HD Fire Protect Limited

This section provides an overview of the industry context, primarily referencing an industry report from CRISIL for market data. It details the global macroeconomic outlook, including projections from the IMF regarding GDP growth and inflation, and discusses risks and opportunities. Specific focus is given to India's economic performance, including its growth drivers, sector performance, and susceptibility to global supply chain disruptions. It also outlines projections for India's GDP growth and inflation for FY27.

The text discusses various economic trends, including inflationary pressures from rising input costs and the diminishing effect of GST rationalization, while inflation is expected to remain within the RBI's tolerance band. It details sector-specific growth, noting that the industry sector showed the highest growth, and the services sector continued to command the largest share of Gross Value Added (GVA). The text also covers demographic trends, projecting growth in India's working-age population and urban population, alongside growth in per capita income. Furthermore, it examines the transformation of the manufacturing sector, the government's efforts to boost manufacturing, and the impact of global supply chain diversification strategies on India's role as a manufacturing destination.

The text discusses various international trade developments, including the strike down of reciprocal tariffs by the US Supreme Court and subsequent temporary import surcharges imposed by the US Administration. It details the US Trade Representative's investigations into the importation of goods produced with forced labor and the proposed duties against various economies. Furthermore, the section outlines several key Indian government initiatives aimed at boosting the manufacturing sector, such as 'Make in India', the National Industrial Corridor Development Programme (NICDP), the PM Gati Shakti, and the Production Linked Incentive (PLI) Scheme. The text also provides an overview of the evolution of fire protection regulations in India, detailing how standards have evolved alongside urban development and the integration of various technical requirements across different states.

The section details various types of fire suppression systems, including gas-based, chemical-based, and foam-based systems, which differ in their mechanisms and suitability for different fire classes. Gas-based systems are effective for commercial and industrial settings, while chemical-based systems leave residue and are less suitable for protecting sensitive electronics. Foam systems are effective against flammable liquids, and the text further classifies these systems into various equipment like fire extinguishers, hydrants, sprinklers, and deluge systems. The market for fire protection equipment is projected to grow significantly, driven by increased awareness of fire hazards and stricter regulations across various industries.

The fire protection equipment market is segmented into fire detection and fire suppression/fighting equipment. The market is segmented by end-use into Residential, Commercial, and Industrial and Infrastructure sectors. The Commercial segment currently dominates the market demand, followed by Industrial and Infrastructure, and then Residential. The market is expected to grow significantly, driven by increasing construction spending, stricter regulations, and government schemes. The Indian market is projected to experience a CAGR of 10-12% between fiscal years 2026 and 2031.

The industrial construction capex in India is projected to increase significantly, supporting the growing adoption of fire protection equipment across various segments. Growth in this sector is also fueled by multiple regulations, which are expected to boost demand. The residential segment's fire protection demand is driven by urbanization and real estate demand, while the commercial sector shows growth linked to real estate activity. Furthermore, consumer awareness and technological advancements are pushing for smarter fire protection systems across critical industries.

The commercial real estate market in India is showing a growing preference for ESG-focused spaces and REITs, which is driving demand for advanced fire protection solutions that emphasize safety and sustainability. Growth in the industrial segment is fueled by increased capital expenditure in construction, particularly in sectors like oil and gas, and the diversification of global supply chains. Infrastructure growth is also a key driver, with expected increases in spending on various infrastructure projects like power, airports, and warehouses. Furthermore, the data centre industry is set for significant capacity growth, and the overall trend across these sectors points to sustained demand for specialized fire protection equipment.

The text discusses the influence of government initiatives and regulatory requirements on the demand for fire protection equipment in India. Government schemes aim to improve fire services and awareness through public campaigns, which are expected to drive demand. Furthermore, stricter regulatory frameworks, including building codes and insurance requirements, have increased the adoption of fire protection equipment across various sectors. The text details a complex certification process governed by standards from the Bureau of Indian Standards (BIS) and the National Building Code (NBC), which cover various aspects of fire safety and protection.

The section details various international certifications relevant to the industry, including UL, FM Approvals, CE marking, NFPA, ASME, and Lloyd’s Register, which establish high standards for product compliance and safety. It also describes the nature of fire suppression systems, which are crucial for detecting and extinguishing fires early to minimize harm to life and property. The text further outlines the manufacturing processes for specific fire suppression products, such as fire sprinklers and foam equipment, emphasizing the importance of material control, testing, and storage conditions.

The section discusses the stages of foam equipment and suppression systems manufacturing, which includes deluge and pre-action systems. It also provides an overview of the global and Indian fire suppression equipment markets, noting growth drivers such as rising fire safety norms and expansion in commercial real estate. The market is categorized into various product segments, and the dominance of certain products varies across different market projections.

The text discusses the pricing factors for fire protection equipment, noting that price is influenced by equipment type, quality, raw material costs, manufacturer brand, configuration, and certifications like ISO or UL. The Indian fire protection equipment industry shows robust value growth, with volume and price growth occurring concurrently. Key entry barriers in this industry include stringent regulatory compliances, high capital intensity, product certification processes, and the need for robust quality management systems. The market is diverse, spanning various end-use sectors, and faces threats from economic slowdown, regulatory changes, and raw material price volatility.

The company offers a wide range of fire protection products, including fire detection equipment, fire suppression systems, fluid pumps, and various valves and accessories. These products serve diverse end-user industries such as industrials, data centres, oil & gas, and commercial sectors, with both domestic and international market presence. HD Fire Protect is recognized as a key player in the Indian market, having a broad product portfolio and significant export sales. The company holds numerous global certifications, positioning it as a first in India for certain product listings and approvals.

The provided text details comparative financial data for various companies in the fire protection equipment sector, including revenue growth rates and profitability metrics. It compares performance across different segments, such as fire protection equipment-focused and diversified segments, across different fiscal years. The data includes metrics like Operating EBITDA, Profit After Tax (PAT), Return on Equity (RoE), Return on Capital Employed (RoCE), gearing ratios, and cash conversion cycles. The text also provides competitive benchmarking information regarding the nature of the industry.

The company is an Indian manufacturer and supplier of fire protection equipment and systems, offering a broad portfolio that includes water, foam, and gas-based suppression systems. The company develops most of its products in-house using proprietary designs to meet national and international standards, serving both high-hazard industrial applications and residential/commercial sectors. The company holds numerous international certifications, such as UL Listed and FM Approved, which serve as significant entry barriers in the industry. They have a long business legacy and have established themselves as a globally recognized and reliable brand through their manufacturing capabilities and global reach.

The company holds numerous international certifications for fire protection equipment, including UL and FM Approvals, and is among the few in India to have such certifications. The company has a comprehensive portfolio covering eight product categories and supplies these systems to over 90 countries across various sectors. They possess patents in several jurisdictions and have supplied products at key sites including a space launch pad and a major refinery. The company operates a vertically integrated manufacturing setup with in-house capabilities spanning the entire value chain, including research, development, and quality control.

The company focuses on innovations in fire protection equipment, including foam proportioning, valve mechanisms, and fluid control assemblies, which aim to enhance safety and environmental compliance by using fluorine-free agents. The company has a strong track record of financial performance, demonstrating consistent growth in revenue and profitability over several fiscal years. Key to their strategy is the development of next-generation fire safety systems aligned with global trends towards sustainability and stricter regulatory compliance. They have successfully developed and commercialized new products through a vertically integrated approach and are expanding their manufacturing footprint and international presence.

The company provides a complete range of fire sprinkler system components, including UL Listed and FM Approved products, targeting industrial, commercial, and residential environments. Their offerings cover various equipment such as fire sprinklers, alarm valves, test and drain valves, zone control manifolds, flexible sprinkler drops, and deluge valves. Furthermore, they offer a comprehensive portfolio of foam products, including proportioners, discharge equipment, foam sprinklers, and various fire fighting foam concentrates. These foam solutions are designed for diverse fire protection scenarios, including handling flammable liquid hazards.

The issuer offers a range of fire protection equipment and systems, including various monitors and nozzles, categorized by their intended applications. This includes equipment for high-risk areas like flammable liquid storage tanks and loading racks, with options for flexible operation and corrosion resistance. The company provides system valves and accessories such as gate valves, butterfly valves, swing check valves, pressure gauges, and strainers, which are certified by UL and FM. Furthermore, they offer specialized water spray nozzles, such as medium and high velocity, water curtains, and tank cooling nozzles, designed for diverse industrial and commercial fire suppression needs. The company also provides custom-engineered foam bladder tanks and gas suppression systems for various environments.

