HD Fire Protect Limited: Firing on all cylinders
Fire safety has emerged as a critical component of India’s rapidly expanding infrastructure, real estate and industrial ecosystem. One visionary entrepreneur who saw the potential of this business three decades ago is Harish Dharamshi (HD), 72, who started HD Fire Protect Company (a partnership firm) way back in April 1990, soon after completing his bachelor’s degree in mechanical engineering from BVB College of Engineering and Technology, Karnatak University.
In the early 1990s, critical fire protection equipment and systems such as deluge valves, alarm valves and medium velocity water spray nozzles were generally imported, with a lack of Indian manufacturers offering high-quality alternatives like UL Listed and FM Approved products. The company was the first Indian fire protection equipment and systems manufacturer to receive UL Listing for deluge valves in 1996. Since the commencement of their business, they have consistently focused on providing locally manufactured fire protection equipment and systems as import substitutes. They are also the first Indian fire protection equipment and systems manufacturer to receive FM approval for a range of products used in low expansion foam systems, namely foam concentrates, bladder tanks, proportioners, topside discharge devices and foam water sprinkler discharge devices.
“We are the first Indian company focused on fire protection equipment and systems manufacturing to receive ASME U (pressure vessels) stamp certification. With 22 and 87 UL Listed and FM Approved certifications, as per UL product certifications and FM product certifications respectively, we have the highest number of UL Listed and FM Approved product certifications amongst fire protection equipment-focused peers in India,” says Dharamshi. Subsequently, the partnership firm was acquired by HD Fire Protect in April 2005.
Dharamshi leveraged his 35-plus years of experience in the formulation of corporate strategy, strategic decision-making, business expansion and innovation in the fire protection industry. Previously, he was also associated with Vijay Systems Engineers for a period of 5 years. He is a member of the UL Standards Technical Committee of UL-260.
Today, HD Fire Protect Limited is among the top two largest manufacturers of fire protection equipment and systems in India in terms of operating income (revenue from operations) in Fiscal 2024, and the largest exporter by value (equipment) in Fiscal 2024. The company has export sales in more than 90 countries as of Fiscal 2025.
“The company operates as an integrated fire safety solutions provider, offering end-to-end services spanning design, engineering, supply, installation, testing, commissioning and maintenance of fire protection and detection systems,” says Dharamshi.
Industry dynamics
The global fire protection equipment market, which grew at 7.0 per cent CAGR between calendar years 2020-2024 to $58 billion, is projected to continue to grow at 6.0-7.0 per cent CAGR over 2024-2029, to $75-85 billion. This growth is driven by rising demand from all regions, particularly Asia-Pacific, which is expected to post growth of 7-8 per cent CAGR to $18-20 billion, followed by Latin America and the Middle East and Africa at 6.5-7.5 per cent and 7.0-8.0 per cent CAGR, respectively.
In contrast, market growth in North America and Europe is expected to be lower at 5.0-6.0 per cent CAGR each. Still, in 2029, North America is forecast to remain the largest market, accounting for a 31-36 per cent share, with market value of $25-27 billion.
The increasing awareness of severe economic and human consequences of fire incidents, especially in high-value assets and critical infrastructure, is driving global demand for fire suppression systems. Additionally, growth in the commercial real estate sector, which includes large public spaces such as shopping malls, hotels, hospitals and airports, is also boosting demand for advanced fire suppression solutions, as these need to ensure compliance with safety regulations and protect occupants.
Fire suppression systems accounted for the largest share of the global fire protection equipment market at 71 per cent in 2024, ie $41 billion. Over 2024-2029, the pace of growth of global fire suppression systems is expected to sustain at 6-7 per cent CAGR to $55-60 billion, thereby continuing to maintain a dominant 67-72 per cent share of the fire protection equipment market. The growth of large-scale warehousing, and the e-commerce and renewable energy sectors, is expected to drive demand for specialised fire suppression systems, particularly in dense storage and high-value equipment applications.
Fire detection systems, which were a $17 billion industry in 2024 and accounted for a 29 per cent share of the global market, are expected to grow at 6.0-7.0 per cent CAGR during 2024-2029 to $20-25 billion, thereby accounting for a 28-33 per cent share of the global fire protection equipment market. The growth of fire detection systems is being driven by increasingly stringent fire protection regulations and building codes, as well as rapid urbanisation.
