HD Fire Protect
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 256.65×
- Big non-institutionalbNII · above ₹10 lakh
- 236.17×
- Small non-institutionalsNII · ₹2–10 lakh
- 137.28×
- Retail individualRII · up to ₹2 lakh
- 30.00×
- Employeesreserved quota
- 23.61×
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 52,42,673 | 1,34,55,42,605 | ₹36,464 Cr | 256.65× |
| Non-institutional | 39,32,004 | 79,90,03,480 | ₹21,653 Cr | 203.21× |
| Big non-institutionalwithin NII | 26,21,336 | 61,90,76,590 | ₹16,777 Cr | 236.17× |
| Small non-institutionalwithin NII | 13,10,668 | 17,99,26,890 | ₹4,876 Cr | 137.28× |
| Employees | 71,138 | 16,79,755 | ₹45.52 Cr | 23.61× |
| Total | 1,84,20,492 | 2,42,65,56,935 | ₹65,760 Cr | 131.73× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 15 Oct, 05:11 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 13 Oct 2026 – 15 Oct 2026
- Listing date
- 21 Oct 2026
- Face value
- ₹5 per share
- Price band
- ₹258 – ₹271
- Issue price
- ₹271 per share
- Lot size
- 55 shares
- Sale type
- Offer for sale
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹712 Cr
- Fresh issue
- ₹0 Cr 0 shares
- Offer for sale
- ₹712 Cr 2,62,84,500 shares
- Market cap at offer price
- ₹4,749 Cr
- Promoter holding
- 100.00% → 85.00% pre-issue → post-issue
- ISIN
- INE18AK01028
- CIN
- U29270MH1997PLC107536
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Ambit Pvt.Ltd.
- Registered office
- O-611, 6th Floor, Runwal R Square, Opp. Veena Nagar, L. B. S. Marg, Mulund West, Mumbai – 400 080, Maharashtra, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 52,42,672 | 28.57% | 28.46% |
| Anchor investor · within QIB | 78,64,008 | — | 42.69% |
| NII (HNI) | 39,32,005 | 21.43% | 21.35% |
| bNII > ₹10L · within NII | 26,21,337 | — | 14.23% |
| sNII < ₹10L · within NII | 13,10,668 | — | 7.12% |
| Retail (RII) | 91,74,677 | 50.00% | 49.81% |
| Employee | 71,138 | — | 0.39% |
| Total issue | 1,84,20,492 | — | 100.00% |
Net offer to the public of 1,83,49,354 shares, out of a total issue of 1,84,20,492. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 55 shares per lot, in multiples, at ₹271
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 55 | ₹14,905 |
| Retail (max) | 13 | 715 | ₹1,93,765 |
| S-HNI (min) | 14 | 770 | ₹2,08,670 |
| S-HNI (max) | 67 | 3,685 | ₹9,98,635 |
| B-HNI (min) | 68 | 3,740 | ₹10,13,540 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.66 | 5.45 |
| P/E (×) | 40.69 | 49.72 |
| Price to book (×) | 12.63 | — |
| Market cap | — | ₹4,749 Cr |
Key performance indicators
- Return on net worth
- 31.07%
- ROCE
- 37.00%
- PAT margin
- 23.12%
- EBITDA margin
- 30.75%
- NAV per share
- ₹21.45
- Price to book
- 12.63
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 505.12 | 450.68 | 392.02 |
| Revenue from operations | 489.28 | 432.8 | 372.95 |
| Other income | 15.83 | 17.88 | 19.07 |
| Total expenses | 349.14 | 303.96 | 275.67 |
| Operating profit | 155.98 | 146.72 | 116.35 |
| Operating margin | 30.88% | 32.56% | 29.68% |
| Profit before tax | 155.98 | 146.71 | 116.35 |
| Profit after tax | 116.79 | 109.72 | 87.92 |
| PAT margin | 23.12% | 24.35% | 22.43% |
| Balance sheet | |||
| Total assets | 432.03 | 450.08 | 392.63 |
| Current assets | 239.64 | 204.79 | 211.44 |
| Current liabilities | 52.91 | 49.2 | 45.9 |
| Total liabilities | 54.88 | 52.85 | 49.22 |
| Net worth | 377.15 | 397.23 | 343.41 |
| Current ratio | 4.53× | 4.16× | 4.61× |
| Return on equity | 30.97% | 27.62% | 25.60% |
| Cash flow | |||
| Operating cash flow | 92.49 | 98.31 | 63.77 |
| Investing cash flow | 40.97 | -52.56 | -32.98 |
| Financing cash flow | -136.06 | -49.2 | -22.89 |
| Net cash flow | -2.59 | -3.45 | 7.9 |
Objects of the issue
1 Offer for Sale by Promoter Selling Shareholders —
The IPO involves an Offer for Sale of Equity Shares of face value of Rs.5 each by the Promoter Selling Shareholders. The company will not receive any proceeds from the Offer, as all Offer Proceeds will be received by the Promoter Selling Shareholders after deduction of Offer-related expenses and relevant taxes.
