This company listed within the last twelve months, so its prospectus is still the primary source. The figures below were extracted from the DRHP and RHP before listing and scored then, and they are shown here as they stand in the IPO record rather than restated.
Each flag is a fact read in the filing, shown with the context that makes it meaningful.
Stated objects, as worded in the offer document. Deployment against them is tracked separately.
Claims made in the offer document, to be read against what the company has reported since.
HD Fire Protect Limited (formerly HD Fire Protect Private Limited) is an established manufacturer and exporter of engineered fire protection equipment and systems. The company designs, manufactures, and supplies a wide product suite including deluge valves, foam systems, water spray nozzles, fire monitors, and gas suppression systems across oil & gas, power, chemical, industrial, and commercial infrastructure sectors in over 90 countries. Operating from manufacturing facilities in Jalgaon and Thane, Maharashtra, the company generated revenue from operations of ₹ 489.28 crore in Fiscal 2026, with export markets contributing 34.69% of top-line sales.
Global market presence with international product certifications (UL Listed, FM Approved, CE Marked), stringent empanelment driven high entry barriers, long-standing relationships with global EPC contractors, and integrated manufacturing and testing infrastructure.
HD Fire Protect Limited is an Indian manufacturer and exporter of fire protection equipment and systems, offering comprehensive deluge, foam, water spray, and gas suppression solutions globally.
Source: p.212, p.213, p.295
Where the revenue came from, as the document splits it.
| Name | Pct | Source |
|---|---|---|
| Domestic Sales | 65.31 | p.212, p.251 |
| Export Sales | 34.69 | p.212, p.251 |
According to the CRISIL Report, the Indian and global fire protection equipment market is driven by expanding industrial infrastructure, oil & gas investments, power generation expansion, and tightening fire safety regulatory compliance mandates. Operating EBITDA margins for leading capital goods and equipment players range between 12% and 23%.
Sector slug: fire-protection-and-industrial-safety-equipment
Source: p.62, p.122, p.212
The comparable set the company chose, which is itself a disclosure.
| Name | Margin | Pb | Pe | Roe | Source |
|---|---|---|---|---|---|
| KSB Limited | 20.59 | 9.14 | p.123, p.211 | ||
| Kirloskar Pneumatic Company Limited | 18.91 | 41.8 | p.123, p.217 | ||
| Elgi Equipments Limited | 10.57 | 23.87 | p.123, p.215 |
As presented in the offer document. Post-listing figures are in the statements above.
| Basis | Period | Related party revenue cr | Pat cr | Pat margin | Revenue cr | Pat margin derived | Cff cr |
|---|---|---|---|---|---|---|---|
| standalone | FY26 | 0 | 116.787 | 23.87% | 489.281 | yes | -136.058 |
| standalone | FY25 | 0 | 109.718 | 25.35% | 432.799 | yes | -49.203 |
| standalone | FY24 | 0 | 87.92 | 23.57% | 372.953 | yes | -22.895 |
The measures this sector is actually judged on, as disclosed in the document. No feed supplies these.
Written before listing, answered from the document itself.
Will HD Fire Protect Limited receive any proceeds from the public offer?
No. The offer is 100% an Offer for Sale of 26,284,500 Equity Shares by Promoter Selling Shareholders Harish Narshi Dharamshi and Kusum Harish Dharamshi. All net proceeds will go to the selling shareholders.
p.76, p.119
What drove revenue and net profit growth in Fiscal 2026?
Revenue from operations grew by 13.05% to ₹ 489.28 crore in FY26, while Restated PAT increased by 6.44% to ₹ 116.79 crore, supported by sustained domestic market demand and expanding export sales.
p.204, p.258, p.373
Why did one of the joint statutory auditors resign and join the company as CFO?
Hitesh Dedhia & Co. resigned as joint auditor on March 27, 2025, and Hitesh Dedhia was appointed CFO on May 2, 2025 to manage expanded finance operations. The company states this was done to support operational scale, though it is flagged as a risk factor.
p.16, p.52, p.118
What the issue priced at, on the figures in the document.
