HD Fire Protect Ltd. Share Price

HD Fire Protect

• HD Fire Protect is coming out with a 100% book building; initial public offering (IPO) of 2,62,84,500 shares of face value Rs 5 each in a price band Rs 258-271 per equity share.
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on October 13, 2026 and will close on October 15, 2026.
• The shares will be listed on both BSE and NSE.
• The face value of the share is Rs 5 and is priced 51.60 times of its face value on the lower side and 54.20 on the higher side.
• Book running lead managers to the issue are Ambit, IIFL Capital Services and Anand Rathi Advisors.
• Compliance officer for the issue is Sundaram Balasubramanian Iyer. 

Profile of the company

HD Fire Protect is an Indian manufacturer and supplier of fire protection equipment and systems, offering a comprehensive portfolio spanning water, foam, and gas-based fire suppression systems, which are also generally known as firefighting products. It develops majority of its products in-house with proprietary designs to meet national and international standards, serving high-hazard industrial applications as well as residential and commercial sectors. The company was second-largest manufacturer of fire protection equipment and systems in India in terms of operating income (revenue from operations) in Fiscal 2025 and the largest exporter by value (equipment) in Fiscal 2025. It has export sales in 49 countries as of the three months period ended June 30, 2026 and more than 90 countries as of Fiscal 2026. With more than three decades of experience, it has established itself as a globally recognized and reliable brand.

As of June 30, 2026, its offerings are spread across 8 product categories, namely - (a) sprinklers, alarm valves and accessories, (b) deluge valves, deluge skids and pre-action systems, (c) foam equipment and suppression systems, (d) monitors and monitor nozzles, (e) systems valves and accessories, (f) water spray nozzles, (g) custom engineered systems, and (h) gas suppression systems, covering a wide spectrum of (a) industrial end use in sectors such as industrials, heavy engineering, aerospace, oil & gas, refining and petrochemicals, power & energy, pharmaceuticals, data centres, warehousing amongst others; and (b) residential and commercial end use in sectors such as hospitality, healthcare, retail, education, banking and warehousing. It is also empanelled with various customers across sectors where it has presence.

It operates two manufacturing facilities in Maharashtra, Jalgaon MIDC and Thane MIDC, spanning a combined area of 8.50 acres. It has expanded the capacity of its Jalgaon facility, with one unit for manufacturing and another for a dedicated fire test laboratory, industrial warehouse and R&D centre, admeasuring 2.50 acres, and are also constructing a warehouse at Wagle Estate, Thane, admeasuring 0.50 acres, which is expected to be completed by November 2026. In addition to its in-house production, it also undertakes contract manufacturing of off-the-shelf products as well as white labelling to cater to diverse customer requirements. In Fiscal 2026, it supplied its fire protection equipment and systems to 2,066 customers. it supplied its fire protection equipment and systems across 49 countries in the three-month period ended June 30, 2026, and across more than 90 countries between inception and March 31, 2026. This international reach is supported by a distributor-led supply chain for international markets and a stockist model for India.

Proceed is being used for: 

• Carrying out the offer for sale of equity shares of face value of Rs 5 each by the promoter selling shareholders
• Achieving the benefits of listing the equity shares on the Stock Exchanges

Industry overview

The Indian fire protection equipment market expanded at a CAGR of 12% between fiscals 2020 and 2026 to Rs 109 billion, outperforming the global fire protection equipment market in terms of growth rate (7% CAGR between 2020-2025), and is expected to clock a CAGR of 10-12% between fiscals 2026 and 2031 to reach Rs 175-195 billion. The market comprises both international and domestic players. International players include Bosch, Gunnebo, Honeywell, Johnson Controls, Siemens, Victaulic and Viking, while domestic players include Ceasefire Industries, De's Technico, Firetech Equipment & Systems, Fluid Pumps & Equipment, HD Fire Protect, Newage Fire Fighting Company, Safex Fire Services and Vimal Fire Controls. The fire detection segment is traditionally dominated by international brands owing to wider presence across the detection value chain, while the fire suppression segment has large and small domestic players operating in commoditised products such as fire extinguishers.

