HD Fire Protect's Rs 712.13 crore initial public offering is set to close on Oct 15, with the issue comprising an offer for sale entirely. The company is looking to capitalise on demand for fire protection systems across oil and gas, petrochemicals, and other high-risk industries, while data centres are emerging as an additional growth opportunity.
Speaking to NDTV Profit, Miheer Ghotikar, promoter and whole-time director, said the company's order book stood at Rs 158 crore as of June 30, 2026, providing revenue visibility for the next three to four months. He said demand remains strong in India and the Middle East, with the company also looking to build on opportunities in data centres as adoption of specialised fire protection systems increases.
Anik Dharamshi, promoter and whole-time director, said the company has funded its capital expenditure internally and has set aside funds for its planned Saudi Arabia joint venture facility.
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According to NSE, the IPO was subscribed 131.11 times as of 4:22 p.m. today, as it is about to close for subscription.
HD Fire Protect Order Book Rises To Rs 158.6 Crore
HD Fire Protect's order book stood at Rs 158.6 crore as of June 30, 2026, up from Rs 134.45 crore at the end of March 2026 and Rs 70.35 crore on March 31, 2025.
The company has visibility for around three months from its existing order book, Miheer Ghotikar, promoter and whole-time director, told NDTV Profit. Product lead times typically range from one to four months.
Demand remains strong in India and the Middle East, particularly from oil and gas, petrochemicals, and other high-hazard industries. Data centres are also emerging as an opportunity, with the company supplying pre-action fire protection systems to several projects in India. Management sees scope to expand exports to this segment as its track record grows.
However, converting orders into revenue depends on project execution. Site readiness, regulatory approvals, and changes in project scope can delay large orders, while the order book itself does not guarantee revenue.
Export Markets And Expansion Plans
Exports account for around 35% of the company's business, while India contributes the remaining 65%. Management sees opportunities to build its overseas business, particularly in markets with demand from oil and gas and other high-risk industries.
Anik Dharamshi said the company has been profitable since inception and has remained debt-free for several years. Its capital expenditure has been funded internally, with new facilities at Jalgaon and Thane completed. The company has also set aside funds for a planned joint venture facility in Saudi Arabia.
The IPO is entirely an offer for sale, with no fresh issue to fund expansion. Management sees product development, international approvals, approved vendor lists, and the reputation required for life-safety equipment as key barriers to entry in the fire protection market.
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