2 Listing of Equity Shares on Stock Exchanges —
The company aims to achieve the benefits of listing the Equity Shares on the Stock Exchanges, which is expected to enhance the company's visibility and brand image while providing liquidity and a public market for the Equity Shares in India.
3 Offer Expenses —
The Offer expenses, estimated at approximately a specified amount in millions, comprise listing fees, underwriting fees, selling commission and brokerage, fees payable to BRLMs, legal counsel, Registrar, and other incidental expenses for listing the Equity Shares on the Stock Exchanges.
3 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About HD Fire Protect
HD Fire Protect Limited was incorporated as 'D.H. Fire Protect Private Limited' under the Companies Act, 1956, with a certificate of incorporation dated April 24, 1997, issued by the Registrar of Companies, Maharashtra at Mumbai. It was renamed 'HD Fire Protect Private Limited' in 2005 and converted into a public limited company, renamed 'HD Fire Protect Limited', with a fresh certificate dated June 19, 2025. The company designs, manufactures and sells fire protection equipment and systems. All of its manufacturing is centralised in two facilities in Thane and Jalgaon, Maharashtra, with a combined area of 8.50 acres, and it also undertakes contract manufacturing of certain off-the-shelf products through vendors in and outside India. Its products are sold to customers in India and to over 90 countries overseas. Revenue from operations was ₹4,854.12 million in Fiscal 2026, and 32.78% of revenue from operations for the three months ended June 30, 2026 came from customers outside India. The company holds UL, FM Approval, CE Marking and ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 certifications.
Management
Harish Narshi Dharamshi
MD
Miheer Sadanand Ghotikar
COO
Strengths
As stated in the offer document
Well Established Global Presence in a Certification and Stringent Empanelment Driven, High Barrier Industry
The company has a business legacy of over 36 years, with fire protection equipment and systems exported to more than 90 countries. With 21 UL Listed and 87 FM Approved certifications, the company holds the highest number of such certifications amongst fire protection equipment focused peers in India as of September 2026.
Comprehensive Equipment and Systems Portfolio with Presence Across Diverse End Use Sectors
The company offers 8 product categories spanning water, foam, and gas-based suppression technologies, supplied across 90+ countries to sectors including oil & gas, aerospace, power & energy, data centres, and pharmaceuticals. Patents are held in the USA, India, Turkey, and Saudi Arabia for a 'pressure operated fluid valve with configurable diaphragm arrangement'.
Strong and Diversified Customer Base with Long Standing Global Customer Relationships
The company serves over 905 clients across India and international markets as of June 30, 2026, with 54.40% of Fiscal 2026 revenue from operations contributed by customers associated for more than 5 years. Top 10 customers account for only 23.69% of revenue in Fiscal 2026, reflecting low customer concentration risk.
Advanced Design and Manufacturing Capabilities with Consistent R&D and Innovation
The company operates as a vertically integrated manufacturer with in-house capabilities spanning R&D, casting, machining, assembly, and quality control, supported by ASME-certified fabrication, 5-axis CNC machining, and flow testing infrastructure handling up to 18,000 litres per minute as of June 30, 2026.
Experienced Management Team and Qualified Personnel with Significant Industry Experience
The company is led by promoters with deep expertise, including Chairman and Managing Director Harish Narshi Dharamshi with over 41 years of experience, and other promoters each bringing over 15-16 years of experience in the fire protection industry.