In fiscal 2026, the fire suppression system segment (fire sprinklers, hydrants, deluge valves, gas-based systems, foam equipment & suppression systems, etc) accounted for 75% of the total market and was valued at Rs 82 billion, while the fire detection segment (fire alarms and panels, smoke detectors, heat detectors, etc) formed 25% and was valued at Rs 27 billion. Between fiscals 2026 and 2031, the fire suppression segment is expected to clock 11.0-13.0% CAGR to reach Rs 135-155 billion, with a 75-80% share of the overall fire protection equipment market in India. India has witnessed significant growth in the fire protection equipment manufacturing sector in recent years, driven by increasing demand from various industries, government regulations and rising awareness about fire safety. Accordingly, players are expanding their existing manufacturing facilities in India to increase production capacity and cater to incremental demand. Manufacturers are investing in research and development to develop new and innovative fire protection products such as advanced fire detection systems and suppression systems.

Further, infrastructure related construction capex in India is estimated to have increased by 1.4-1.6 times from Rs 37-39 trillion over fiscal 2022 to 2026 to reach Rs 55-58 trillion between fiscals 2027 and 2031, mainly driven by increased spending on infrastructure projects such as roads and railways, supported by both central and state government investments. Within infrastructure, construction expenditure in metro projects is expected to reach Rs 2.2-2.4 trillion during fiscal 2027 to fiscal 2031, up 1.6-1.7 times over fiscal 2022 to fiscal 2026, garnering the second-largest share in urban infrastructure investments, which includes construction-intensive mass rapid transit system (MRTS), bus rapid transit system (BRTS), water supply and sanitation (WSS) projects, smart cities and related infrastructure development. Hence, overall increase in the construction capex of the infrastructure segment, including in segments such as power, warehouse and cold storage, metros and airports, which require comprehensive fire protection infrastructure, will drive demand for fire protection equipment. 

Pros and strengths 

Strong technical expertise and entry barriers: The company has a business legacy of over 36 years, with its fire protection equipment and systems exported to more than 90 countries. It has developed technical expertise, robust manufacturing capabilities and a global presence in the fire protection equipment industry, which is characterised by substantial and enduring entry barriers. These entry barriers arise from a combination of factors, including the requirement for specialised and internationally recognised product certifications (such as UL Listed, FM Approved, ASME U Stamp, and CE Marking), each of which certifications typically, often require 6-24 months for new product lines. Added to this are stringent regulatory compliance requirements across jurisdictions, long product development and testing cycles, and complex, capital-intensive manufacturing processes.

Diversified fire protection solutions across industries: The company offers a comprehensive portfolio of fire protection equipment and systems, covering water, foam, and gas-based suppression technologies. As of June 30, 2026, its equipment and systems span eight product categories namely - (a) sprinklers, alarm valves and accessories, (b) deluge valves, deluge skids and pre-action systems, (c) foam equipment and suppression systems, (d) monitors and monitor nozzles, (e) systems valves and accessories, (f) water spray nozzles, (g) custom engineered systems, and (h) gas suppression systems and have been supplied to over 90 countries across sectors including industrials, heavy engineering, aerospace, oil & gas, refining and petrochemicals, power & energy, pharmaceuticals, data centres, warehousing amongst others.

Diversified customer base and industry exposure: The company has built a robust and diversified customer base of over 905 clients across India and international markets, with long-standing relationships spanning industrials, heavy engineering, aerospace, oil & gas, refining and petrochemicals, power & energy, pharmaceuticals, data centres, warehousing amongst others. The company’s broad sectoral and geographical distribution reduces its dependence on any single client or industry, enhancing its resilience against regional and industry-specific downturns. For instance, in the event of a slowdown in certain metropolitan regions such as Delhi NCR due to regulatory restrictions on new building permits or delays in environmental clearances, it continues to secure orders from ongoing infrastructure and industrial projects in other states, thereby ensuring business continuity.

Vertically integrated manufacturing capabilities: The company is a vertically integrated manufacturer with in-house capabilities spanning the entire value chain, from research and development to designing, casting, machining, assembly, testing, painting, and quality control. Critical processes such as foundry operations are carried out internally, ensuring that every stage of production is managed under one roof. This integration enables it to maintain greater control over product quality, reduce lead times, and ensure strict compliance with global standards. It operates one such vertically integrated manufacturing facility in Jalgaon, Maharashtra and serve a diversified base of over 905 customers as of the three months period ended June 30, 2026. This integration enables greater control over product quality, lead time, and compliance across all stages of production.