The company offers a range of fire protection equipment and systems, including CO2 in-cabinet suppression systems and Inert Gas Fire Suppression Systems, which are effective against various fire classes by reducing oxygen levels. These systems utilize naturally occurring gases for environmentally friendly protection and are suitable for sensitive areas like data centers and laboratories. The company's Research and Development focuses on next-generation fire protection technologies, with R&D efforts anchored at the Jalgaon facility, which is being expanded with a dedicated fire test laboratory. The company also develops custom-engineered fire protection skids and has experience in designing explosion-proof monitors and supplying specialized valves for industrial plants.

The company details its production capacity calculations, which are based on various assumptions regarding working days, shifts, and production data. The company sources principal raw materials domestically to ensure supply chain reliability, evaluating vendors based on quality and commercial terms. The company follows a targeted marketing approach involving in-house sales teams and active participation in trade shows to build global partnerships. Furthermore, the company has established rigorous quality control mechanisms, including in-process inspections and final pre-dispatch checks, and its manufacturing facilities are accredited under ISO standards for quality, environmental, and occupational health and safety. The company also utilizes various third-party logistics providers and has implemented an IT framework, including a cloud-based ERP system, to support its operations.

This section details aspects related to Human Resources, Intellectual Property, properties, and applicable regulations for the company. It outlines the structure of the workforce, including permanent and contractual employees, details regarding the company's registered and leased office and manufacturing facilities, and lists various Indian laws and regulations that apply to its business operations.

The section details a broad overview of various Indian laws and regulations that govern the company's operations, primarily focusing on environmental, labour, intellectual property, and taxation aspects. It outlines several key acts concerning pollution control (Water, Air, Noise), hazardous waste management, factory operations, and various labour laws. Furthermore, it lists intellectual property protection laws such as the Trademarks Act and Patents Act, alongside copyright protection laws. The text emphasizes that the company is subject to numerous regulations enforced by central and state governments.

Updated since the RHP: This section primarily provides context regarding the industry analysis, stating that the industry information is derived from a report by CRISIL. It also includes an overview of the global macroeconomic environment, detailing projections from the International Monetary Fund (IMF) regarding global GDP growth and inflation trends. The company is an Indian manufacturer and supplier of fire protection equipment and systems, offering a broad portfolio that includes water, foam, and gas-based suppression systems. The company develops most of its products in-house using proprietary designs to meet national and international standards, serving both high-hazard industrial applications and residential and commercial sectors. The company holds significant achievements as the first Indian manufacturer to receive various international certifications, such as UL Listing and FM Approval, positioning it as a key local supplier. Furthermore, the company has established itself as a globally recognized and reliable brand with over three decades of experience. The company possesses a diversified presence, evidenced by patents in several countries and design registrations, and has supplied products to key sites such as India's space launch pad and major refineries. The company has built a globally recognized, adaptable product ecosystem for fire safety needs. The revenue breakdown shows a significant mix across various product categories, and the company maintains a strong customer base with long-standing relationships. The company operates a vertically integrated manufacturing setup, controls the entire value chain from R&D to quality control, and has demonstrated consistent financial performance, including high operating margins and strong return ratios. The company focuses on advancing its market position by innovating and expanding its product portfolio through next-generation fire protection technologies to meet global demand for advanced, sustainable, and highly effective fire safety systems. Key innovations include pressure-reducing valves, fluorine-free foam suppression systems, and high-performance foam pumps, all designed to align with environmental regulations and stricter compliance standards. The company has successfully commercialized multiple new products and SKUs using a vertically integrated approach, leveraging in-house CAD modeling, simulation, and testing to control costs and accelerate time to market. Furthermore, the company has built a strong intellectual property portfolio, including granted patents, to safeguard its differentiated solutions and ensure global commercialization. The issuer offers a comprehensive range of fire protection equipment and systems, primarily focused on deluge valves, pre-action systems, foam equipment, and monitors. This includes various materials for valves, such as ductile iron, cast iron, cast steel, and nickel aluminium bronze. They provide deluge skids and pre-action systems, including pre-assembled pre-action systems, and a wide range of fire fighting foam concentrates. The offerings also encompass foam bladder tanks, various foam proportioners, mobile foam units, and different types of monitors constructed from bronze, carbon steel, and stainless steel. This section details various equipment and systems for fire protection, including different types of valves, gauges, strainers, and nozzles. The offerings cover components like OS&Y gate valves, butterfly valves, swing check valves, pressure gauges, and Y-type strainers, all of which are certified by UL or FM. Furthermore, the section describes different water spray nozzles, such as medium and high velocity nozzles, water curtains, and tank cooling nozzles, engineered for specific fire suppression needs across industrial and commercial settings. Finally, custom-engineered foam bladder tank systems are provided for continuous foam supply in high-risk environments. The company offers Inert Gas Fire Suppression Systems under the brand name HD-Inertsys, which provide safe, non-toxic fire suppression by reducing oxygen concentration. These systems are effective against Class A, B, and C fires and utilize naturally occurring gases for environmentally friendly protection. The company focuses on developing next-generation fire protection technologies, with R&D efforts centered at the Jalgaon facility, which is being expanded with a dedicated fire test laboratory. They specialize in designing and manufacturing custom-engineered fire protection skids and have experience in delivering advanced solutions for complex industrial applications globally. The company operates two manufacturing facilities in Maharashtra and is currently constructing a new production facility and warehouse in Wagle Estate, Thane, to increase capacity. The company engages in contract manufacturing for a selection of fire protection equipment and systems, which includes items such as closed-bulb sprinklers, various valves, and pressure gauges. The sourcing and manufacturing base is diversified across different countries for various components. The company maintains stringent quality control protocols for all contract manufacturing partnerships and is exploring opportunities to localize production further. Manufacturing facilities are located in Jalgaon and Thane, with detailed capacity utilization data provided for different product categories. The company follows a targeted and strategic marketing approach aimed at expanding its global presence by establishing long-term partnerships with distributors and customers in key international markets. Distributors are selected through a strict evaluation process to ensure alignment with the company's standards for product quality, market reach, and customer service. The in-house sales team collaborates closely with these distributors through ongoing engagement to support sales and ensure technical readiness across various regions. The sales and marketing functions are currently managed entirely in-house by a team of 46 employees, including sales managers, engineers, executives, and coordinators who operate in India and major international markets. To increase brand visibility, the company actively participates in three to five leading trade shows and exhibitions annually. The company outlines its commitment to Corporate Social Responsibility across various areas, including hunger, poverty, health, education, environmental sustainability, veteran benefits, sports promotion, and gender equality. The company maintains a comprehensive safety framework involving incident reporting, mandatory PPE, and hygiene protocols, and is certified under ISO standards for quality, environmental, and occupational health and safety management. Manufacturing operations rely on local utilities, and the company has implemented rooftop solar panels to reduce reliance on conventional energy sources. The company utilizes an IT framework, including a cloud-based ERP system, to track various business operations efficiently. Furthermore, the company operates in the fire protection equipment and systems industry, competing with several unlisted players in the Indian market.

The company's history began with its incorporation as 'D.H. Fire Protect Private Limited' in 1997, followed by name changes and a conversion to a public limited company in 2025. The company has undergone several amendments to its Memorandum of Association concerning authorized share capital over the last decade. Key awards and recognitions have been received by the company across various years, including awards from BOI and SME Development Chamber of India. Furthermore, the company has established a subsidiary, HD Fire Protect Company, incorporated in Saudi Arabia in 2026, in which the company holds a 70% interest.

Updated since the RHP: The document confirms that the Company has not experienced any time or cost overruns in its business operations, nor have there been any defaults or restructuring of borrowings from financial institutions. Furthermore, the Company has not had any lockouts or strikes. Regarding business activities, details on product launches, geographic entry, or market exits are directed to other sections of the prospectus. The Company does not have any significant strategic or financial partners, nor does it have any accumulated profits or losses from its subsidiary. The Company has not made any material acquisitions, divestments, amalgamations, or asset revaluations in the last ten years. There are no agreements with key personnel or shareholders concerning compensation or profit sharing, and no material inter-se agreements exist. The Company has not entered into other material agreements beyond the ordinary course of business. The Company currently has one subsidiary, HD Fire Protect Company, which was incorporated in Saudi Arabia, and the Company holds 70.00% of its interest.

