Institutional Alpha Dossier
Loading Alpha Data...
MAINBOARD
SYNCING
GMP: ₹-
Est. Listing: Calculating...
01
Bidding Opens
-
Issue Open
02
Bidding Closes
-
Closing Date
03
Basis of Allotment
-
Registrar Finalization
04
Exchange Listing
-
Secondary Debut
Issue Price Valuation
₹-
Upper Cap Price
Price Band Cap:
Book Built / Fixed
Lot Size & Retail Matrix
- Shares
Minimum Market Lot
Min Capital:
₹-
Application Size:
-
Quant Grade & Moat Score
Proprietary Multi-Factor Moat Model
Synthesizing institutional thesis...
💼 MINIMUM INVESTMENT
Capital Matrix
Retail (Min Lot)
Up to ₹2 Lakhs Category
₹14905
HNI (Min Lot)
sNII / High Net-Worth Tier
₹208670
HNI Capital Multiple:
Institutional Lot Sizing
🍩 RESERVATION QUOTA (%)
Issue Allocation
100%
Total Issue
Anchor
%
Market Maker
%
QIB
%
NII / HNI
%
Retail
%
Institutional Corporate Dossier
HD Fire Protect
COMPANY PROFILE & DNA
Incorporation / Founded
24-04-97
Active Vintage
Corporate Headquarters
Mumbai, Maharashtra
Registered Hub
👔 Leadership & Promoter Group
Key Management
Harish Narshi Dharamshi, Kusum Harish Dharamshi, Miheer Sadanand Ghotikar, Parika Miheer Ghotikar, Anik Narendra Dharamshi
⚙️ Business Overview & Portfolio
Core Offerings
Manufacturer and supplier of fire protection equipment and systems spanning water, foam, and gas-based suppression solutions.
🎯 Target Market & End-Use
Revenue Drivers
Used for fire detection and suppression across industrial, commercial, residential, and infrastructure sectors.
🛡️
★ Unique Selling Proposition (Core Economic Moat)
Only Indian company with UL, FM, CE, VdS, ASME-U and Lloyd's Register certifications across key fire suppression categories.
Objects of the Issue (Use of Proceeds & Allocation)
🎯 Objective 01
Offer for Sale
₹712.31 Cr
Allocation
🎯 Objective 02
Not Mentioned
Not Mentioned
Allocation
🎯 Objective 03
Not Mentioned
Not Mentioned
Allocation
🎯 Objective 04
Not Mentioned
Not Mentioned
Allocation
Financial Performance & Multi-Year Trajectory
All Figures in ₹ Crores
Latest Total Income📊
₹-
Top-Line
EBITDA Margin⚡
-%
Operating
Net Profit (PAT) Margin📈
-%
Bottom-Line
Debt / Net Worth🛡️
-x
Leverage
📊 Income, EBITDA & Profit Growth Trajectory
Income
EBITDA
PAT Trend
🏛️ Balance Sheet: Net Worth vs Debt
Net Worth
Borrowing
| Particulars | Q1FY27 | FY26 | FY25 | FY24 |
|---|---|---|---|---|
| Total Income | 109.05 | 489.28 | 432.8 | 372.95 |
| EBITDA | 32.53 | 156.15 | 146.74 | 116.36 |
| Profit After Tax (PAT) | 23.87 | 116.79 | 109.72 | 87.92 |
| Net Worth | 401.02 | 377.15 | 397.23 | 343.41 |
| Total Borrowing | 0 | 0 | 0 | 0 |
Growth Engine & Compounding Velocity (KPIs)
Multi-Year Trajectory
489.28
₹ Cr
YoY Growth
13.05%
3-Year CAGR
14.54%
156.15
₹ Cr
YoY Growth
6.41%
3-Year CAGR
15.84%
116.79
₹ Cr
YoY Growth
6.44%
3-Year CAGR
15.25%
Capital Efficiency & Return Ratios (ROE vs ROCE)
Capital Allocation Audit
◈ ROE (Return on Equity)
Calculating...
-%
Current ROE
◈ ROCE (Capital Employed)
Calculating...
-%
Current ROCE
| MetricMetric | Current (%)Curr% | Last Year (%)Last% | 3-Yr Avg (%)3Y Avg | Trend StatusTrend |
|---|---|---|---|---|
| ROE (Return on Equity)ROE | 31.07% | 27.71% | 28.16% | Strong |
| ROCE (Capital Employed)ROCE | 40.33% | 39.63% | 39.19% | Strong |
Forensic Analysis & Reality Check
Earnings Quality & Dilution Audit
0.61
CFO / EBITDA
Cash Flow Conversion Efficiency
Checking...