Pe basis: P/E ratio to be determined upon finalization of Price Band based on Fiscal 2026 basic and diluted EPS of ₹ 6.66.
Filing states there are no direct listed peers in fire protection equipment in India; peer set comprises capital goods/industrial equipment companies KSB Limited, Kirloskar Pneumatic, and Elgi Equipments.
Source: p.122, p.123
How the book filled. A category that bid far above the rest is a different signal from a uniformly covered issue.
| Date | Name | Shares | Price per share | Category | Source |
|---|---|---|---|---|---|
| 2005-04-01 | Harish Narshi Dharamshi / Kusum Harish Dharamshi | 43620 | 100 | Takeover of firm M/s HD Fire Protect Co. | p.89 |
| 2007-09-05 | Harish Narshi Dharamshi / Kusum Harish Dharamshi | 54830 | 100 | Further Cash Allotment | p.89 |
| 2023-11-04 | Bonus Issue (1:100) | 1900000 | 0 | Bonus Issue | p.89 |
| 2025-03-18 | Sub-division of shares (1:20) | 15133500 | 0 | Stock Split from ₹ 100 to ₹ 5 | p.89 |
| 2025-03-18 | Bonus Issue (1:10) | 159300000 | 0 | Bonus Issue | p.89 |
Ceo: Harish Narshi Dharamshi
₹ 0.04 crore (₹ 0.40 million) in indirect tax proceedings against the Company; no criminal proceedings or material civil claims outstanding against Company or Promoters.
Auditor name: KKC & Associates LLP (formerly Khimji Kunverji & Co LLP), Chartered Accountants
Skin in game: Promoters hold 95.33% (16,70,35,000 Equity Shares of face value ₹ 5 each) of the pre-offer paid-up equity capital.
Resignation of joint statutory auditor Hitesh Dedhia & Co in March 2025, who was later appointed as CFO in May 2025, disclosed as a risk factor.
Yes; Hitesh Dedhia & Co. resigned as joint statutory auditor on March 27, 2025 (and Hitesh Dedhia was subsequently appointed as CFO on May 2, 2025), leaving KKC & Associates LLP as sole statutory auditor.
Source: p.16, p.21, p.52, p.100, p.118, p.275, p.356
Transactions with promoters, directors and their entities, as disclosed.
| Counterparty | Amount cr | Nature | Relationship | Core function | Source |
|---|---|---|---|---|---|
| Harish Narshi Dharamshi | 8 | Remuneration, dividend, and buyback payments | Chairman & Managing Director | Executive leadership, strategic direction, and operational management | p.224, p.281 |
| Parika Miheer Ghotikar | 4 | Remuneration and dividend | Whole Time Director | Executive management and operational administration | p.224, p.281 |
| Anik Narendra Dharamshi | 4 | Remuneration and dividend | Whole Time Director | Executive management and supply chain operations | p.224, p.281 |
| Hitesh Dedhia | 0.82 | Executive remuneration | Chief Financial Officer (appointed May 2025, former joint auditor) | Financial management, accounting, and investor relations | p.224, p.275 |
Company filed compounding application under Section 441/68 of Companies Act for buyback procedural lapses (fine of ₹ 0.08 crore paid in Feb 2026), Section 441/148 for cost auditor appointment delay (fine of ₹ 0.03 crore paid in Dec 2025), and pending Section 454 adjudication for MGT-7 return filing errors.
Defaults disclosed: Yes
Source: p.66, p.67, p.68
How to read this: Price shows the closing price with its 50-day (amber) and 200-day (grey) averages; bars at the bottom are daily volume, green on up days and red on down days; dashed lines mark the 52-week high and low. vs Nifty 50 starts both at 100 so you can see which did better over the period. P/E shows what the market paid for each rupee of profit, inside the band it usually trades in. Drawdown shows how far below its best price the share has been. Hover anywhere for the numbers on that day.
Models that need these lines are withheld rather than estimated: two comparable financial years. Nothing on this page is back-solved from a figure the company did not publish.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
The same read, applied to the companies this one competes with.