The definitions section identifies the issuer as HD Fire Protect Limited, a company incorporated under the Companies Act, 1956, with specific registered and corporate offices. It details various terms related to the offer process, including definitions for different types of bidders, the role of various parties like Lead Managers, and the structure of the offer itself. Key terms such as the Offer, Bid, and various forms used in the bidding process are defined.

The provided text details various terms related to an offer, including definitions for different portions of the offer such as Mutual Fund, Net Offer, and Non-Institutional portions. It specifies the terms for the Offer for Sale, including the total number of equity shares offered and the cash price per share. The text also outlines details regarding the offer price, the pricing date, and the agreement between the company, promoter selling shareholders, and Lead Managers.

This section primarily defines various financial and operational terms used within the document, including ratios like Operating EBITDA Margin, PAT Margin, Return on Equity (RoE), and various days metrics such as Inventory Days and Trade Receivable Days. It also lists numerous legal and regulatory terms, such as those related to the Companies Act, various SEBI regulations, and accounting standards. The text specifies that financial information is derived from restated financial information and notes significant differences between Indian GAAP and other accounting principles.

This section discusses various aspects of financial reporting, including non-GAAP measures, currency conversions, and industry data sources. It details that non-GAAP financial measures are supplemental and should not be considered in isolation from standard financial reporting. The document specifies the currency references used and provides tables for exchange rates against Indian Rupees. Furthermore, it outlines the sources for industry and market data, including a report commissioned by the company. Finally, it includes a section on forward-looking statements and various risks that could cause actual results to differ from expectations.

The introduction details the structure of the equity share offer, which includes various portions such as Employee Reservation, QIB, Non-Institutional, and Retail categories. The offer involves equity shares with a face value of ₹5 each, and the total aggregation is specified in various monetary amounts. The document outlines specific rules regarding the allocation and bidding requirements for different investor categories, including minimum bid lots and potential discounts for eligible employees.

This section presents a summary of the restated statement of cash flows for the periods ending June 30, 2026, and March 31, 2026, detailing cash generated and used from operating, investing, and financing activities. It also summarizes contingent liabilities as of June 30, 2026, including bank guarantees and other money owed. The text directs readers to other parts of the prospectus for further details on contingent liabilities and risk factors.

Updated since the RHP: This section details the structure of the equity share offer, outlining the total amount of shares and the various components of the offer, including employee reservation, QIB, Non-Institutional, and Retail portions. It specifies rules regarding the allocation of shares to different bidder categories, including minimum bid lots and the possibility of spill-over between categories. Furthermore, it describes the process for allocating shares to Anchor Investors and the discount offered to eligible employees. This section details various procedural aspects related to the issuance process, including lists of designated intermediaries and the procedures for bid submission. It outlines where to find lists of Self-Certified Syndicate Banks (SCSBs) and Designated Intermediaries, as well as where to find lists of Registered Brokers, Registrars and Share Transfer Agents, and Collecting Depository Participants. Furthermore, it lists various experts who have provided written consent for their inclusion in the prospectus under relevant sections of the Companies Act and SEBI ICDR Regulations. The document outlines the process for the book-building, which involved collecting bids based on the Red Herring Prospectus and related forms within a specified price band. The price band and minimum bid lot were determined by the Company in consultation with the Book Running Lead Managers (BRLMs). Various investor types participated through different mechanisms, such as ASBA or UPI, with specific rules for different investor categories. Furthermore, an Underwriting Agreement was entered into with various underwriters after the offer price determination but before the prospectus filing, detailing the commitment to underwrite a certain number of equity shares.

This section details the capital structure of the company, including the authorized and issued share capital, and a history of equity share allotments and buybacks. It outlines the details of the offer being made, including various components such as employee reservations, and provides a chronological record of share transactions from the initial subscription to various subsequent allotments, buybacks, and bonus issues.

The company currently holds 100% of the issued, subscribed, and paid-up equity share capital by its promoters and the promoter group, totaling 17,52,30,000 equity shares, which represents 100% of the capital. The history shows several allotments and transfers of equity shares, including transactions related to business takeovers, bonus issues, and buy-backs. The shareholding structure details the pre-offer and post-offer percentages for various promoters and the promoter group.

This section details various transactions, share allotments, and promoter shareholding information. It outlines several transactions involving the transmission and bonus issues of equity shares over different dates. Furthermore, it specifies requirements for minimum promoter contributions and details regarding the locking-in periods for different classes of equity shares. The section also provides a shareholding pattern as of the prospectus date, including details on the acquisition prices of shares by promoters and promoter selling shareholders.

The section details various transactions involving Promoters, Promoter Group members, and other shareholders, including bonus issues and transfers. It also provides information on the shareholding pattern of major shareholders as of different points in time relative to the prospectus date. The data shows that the Promoters collectively held a significant portion of the equity, and the total shareholding across all listed categories amounts to 100%. Furthermore, there were no financing arrangements found for the purchase of securities by others in the six months preceding the filing.

The company confirms that no buy-back arrangements have been entered into for equity shares, and all equity shares are fully paid-up as of the prospectus date. It is disclosed that certain parties, including Book Running Lead Managers and their associates, do not hold equity shares in the company as of the prospectus date. Furthermore, the Employee Reservation Portion did not exceed 5% of the post-Offer paid-up equity share capital, with provisions for allocation if under-subscription occurred. The document also details the structure and terms of an Employee Stock Option Plan, including the number of options granted and the details of various employee groups.

The objects of the offer are to carry out an Offer for Sale of up to 2,62,84,500 Equity Shares of face value ₹5 each by the Promoter Selling Shareholders, aggregating a certain amount. The company anticipates that the listing of these Equity Shares will enhance its visibility and brand image, provide liquidity, and create a public market for the shares in India. The utilization of the Offer Proceeds is governed by specific rules regarding the deduction of offer-related expenses and taxes. The document details various estimated offer expenses and the associated fees payable to different parties involved in the offering process.

The provided text details various Key Performance Indicators (KPIs) that the company uses to analyze and assess its business performance against its peers. These KPIs are divided into key financial measures and non-financial operational metrics. The text emphasizes that these KPIs are supplemental to the Restated Financial Information and should not be considered in isolation. It further clarifies the definitions for several metrics, such as Revenue from Operations, Domestic Revenue, Export Revenue, Operating EBITDA, and various profitability and efficiency ratios.

This section primarily details various Key Performance Indicators (KPIs) for different companies across different periods, including metrics like revenue, EBITDA, and profit after tax (PAT). It provides comparisons between the company and its peer group companies, such as HD Fire Protect Limited, Azad Engineering Limited, and Kirloskar Pneumatic Company Limited, across various reporting dates. The data includes metrics related to inventory, trade receivables, and trade payables, as well as cash conversion cycles.

This section presents various financial performance metrics for HD Fire Protect Limited Ingersoll-Rand (India) Limited across different periods. It includes data on Operating EBITDA margin, Profit After Tax (PAT), Profit After Tax Margin, Return on Equity (RoE), and Return on Capital Employed (RoCE). Furthermore, it details operational efficiency ratios such as Fixed Asset Turnover Ratio, Inventory Days, Trade Receivable Days, Trade Payable Days, and the Cash Conversion Cycle. The text also clarifies the basis for calculating these metrics and confirms that no material acquisitions or dispositions of assets or business were undertaken during the periods covered by the KPIs.

The section details the criteria for calculating the weighted average cost of acquisition, floor price, and cap price based on primary and secondary issuances of equity shares or convertible securities. It specifies thresholds for transactions, such as being equal to or more than 5% of the fully diluted paid-up share capital within a rolling 30-day period. Furthermore, it confirms that no such primary or secondary transactions were reported under the specified criteria. The section then lists details of the last five primary transactions, which primarily involved bonus issues of equity shares.

This section details various transactions involving the allotment and transfer of equity shares, primarily through bonus issues and gifts. It lists several individuals who received equity shares, detailing the nature of the transaction and the corresponding consideration. Furthermore, it outlines conditions related to the floor price and cap price determination based on past transactions and various disclosures regarding the offer price calculation.

This section outlines various special tax benefits available to the Company and its shareholders under Indian direct and indirect tax laws. Special direct tax benefits include a lower corporate tax rate option under Section 200 of the Income Tax Act, 2025, which allows for a reduced tax rate with certain conditions. Deductions are available for employment of new employees and for certain inter-corporate dividends. Special indirect tax benefits cover benefits related to a Packaged Scheme of Incentives linked to indirect taxes, including the rebate of duties and taxes on certain supplies and benefits under the Foreign Trade (Development and Regulation) Act, 1992. The section also details tax implications for capital gains and dividend income.

