HD Fire Protect
1. Overview
HD Fire Protect Limited is an Indian manufacturer and supplier of fire protection equipment and systems, with a portfolio spanning water, foam and gas-based fire suppression products (commonly called firefighting products). The business began as the partnership firm M/s HD Fire Protect Co. (April 27, 1990). The company was incorporated on April 24, 1997 as D.H. Fire Protect Private Limited and acquired the partnership firm as a going concern on April 1, 2005. It converted to a public limited company in June 2025. The registered office is in Mulund West, Mumbai, and the corporate office is at Wagle Estate, Thane.
According to the CRISIL Report cited in the RHP, the company was the second-largest manufacturer of fire protection equipment and systems in India by revenue from operations in Fiscal 2025. It was also the largest exporter by value (equipment) in the same year. It is the first Indian manufacturer to receive UL Listing for deluge valves (1996). It also holds the highest number of UL Listed (21) and FM Approved (87) certifications among India's fire protection equipment-focused peers (as of September 2026).
Scale and footprint at a glance:
Revenue from Operations: ₹489.28 Cr (Fiscal 2026), up from ₹372.95 Cr in Fiscal 2024, a 14.54% CAGR.
Operating EBITDA margin: 30.75% and PAT margin: 23.12% in Fiscal 2026.
Order book: ₹158.60 Cr as of June 30, 2026 (₹134.45 Cr at March 31, 2026).
2,066 customers in Fiscal 2026 (905 in the three months ended June 30, 2026), with export sales in 49 countries in Q1 FY27 and 90+ countries since inception.
Two manufacturing facilities in Maharashtra (Jalgaon MIDC and Thane MIDC, 8.50 acres combined) and 532 employees (279 permanent, 253 contractual).
Debt-free balance sheet, funded by internal accruals.
The company serves industrial high-hazard end uses (oil & gas, refining and petrochemicals, power, aerospace, pharma, data centres, warehousing) and residential and commercial end uses (hospitality, healthcare, retail, education, banking). Domestic sales account for 65.31% and exports 34.69% of Fiscal 2026 revenue.
Marquee supply references include master stream nozzles at India's Sriharikota launch pad, equipment at India's largest refinery (Jamnagar), the new Indian parliament building, Saudi Aramco's Ras Tanura Sea Island project and Oman's Integrated Power & Water Plant.
2. Business Model and Revenue Streams
2.1 Operating Model
Vertically integrated manufacturing at Jalgaon: R&D, design, non-ferrous foundry, CNC/VMC (including 5-axis) machining, ASME U-stamp fabrication, assembly, flow testing, painting and QC.
In-house proprietary products for the majority of the range, plus contract manufacturing of off-the-shelf items (sprinklers, valves, strainers, gauges, foam concentrates, nozzles) from partners in China, Hong Kong, South Korea, Vietnam, Taiwan and India.
White labelling (mainly Middle East): UL Listed and FM Approved systems sold under customers' regional brands.
Channels: direct sales across India with 2 stockists in New Delhi and 1 in Mumbai, a regional sales office in New Delhi, and a 22-distributor network for exports.
Logistics: ex-works, free-on-road and FOB/CIF terms, with an in-house dispatch team and integrated ERP.
Empanelment-driven demand: certifications (UL, FM, CE, VdS, ASME-U, Lloyd's Register) and customer empanelment (3–12 months) create entry barriers and sticky vendor relationships.
2.2 Revenue by Geography (Revenue from Operations*, ₹ Cr)
| Particulars | June 2026 | FY2026 | FY2025 | FY2024 |
|---|---|---|---|---|
| Domestic | 72.78 (67.22%) | 317.01 (65.31%) | 273.17 (63.76%) | 246.58 (66.67%) |
| Exports | 35.49 (32.78%) | 168.41 (34.69%) | 155.26 (36.24%) | 123.28 (33.33%) |
| Total | 108.27 | 485.41 | 428.43 | 369.86 |
*Excludes export incentives and scrap sales.
