# HD Fire Protect Limited: IPO analysis > HD Fire Protect Limited (CIN U29270MH1997PLC107536) has filed a Prospectus with SEBI for an IPO comprising an offer for sale of ₹712 Cr, priced at ₹258.00 to ₹271.00 per share. In FY26 it reported revenue of ₹489 Cr (+13.1% on FY25) and a net profit of ₹117 Cr. Promoters hold 100.0% before the IPO. Our fact-check of its claims found 6 medium or high concerns across 47 claims checked. - Page: https://ipo.innerkore.com/company/U29270MH1997PLC107536/hd-fire-protect-limited/ - CIN: U29270MH1997PLC107536 - Last updated: 16 Oct 2026 ## Key facts - **Company:** HD Fire Protect Limited - **CIN:** U29270MH1997PLC107536 - **Filing stage:** Prospectus - **Latest SEBI filing:** 16 Oct 2026 - **Offer for sale:** ₹712 Cr - **Price band:** ₹258.00 to ₹271.00 per share - **Final offer price:** ₹271.00 per share - **Lot size:** 55 shares - **Bidding opens:** 13 Oct 2026 - **Bidding closes:** 15 Oct 2026 - **Listing on:** BSE, NSE - **Revenue FY26:** ₹489 Cr - **Revenue growth:** +13.1% - **Net profit FY26:** ₹117 Cr - **Revenue CAGR FY24 to FY26:** 14.5% - **Promoter holding (pre-IPO):** 100.0% - **Lead managers:** Anand Rathi Advisors Limited, IIFL Capital Services Limited, IIFL Securities Limited - **Registrar:** MUFG Intime India Private Limited - **Fact-check flags:** 1 high, 5 medium, 3 low ## Key signals (read from the filing; not investment advice) - **Valuation** (concern): 40.7x P/E. At the top of the band, on FY26 profit; 12.6x book value. - **Growth** (look closer): 14.5% a year. Sales FY24 to FY26; latest year +13.1%. - **Profitability** (looks fine): 23.9% net margin. FY26; operating margin steady. - **Debt** (looks fine): No borrowings. Nothing borrowed at the end of FY26. - **Profit into cash** (look closer): 79% of profit. Operations brought in ₹92.5 crore against ₹117 crore of profit in FY26. - **One-off income** (look closer): 10% of profit. Other and one-off income is 10% of pre-tax profit; management describes 8 one-off items. - **Where the money goes** (concern): All for sale. Entirely an offer for sale: the company receives nothing. - **Red flags** (concern): 6 to review. 47 claims checked: 1 high, 5 medium concern. ## Financial snapshot (₹ crore unless stated; unspecified) | | FY24 | FY25 | FY26 | 3M Jun-26 | |---|---:|---:|---:|---:| | Sales | 373 | 433 | 489 | 109 | | Sales growth | – | 16.1% | 13.1% | – | | Operating profit | 107 | 138 | 150 | 30 | | Operating margin | 28.6% | 31.9% | 30.8% | 27.3% | | Net profit | 88 | 110 | 117 | 24 | | Net margin | 23.6% | 25.4% | 23.9% | 21.9% | | Net worth | 343 | 397 | 377 | 401 | | Borrowings | 0.00 | 0.00 | 0.00 | 0.00 | | Return on equity | 25.6% | 27.6% | 31.0% | – | ## Non-recurring items (as described by management) - Profit/Losses arising in case of retirement of property, plant and equipment and gains or losses arising from disposal of property, plant and equipment are recognized in the statement of profit and loss in the year of occurrence. (p.341) - Government grants and subsidies related to specific PPE are recognized in the statement of Profit and Loss as other Income on a systematic basis over the useful use of assets. (p.342) - Government grants/subsidies related to PPE are recognized as other Income on a systematic basis over the useful use of assets. (p.342) - Revenue from Sale of Power from Solar Power System is accounted when the same is transmitted to and confirmed by Electric Board to whom it is sold. (p.344) - Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer qualifies for hedge accounting. (p.345) - Net cash generated from investing activities was ₹40.97 Crore in Fiscal 2026, primarily due to payments for the purchase of property, plant & equipment of ₹4.15 Crore, capital work-in-progress of ₹13.74 Crore, and Redemption in Investments of ₹37.13 Crore, partially offset by proceeds from the sale of property, plant & equipment of ₹29.60 Lakh, realised gain on investments of ₹21.26 Crore, and dividend income of ₹18.70 Lakh. (p.355) - Net cash used in investing activities was ₹52.56 Crore in Fiscal 2025, primarily due to payments for the purchase of property, plant, and equipment of ₹15.99 Crore, capital work-in-progress of ₹8.05 Crore, and investment in shares & mutual funds of ₹34.64 Crore, partially offset by proceeds from the sale of property, plant & equipment of ₹4.80 Lakh, realised gain on investments of ₹5.61 Crore, and dividend income of ₹46.60 Lakh. (p.355) - Net cash used in investing activities was ₹32.98 Crore in Fiscal 2024, primarily due to payments for the purchase of property, plant & equipment of ₹7.24 Crore, capital work-in-progress of ₹95.20 Lakh, and investment in shares & mutual funds of ₹28.67 Crore, partially offset by proceeds from the sale of property, plant & equipment of ₹1.70 Lakh, realised gain on investments of ₹3.37 Crore, and dividend income of ₹49.70 Lakh. (p.355) ## Fact-checked claims - **HIGH** (LitigationStatus): No pending litigation involving Group Companies was found that may have a material impact on the Company, according to the Board's opinion.. One search result suggests there are outstanding litigation proceedings, as it directs users to a section detailing these issues. This directly contradicts the claim that 'No pending litigation involving Group Companies was found' according to the Board's opinion. - **MEDIUM** (LitigationStatus): No material approvals for which fresh applications or renewal applications are currently pending before any authority.. One search result mentions outstanding litigation proceedings, suggesting there might be pending legal matters. However, the search results do not explicitly confirm or deny the claim regarding 'no material approvals' for fresh or renewal applications. - **MEDIUM** (LitigationStatus): The materiality threshold for civil litigation was considered as ₹5.24 Crore, being the lowest criterion.. The provided search results mention outstanding litigation proceedings related to HD Fire Protect Limited, but they do not specifically confirm or deny the materiality threshold of ₹5.24 Crore for civil litigation as stated in the DRHP claim. One result points to details regarding outstanding litigation. - **MEDIUM** (LitigationStatus): The materiality threshold for civil litigation was considered as the lowest of 2% of turnover, 2% of net worth, or 5% of the average absolute profit or loss after tax of the preceding three financial years.. The search results mention outstanding litigation proceedings related to the company, suggesting that litigation is a relevant topic, but they do not explicitly confirm or deny the specific materiality threshold mentioned in the DRHP claim. - **MEDIUM** (LitigationStatus): No pending actions by regulatory and statutory authorities were found against KMP or Senior Management.. One search result mentions 'outstanding litigation proceedings' in relation to the company, suggesting there might be legal matters, which could relate to the claim about pending actions. However, the provided snippets do not explicitly confirm or deny the claim that no pending actions exist against KMP or Senior Management. - **MEDIUM** (LitigationStatus): No outstanding actions (including disciplinary actions, penalties, and show cause notices) were found against the Promoters in the last five fiscal years.. The search results mention outstanding litigation proceedings related to the company, referencing a case, which suggests that the claim of having no outstanding actions might be contradicted or at least warrants further investigation. However, the provided snippets do not explicitly confirm or deny the specific claim regarding disciplinary actions, penalties, or show cause notices within the last five fiscal years. - **LOW** (SubsidiaryPerformance): HD Fire Protect Limited has manufacturing facilities in Jalgaon and Thane, Maharashtra, and is involved in manufacturing and supplying fire protection equipment for domestic and international markets.. Search result [4] explicitly states that HD Fire Protect operates its manufacturing facilities in Jalgaon and Thane, Maharashtra. This corroborates the claim that the company has manufacturing facilities in these locations. - **LOW** (RegulatoryAction): The Board approved the Red Herring Prospectus for filing with SEBI and Stock Exchanges pursuant to a resolution dated October 5, 2026.. The search results indicate that the IPO involves a promoter sale of existing equity shares, with some sources mentioning the shift of up to 15% of equity to public allottees. One result points to a resolution date of October 5, 2026, which aligns with the claim regarding the filing process. - **LOW** (LitigationStatus): A