Track Record of Profitability and Consistent Financial Performance
The company reported Revenue from Operations of ₹4,892.81 million in Fiscal 2026, reflecting a CAGR of 14.54% from Fiscal 2024 to Fiscal 2026, with Operating EBITDA margins of 30.75% and PAT margins of 23.12% in Fiscal 2026. The company also maintained the highest operating margin (32.56%) and net profit margin (24.58%) among fire protection equipment focused peers for Fiscal 2025.
Risk factors
As stated in the offer document
Product Malfunction and Liability Risk
The company's fire protection equipment is deployed in emergency scenarios where failure can result in loss of life, property damage, warranty claims, and legal liability. Despite a 0.01% replacement rate and no product recalls to date, systemic defects or batch-level malfunctions could expose the company to significant financial outlays and reputational harm.
Supplier Concentration and Supply Chain Dependency
The top 10 suppliers accounted for 59.28%, 47.76%, 42.90%, and 35.59% of Total Expenses for the three months ended June 30, 2026, and Fiscals 2026, 2025, and 2024, respectively. The company operates without long-term purchase agreements, and any supplier disruption, insolvency, or non-performance could cause production interruptions and increased procurement costs.
Raw Material Price Volatility and Import Dependency
The company has significant import concentration of approximately 45% of total procurement, with imports from China alone constituting 24.98%–30.96% of total purchases across recent periods. The absence of hedging arrangements and long-term fixed-price contracts exposes the company to raw material price volatility that may not be passed on to customers, adversely impacting profit margins.
Regulatory Compliance and Certification Risk
The company is subject to stringent domestic and international regulatory requirements, including UL Listing, FM Approval, CE Marking, and ASME U Stamp, with certification processes taking 6 to 24 months and incurring costs of ₹27.23 million in Fiscal 2026. Any failure to obtain, renew, or maintain these certifications could restrict market access, result in regulatory penalties, and adversely affect business operations and financial performance.
Geographic Concentration of Manufacturing Operations
All manufacturing operations are concentrated in Maharashtra, India (Thane and Jalgaon), contributing 61.02%–67.94% of Revenue from Operations across recent periods. This concentration exposes the company to disproportionate risks from regional disruptions such as floods, labour unrest, power outages, or adverse state-level policy changes, with limited ability to mitigate through geographic diversification.
International Revenue Exposure and Geopolitical Risk
Revenue from outside India accounted for 32.78%–36.24% of Revenue from Operations across recent periods, spanning over 90 countries with Middle East and Rest of Asia as key markets. The company is exposed to foreign exchange fluctuations, evolving trade regulations, geopolitical instability, and country-specific certification requirements that could adversely affect international revenue and profitability.
Customer Concentration and Absence of Long-Term Contracts
Approximately 79.76%–88.05% of Revenue from Operations was derived from repeat customers across recent periods, with no binding long-term or exclusive supply agreements in place. This exposes the company to demand volatility, order cancellations, and procurement policy changes, limiting its ability to accurately forecast production and manage inventory.
Company Analysis
from RHPHD Fire Protect Limited manufactures and exports fire protection equipment and systems, serving customers in India and overseas across fire suppression and related product categories.
HD Fire Protect Limited was incorporated as 'D.H. Fire Protect Private Limited' under the Companies Act, 1956, with a certificate of incorporation dated April 24, 1997, issued by the Registrar of Companies, Maharashtra at Mumbai. It was renamed 'HD Fire Protect Private Limited' in 2005 and converted into a public limited company, renamed 'HD Fire Protect Limited', with a fresh certificate dated June 19, 2025. The company designs, manufactures and sells fire protection equipment and systems. All of its manufacturing is centralised in two facilities in Thane and Jalgaon, Maharashtra, with a combined area of 8.50 acres, and it also undertakes contract manufacturing of certain off-the-shelf products through vendors in and outside India. Its products are sold to customers in India and to over 90 countries overseas. Revenue from operations was ₹4,854.12 million in Fiscal 2026, and 32.78% of revenue from operations for the three months ended June 30, 2026 came from customers outside India. The company holds UL, FM Approval, CE Marking and ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 certifications.