Updated since the RHP: The objects of the offer involve the sale of 2,62,84,500 Equity Shares by the Promoter Selling Shareholders for an aggregate amount of ₹712.13 Crore. The company expects that listing the Equity Shares will improve visibility, brand image, liquidity, and provide a public market for the shares in India. The Offer Proceeds will be received by the Promoter Selling Shareholders after deducting Offer related expenses and relevant taxes, which are to be borne by them. The document details various offer expenses, including listing fees, underwriting fees, brokerage, and various other costs associated with the process. The section details the basis for determining the offer price, which involved consultation with BRLMs and assessment of market demand using various quantitative and qualitative factors. The price band was set based on the face value of Equity Shares and the offer price was determined by multiplying the face value by different factors. The section also presents various financial ratios, including Basic and Diluted Earnings Per Equity Share (EPS), Price to Earnings (P/E) Ratios compared to industry peers, Return on Net Worth (RoNW), Net Asset Value (NAV), and a comparison of key accounting ratios against listed industry peers. This section provides financial performance metrics for three different entities: HD Fire Protect Limited, Kirloskar Pneumatic Company Limited, and Elgi Equipment Limited, covering various periods. It details key financial indicators such as revenue, EBITDA, PAT, margins, return on equity (RoE), and return on capital employed (RoCE), along with operational metrics like inventory days and trade receivable/payable days. Furthermore, it includes information regarding the history of equity share issuances and transactions. This section details various transactions related to the allotment and transfer of equity shares, including both primary and secondary transactions. It provides information on the total number of shares acquired and the weighted average cost of acquisition for these shares. Furthermore, it outlines the factors considered in determining the offer price, which is set at 54.20 times the face value of the equity shares, based on market demand and various qualitative and quantitative parameters.

This section outlines the process by which the financial information of HD Fire Protect Limited was examined and restated for inclusion in the Draft Red Herring Prospectus. The examination involved various financial statements and ensured compliance with several regulatory frameworks, including the Companies Act, ICDR Regulations, and guidance from the ICAI. The financial data presented includes comparative figures across different reporting periods.

This section details the restated financial statements for HD Fire Protect Limited, including the Profit and Loss, Cash Flow, and changes in equity, for fiscal years ending March 31, 2024, March 31, 2025, and June 30, 2026. The Profit and Loss statement shows various income, expenses, and resulting profits, while the Cash Flow statement outlines cash movements from operating, investing, and financing activities. The statement of changes in equity provides a breakdown of capital, reserves, and various transactions over the reporting periods. The document also includes material accounting policies and a summary of how assets and liabilities are classified.

This section details various accounting treatments and recognition policies for the company, covering aspects such as depreciation, impairment, inventory valuation, borrowing costs, government grants, provisions, revenue recognition, leases, derivative accounting, employee benefits, income taxes, and financial instruments. It outlines specific rules for recognizing revenues, handling contingent liabilities, and measuring financial assets and liabilities based on contractual provisions and various business models.

This section details various accounting judgements, estimates, and disclosures related to the financial statements, including policies for cash flow reporting, fair value measurement of financial instruments, and schedules for Property, Plant and Equipment and Capital Work-in-Progress. It outlines the methodology for assessing asset lives, financial instrument fair values across different levels, and the components of inventory and trade receivables.

This section details various aspects of the company's financial position, including trade receivables aging schedules for different periods, cash and cash equivalents, financial assets, current assets, equity share capital details, and the movement in various reserves. It also provides notes on the nature and purpose of different reserves, such as General Reserve, Capital Reserve, Capital Redemption Reserve, and Other Comprehensive Income.

This section details various financial statement line items, including non-current and current liabilities, revenue, income, expenses, and financial risk management policies for HD Fire Protect Limited across different reporting periods. Key data points include provisions, trade payables, revenue components, various income streams, and operational expenses. The text also covers disclosures related to financial risk management, including currency exposure, credit risk, and contingent liabilities.

This section details various financial disclosures, including payments to auditors, employee benefits (gratuity liability), related party transactions, segment reporting, provisions, and income taxes. It provides historical data for several financial metrics across different reporting periods, including changes in provisions and tax rates. Furthermore, it outlines the business segment, which is solely focused on the manufacturing and trading of fire fighting equipment, and clarifies the geographical segment based on domestic sales versus exports.

This section presents various financial and regulatory data for HD Fire Protect Limited across different reporting periods. It includes data on corporate social responsibility spending, details on financial instruments measured at fair value, and various analytical ratios. The data is presented in millions of Indian Rupees, with comparisons made across different fiscal years.

This section details various financial restatements, capitalization, and indebtedness information for the company. It presents adjustments to equity and assets across different reporting periods. Furthermore, it outlines the breakdown of outstanding borrowings, including fund-based and non-fund-based facilities, as of September 30, 2026.

This section provides management's discussion and analysis of the financial condition and operations, clarifying the basis for the financial information presented. It details the industry context, noting the company's position as a manufacturer of fire protection equipment and systems. The text highlights the company's numerous product certifications and its role as an import substitute for critical equipment. Furthermore, it outlines the company's operational structure, including manufacturing facilities and its dependence on new capital projects for demand.

This section details various aspects of the company's financial reporting, including the sourcing of raw materials and contract manufactured products, the exposure to international business, and the investment in brand marketing. It provides breakdowns of costs, revenue from operations across different geographies, and marketing expenses relative to revenue. Furthermore, it outlines the basis of preparation for the restated financial information according to Indian Accounting Standards (Ind AS) and details the classification criteria for assets and liabilities in the Balance Sheet.

This section details various accounting treatments and recognition principles for different financial statement components. It covers rules for Property, Plant and Equipment (PPE), including capitalization, depreciation methods, and useful lives. It also outlines rules for intangible assets, including recognition criteria and amortization. The text further describes impairment testing procedures for non-financial assets and provisions for contingent liabilities. Furthermore, it specifies how inventories are valued, borrowing costs are treated, government grants are recognized, and various rules for revenue recognition, leases, derivative hedging, employee benefits, and income taxes are applied.

This section details various accounting treatments, including definitions for Earnings Per Share, foreign currency transactions, financial instrument recognition and subsequent measurement, cash flow reporting methods, and segment reporting. It also outlines critical accounting judgements and estimation uncertainties related to asset carrying amounts and the useful lives of Property, Plant and Equipment. The text then presents a summary of the results of operations for a three-month period ended June 30, 2026, comparing Fiscal 2026 against Fiscal 2025 and Fiscal 2024.

This section details various financial metrics and cash flow movements for the company across different fiscal periods. It covers expenses such as employee benefits, finance costs, depreciation, and various other operating expenses. It also presents comparisons of income, expenses, and profit after tax between Fiscal 2026, Fiscal 2025, and Fiscal 2024. Furthermore, it provides a summary of cash flows from operating, investing, and financing activities, along with details on liabilities and contractual obligations.

This section primarily covers disclosures related to financial arrangements, risks, and liquidity. The company confirms it has no off-balance sheet arrangements and details various market risks, including interest rate risk (not applicable as the company has no borrowings) and foreign currency risk, noting that transactions are primarily in USD. The text provides tables detailing foreign currency exposures, derivative hedging, credit risk provisions, and liquidity metrics such as working capital and maturity patterns of financial liabilities. Furthermore, it outlines historical capital expenditures and various confirmations regarding accounting policies, economic changes, and recent corporate events like dividend declarations and employee stock option grants.