The commercial segment will continue to dominate demand in the fire protection equipment market. As of 2024, the commercial segment accounted for the highest share (44 per cent) in the overall fire protection equipment market at $26 billion, followed by industrial and infrastructure (39 per cent), and residential segments (17 per cent). Moving forward, the commercial segment is estimated to maintain a steady growth of 5-6 per cent CAGR between 2024-2029 to $32-37 billion, whereas industrial and infrastructure, and residential segments are expected to drive overall growth. Demand from the industrial and infrastructure segment, supported by increasing industrial activities and rising adoption of fire protection norms at premises, is expected to grow at 6.0-7.0 per cent CAGR from 2024 to 2029 to $28-33 billion, and demand from the residential segment is expected to grow at 6.5-7.5 per cent CAGR to $12-17 billion.
In addition to HD Fire Protect, the Indian fire protection equipment industry comprises a few large multinational players such as Honeywell and Johnson Controls, as well as branded domestic players. These multinational and branded players form 70 per cent of the overall fire protection equipment market, with local or unbranded players constituting the remaining 30 per cent (Source: Crisil Report).
Integrated service offerings
HD Fire Protect Limited’s business model is centred on delivering comprehensive fire safety solutions rather than standalone products. The company is engaged in the design and engineering of fire protection systems, procurement and installation of firefighting equipment, testing and commissioning of systems, and post-installation maintenance services.
Its portfolio includes hydrant systems, sprinkler systems, fire alarm and detection systems, gas suppression systems and other fire protection solutions. These systems are deployed across a wide range of end-user applications, including manufacturing facilities, warehouses, commercial complexes, residential buildings, hospitals, educational institutions and infrastructure projects.
“We are both India-focused and export-oriented, with a balanced revenue mix across domestic and international markets. Our key export destinations include the UAE, Saudi Arabia, Brazil, Turkey, Malaysia and Indonesia,” says Miheer Ghotikar, Director, HD Fire Protect.
“By offering integrated services, the company is able to manage projects from the planning stage through execution and ongoing maintenance. This approach enables coordination across design, procurement and on-site execution, which is particularly relevant for projects that require adherence to prescribed safety standards and regulatory norms,” adds Parika Dharamshi, Director.
HD Fire Protect Limited executes projects across multiple states in India, supported by its project management and execution framework. The company’s operations are driven by an in-house team of engineers, supervisors and technicians who oversee system design, installation and commissioning. The company’s execution capabilities allow it to handle multiple projects simultaneously across varied geographies and sectors. Projects are undertaken in line with contractual specifications and applicable safety norms, with testing and commissioning forming a key part of the delivery process. In addition to new installations, maintenance services form an integral part of the company’s offerings. These services support the long-term functioning of installed systems and allow the company to maintain ongoing engagement with clients beyond project completion.
Sectoral presence
The company’s clientele spans a mix of government and private sector entities. Its projects cover industrial units, commercial establishments, residential developments and infrastructure facilities, reflecting the broad applicability of fire safety systems across sectors. As disclosed in the DRHP, this sectoral diversification enables HD Fire Protect Limited to mitigate dependence on a single industry segment. The company’s ability to execute projects across different asset classes also allows it to participate in varied tendering and procurement processes, particularly for EPC and infrastructure-linked contracts. The company’s products have been deployed at critical sites such as India’s space launch pad at Sriharikota, the Indian Parliament building, and Saudi Aramco’s Ras Tanura Sea Island project.
The company has demonstrated a track record of consistent financial performance across its primary categories, which include water-, foam- and gas-based suppression systems. Revenue from operations grew from Rs324 crore in Fiscal 2023 to Rs432 crore in Fiscal 2025, reflecting a CAGR of 15.56 per cent. During the same period, the company’s operating EBITDA rose to Rs138 crore. Financial stability is further highlighted by a profit after tax (PAT) of Rs109 crore for Fiscal 2025 and a high reliance on repeat customers, who contributed 86.30 per cent of revenue in the most recent fiscal year.
HD Fire Protect Limited is led by its promoters and senior management team, who oversee strategy, operations and financial management. The management team has experience in the fire safety and project execution space, with responsibilities spanning engineering, procurement, execution and administration. The company’s governance framework, as disclosed in the DRHP, is aligned with regulatory requirements applicable to listed entities. The management emphasises compliance, internal controls and oversight across its operations.
HD Fire Protect Limited’s integrated service model positions it to participate across multiple segments of this ecosystem. HD Fire Protect holds a dominant position in both domestic and international markets. According to the CRISIL Report, the company was the second-largest manufacturer of fire protection equipment in India by operating income and the largest exporter by value in Fiscal 2024. HD Fire will continue to focus on product innovation, portfolio expansion and scaling technological capabilities. The company has planned strategic capacity expansion at its Jalgaon and Thane facilities and infrastructure enhancement to increase efficiency and shorten lead time.
“The company will further enhance product credibility through international approvals and other global certifications. It will continue to expand geographic presence internationally through strategic global partnerships,” sums up Dharamshi.