Objects of the Issue
- Offer for Sale by Promoter Selling Shareholders; the Company receives no proceeds from the Offer p.123
Issue Structure
- Total Issue
- Up to 26,284,500 Equity Shares of face value of ₹5 each aggregating up to ₹[●] million
- Fresh Issue
- Not applicable
- Offer for Sale
- Up to 26,284,500 Equity Shares of face value of ₹5 each aggregating up to ₹[●] million
- Lot Size
- [●] Equity Shares of face value of ₹5 each and in multiples of [●] Equity Shares of face value of ₹5 each thereafter
- Face Value
- ₹5 each
Business Model
The company sells fire protection equipment and systems primarily against short-term purchase orders or delivery schedules, without long-term or committed volume contracts or exclusivity arrangements with customers. Revenue is reliant on repeat orders, with 79.76% of revenue from operations for the three months ended June 30, 2026 coming from repeat customers. It generally extends credit terms of up to 150 days to customers based on their profile. In certain cases, sales to end customers are routed through distributors or other third-party agents. Revenue from operations excludes other operating revenue such as export incentives and scrap sales.
Business Segments
SWOT Analysis
- • Zero product recalls and a 0.01% replacement rate(p.26)
- • Certified for fire protection equipment sales in China(p.31)
- • Internationally recognised product and quality certifications(p.26)
- • Registered patents across four countries(p.39)
- • High share of revenue from repeat customers(p.38)
- • Sales across more than 90 countries(p.26)
- • Vertically integrated Jalgaon facility(p.34)
- • Market rank per CRISIL: second-largest Indian manufacturer by revenue and largest exporter by value in Fiscal 2025(p.50)
- • Certification breadth: only peer with all listed certifications, per CRISIL(p.50)
- • Established brand and product breadth across water, foam and gas suppression(p.50)
- • Growing export revenue share(p.53)
- • Revenue from operations growth across recent fiscals(p.59)
- • Established global presence in a certification-driven, high-barrier industry(p.126)
- • Comprehensive equipment and systems portfolio across end-use sectors(p.126)
- • Strong, diversified customer base with long-standing global relationships(p.126)
- • Advanced design and manufacturing capabilities with R&D and innovation(p.126)
- • Experienced management team and qualified personnel(p.126)
- • Track record of profitability and consistent financial performance(p.126)
- • Opted for concessional 22% domestic corporate tax rate under Section 200(p.145)
- • Availing RoDTEP rebate on inputs for exports(p.146)
- • Long operating legacy and global export reach(p.213)
- • Broadest certification set among fire-protection-focused peers(p.214)
- • Sticky vendor empanelment with existing customers(p.214)
- • Vertically integrated in-house manufacturing(p.218)
- • Patent portfolio across multiple jurisdictions(p.218)
- • Long-standing customer relationships(p.217)
- • Strong operating profitability(p.212)
- • Debt-free balance sheet(p.219)
- • Only player in India with presence across most fire suppression equipment categories (excluding extinguishers)(p.247)
- • Vertically integrated manufacturing at Jalgaon facility(p.242)
- • Predominantly domestic raw material sourcing with minimal import dependence(p.243)
- • Quality certifications: manufacturing facilities certified under ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018(p.246)
- • Early technical milestones: first Indian UL certification for deluge valve and first FM approval for monitors(p.257)
- • Registered patents across four jurisdictions for pressure operated fluid valve(p.248)
- • Second-largest Indian fire protection manufacturer by operating income and largest exporter by value in Fiscal 2025(p.331)
- • First Indian manufacturer to receive UL Listing for deluge valves(p.331)
- • Highest count of UL Listed and FM Approved product certifications among Indian peers(p.332)
- • Quality record with no product recalls and a 0.01% replacement rate(p.332)
- • Export reach across 49 countries in the stub period and more than 90 countries in Fiscal 2026(p.331)
- • Promoter-led experience of over 41 years in the fire protection industry(p.333)
- • Debt-free balance sheet(p.323)
- • High dependence on a few suppliers, with no long-term contracts(p.28)
- • Top 10 suppliers account for a rising share of expenses(p.28)