Updated since the RHP: This section presents accounting ratios derived from the Restated Financial Information for various periods, including basic and diluted EPS, Return on Net Worth (RoNW), Net Asset Value per Equity Share, and Operating EBITDA. It also includes notes detailing the computation methodology for these ratios and clarifies the nature of non-GAAP measures. Furthermore, it provides information on the reconciliation of non-GAAP measures and directs readers to the audited financial statements and related party disclosures. This section provides important disclaimers regarding the financial information presented, noting that it is derived from Restated Financial Information prepared according to SEBI ICDR Regulations. It also details the source of industry-related information, which is from a CRISIL Report, and outlines the company's position within the Indian fire protection equipment market. The company is an Indian manufacturer and supplier of fire protection equipment and systems, developing proprietary designs to meet national and international standards for various sectors. This section details the breakup of the cost of raw materials and contract manufactured products imported and procured domestically across several fiscal years. It provides data on the amounts and percentages of various raw material costs, including bronze ingots, brass rod hexes, C.S. plates, angle valves, and MV nozzle housing brass. Furthermore, it presents the change in price for these primary raw materials year-on-year, highlighting volatility risks. This section presents select financial data from the statement of profit and loss for the three months ended June 30, 2026, alongside comparisons to Fiscal years 2026, 2025, and 2024, expressed as a percentage of total income. The data includes revenue, income, various expenses, profit before and after tax, and other comprehensive income components. The data is provided in Indian Rupees (₹ million) and percentages of total income. This section details various expense and profit figures for a three-month period ending June 30, 2026, including employee benefits, finance costs, depreciation, other expenses, and tax. It also provides a comparison of financial performance across Fiscal Years 2026, 2025, and 2024, highlighting changes in total income, revenue from operations, expenses, and profit after tax. The comparison between Fiscal 2025 and Fiscal 2024 shows significant growth in certain areas, such as revenue and expenses, driven by market demand and operational activities. This section details various cash flows and financing activities for different periods, including net cash generated/used in investing and financing activities. It provides breakdowns of these activities into payments for property, plant & equipment, capital work-in-progress, and investments, along with offsetting proceeds from asset sales or investment gains. The text also covers financing activities such as dividend payments and interest expenses/income, as well as information on non-fund based borrowings and contractual liabilities. This section primarily addresses known trends, uncertainties, and developments concerning the company's operations and financial conditions. It asserts that, to the knowledge of management, there are no known factors expected to have a material adverse impact on revenues or income from continuing operations. Furthermore, it confirms that there are no known factors affecting the future relationship between costs and revenues, and no new offerings or business verticals are currently in operation. The text also mentions the lack of seasonality in the business and directs readers to other sections for details on competitive conditions. Finally, it details significant developments including the declaration of a final dividend, the granting of employee stock options, and the incorporation of a subsidiary in Saudi Arabia.

This section details various risks associated with the company's operations, financial standing, and market exposure. Key concerns include potential harm from fire protection equipment failures, liability stemming from warranty issues, and exposure to diverse legal and regulatory environments across different countries. Risks also encompass volatility in global markets, such as currency fluctuations and tariffs, difficulties in securing necessary product certifications, and inherent operational risks related to international logistics and supply chain dependencies.

The company faces risks related to the supply chain, including potential delays or non-performance from suppliers, which could disrupt production and impact output. There is also a lack of assurance in securing raw materials and contract manufactured goods on commercially acceptable terms. Furthermore, the availability, timely delivery, or price volatility of these materials can adversely affect the business. The production processes rely on various raw materials and components from multiple vendors across different geographies, exposing the company to external factors like economic conditions and trade restrictions. The company is also subject to stringent regulatory requirements and the risk of non-compliance with standards and licenses. Finally, the business operations are concentrated in specific manufacturing facilities, creating risks from regional disruptions and under-utilization of production capacity.

The company faces several risks related to customer demand, payment collection, and operational continuity. Risks include the potential for under-utilization of manufacturing capacity due to fluctuating customer orders, working capital risks stemming from customer payment delays, and disputes with third parties over contracts. Furthermore, the reliance on intermediaries for sales introduces payment and visibility risks. The company also faces governance risks due to changes in statutory auditors and potential legal proceedings involving the company and its directors. Operational risks are heightened by the labour-intensive nature of the business, including dependency on contract labour and exposure to workplace hazards. Finally, the company's proprietary technical know-how is at risk of leakage, and its intellectual property protection may be insufficient against infringement.

The company faces risks related to intellectual property infringement, which could harm its competitive advantage and financial performance if they cannot effectively defend their patents. There are concerns regarding related party transactions, as there is no assurance that these dealings will not negatively impact the company's operations and financial condition. Furthermore, the company is subject to various quality and safety standards, and failure to comply could lead to order cancellations, reputational damage, and potential legal liability. Environmental and safety regulations pose risks due to the handling of hazardous chemicals, and changes in global scrutiny on such substances could disrupt sales. Finally, the company's ability to forecast demand and manage inventory presents a risk of mismatch between supply and demand, which could lead to losses.

The company faces risks related to customer payment defaults, which could negatively impact profitability and liquidity by decreasing available capital. Operations are conducted on premises leased from third parties, and issues with lease renewals or terms could affect business continuity. Furthermore, there are risks associated with the supply of utilities like power and fuel, where interruptions or tariff hikes could disrupt operations and increase costs. The manufacturing operations are vulnerable to various disruptions, including equipment failure, labor issues, and natural disasters. The company is also dependent on its sales and distribution network, which faces risks from partner disruptions, and there is a concern regarding the adequacy and renewal of insurance coverage.

The company faces several risks related to customer payments, product liability, and the inherent dangers associated with manufacturing and supplying fire protection equipment. Risks include potential cash flow disruptions from debtor defaults, product defects leading to claims, and the physical risks of transportation, storage, and environmental degradation affecting the products. Furthermore, the company is exposed to regulatory changes impacting product compliance, competition in the market, and supply chain vulnerabilities due to reliance on imported raw materials and contract manufacturers. Finally, the lack of control over third-party installation processes introduces risks related to improper installation, delays, and potential reputational harm.

The company faces risks related to contractual obligations, including furnishing various bank guarantees which could constrain liquidity and expose the company to financial liability. Growth is heavily dependent on government policies and regulatory mandates concerning fire safety and infrastructure development, and any adverse changes in these frameworks could impact demand. The business operates in a highly competitive industry where pressure from alternative suppliers or stronger competitors, coupled with the need to maintain various international certifications, poses a threat to market share. Furthermore, the business relies on the health of the industrial, commercial, and residential sectors, and macroeconomic factors can affect construction activity. Labour laws present risks related to disputes and changes in employment regulations, and the rapid pace of technological change requires continuous innovation to stay competitive.

The company faces several risks related to market access, supply chain reliability, and operational scaling. Risks include potential adverse impacts from trade restrictions, difficulties in hiring and retaining qualified staff, and challenges in sourcing raw materials and finished goods. Furthermore, the reliance on the order book is not guaranteed to translate into future revenue due to potential customer modifications or cancellations. Expansion plans involve new facilities that are subject to delays, cost overruns, and operational issues. There is also a dependency on key personnel, and the company is exposed to risks from IT system failures and cyber-attacks.

The company faces several risks related to its Information Technology infrastructure, including potential transaction errors, processing inefficiencies, and customer loss if resources are not adequately managed. There is also a risk associated with the implementation of a new ERP system, which might lead to operational issues, adoption challenges, or delays that could result in errors or financial reporting inaccuracies. Marketing and branding expenses are not guaranteed to yield the expected results and may negatively impact profitability. Furthermore, there is a risk concerning the handling, processing, or storage of materials, which could lead to product damage or contamination, potentially resulting in regulatory and legal action. Dependencies on third-party transportation providers introduce risks related to supply disruptions, damage in transit, and delays. Finally, the company's ability to maintain revenues and profitability is heavily dependent on successfully managing customer relationships and meeting quality expectations.

The company faces several risks related to contract retention, dividend payments, and potential litigation. There is a concern regarding the ability to pay future dividends, which is tied to future earnings and financial health. Furthermore, the company's control by promoters may conflict with other shareholders' interests. Risks also include issues with non-GAAP financial measures, potential breaches of customer confidentiality, exposure to various global economic and natural disasters, and regulatory changes in India, including tax laws and competition laws.

The risk factors discussed primarily revolve around macroeconomic instability, legal enforceability, market volatility, and regulatory hurdles specific to the Indian market. Risks include the potential impact of global financial instability on the Indian economy, issues with enforcing foreign court judgments, volatility in the trading of equity shares, currency exchange fluctuations affecting dividends and proceeds, tax implications on capital gains, and uncertainties regarding future tax laws. Furthermore, there are concerns about the timing and ability to list equity shares, restrictions on foreign investment, and potential dilution of ownership through future equity issuances.

