HD Fire Protect Ltd

It makes fire suppression equipment for industrial plants and buildings, such as deluge valves, pre-action systems for data centres and foam systems for fuel fires. It is India’s second largest maker in the space and its largest exporter, and founder Harish Dharamshi has grown it from a small partnership firm in 1990 to INR 489 cr of revenue in FY26, on just INR 0.8 cr of promoter equity and without raising outside capital. HD holds more global certifications than any other Indian fire-focused player and earns margins well above its peers. Most of its revenue comes from repeat customers, and demand is driven by fire safety compliance, with data centres adding a fast-growing source of demand. We have also highlighted a few points of caution in our note, including a softer start to FY27. The IPO is entirely an offer for sale by the founder couple. At 30x EV/EBITDA and 41x P/E, the valuation is on the higher side. The price we pay at entry matters a lot to us, so we would wait and track the company after listing.