- • Manufacturing concentrated in two Maharashtra sites(p.32)
- • Significant import dependence on China(p.30)
- • Extended customer credit terms exposing working capital(p.35)
- • Under-utilised capacity at some product lines(p.33)
- • Joint statutory auditor resigned before term completion(p.36)
- • Pending legal proceedings involving the Company and its Directors(p.36)
- • Labour-intensive operations with a large contract workforce(p.37)
- • Concentrated manufacturing footprint across two plants in Maharashtra(p.47)
- • Reliance on contract manufacturing for standard products(p.53)
- • Significant working capital requirement(p.49)
- • Dependence on promoters and key management personnel(p.61)
- • Past delays in statutory dues payments(p.61)
- • Directors lacking listed-company board experience(p.54)
- • Internal control errors may compound before detection(p.69)
- • Contingent liabilities under Ind AS 37 could affect financial condition and cash flows(p.86)
- • Pending compounding and adjudication proceedings for past Companies Act non-compliances(p.103)
- • Revenue relies on short-term purchase orders with no long-term or exclusive customer commitments(p.335)
- • Significant reliance on a top 10 supplier base for raw materials(p.335)
- • Historical dependence on overseas sourcing of raw materials and contract manufactured goods(p.336)
- • Confirmed orders in large projects can face delays that affect delivery and revenue recognition(p.335)
- • Concentrated promoter shareholding, with Harish Narshi Dharamshi holding 56.13 percent(p.308)
- • Pending adjudication with ROC Mumbai for non-compliance with section 92(5) of the Companies Act(p.315)
- • Market demand for AR-SFFF foam systems where fluorinated surfactants are being phased out(p.26)
- • Thane facility under construction, expected operational by November 2026(p.61)
- • Stated strategy to expand into new geographies(p.50)
- • Government initiatives cited as tailwinds for construction and capacity expansion(p.55)
- • Exploring AI and robotics to improve production efficiency(p.60)
- • Stated pursuit of strategic alliances and inorganic growth(p.64)
- • Listing expected to raise visibility, brand image and provide public market liquidity(p.123)
- • Indian fire protection equipment market projected to grow at 10-12% CAGR to FY31(p.170)
- • Low per capita fire protection consumption in India versus developed markets(p.170)
- • Fire suppression segment expected to outgrow detection segment(p.171)
- • Industrial capex expected to rise sharply over FY27-FY31(p.155)
- • Data centre capacity expected to grow rapidly, requiring specialised suppression systems(p.177)
- • Stricter fire safety regulation driving equipment adoption(p.183)
- • International growth focus on Saudi Arabia and Southeast Asia(p.222)
- • Fluorine-free foam systems amid PFAS transition(p.220)
- • Capacity expansion at Jalgaon and Thane(p.221)
- • Certified products open new sectors and geographies(p.221)
- • Data centres and Southeast Asia as emerging demand(p.222)
- • Industry tailwind: data centre capacity growth(p.196)
- • Industry tailwind: import substitution(p.196)
- • Targeted international expansion through distributor partnerships in key overseas markets(p.245)
- • Entry into Saudi Arabia via a newly incorporated subsidiary(p.258)
- • Participation in Middle East trade shows to build regional visibility(p.245)
- • Jalgaon capacity expansion with a new manufacturing unit, fire test lab, warehouse and R&D centre(p.332)
- • Warehouse under construction at Wagle Estate, Thane, expected by November 2026(p.332)
- • Innovation pipeline with a new deluge valve design under patent application(p.332)
- • Contract manufacturing and white labelling to widen the customer offering(p.332)
- • Order book of Rs 1,586.01 million providing visibility for future growth(p.333)
- • US tariffs on imports from India(p.28)
- • Competition from local players offering cheaper or faster alternatives(p.27)
- • Shift toward local certification standards in some jurisdictions(p.32)
- • Raw material price and availability driven by external factors and FX(p.30)
- • Geopolitical instability affecting supply chains and customer locations(p.27)
- • Project-driven end markets causing demand unpredictability(p.39)
- • Changes in labour codes and contract labour rules(p.38)
- • Global PFAS regulatory scrutiny affecting foam-based products(p.43)