2.3 Revenue by Customer Location (% of Revenue from Operations*)
| Region | June26 | FY2026 | FY2025 | FY2024 | FY2026(₹ Cr) | FY2026 Customers |
|---|---|---|---|---|---|---|
| India | 67.22% | 65.31% | 63.76% | 66.67% | 317.01 | 1,681 |
| Middle East | 13.47% | 14.98% | 14.87% | 15.28% | 72.73 | 98 |
| Rest of Asia | 10.53% | 9.92% | 12.43% | 9.23% | 48.17 | 158 |
| South America | 3.18% | 2.61% | 3.04% | 2.48% | 12.68 | 25 |
| Europe | 2.32% | 2.31% | 2.91% | 2.41% | 11.19 | 43 |
| North America | 0.08% | 2.19% | 1.58% | 1.90% | 10.61 | 23 |
| Africa | 3.03% | 2.48% | 1.27% | 1.93% | 12.04 | 32 |
| Oceania | 0.18% | 0.20% | 0.14% | 0.11% | 0.98 | 6 |
Key export destinations: UAE, Saudi Arabia, Brazil, Turkey, Malaysia and Indonesia. New distributors were appointed in Colombia, Argentina, South Africa, Kuwait, Saudi Arabia and Malaysia.
2.4 Customer Concentration and Stickiness
| Metric | June26 | FY2026 | FY2025 | FY2024 |
|---|---|---|---|---|
| Top 3 customers (% of revenue) | 12.88% | 11.40% | 10.63% | 10.80% |
| Top 5 customers (% of revenue) | 17.86% | 15.21% | 14.48% | 14.94% |
| Top 10 customers (% of revenue) | 27.57% | 23.69% | 21.74% | 22.53% |
| Repeat-customer revenue (%) | 79.76% | 85.20% | 86.30% | 88.05% |
| Customers associated >5 years (% of revenue) | 52.49% | 54.40% | 54.51% | 55.72% |
| Number of customers | 905 | 2,066 | 2,179 | 2,114 |
Low concentration: no customer dominates, and the top 10 account for under a quarter of FY2026 revenue.
Key customers include Sterling and Wilson, Techno Electric & Engineering, Godrej Properties, HCPL–Mittal Energy and Metec Design & Construction.
The company holds Saudi Aramco 9COM numbers for valves and sprinkler systems, which allow it to receive RFQs for upcoming Aramco projects.
2.5 Financial and Operating Metrics
| Metric | Q1 FY27 | FY2026 | FY2025 | FY2024 |
|---|---|---|---|---|
| Revenue from Operations (₹ Cr) | 109.05 | 489.28 | 432.80 | 372.95 |
| Operating EBITDA (₹ Cr) | 29.73 | 150.46 | 138.01 | 106.63 |
| Operating EBITDA margin | 27.26% | 30.75% | 31.89% | 28.59% |
| PAT (₹ Cr) | 23.87 | 116.79 | 109.72 | 87.92 |
| PAT margin | 20.92% | 23.12% | 24.35% | 22.43% |
| RoE | 6.13%# | 30.17% | 29.63% | 28.41% |
| RoCE | 8.36%# | 40.33% | 39.63% | 37.61% |
| Fixed asset turnover (x) | 1.09# | 5.17 | 5.18 | 4.86 |
| Inventory days | 109 | 85 | 77 | 85 |
| Receivable days | 61 | 57 | 45 | 48 |
| Payable days | 58 | 40 | 39 | 37 |
| Cash conversion cycle (days) | 112 | 102 | 83 | 96 |
| Order book (₹ Cr) | 158.60 | 134.45 | 70.35 | 75.29 |
#Not annualised.
3. Products and Service Portfolio
3.1 Product Categories (8)
- Sprinklers, alarm valves and accessories: offices, malls, hospitals, airports, hotels, residential buildings, warehouses and industrial facilities. This is the largest category.