Risks and concerns

Significant revenue exposure to international markets: The company’s products are sold to customers in India and overseas to over 90 countries, with Middle East and Rest of Asia being few of the key markets. As a result, the company is subject to several legal, regulatory, and compliance requirements across jurisdictions, including import-export regulations, local product certifications, and foreign currency controls. It generated 32.78%, 34.69%, 36.24% and 33.33%, of its revenue from operations from outside India for the three months period ended June 30, 2026, and Fiscals 2026, 2025, and 2024, respectively. Any adverse changes in the conditions affecting the industries in global markets in which its products are supplied, including its key markets such as Middle East and Rest of Asia, could materially adversely affect its business, results of operations, financial condition, cash flows and future prospects.

Reliance on a limited number of suppliers: As of the three months period ended June 30, 2026 and Fiscals 2026, 2025 and 2024, the company’s top 10 suppliers contributed to 59.28%, 47.76%, 42.90% and 35.59% of the Total Expenses, respectively. It relies on a limited number of third-party suppliers to meet its raw material and contract manufactured goods requirements, and it does not have any long-term purchase agreements or firm commitments with its suppliers. As a result, any loss of or reduced support from one or more such suppliers could adversely impact its business, results of operations, and financial condition.

Geographical concentration of manufacturing facilities: The company’s manufacturing facilities are located in Maharashtra, India, and it is dependent on them for a 61.02%, 63.49%, 65.80% and 67.94%, of its Revenue from Operations for the three months period ended June 30, 2026 and Fiscals 2026, 2025, and 2024, respectively, which exposes its operations to potential geographical concentration risks arising from local and regional factors and any disruption, breakdown or shutdown of its facilities may adversely affect its business, results of operations, financial condition, cash flows and future prospects.

Dependence on repeat customers without long-term contracts: The company has garnered 79.76%, 85.20%, 86.30%, and 88.05% of its revenue from operations has been from repeat customers, for the three months period ended June 30, 2026, Fiscals 2026, 2025, and 2024, respectively. Further, it relies on short-term work orders and do not have long-term contracts or exclusivity arrangements with its customers which exposes it to demand volatility, procurement risks, and customer concentration, which may adversely affect its business, financial condition, results of operations, and cash flows.

Outlook

HD Fire Protect is an Indian manufacturer and supplier of fire protection equipment and systems, offering water, foam and gas-based fire suppression solutions. The company has strong product certification and quality track record. It also has advanced design, manufacturing and R&D capabilities. On the concern side, the company faces risks arising from supplier concentration, geographical dependence on manufacturing facilities in Maharashtra, and reliance on repeat customers. The absence of long-term supplier agreements, customer contracts and exclusivity arrangements exposes it to supply disruptions, operational uncertainties and demand volatility. Any adverse developments in these areas could materially affect its business, financial condition, results of operations and cash flows.

The issue has been offering 2,62,84,500 shares in a price band of Rs 258-271 per equity share. The aggregate size of the offer is around Rs 678.14 crore to Rs 712.31 crore based on lower and upper price band respectively. Minimum application is to be made for 55 shares and in multiples thereof thereafter. On performance front, the company’s revenue from operations increased by 13.05% to Rs 4,892.81 million for Fiscal 2026 from Rs 4,327.99 million for Fiscal 2025. The growth was primarily attributable to sustained demand in the domestic market, with regulatory compliance requirements supporting higher sales volumes. Moreover, the company’s profit after tax for the period increased by 6.61% to Rs 1,167.86 million for Fiscal 2026 from Rs 1,097.18 million for Fiscal 2025.

Going forward, the company’s strategy is to build and expand this portfolio across priority markets, creating a strong foundation of proprietary technologies that safeguard its differentiated solutions. By securing patents in multiple jurisdictions, it is not only enhancing its ability to commercialize globally but also ensure exclusivity in key product categories where performance, reliability, and compliance are paramount. This approach reinforces its leadership in fire protection technologies by protecting innovations that improve safety and operational efficiency, while also reducing the risk of imitation. The strength of its intellectual property provides it with a durable competitive advantage, instils confidence among customers and partners, and supports long-term growth by enabling it to deliver advanced, reliable, and compliant solutions across global markets.

