Financial Performance Summary

Quarterly Performance (Q2FY27 vs Q2FY26):

  • Revenue from Operations: ₹1,273.36 million (up 28.79% YoY from ₹988.72 million)
  • Operating EBITDA: ₹375.41 million (up 29.22% YoY from ₹290.52 million)
  • EBITDA Margin: 29.48% (vs 29.38% in Q2FY26)
  • Profit After Tax (PAT): ₹288.87 million (up 41.04% YoY from ₹204.82 million)
  • PAT Margin: 22.69% (vs 20.72% in Q2FY26)

Quarterly Performance (Q2FY27 vs Q1FY27):

  • Revenue from Operations: ₹1,273.36 million (up 16.77% QoQ from ₹1,090.52 million)
  • Operating EBITDA: ₹375.41 million (up 26.29% QoQ from ₹297.25 million)
  • EBITDA Margin: 29.48% (vs 27.26% in Q1FY27)
  • Profit After Tax (PAT): ₹288.87 million (up 20.18% QoQ from ₹240.37 million)
  • PAT Margin: 22.69% (vs 22.04% in Q1FY27)

Half-Yearly Performance (H1FY27 vs H1FY26):

  • Revenue from Operations: ₹2,363.88 million (up 22.52% YoY from ₹1,929.36 million)
  • Operating EBITDA: ₹672.67 million (up 16.68% YoY from ₹576.49 million)
  • EBITDA Margin: 28.46% (vs 29.88% in H1FY26)
  • Profit After Tax (PAT): ₹529.28 million (up 12.26% YoY from ₹471.46 million)
  • PAT Margin: 22.39% (vs 24.44% in H1FY26)

Operational and Business Highlights

Q2FY27 Performance Drivers:

  • Revenue growth primarily attributable to higher demand, deeper market penetration, and onboarding of new project orders
  • The quarter experienced fluctuations in key raw material prices (bronze and steel) and supply chain constraints including elevated shipment costs
  • Higher input costs were partially mitigated by prudent cost optimization initiatives and ability to command pricing premium

H1FY27 Business Metrics:

  • Domestic sales accounted for 64.37% of total revenue
  • Exports contributed 35.63% of total revenue
  • Historically, H1 contributes approximately 40% to 45% of annual revenue
  • Net cash from operating activities stood at ₹710.68 million during H1FY27

Product Development:

  • Introduced 3 new products/product ranges in H1FY27:
  • UL Listed Fire Sprinklers (K11.2)
  • FM Approved Air Release Valves
  • UL Listed Pressure Gauges (Models HDP2-S, HDP3, HDP3-S, HDP4 and HDP4-S)

Management Commentary

Harish Narshi Dharamshi, Chairman and Managing Director, commented:

  • The company's successful listing on stock exchanges in October 2026 marked a significant milestone
  • Revenue CAGR of 14.54% between FY24 and FY26
  • Q2FY27 revenue growth of 28.79% YoY attributed to high demand, deeper market penetration, and new project supply
  • Continued improvement in quarterly profitability with Q2FY27 EBITDA and PAT at ₹375.41 million and ₹288.87 million respectively
  • Volatility in input costs had moderate impact on margins, mitigated by cost optimization and pricing premium ability
  • Business historically H2-weighted, with second half contributing ~55% to 60% of annual revenue
  • Domestic project closures typically concentrated in March quarter
  • Positive outlook as company enters H2

Company Background

HD Fire Protect Limited is an Indian manufacturer and supplier of fire protection equipment and systems with over three decades of legacy. The company offers a comprehensive portfolio across eight product categories including sprinklers & alarm valves, deluge valves & pre-action systems, foam suppression systems, gas-based fire suppression systems, water spray nozzles, monitors, system valves and custom-engineered systems.

The company operates two manufacturing facilities in Maharashtra spanning approximately 8.50 acres, with most products developed in-house. It supplies products to over 90 countries with strong focus on quality, innovation, indigenous manufacturing and globally recognized product certifications.