- Deluge valves, deluge skids and pre-action systems: refineries, oil & gas, petrochemicals, power, chemical plants, aircraft hangars. The company was the first Indian manufacturer with UL Listing for deluge valves (1996) and the only Indian manufacturer of certain advanced systems such as a next-generation pre-action system.
- Foam equipment and suppression systems: FM-approved foam concentrates, bladder tanks, proportioners and discharge devices. The company is the first Indian manufacturer with FM approval for low-expansion foam systems.
- Monitors and monitor nozzles.
- System valves and accessories.
- Water spray nozzles (manufactured at the Thane facility).
- Custom-engineered systems: foam bladder tanks with multiproportioners, deluge skids and foam skids, built to site-specific requirements.
- Gas suppression systems.
3.2 Category-wise Revenue (Revenue from Operations*, ₹ Cr)
| Offering | June 26 | % | FY2026 | % | FY2025 | % | FY2024 | % |
|---|---|---|---|---|---|---|---|---|
| Sprinkler, alarm valves & accessories | 33.60 | 31.04% | 164.80 | 33.95% | 143.92 | 33.59% | 119.39 | 32.28% |
| Deluge valves, skids & pre-action | 23.69 | 21.88% | 106.08 | 21.85% | 85.80 | 20.03% | 83.76 | 22.65% |
| Foam equipment & suppression | 19.56 | 18.06% | 90.83 | 18.71% | 74.16 | 17.31% | 55.21 | 14.93% |
| Water spray nozzles | 7.68 | 7.09% | 33.11 | 6.82% | 29.73 | 6.94% | 25.97 | 7.02% |
| System valves & accessories | 6.34 | 5.85% | 26.48 | 5.45% | 25.95 | 6.06% | 19.67 | 5.32% |
| Monitors & monitor nozzles | 5.13 | 4.74% | 26.80 | 5.52% | 23.04 | 5.38% | 28.29 | 7.65% |
| Custom-engineered systems | 1.94 | 1.79% | 3.52 | 0.73% | 8.57 | 2.00% | 4.96 | 1.34% |
| Gas suppression systems | – | – | – | – | 4.90 | 1.14% | 8.75 | 2.37% |
| Others (trims, spares, services) | 10.34 | 9.55% | 33.80 | 6.96% | 32.36 | 7.55% | 23.86 | 6.45% |
| Total | 108.27 | 100% | 485.41 | 100% | 428.43 | 100% | 369.86 | 100% |
Core revenue drivers: the top three categories (sprinklers/alarm valves, deluge, foam) contributed 74.51% of FY2026 revenue.
Fastest-growing: foam equipment, up from ₹55.21 Cr (FY2024) to ₹90.83 Cr (FY2026), a 28.3% CAGR.
Emerging or lumpy segments: custom-engineered systems and gas suppression are small and volatile, and gas suppression has had no revenue since FY2025.
3.3 Manufacturing Capacity and Utilisation (EPU = Equivalent Production Unit)
| Product (Facility) | Installed capacity (EPU) | FY2026 production | FY2026 utilisation | FY2025 utilisation |
|---|---|---|---|---|
| Deluge valves, skids & pre-action (Jalgaon) | 16,800 | 13,584 | 80.90% | 78.02% |
| Foam equipment & suppression (Jalgaon) | 48,420 | 30,659 | 63.40% | 84.94% |
| Gas suppression systems (Jalgaon) | 1,550 | 0 | 0.00% | 54.65% |
| Monitors & monitor nozzles (Jalgaon) | 4,128 | 3,255 | 78.90% | 71.92% |
| Sprinklers, alarm valves & accessories (Jalgaon) | 59,800 | 42,084 | 70.40% | 76.90% |
| Custom-engineered systems (Jalgaon) | 240 | 171 | 71.30% | 62.50% |
| Water spray nozzles (Thane) | 8,00,000 | 7,53,167 | 94.10% | 91.08% |
Expansion under way: a new Jalgaon unit (manufacturing, fire test lab, warehouse, R&D centre, 2.50 acres) was completed by March 2026 but is not yet operational, pending approvals. A new production facility and warehouse at Wagle Estate, Thane (0.50 acres) is expected by November 2026. Capex incurred to June 30, 2026 is ₹22.69 Cr, with a further ₹5.00 Cr planned over the following two months from internal accruals.