SFC Environmental Technologies

• SFC Environmental Technologies is coming out with a 100% book building; initial public offering (IPO) of 2,04,75,082 shares of face value Rs 2 each in a price band Rs 313-330 per equity share.
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on October 27, 2026 and will close on October 29, 2026.
• The shares will be listed on both BSE and NSE.
• The face value of the share is Rs 2 and is priced 156.50 times of its face value on the lower side and 165.00 on the higher side.
• Book running lead managers to the issue are IIFL Capital Services, JM Financial and Nuvama Wealth Management.
• Compliance officer for the issue is Shweta Deshpande. 

Profile of the company

SFC Environmental Technologies is an environmental technology company offering efficient technologies and comprehensive engineering solutions in the field of wastewater treatment (WWT), wastewater recycling & reuse (WRR) and solid waste treatment (SWT). Its core operations include providing design, technology, manufacturing, supply and supervision for installation and commissioning of equipment for the treatment of wastewater. Its proprietary technology for wastewater treatment is C-Tech, which is an advanced technology for treating sewage and effluents. In addition to its C-Tech package, it offers high-efficiency turbo blowers for aeration in wastewater treatment, fibre disc filters for efficient removal of suspended solids from wastewater and solar sludge drying systems to efficiently dry sludge from wastewater and solid waste treatment using solar energy.

Its wastewater recycling and reuse offerings include design, engineering, manufacturing, procuring, supply, installation and commissioning of projects / plants based on ultrafiltration (UF), closed circuit reverse osmosis (CCRO), and membrane bioreactor technologies (MBR). Leveraging its established leadership and distribution network in WWT and an exclusive supply arrangement with DuPont, it has expanded into the WRR segment as an extension of its core business. The WRR segment is expected to witness significant growth, driven by increasing water scarcity and government initiatives focused on water conservation in India.

The company offers technology solutions for SWT plants comprising of design, engineering, financing, construction, supply and installation, commissioning, performance run, turnkey solutions and operations and maintenance (O&M). It is among the market leaders in the municipal solid waste space basis its operational results and comprehensive solutions. Its principal technology for solid waste treatment is the Organic Extraction (OREX) technology. OREX is its proprietary technology, designed to efficiently separate biodegradable organics from inorganic materials and lignocellulosic fibres from mixed municipal waste.

Proceed is being used for:

• Prepayment of all or a portion of certain outstanding borrowings availed by the company and its wholly owned Subsidiary, namely Vasudha Waste Treatment Private Limited
• Funding its working capital requirements
• General corporate purposes

Industry overview

India's wastewater treatment market is growing steadily, driven by opportunities in both the industrial and municipal sectors. The expansion is supported by high industrial activity, ongoing urbanization, economic growth, and increasing groundwater stress - all of which necessitate more effective wastewater management. The government's commitment to sustainability, coupled with financial incentives, continues to foster a favorable environment for adopting innovative treatment technologies. Notably, the market is witnessing a gradual shift from price-sensitive procurement to valuebased approaches, with a growing number of Build, Own, Operate, and Transfer (BOOT) projects, typically spanning 15 to 30 years, that emphasize long-term performance and reliability. 

The industry recorded revenue of Rs 268 billion in FY2025, reflecting a 7.2% year-on-year growth, and is estimated at Rs 292 billion in FY2026. The market is projected to grow at a 9.3% CAGR between FY2026 and FY2031E to Rs 455 billion, supported by renewed project allocations and increasing adoption of digital monitoring. In terms of capital investment, for a Sewage Treatment Plant (STP) sized between 20 million litres per day (MLD) and 100 MLD, total costs typically range from Rs 300 million to Rs 1,000 million, depending on factors like land, technology, and site conditions. The C-Tech8 package accounts for about 10-15% of the total cost, while disc filters and blowers contribute 5-8% each. The remaining budget typically covers civil works, electro-mechanical systems, instrumentation, and piping.

The Government of India promotes private sector participation in sewage treatment infrastructure through structured contracting and financing models, particularly for municipal-scale projects. A key mechanism in this regard is the Hybrid Annuity Model (HAM), which has been adopted under the National Mission for Clean Ganga (NMCG) for the development and operation of sewage treatment plants. Under the HAM framework, the public authority provides a portion of the project cost during the construction phase, while the private developer invests the balance and is responsible for construction as well as long-term operation and maintenance. The private partner receives annuity payments over the concession period, typically extending up to 15 years, subject to performance and compliance conditions. This model is designed to balance upfront capital support with long-term operational accountability.