Analyzing operating cash flow conversion...
| Parameter | Pre-IPO | Post-IPO | View |
|---|---|---|---|
| Debt / Equity | 0 | 0 | Low |
| EPS (₹) | 6.66 | 5.45 | Diluting |
| ROE (%) | 31.07% | 31.07% | Good |
| ROCE (%) | 40.33% | 40.33% | Good |
| P/E (Valuation) | 40.66 | 49.74 | Reasonable |
⏳ Debtor Days Trend (Receivables Cycle)
Analyzing...
FY24
FY25
FY26
Lower receivable days indicate faster cash collection from clients.
⚠️ Contingent Liabilities
Off-Balance Sheet
₹ 5.85 Cr
*Potential hidden obligations & legal/tax claims
Peer Comparison Analysis & Competitive Matrix
Industry Benchmarking
| Company NameComp | Revenue (Cr)Rev | P/E RatioP/E | ROCE (%)ROCE | ROE (%)ROE | OPM (%)OPM |
|---|---|---|---|---|---|
| HD Fire Protect Limited IPO CANDIDATE | 489.28 | 49.74 (Ask) | 40.33% | 31.07% (Post Issue) | 31.91% |
| Azad Engineering Limited | ₹ 648.63 Cr | 145.65 | 18.14% | 8.74% | 36.88% |
| KSB Limited | ₹ 2754.87 Cr | 55.68 | 23.36% | 16.11% | 15.18% |
| Kirloskar Pneumatic Company Limited | ₹ 1814.46 Cr | 17.2 | 28.41% | 20.36% | 19.08% |
| Elgi Equipment Limited | ₹ 4068.50 Cr | 44.83 | 27.39% | 19.28% | 15.15% |
| Ingersoll-Rand (India) Limited | ₹ 1430.80 Cr | 51.39 | 56.94% | 20.36% | 24.82% |
▲ Positive Catalysts (Strengths + Opportunities):
8 Factors
▼ Risk Vectors (Weaknesses + Threats):
8 Factors
Strengths
Internal Competitive Moat
- Leading Indian manufacturer and exporter of certified fire protection equipment and systems.
- Extensive international regulatory approvals including UL, FM, CE, VdS, ASME-U, and Lloyds Register.
- Robust and consistent financial performance with high RoE and RoCE.
- Zero debt balance sheet supported by strong cash accruals and disciplined capital allocation.
Weaknesses
Internal Operational Constraints
- High reliance on short-term purchase orders without long-term exclusive contracts.
- Manufacturing concentration in Maharashtra exposing operations to regional disruption risks.
- Significant working capital requirements to manage inventory and trade receivables.
- Supplier concentration with top 10 suppliers contributing a major share of raw material costs.
Opportunities
External Growth Tailwinds
- Expansion in international markets especially in Saudi Arabia and Middle East regional hubs.
- Increasing global and domestic adoption of fluorine-free foam concentrates and green safety standards.
- Rising investments in industrial infrastructure, oil & gas, power, and commercial real estate.
- Synergistic growth from expanding contract manufacturing and white labelling business models.
Threats & Risks
External Macro & Sector Headwinds
- Volatilities in raw material prices particularly copper, brass, and steel impacting margins.
- Foreign exchange currency fluctuations given substantial export revenues across 90+ countries.
- Intense competition from domestic and global substitute manufacturers in industrial safety equipment.
- Evolving environmental and safety regulatory compliance requirements across international jurisdictions.
Top 10 Anchor Investors & Smart-Money Allocation
INSTITUTIONAL BOOK
Top 10 Anchor Commitment
₹- Cr
Smart-Money Quality Score
- / 5.0 ★
Marquee Conviction
SEBI Anchor Lock-In Schedule
30D (50%) • 90D (50%)
Mandatory Lock-In
Anchor Book Allocation Pending Exchange Filing
Institutional anchor investor bidding & allocation disclosures are officially filed with NSE/BSE 1 working day prior to the IPO opening date.
| Rank | Marquee Anchor Institution | Smart-Money Grade | Amount Invested | Anchor Share (%) |
|---|
QIB Quota
Qualified Institutional Buyers
Smart Money
-x
Institutional Book
Inst. Conviction:
Evaluating
NII / HNI Quota
sNII (₹2L-10L) & bNII (₹10L+)
HNI Desk
-x
Non-Institutional
HNI Competition Ratio:
-
Retail (RII) Quota
Individual Investors (Up to ₹2L)
SEBI Lottery
-x
Retail Book
Retail Allotment Odds:
-