Testing: flow-test capacity of up to 18,000 litres of water per minute, a 745 kWp rooftop solar installation at Jalgaon, and a NABL-accredited calibration lab in progress.
Intellectual property: 8 patents filed or granted across India, the USA and other jurisdictions, including a pressure-operated fluid valve with configurable diaphragm (patents in the USA, India, Turkey and Saudi Arabia).
4. Key Business Strengths
- High-barrier, certification-led moat: the only fire protection equipment-focused peer to hold UL Solutions, FM Approvals, CE, VdS, ASME-U and Lloyd's Register certifications across its product categories. Certifications typically take 6–24 months per new product line.
- Industry leadership: #2 manufacturer in India and #1 exporter by value in Fiscal 2025 (CRISIL), with the highest number of UL Listed (21) and FM Approved (87) products among Indian peers.
- Comprehensive, diversified portfolio: 8 product categories across water, foam and gas suppression, serving industrial, commercial and residential end uses. This reduces dependence on any single sector.
- Diversified, sticky customer base: 2,066 customers (Fiscal 2026), top 10 at 23.69% of revenue, 85.20% repeat-customer revenue and 54.40% of revenue from customers older than 5 years.
- Vertical integration and R&D: in-house foundry, ASME fabrication, 5-axis machining, 3D modelling, high-capacity flow testing and 8 patents. Fluorine-free foam solutions position the company for the global shift away from PFAS.
- Experienced promoter-led management: Harish Dharamshi (41+ years) and three promoter Whole-Time Directors with 15–16+ years each in the industry.
- Best-in-class profitability: Fiscal 2026 EBITDA margin 30.75%, PAT margin 23.12%, RoE 30.17% and RoCE 40.33%. The RHP states the company had the highest operating and net profit margins among its fire protection peer set in Fiscal 2025 (CRISIL).
- Debt-free with strong cash generation: growth is funded through internal accruals, with revenue CAGR of 14.54% over Fiscal 2024–2026.
- Visible demand pipeline: the order book rose to ₹158.60 Cr (June 30, 2026) from ₹70.35 Cr at March 31, 2025.
5. Future Growth Strategy
- Product innovation and portfolio expansion: commercialise advanced deluge valves with integrated pressure-reducing mechanisms, fluorine-free foam systems and high-performance foam pumps. Recent launches include upright foam sprinklers, AR-SFFF F3 foam concentrates and the Varun 643 foam monitor.
- Capacity expansion: scale production through the new Jalgaon unit (2.50 acres) and the Wagle Estate, Thane facility (0.50 acres, expected November 2026). Add advanced valve machining, a skid fabrication shop and an R&D centre, funded by internal accruals.
- More international approvals: broaden FM Approvals and pursue UL Listing for new products to strengthen the position in North America, the Middle East, Europe and Asia, where insurers and regulators mandate certified equipment.
- International expansion: focus on Saudi Arabia and Southeast Asia. The Saudi subsidiary, HD Fire Protect Company (70% stake, incorporated July 2026) supports localisation, logistics and qualification for large government projects.
- Deeper wallet share with existing customers: tailored solutions, closer design-stage collaboration and system integration, along with a specialised global sales and marketing team.
- New high-growth end markets: target data centres, warehousing, renewable energy and electric mobility, where stricter fire and environmental standards are lifting demand.
- Contract manufacturing and localisation: use contract manufacturing partners to scale efficiently and reduce costs, while exploring localisation for supply-chain resilience.
- IP strategy: build out the patent portfolio across priority markets to protect differentiated products. Patent applications are pending in the UAE, with a new deluge valve design also in process.
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