, and market share.
• International Expansion Risks: With a presence in 90+ countries and a new subsidiary in Saudi Arabia, the company faces challenges related to different regulations, distributors, customer expectations, and local market conditions.
• Dependence on Technical Expertise: Projects in oil & gas, data centres, and infrastructure demand highly specific technical specifications and pre-qualifications. Maintaining these capabilities is critical for winning orders.
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Recent Market Updates

HD Fire Protect Limited has moved closer to its proposed public listing with the filing of its Red Herring Prospectus dated October 5, 2026. The proposed Offer comprises up to 26,284,500 equity shares, all through an Offer for Sale by promoter selling shareholders. No fresh issue of shares is proposed. 

The company has proposed listing its equity shares on BSE and NSE. The company is also continuing its capacity expansion, including the additional warehouse at Thane expected to be completed by November 2026.

Disclaimer: This company analysis is based on information disclosed in the HD Fire Protect Limited Red Herring Prospectus dated October 5, 2026, and the company's official website. The complete and validated information for the company is limited, and any future performance depends on factors such as regulatory changes, market conditions, and execution risks. Investors should conduct their own independent research and consult professional advice before making any investment decisions.

Author: Komal Bhatt

Komal Bhatt is a finance content writer at InvestKraft, specialising in well-researched articles on financial products, stock markets, and investment opportunities, with a particular focus on unlisted shares.

She holds a Master’s degree in Commerce from the University of Delhi, which gives her a solid academic foundation in finance and business. With over three years of hands-on experience in creating digital finance content, Komal has developed a clear understanding of investor needs through her work on wealth management, NISM certification programs, and market education materials.

Komal is passionate when it comes to breaking down complex financial concepts into simple, accurate and actionable insights. Her goal is to help everyday investors understand markets better and make more informed decisions based on reliable, research-backed information.