- • Competition from organised and unorganised low-price alternatives(p.56)
- • Fuel and power cost increases(p.46)
- • Import dependence exposed to trade and geopolitical risks(p.52)
- • No fixed hedging policy against currency movements(p.53)
- • Dependence on favourable fire safety and policy framework(p.55)
- • Slowdown in industrial, commercial and residential construction(p.56)
- • Customer price negotiation pressure(p.59)
- • Offer Price may not reflect post-Offer market price(p.78)
- • Adverse monetary, political or economic changes may arise between bid and allotment(p.78)
- • Pre-emptive rights may be restricted, leading to dilution(p.78)
- • Shareholder rights under Indian law may be more limited than in other jurisdictions(p.78)
- • Takeover regulations may deter a future change in control(p.79)
- • Timely listing on BSE and NSE is not assured(p.79)
- • Demand depends on new capital project developments, making revenue cyclical with industry investment(p.334)
- • Export customers are exposed to geopolitical, regulatory and funding risks in key regions(p.337)
- • Import restrictions, sanctions or bilateral trade changes could impair access to export markets(p.337)
- • Competition from multinational players with stronger branding and regional warehousing(p.337)
- • Aggressive pricing by global competitors pressures margins in tenders(p.335)
- • Raw material prices fluctuate with global commodity markets and currency movements(p.335)
- • Copper price spikes raise costs for brass and bronze components where pricing is fixed(p.336)
- • Labour Codes notified in November 2025 increase gratuity and leave liabilities(p.317)
- • Foreign currency exposure, primarily in USD, from business transacted in foreign currency(p.314)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Harish Narshi Dharamshi | Promoter; Promoter Selling Shareholder | — | — |
| Kusum Harish Dharamshi | Promoter; Promoter Selling Shareholder | — | — |
| Miheer Sadanand Ghotikar | Promoter | — | — |
| Parika Miheer Ghotikar | Promoter | — | — |
| Anik Narendra Dharamshi | Promoter | — | — |
| Harish Narshi Dharamshi | Promoter (Promoter Selling Shareholder) | — | — |
| Kusum Harish Dharamshi | Promoter (Promoter Selling Shareholder) | — | — |
| Promoters and Promoter Group (collectively) | Promoter/Promoter Group | 100.00% | — |
| Harish Narshi Dharamshi | Promoter | 56.13% | — |
| Kusum Harish Dharamshi | Promoter | 17.83% | — |
| Miheer Sadanand Ghotikar | Promoter | 10.49% | — |
| Parika Miheer Ghotikar | Promoter | 6.62% | — |
| Anik Narendra Dharamshi | Promoter | 4.26% | — |
| Narendra Visanji Dharamshi | Promoter Group | 3.43% | — |
| Hiren Narshi Dharamshi (HUF) | Promoter Group | 0.45% | — |
| Frenal Rishi Lodaya | Promoter Group | 0.26% | — |
| Avika Miheer Ghotikar | Promoter Group | 0.25% | — |
| Riaan Miheer Ghotikar | Promoter Group | 0.25% | — |
| Usha Ashwin Shah | Promoter Group | 0.03% | — |
| Harish Narshi Dharamshi | Promoter | — | — |
| Miheer Sadanand Ghotikar | Promoter | — | — |
| Anik Narendra Dharamshi | Promoter | — | — |
| Parika Miheer Ghotikar | Promoter | — | — |
| Harish Narshi Dharamshi | Promoter | 56.13% | — |
| Kusum Harish Dharamshi | Promoter | 17.83% | — |
| Miheer Sadanand Ghotikar | Promoter | 10.49% | — |
| Parika Miheer Ghotikar | Promoter | 6.62% | — |
| Anik Narendra Dharamshi | Promoter | 4.26% | — |
| Harish Narshi Dharamshi | Promoter | 56.13% | — |
| Kusum Harish Dharamshi | Promoter | 17.83% | — |
| Miheer Sadanand Ghotikar | Promoter | 10.49% | — |
| Parika Miheer Ghotikar | Promoter | 6.62% | — |
| Anik Narendra Dharamshi | Promoter | 4.26% | — |
| Harish Narshi Dharamshi | Promoter Selling Shareholder | — | — |
| Kusum Harish Dharamshi | Promoter Selling Shareholder | — | — |
| Harish Narshi Dharamshi | Promoter Selling Shareholder | — | — |
| Kusum Harish Dharamshi | Promoter Selling Shareholder | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Peer comparison
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| HD Fire Protect Ltd. THIS ISSUE | 6.66 | 21.45 | 49.72, computed at the offer price | 12.63, computed at the offer price | 31.07% |
| 20.57 | 236.74 | 145.65 | 6.29 | 8.74% | |
| 15.54 | 96.46 | 55.68 | 8.29 | 16.11% | |
Kirloskar Pneumatic Co.Ltd. | 39.45 | 192.25 | 17.18 | 5.42 | 20.36% |
| 13.65 | 70.41 | 44.70 | 6.67 | 19.28% | |
| 81.10 | 195.04 | 51.39 | 17.89 | 20.36% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.