HD Fire Protect IPO

HD Fire Protect makes the hardware that puts industrial fires out. Its catalogue runs to eight product categories across the three suppression media — water, foam and gas: sprinklers and alarm valves, deluge valves and pre-action systems, foam concentrates and foam-proportioning equipment, water-spray nozzles, fire monitors, custom-engineered systems and gas suppression units. The equipment is specified into refineries, petrochemical complexes, power stations, aerospace and defence facilities, pharmaceutical plants, data centres, warehousing and public infrastructure, and reference installations include Saudi Aramco sites, the Jamnagar refinery, the launch pad at Sriharikota and India's new Parliament building. The company was incorporated in April 1997, is run from Mumbai, and manufactures at two plants in Thane and Jalgaon in Maharashtra spanning 8.50 acres with an in-house R&D centre and fire test laboratory. CRISIL ranks it India's second-largest manufacturer of fire protection equipment and systems by revenue and the largest exporter of such equipment by value.

This is a product business, not a projects business: HD Fire Protect sells certified components and engineered systems to fire-protection contractors, EPC firms and end users, and books revenue on shipment rather than on milestone completion. The moat is certification. The company holds 21 UL Listings and 87 FM Approvals — the most of any India-focused fire protection manufacturer — and each approval takes between six and twenty-four months to obtain, which is what lets a sub-₹500 Cr revenue company sell into Aramco and hold the margins it does. Those economics are visible in the P&L: total income rose from ₹392.02 Cr in FY24 to ₹450.68 Cr in FY25 and ₹505.12 Cr in FY26, a 13.5% CAGR, while EBITDA went ₹106.63 Cr → ₹138.01 Cr → ₹150.46 Cr and PAT ₹87.92 Cr → ₹109.72 Cr → ₹116.79 Cr, landing FY26 at a 29.79% EBITDA margin, a 23.12% PAT margin and a 40.33% RoCE with essentially no borrowings. Exports are about a third of the business — 34.69% of FY26 product and service sales and 32.78% in the April–June 2026 quarter — shipped to more than 90 countries historically and 49 countries in Q1 FY27 alone, with the Middle East the anchor market and a stated intent to begin local manufacturing and trading in Saudi Arabia within one to two years. Demand is replacement- and project-driven rather than contracted: 2,066 customers bought in FY26, 85.20% of revenue came from repeat buyers, the top ten customers were only 23.69% of revenue, and the order book stood at ₹158.60 Cr on 30 June 2026 against roughly ₹70 Cr in March 2025.