Updated since the RHP: This section outlines various risks associated with investing in the company's equity shares, emphasizing that the risks described are significant to the business's operations, cash flows, and financial condition as of the prospectus date. It advises investors to review other parts of the prospectus and consult with advisors. A key risk highlighted is the potential for harm resulting from malfunctions in fire protection equipment, which could lead to loss of life, property damage, and legal claims. Furthermore, failures in these systems, especially those caused by improper installation by third parties, may expose the company to reputational damage and potential legal liability. The company faces risks related to supplier performance and the availability of raw materials and contract manufactured goods, which can disrupt production and impact output. There is no guarantee that issues with suppliers will not arise in the future, and the inability to find alternative suppliers on acceptable terms could affect sourcing and operations. Furthermore, disruptions in the availability, delivery, or price volatility of these materials may negatively affect the business. Production relies on numerous vendors across various geographies, and fluctuations in prices or supplier constraints can impact margins and delivery timelines. A significant portion of raw materials and manufactured goods are imported from countries like China, exposing the company to currency fluctuations, trade restrictions, and geopolitical crises. The company faces risks related to manufacturing disruptions, particularly due to geographic concentration in Maharashtra, which exposes the business to adverse regional developments like economic downturns or regulatory changes. The reliance on manufacturing facilities is critical, and disruptions there might not be fully offset by contract manufacturing revenue. Furthermore, under-utilization of manufacturing capacities can negatively impact cost efficiency, especially when influenced by fluctuations in order volume, production planning, or demand shifts. The company is also vulnerable to issues concerning raw material procurement and potential negative impacts from expanding shift operations. The section details several risks related to the company's governance, legal standing, and operational stability. Risks include changes in the audit team, which could raise governance concerns, and pending legal proceedings involving the company and its directors that might negatively impact business operations and reputation. Furthermore, there are concerns regarding potential securities market violations by members of the promoter group in the past, and operational risks associated with labor dependency and compliance with various labor laws. The company faces risks related to customer inspections and quality control, where non-conformity reports have been identified, although corrective actions have been taken. There is a concern that product quality may not always meet customer specifications, which could lead to order cancellations and damage to the company's reputation and financial performance. The company also faces significant intellectual property risks, including the inability to obtain or protect rights for its trademarks, which could hinder its business operations. Furthermore, there are concerns regarding potential infringement of third-party intellectual property and the risk of receiving adverse rulings on patent applications. The company is also exposed to various regulatory and environmental risks due to the handling of hazardous chemicals and potential non-compliance with various laws. The company faces risks related to its leased premises, including the potential inability to renew leases or secure alternative locations, which could negatively impact operations and finances. There are also significant risks concerning the supply of essential resources like power and fuel, where interruptions or price hikes could disrupt production and increase operating costs. Furthermore, the company is exposed to various operational disruptions such as equipment failure, labor issues, natural disasters, and industrial accidents. Dependence on a multi-tiered sales and distribution network introduces risks related to distributor performance and international market disruptions. Finally, the adequacy and timely renewal of insurance coverage are concerns, as losses not covered by insurance could adversely affect the business. The company faces risks related to the successful launch of new products, as there is no guarantee that all developed products will be successful, which could negatively impact financial performance. Furthermore, the process of obtaining necessary certifications and approvals for new products is time-consuming and costly, posing a risk of delays or sunk development costs. There are also significant risks associated with import dependencies, as a substantial portion of raw materials and contract manufactured goods are sourced from various countries, exposing the company to currency fluctuations, trade restrictions, and geopolitical uncertainties. There is also a concern that evolving regulations could impose stricter requirements on imports, and the company may struggle to find alternative suppliers or secure favorable terms for sourcing materials. The company faces several risks related to customer commitments and financial stability. A key concern is the potential inability to furnish required bank guarantees, which could strain liquidity and impact customer relationships. Furthermore, the company's growth is heavily dependent on government policies and regulatory mandates concerning fire safety and infrastructure development. Changes or relaxations in these regulations could negatively affect demand and procurement, while changes in government priorities could also impact investment in safety infrastructure. The company is required to pay various statutory dues, including provident fund contributions, employee state insurance, professional taxes, and tax deducted at source on salary. While the company has not defaulted on payments in the past three fiscal periods, there is no guarantee that future payments will be timely. The company warns that delays due to oversight could lead to penalties that might negatively affect its financial condition and operations. The company faces several risks related to its Information Technology infrastructure, including potential transaction errors, processing inefficiencies, and customer loss if resources are not adequately managed. There are also risks associated with the implementation and stabilization of a new ERP system, which could lead to operational issues, adoption challenges, or delays that may result in errors or financial reporting inaccuracies. Furthermore, the company's marketing and branding investments are not guaranteed to yield results and could negatively impact profitability. Risks also exist concerning the vulnerability of IT systems to external events, such as natural disasters or cyber-attacks, and issues related to the handling and storage of raw materials and manufactured goods. The section highlights several risks related to sales, costs, and market position, warning that failure to manage customer and distributor relationships could negatively impact the business. It also cautions that the valuation multiples and ratios presented may not reflect the actual market price of the equity shares upon listing. Furthermore, the market for the equity shares may not develop or sustain after the offer, and the market price is subject to significant fluctuations based on various economic, regulatory, and market factors. Finally, information regarding manufacturing capacity and utilization is based on assumptions, and future capacity utilization may vary significantly. The document discusses several risk factors related to financial reporting, customer confidentiality, and regulatory oversight following a listing. Risks include the potential for non-standardized financial measures to limit comparability, the risk of legal action from customers for breaching confidentiality, and the potential for stock exchanges to impose surveillance measures on trading due to market volatility or concentration of accounts. The company faces several risks related to the Indian economic and legal environment. Risks include potential negative impacts from downgrades in India's sovereign debt rating, the uncertainty surrounding rising inflation which could increase operational costs and impact profitability, and the evolving Indian tax regime. Changes in tax laws, such as those related to GST and GAAR, introduce uncertainty regarding tax benefits and potential adverse tax impacts. Furthermore, changes in dividend tax treatment and the uncertainty surrounding future Union Budget impacts on tax laws pose risks to the business and financial condition. This section outlines various risks that could adversely affect the price of Equity Shares, including market fluctuations and currency exchange risks. It details potential tax liabilities for investors arising from capital gains and dividends, and the uncertainty surrounding the enactment of new laws. Furthermore, it discusses procedural risks related to the listing and trading of Equity Shares on stock exchanges.

The section asserts that there are no outstanding criminal proceedings, disciplinary actions, or pending litigation involving the Company, its subsidiaries, directors, or promoters, except as specifically disclosed elsewhere. It details a Materiality Policy for identifying outstanding civil litigation, which involves monetary thresholds based on the company's turnover, net worth, or profit/loss. Furthermore, it outlines criteria for considering creditors as 'material' based on the percentage of trade payables. The section also summarizes the financial impact of outstanding dues to various creditors.

This section details various governmental and statutory approvals, registrations, and licenses obtained by the Company necessary for its business activities, noting that most material consents have been secured. It also lists details regarding the Company's incorporation history and various tax-related registrations. Furthermore, the text outlines numerous material approvals related to business operations, including consents for establishing and operating factories, along with various industry-specific licenses and registrations. The section also covers details on pending applications and the Company's intellectual property rights, including registered trademarks and patents.

Updated since the RHP: The section details the absence of outstanding criminal proceedings, statutory or regulatory actions, and certain pending litigation involving the Company, its subsidiaries, directors, and promoters. It also outlines a Materiality Policy for identifying outstanding civil litigation, which is based on thresholds related to the company's turnover, net worth, and profit/loss. Furthermore, it discloses pending tax proceedings, including a dispute over the condonation of delay in filing a tax form and a notice regarding alleged excess availment of input tax credit. The section also details outstanding dues to creditors, categorizing them based on whether they exceed a materiality threshold. This section details various material approvals and registrations required for the company's business operations, primarily concerning environmental compliance, manufacturing facilities, and labor laws. The approvals include consents from various pollution control boards, licenses for factory operations, BIS licenses, and various registrations related to foreign trade, food safety, and employee insurance and provident funds.

The company's offer was authorized by the Board resolution dated April 3, 2025, and the Promoter Selling Shareholders' participation was also approved by a resolution dated June 19, 2025. In-principle listing approvals were received from BSE and NSE on November 6, 2025, respectively. The company and its associated parties are confirmed not to be prohibited from accessing capital markets, nor have they been debarred by any regulator. Furthermore, the company confirms compliance with the Companies (Significant Beneficial Owners) Rules, 2018, and various conditions related to the eligibility for the offer under SEBI ICDR Regulations.

