HD Fire Protect IPO Subscription Status: Issue Booked 24.10 Times; GMP at ₹90, Signals 33% Listing Premium

15 Oct 2026 , 11:35 AM

The public issue for HD Fire Protect witnessed bids at 24.10 times the shares on offer by 10:41 AM on October 15, 2026. The non-institutional investors drove the demand, with the grey market premium (GMP) reflecting a potential price of ₹361 per share at listing.

HD Fire Protect IPO Subscription Status

HD Fire Protect IPO saw bids for 1.84 crore shares, as against the shares on offer, taking the subscription to 24.10 times as of 10:41 AM on October 15, 2026.

The non-institutional investor (NII) category witnessed the highest demand at 76.28 times. Bids in the NII category by investors applying for more than ₹10 lakh come at 83.96 times the shares reserved for them. Whereas the retail individual investor (RII) category came at 14.47 times, and qualified institutional buyer (QIB) portion at 1.99 times.

Investor category	Subscription
Qualified Institutional Buyers (QIB)	1.99x
Non-Institutional Investors (NII)	76.28x
Small NII (up to ₹10 lakh)	60.94x
Big NII (above ₹10 lakh)	83.96x
Retail Individual Investors (RII)	14.47x
Overall subscription	24.10x

Source: Subscription data updated at 10:41 AM on October 15, 2026. Figures may change as bidding continues.

While the high subscription signifies demand, it does not guarantee the listing performance or the long-term returns of the issue.

HD Fire Protect IPO GMP Today

HD Fire Protect IPO GMP came at ₹90 per share on October 15, according to the provided GMP tracker. Against the upper issue price of ₹271, this implies an indicative listing price of ₹361, or 33.21% premium.

Particulars	Details
Upper issue price	₹271
Latest GMP	₹90
Indicative listing price	₹361
Implied listing premium	33.21%
Estimated profit per lot	₹4,950

The GMP has been consistent in recent sessions, with fluctuations on a day-to-day basis.

HD Fire Protect IPO GMP trend

Date	GMP	Implied premium
October 15, 2026	₹90	33.21%
October 14, 2026	₹89	32.84%
October 13, 2026	₹91	33.58%
October 12, 2026	₹86	31.73%
October 11, 2026	₹86	31.73%
October 10, 2026	₹75	27.68%
October 9, 2026	₹74	27.31%
October 8, 2026	₹63	23.25%
October 7, 2026	₹80	29.52%

The premium increased from ₹63 on October 8 to ₹91 on October 13 to subsequently reduce to ₹90 on October 15. So, grey market demand has remained positive, but the premium has been volatile.

Note: GMP is an indicative figure, and the listing price may differ based on demand and other factors on the listing date.

What Does HD Fire Protect Do?

HD Fire Protect Limited, incorporated in April 1997, manufactures and supplies fire protection equipment and systems for industrial, commercial and residential applications. The company’s product portfolio comprises sprinklers, alarm valves, deluge systems, fire suppression equipment (foam-based), monitors, nozzles and gas-based fire suppression systems.

HD Fire Protect serves a diverse set of industries, including oil and gas, refining, petrochemicals, power, heavy engineering, pharmaceuticals, healthcare, hospitality and data centres. The company designs most of its products in-house with a focus on proprietary products and national/international standards.

HD Fire Protect has a global footprint, having exported its products to more than 90 countries since inception and supplying customers in 49 countries as of June 30, 2026. As of September 2026, HD Fire Protect had 21 UL Listed and 87 FM Approved product certifications.

The company has two manufacturing facilities in Jalgaon and Thane, Maharashtra, along with a fire-testing laboratory, and research and development capabilities. HD Fire Protect has served 2,066 customers across the world in FY26, with prominent projects such as Jamnagar refinery, new Indian Parliament building and Samruddhi Mahamarg among others.

HD Fire Protect Financial Performance

HD Fire Protect witnessed an increase in its income, profit, and EBITDA in FY26 as compared to FY25. While the total income grew to ₹505.12 crore from ₹450.68 crore, the profit after tax (PAT) rose to ₹116.79 crore from ₹109.72 crore.

Financial metric	FY26	FY25	Change
Total income	505.12	450.68	12.10%
Profit after tax	116.79	109.72	6.40%
EBITDA	150.46	138.01	9.00%
Total assets	432.03	450.08	-4.00%
Net worth	375.93	396.01	-5.10%

Source: Company restated financial information. Percentage changes are calculated from the figures shown.

HD Fire Protect’s revenue from operations grew from ₹372.95 crore in FY24 to ₹489.28 crore in FY26, reflecting a compound annual growth rate (CAGR) of around 14.54%. The company’s order book stood at ₹158.60 crore as of June 30, 2026.

The figures indicate that HD Fire Protect has successfully expanded its operating revenue and maintained profitability. However, FY26’s total income growth rate was higher than the profit growth, making its margins and sustainable growth rate important considerations for potential investors.

HD Fire Protect IPO: Strengths and Risks

Key strengths

• Product certifications: UL listings and FM approvals can support the company’s reputation in an industry sensitive to safety and testing standards.
• Diversified applications: HD Fire Protect serves multiple industries, including oil and gas, power, pharmaceuticals and data centres.
  International presence: Backing its exports to more than 90 countries since inception, the company has a global customer base.
• In-house product development: HD Fire Protect’s focus on proprietary products, manufacturing, and research and development capabilities can support its ability to cater to specific customer needs.
• Profitability: HD Fire Protect has consistently reported profits, with FY26 PAT higher than FY25.

Factors to consider

• Execution and order inflows: HD Fire Protect’s ability to convert its order book into revenue will be key to its future performance.
• Project and industry exposure: The company’s performance can be impacted by the demand in specific projects and the industries it operates in.
• Profit growth: FY26 profit growth rate was lower than the total income growth rate, so investors should assess the company’s margins and cost structure.
• Valuation: High IPO subscription and GMP do not necessarily indicate an attractive valuation compared to earnings and similar companies.

HD Fire Protect IPO: What Investors Should Know

HD Fire Protect IPO has seen strong subscription, driven by non-institutional investors, with GMP suggesting a listing price of around ₹361 per share. The company has a diverse set of products, international sales, and a history of profitability. However, investors should consider its valuation, financial performance and business prospects beyond subscription and GMP. Notably, GMP is a volatile indicator, and investors must not take it as a reliable predictor of listing performance.

Disclaimer – The stock/s and indices mentioned in this article are discussed solely for informational and educational purposes. It should not be construed as investment advice or a recommendation to buy or sell any securities. The views and investment recommendations mentioned in the article are reported by investment experts, analysts, broking houses, rating agencies and other market professionals in their own capability and do not represent the views of Indiainfoline/IIFL Capital website or its management. Investors should conduct their own research or consult a financial advisor before making any investment decisions. Investments in securities markets are subject to market risks. Read all the related documents carefully before investing.