HD Fire Protect lists at 23% premium, then pares gains

HD Fire Protect shares began trading on October 21 at Rs 334.40 on the BSE and Rs 335 on the NSE, delivering listing gains of 23.39% and 23.62%, respectively, over the Rs 271 IPO price, according to Economic Times Markets.

The shares subsequently gave up part of that opening advance. The report placed the BSE price at Rs 306.80 around 1:44 pm, still 13.21% above the issue price. That is a source-reported trading snapshot, not a live price.

The IPO brings no fresh capital into the business

The approximately Rs 712-crore issue comprised an offer for sale of 2.63 crore equity shares, rather than newly issued shares. All proceeds therefore go to the selling shareholders; HD Fire Protect receives no money from the offering.

Two promoter shareholders sold shares. Harish Narshi Dharamshi offered 89,83,700 shares valued at Rs 243.46 crore, while Kusum Harish Dharamshi sold 1,73,00,800 shares worth Rs 468.85 crore.

Customer growth, margins and cash flows in focus

Dr Ravi Singh, chief research officer at Master Capital Services Ltd., identified customer-base expansion, the ability to preserve healthy margins and stronger operating cash flows as important determinants of the company's performance after listing.

Established in April 1997, HD Fire Protect manufactures fire protection equipment and systems using water-, foam- and gas-based suppression technologies. Its eight product categories include sprinklers, alarm and deluge valves, foam systems, monitors and nozzles, and custom-engineered systems.

The company has two manufacturing facilities in Jalgaon and Thane, Maharashtra, covering approximately 8.50 acres, alongside a fire-testing laboratory and research and development capabilities. Its order book stood at Rs 1,586.01 million as of June 30, 2026.

Since its establishment, the business has exported to more than 90 countries. Projects supplied include the Samruddhi Mahamarg, Jamnagar refinery and India's new Parliament building, as well as Saudi Aramco's Ras Tanura Sea Island site and Oman's Integrated Power & Water Plant Project.

Industry forecasts point to demand growth

Industry estimates cited in the IPO-related information put India's fire protection equipment market at Rs 10,900 crore in FY26, following compound annual growth of 12% from FY20. They project a market of Rs 17,500–19,500 crore by FY31, with annual compound growth of 10–12%.

The narrower domestic fire suppression market is projected to rise from Rs 6,400 crore in FY26 to Rs 10,500–12,000 crore in FY31, at an estimated compound annual growth rate of 11–13%. Globally, the fire protection equipment market is forecast to reach $85–90 billion by 2030.

These are industry projections, not assured outcomes or company revenue forecasts. The report does not identify the underlying industry study or its methodology, limiting assessment of the estimates.