The section details various disclaimers related to the submission of the Draft Red Herring Prospectus to the National Stock Exchange of India Limited (NSE), including an in-principle approval letter. It outlines the conditions under which the offer document was submitted and the limitations of the permission granted by the NSE. Furthermore, it specifies the requirements for obtaining permission to deal in and for an official quotation of equity shares, including timelines for completing necessary formalities for listing and trading commencement. It also details the consequences, such as repayment of monies received, if listing or trading approval is not granted within stipulated timeframes.

This section details various aspects related to the handling of investor grievances and the regulatory framework surrounding the offer process. It outlines the retention of records with the Registrar to the Offer for at least eight years and specifies procedures for investors to approach the Registrar for redressal of grievances. Furthermore, it discusses the liability of SCSBs for delays in processing applications and the compensation mechanisms applicable to various scenarios, including delays in fund unblocking. The company confirms compliance with several SEBI circulars regarding investor grievance redressal through SCORES authentication.

This section outlines the legal framework governing the equity share offer, stipulating that the offer is subject to various regulations including the Companies Act, SEBI ICDR Regulations, and various listing and trading rules. It details the terms for the offer, including the ranking of equity shares, the mode of dividend payment, and the pricing structure (Face Value, Floor Price, Cap Price). Furthermore, it specifies the rights of equity shareholders, restrictions on the transfer and transmission of shares, and the requirement for allotment in dematerialized form.

The section details various procedural aspects related to the Offer for Sale, including rights to withdraw the offer and requirements for obtaining final listing and trading approvals from Stock Exchanges and the Registrar of Companies (RoC). It also outlines restrictions on the transfer and transmission of Equity Shares, noting certain lock-ins under SEBI ICDR Regulations. Furthermore, the text specifies the structure of the offer, including the number of shares, the reservation for Eligible Employees, and the various categories of bidders (such as QIBs, Retail Individuals, and Non-Institutional Bidders). It also details the mode of bidding, the process for blocking funds, and the rules for allocation across different investor categories.

This section details various rules and procedures related to the book-building process, including different investor categories and payment mechanisms. It outlines rules regarding bid amounts, allocation proportions, and the handling of under-subscription across various portions of the offer. Furthermore, it specifies requirements for bidders, such as ensuring PAN linkage with Aadhaar and the mandatory use of the ASBA process for most investors. The text also discusses the implementation of the UPI mechanism for payments and the timelines for listing, as well as provisions for investor grievance redressal.

This section details various rules and restrictions concerning who is permitted to bid for equity shares in the Offer, including different categories of investors such as Promoters, various institutional investors (Mutual Funds, FPIs, AIFs), NRIs, HUFs, and Limited Liability Partnerships (LLPs). It outlines specific requirements for documentation, such as registration certificates or proof of corpus, depending on the bidder type. Furthermore, it specifies investment limits and conditions related to the investment size and structure for different investor groups, such as those related to banking companies and Systemically Important NBFCs.

This section details various rules and instructions for bidders, covering eligibility criteria, bid submission procedures, and compliance requirements. It outlines specific rules for employee reservations, participation by different investor categories like Anchor Investors, QIBs, and Retail Individual Bidders, and mandates for document submission and fund blocking processes. Furthermore, it specifies requirements related to the use of UPI mechanisms, PAN linking, and the handling of various bid amounts.

This section outlines various instructions and conditions related to the bidding process, including time restrictions, submission formats, and eligibility criteria for different types of bidders. It details technical grounds for the rejection of bids, such as submitting forms on plain paper or using incorrect details. Furthermore, it specifies procedures for handling bid monies, including the process for unblocking funds for unsuccessful bidders and the conditions under which the offer may be withdrawn or a fresh issue proposed.

The section discusses various regulations governing foreign investment in Indian securities, primarily referencing the Industrial Policy, 1991, and FEMA. It clarifies that while foreign investment is generally permitted, certain procedures must be followed, and the RBI and relevant ministries are responsible for granting approval. It details that the FDI Policy issued by DPIIT supersedes previous clarifications, and investment in certain sectors is permitted up to 100% under the automatic route subject to conditions. Furthermore, it outlines restrictions on investments by entities from countries sharing a land border with India, requiring prior government approval. The text also covers provisions related to the transfer of ownership and the treatment of multilateral banks and funds under FEMA rules.

This section details various provisions related to the issuance, allotment, and transfer of shares, including procedures for increasing subscribed capital and the rights of existing members. It outlines conditions for offering shares to existing holders, the timing for accepting offers, and the rights of shareholders to renounce shares. Furthermore, the text covers the company's power to issue shares to employees under stock option schemes and the company's ability to enter into schemes of arrangement or amalgamations with creditors. The section also addresses the company's lien rights over shares and debentures and the procedures for the sale of such securities.

This section primarily details the provisions related to calls on shares, forfeiture of shares, and the transfer and transmission of shares within the company's articles. It outlines the Board's power to make calls, the notice requirements for payment, and the consequences of non-payment, including interest accrual. Furthermore, the text covers various aspects concerning the transfer of shares, including restrictions, the process for dematerialization, and the Board's discretion regarding the registration of transfers or the refusal to register them. It also addresses issues arising from the death or insolvency of members and the subsequent entitlement to dividends.

This section primarily outlines various procedural and substantive provisions related to the company's articles, including rules for transferring securities, altering capital, and handling various types of general meetings. It details rules concerning the issuance of share warrants, the conversion of shares into stock, and the power to reduce the company's capital. Furthermore, the text covers important aspects of dematerialization of securities, ensuring that holdings of securities by promoters and key personnel are dematerialized before certain issues or transfers. It also lays out rules for conducting general meetings, including notice periods, quorum requirements, and the voting procedures for members.

This section details various procedural and governance aspects related to the company's structure, including voting rights, director appointments, and board meetings. It outlines rules concerning the voting entitlement of members, the requirements for appointing proxies, and the composition and powers of the Board of Directors. Furthermore, it specifies rules regarding the number of directors, the appointment of additional or alternate directors, and the procedures for handling vacancies and the conduct of board proceedings.

This section details various powers and duties related to borrowing money, issuing securities, nominee directors, record-keeping, and dividend handling. It outlines conditions for borrowing limits, the delegation of borrowing powers, the issuance of various securities, and provisions concerning loans to certain entities. Furthermore, it covers provisions related to nominee directors, the inspection of company accounts, the handling of unpaid dividends, and the capitalization of profits for the benefit of members.

This section primarily outlines the legal framework governing the company's relationship with its members, including provisions for notice, winding up, liability indemnities, and confidentiality. It details various material contracts and documents that are attached to the Red Herring Prospectus for inspection, including agreements related to the offer, incorporation certificates, board resolutions, and financial reports. Furthermore, it lists numerous consents and reports from various professionals, including auditors, accountants, and company secretaries, which are included to substantiate certain aspects of the offering.

The provided section consists entirely of declarations signed by various directors affirming compliance with relevant laws and regulations. These declarations certify that all statements made in the Draft Red Herring Prospectus are true and correct, and that they comply with the provisions of the Companies Act, 2013, the SCRA, the SCRR, and the Securities and Exchange Board of India Act, 1992, as amended. The text includes multiple separate declarations from different directors.

The provided section consists entirely of declarations from various directors and a promoter selling shareholder affirming compliance with relevant laws and regulations. These declarations confirm that all statements made in the Draft Red Herring Prospectus adhere to the provisions of the Companies Act, 2013, SCRA, SCRR, and the Securities and Exchange Board of India Act, 1992, as amended. The declarations are signed by the Director, Independent Directors, and the Chief Financial Officer, ensuring the truthfulness and correctness of the disclosures.

This section contains a declaration by the Promoter Selling Shareholder confirming the truth and correctness of statements, disclosures, and undertakings made in the Red Herring Prospectus concerning their portion of the offered shares. The declaration explicitly states that the undersigned assumes no responsibility for any other statements or undertakings related to the Company or other Promoter Selling Shareholders.