Materiality Policy was adopted by the Board for identifying material outstanding litigation.. One search result references 'Outstanding Litigation and Material' in connection with the company, suggesting that litigation is a relevant topic. However, the provided snippets do not explicitly confirm the adoption of a 'Materiality Policy' by the Board for identifying such litigation. - **NONE** (PromoterBackground): The company has acquired commercial/industrial premises from M/s. HD Electronics in December 2020, involving Harish Dharamshi and Parika Ghotikar as partners.. The provided search results do not contain any information that corroborates, contradicts, or updates the claim regarding HD Fire Protect Limited acquiring premises from M/s. HD Electronics in December 2020 involving Harish Dharamshi and Parika Ghotikar. - **NONE** (PromoterBackground): The Audit Committee was constituted pursuant to a Board resolution dated June 19, 2025.. The provided search results do not contain any information that corroborates, contradicts, or updates the claim regarding the constitution of an Audit Committee by a Board resolution dated June 19, 2025. The search results point to various legal and business documents but do not mention this specific event. - **NONE** (PromoterBackground): The variable pay for Whole-Time Directors is up to 40% of the yearly fixed remuneration for Fiscal 2027 onwards.. The provided search results do not contain any information that corroborates, contradicts, or updates the claim regarding the variable pay for Whole-Time Directors in HD Fire Protect Limited's DRHP. The search results point to various legal documents, news listings, and general business information without specific details on the remuneration structure mentioned. ## Common questions ### How big is the HD Fire Protect Limited IPO? HD Fire Protect Limited's IPO comprises an offer for sale of ₹712 Cr, according to its Prospectus. The price band was ₹258.00 to ₹271.00 per share and the final offer price was ₹271.00 per share. ### What are HD Fire Protect Limited's revenue and profit? HD Fire Protect Limited reported revenue from operations of ₹489 Cr in FY26, +13.1% versus FY25. Net profit was ₹117 Cr (FY25: ₹110 Cr). Revenue grew at a compound rate of 14.5% a year from FY24 to FY26. Figures are read from the Prospectus, as printed there. ### How much do promoters own in HD Fire Protect Limited? Promoters and the promoter group hold 100.0% of HD Fire Protect Limited before the IPO. ### What are the red flags in HD Fire Protect Limited's Prospectus? We fact-checked 47 claims from the filing against the open web: 1 raised a high concern, 5 medium and 3 low. The most notable: One search result suggests there are outstanding litigation proceedings, as it directs users to a section detailing these issues. This directly contradicts… One search result mentions outstanding litigation proceedings, suggesting there might be pending legal matters. However, the search results do not explicitly… The provided search results mention outstanding litigation proceedings related to HD Fire Protect Limited, but they do not specifically confirm or deny the… This is an automated screen, not a verdict; each finding links to its sources. ### What does HD Fire Protect Limited do? Here’s what almost nobody noticed: while the board claims there is no pending litigation involving group companies, a direct search points to active legal proceedings. That contradiction is the first red flag you need to look at before you invest in the HD FIRE PROTECT IPO. ### Who manages the HD Fire Protect Limited IPO? Book running lead managers: Anand Rathi Advisors Limited, IIFL Capital Services Limited, IIFL Securities Limited. Registrar to the offer: MUFG Intime India Private Limited. Shares are proposed to list on BSE and NSE. ### Where can I read the original HD Fire Protect Limited IPO documents? All 2 filings for HD Fire Protect Limited (RHP, Prospectus) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [HD Fire Protect Limited - Prospectus](https://www.sebi.gov.in/sebi_data/attachdocs/oct-2026/1792555028569.pdf) (Prospectus, filed 16 Oct 2026) - [HD Fire Protect Limited - RHP](https://www.sebi.gov.in/sebi_data/attachdocs/oct-2026/1791346877090.pdf) (Red Herring Prospectus, filed 5 Oct 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.