New Delhi, Oct. 12 -- HD Fire Protect has spent decades winning approval to supply equipment that protects refineries, factories and other critical facilities from fire. Its next test is convincing investors that those credentials justify its IPO valuation.

The Rs.712.31 crore offering, priced at Rs.258-271 per share, is an offer for sale only. At the upper end, investors would pay 40.7 times its FY26 earnings, for strong profitability and established customer relationships, alongside exposure to project spending and slower cash conversion.

Here are six questions to assess whether the business justifies its price.

HD Fire manufactures water-, foam- and gas-based fire-protection equipment for facilities including refineries, warehouses ...