Updated since the RHP: The offer was authorized by the Board on April 3, 2025, and the consent of Promoter Selling Shareholders was also recorded on June 19, 2025. The Red Herring Prospectus and Abridged Prospectus were approved by the Board on October 5, 2026, for filing with the RoC and subsequently with SEBI and Stock Exchanges. In-principle listing approvals were received from BSE and NSE on November 6, 2025. Various confirmations were made regarding the non-prohibition of promoters and directors from accessing capital markets, and no findings were noted by SEBI or other regulators concerning inspections. Furthermore, compliance with the Companies (Significant Beneficial Owners) Rules, 2018 was confirmed by all relevant parties. This section details various aspects related to the handling of investor grievances and the procedures for resolving issues related to the offer process. It outlines the retention of records with the Registrar to the Offer for a specified period, the avenues for bidders to contact the Company Secretary, Compliance Officer, or the Registrar to the Offer regarding pre-offer or post-offer problems such as non-receipt of allotment letters or funds. Furthermore, it specifies procedures for grievance redressal, including timelines for resolving complaints, and clarifies the responsibilities of various parties concerning investor complaints. This section outlines the various legal frameworks and regulations governing the equity share offer, including adherence to the Companies Act, SEBI ICDR Regulations, and various listing and trading rules. It details the terms for the offer, such as the face value, price band, and the process for determining the offer price. Furthermore, it specifies the rights of equity shareholders, restrictions on the transfer and transmission of shares, and the procedures for allotment in dematerialized form. The text also covers the timelines for the bid/offer process, the responsibilities of various intermediaries, and penalties for delays in fund unblocking. The section details the structure of the Initial Public Offering, including the number of shares offered and the details of the promoter selling shareholders. It outlines various rules regarding the book-building process, including compliance with SEBI ICDR Regulations. The text specifies different allocation rules for various bidder categories such as Eligible Employees, QIBs, Non-Institutional Bidders, and Retail Individual Bidders, including minimum bid sizes and allocation proportions. It also details procedures for handling under-subscription and the allocation of shares to different investor types. The section details the various procedures and regulations governing the public offer process, including the use of different payment mechanisms like ASBA and UPI, and the timelines for listing. It outlines that certain SEBI circulars introduced alternate payment mechanisms and streamlined listing timelines. Furthermore, it specifies rules regarding the allocation of shares across different investor categories, including provisions for QIBs, Mutual Funds, and Non-Institutional Bidders. The text also covers requirements for bid submission, the handling of investor grievances, and the roles of various intermediaries in the process. This section details various requirements and restrictions concerning who is eligible to bid in the offer, including different categories such as Mutual Funds, HUFs, Eligible NRIs, FPIs, various corporate and institutional bodies, and employees. It outlines specific documentation requirements, such as registration certificates or proof of account linkage, for different bidders. Furthermore, it specifies investment limits and rules related to foreign exchange regulations (FEMA) and SEBI regulations, particularly concerning holdings by NRIs and FPIs. There are also provisions detailing how different bid types, such as those from certain entities or those utilizing specific investment structures, are treated for allocation purposes. This section outlines numerous instructions and requirements for various bidders concerning the submission of bids, including eligibility checks, payment methods, and documentation standards. It details specific rules for different investor categories, requirements for bid amounts, and procedures related to the use of Designated Intermediaries and electronic bidding systems. Furthermore, it specifies compliance with various statutory requirements regarding investor identity and fund availability. This section details various procedural aspects related to the offer, including investor grievance redressal and the process for finalizing the basis of allotment. It outlines specific requirements for bid submissions, various grounds for technical rejection of bids, and procedures concerning the allotment of equity shares. Furthermore, it describes the process for payment into escrow accounts for Anchor Investors and the publication timelines for allotment advertisements. This section details various material contracts and documents entered into by the Company, which were made available for inspection and on the company's website. It lists numerous resolutions passed by the Board concerning the offer and the prospectus, as well as various consents and reports obtained from different parties, including auditors, accountants, and company secretaries. Furthermore, it mentions several agreements with various financial institutions and regulatory bodies related to the offer process. The declaration section asserts that all relevant provisions of the Companies Act, 2013 and various rules, regulations, and guidelines issued by the Government of India or the Securities and Exchange Board of India have been complied with. Furthermore, the signatory certifies that no statement in the Prospectus contradicts the provisions of the Companies Act, 2013, the SCRA, the SCRR, and the Securities and Exchange Board of India Act, 1992, as amended, or the rules and regulations issued thereunder.

The company has eight directors on its Board, including four Independent Directors, and claims compliance with corporate governance requirements under SEBI Listing Regulations and the Companies Act, 2013. The Board composition is detailed in a table listing various directors, their designations, terms, and directorships. Key personnel profiles include the Chairman and Managing Director, Harish Narshi Dharamshi, who has extensive experience in the fire protection industry. Other directors hold various directorships in different companies, and details regarding their appointment terms and remuneration are provided.

The management section details the remuneration and terms of employment for the Whole-Time Directors, Parika Miheer Ghotikar and Anik Narendra Dharamshi, including salary, variable pay, and various perquisites. It also outlines the remuneration for Non-Executive Independent Directors, including sitting fees for attending various board and committee meetings. The document specifies that the company has not entered into contracts for the remuneration of any Director in the two years preceding the DRHP, except for insurance premiums paid by the company on behalf of the Directors.

The provided text outlines various functions and responsibilities delegated to different committees within the company, including the Audit Committee, Nomination and Remuneration Committee (NRC), Stakeholders Relationship Committee (SRC), Corporate Social Responsibility Committee (CSR Committee), and the Risk Management Committee (RMC). These functions cover areas such as reviewing transactions with related parties, evaluating internal controls, managing director appointments, handling shareholder grievances, formulating CSR policies, and developing risk management frameworks. Specific powers are granted for various aspects of governance, including financial scrutiny, performance evaluation of directors, and ensuring compliance with securities laws.

This section details the profiles of the Key Managerial Personnel and Senior Management of the company. It introduces the Chief Financial Officer, Hitesh Dedhia, and the Company Secretary and Compliance Officer, Sundaram Balasubramanian Iyer, along with several other senior managers. The text outlines their associations with the company, their professional experience, and their remuneration received in Fiscal 2026. It also covers various disclosures regarding their employment status, relationships with directors, arrangements with major shareholders or suppliers, and payments made to them.

Updated since the RHP: The document details various non-salary related benefits paid by the company to Whole-Time Directors, including annual insurance premiums. It also specifies sitting fees payable to Non-Executive Independent Directors for attending Board and various Board committees' meetings. Furthermore, it outlines that the company has not entered into contracts fixing director remuneration in the preceding two years, except for the insurance premiums and sitting fees mentioned. The text also covers the sitting fees for Non-Executive Independent Directors for different committees and details the sitting fees for various Independent Directors in Fiscal 2026. The document outlines the empowerment of the Nomination and Remuneration Committee to perform functions related to administering employee stock option plans, including determining eligibility, granting options, and interpreting related agreements. Furthermore, a Stakeholders Relationship Committee (SRC) was constituted by a Board resolution dated August 18, 2025, to address various aspects concerning shareholders and security holders. The scope of the SRC includes considering shareholder interests, redressal of grievances, formulation of procedures for timely disposal of requests, and review of measures related to voting rights and dividend receipt.

The company's promoters include Harish Narshi Dharamshi, Kusum Harish Dharamshi, Miheer Sadanand Ghotikar, Parika Miheer Ghotikar, and Anik Narendra Dharamshi, who collectively hold 95.33% of the pre-Offer equity capital. The document details the individual profiles, including dates of birth and permanent account numbers, for each promoter. The document also clarifies that there has been no change in control within the last five years and outlines various restrictions regarding the promoters' interests, guarantees, and dealings with other entities. Furthermore, it lists members of the Promoter Group, including natural persons and entities such as HUFs, Trusts, and Firms.

The company's dividend distribution policy was last adopted and approved by the Board in a meeting on July 20, 2026. The declaration and payment of dividends will be recommended by the Board and approved by shareholders at their discretion, subject to various legal provisions. The ability to pay dividends depends on several factors, including profits, capital requirements, reserves, solvency margin, profitability outlook, macroeconomic environment, and regulatory changes. The text also details the historical dividend payments over the three preceding financial years, showing various dividend amounts and rates.

The company discloses that it enters into various transactions with related parties, directing readers to a separate note for further details. The document details various financial risk assessments, including market risk (interest rate and foreign currency risk), credit risk, and liquidity risk. It provides tables detailing foreign currency exposures, derivative hedging, provisions for credit losses, and maturity patterns of financial liabilities. Furthermore, the company reports on capital expenditures, changes in accounting policies, and significant developments such as the declaration of a final dividend, the grant of employee stock options, and the incorporation of a subsidiary in Saudi Arabia.