Pros and strengths 

Technology driven market leadership in the wastewater treatment market: Growing water scarcity has intensified the focus on efficient water management and accelerated investments in advanced wastewater treatment technologies. It was the first technology provider in the sequencing batch reactor (SBR) space with the introduction of C-Tech in India in the WWT segment. Its SBR technology: C-Tech has been implemented in the large-scale SBR-based STPs in India, including one of the largest STP under development, which has a treatment capacity of 424 MLD wastewater, as of July 31, 2026. Its core operations since incorporation include providing design, technology, manufacturing, supply and supervision for installation and commissioning of equipment for the treatment of wastewater. Its C-Tech technology package includes design and engineering solutions, technology installation, and supply of key equipment such as decanters, diffusers, air blowers, fibre disc filters, solar sludge drying system along with programmable logic controller (PLC) / supervisory control and data acquisition (SCADA) based automation solutions.

Vertical integration through constant innovation and use of technology: Its approach to vertical integration involves the development and manufacture of key components used in its C-Tech and OREX technologies. Its group’s existing technology manufacturing capabilities, coupled with the proposed establishment of a new manufacturing unit to be utilized for the manufacturing of solar sludge dryer systems, diffusers, hollow fibre membranes and fabrication of various equipment required in wastewater treatment and solid waste treatment, augment its in-house manufacturing capabilities, thereby reducing its dependence on third-parties for procurement of key technologies for its business operations and it plans to increase the contribution of its in-house manufacturing to its overall procurement requirements.

Well-positioned to capture market opportunities in the solid waste treatment segment: The company is among the market leaders in the municipal solid waste space basis its operational results and comprehensive solutions. Its principal technology for solid waste treatment is its proprietary Organic Extraction (OREX) technology, designed to efficiently separate biodegradable organics from inorganic materials and lignocellulosic fibres from mixed municipal waste. It has an established track record in the SWT segment, and have designed, built and are operating two integrated SWT facilities in Goa for the Goa Waste Management Corporation (GWMC) on public-private partnership and turnkey model to treat municipal solid waste, enabling generation of biogas, compost and recovery of recyclables, with a combined treatment capacity of 350 tons per day (TPD), with an additional handling capacity of 75 TPD resulting in its aggregate treatment capacity of up to 425 TPD. Operating continuously for more than 10 years, its SWT plant at Saligao, North Goa Plant holds the distinction of being one of the longest-operating integrated SWT-based biogas plant in India.

High proportion of repeat business with strong order book: It maintains strong, long-standing relationships with its customers, as evidenced by recurring business engagements. Notably, it has sustained continuous business from and have consistently provided services to prominent industry players, including Enviro Control Private Limited, Vishvaraj Environment Limited, Khilari Infrastructure Private Limited, SMC Infrastructures Private Limited, Rajkamal Builders Infrastructure Private Limited, Ramky Infrastructure Private Limited, EMS Limited and Enviro Infra Engineers Ltd, reflecting the trust they place in its expertise and the reliability of its solutions. These enduring relationships are a testament to its commitment to delivering quality and maintaining long-term partnerships. Over the years, it has successfully executed a diverse portfolio of projects spanning various capacities and geographical locations. It benefits from a strong brand reputation that has been cultivated over more than 20 years of industry presence. It maintains an order book that reflects its strong market position and operational excellence, and underpins its future growth and profitability. The diversity and volume of its ongoing projects, coupled with a healthy pipeline of upcoming projects, reflects the comprehensive nature of its offerings and its ability to deliver high-quality services across various sectors and geographies and underscore its customers’ confidence in its expertise and the high quality of its services.

Risks and concerns

Significant revenue concentration in WWT and SWT segments: The company derives a substantial portion of its revenues from the WWT and SWT segments which together accounted for 88.22%, 84.98%, 84.34% and 87.40% of its consolidated revenue from operations in the three months period ended June 30, 2026, Fiscals 2026, 2025 and 2024, respectively. It is significantly dependent on projects, contracts or works awarded or funded by government entities, either directly or through its private customers. Its revenue from operations directly or indirectly attributable to government entities or government tenders represented 91.97%, 92.35%, 92.40% and 95.72% of its consolidated revenue from the WWT segment for the three months period ended June 30, 2026, Fiscals 2026, 2025 and 2024, respectively and 100.00% in the three months period ended June 30, 2026 and 100.00% of its consolidated revenue from SWT segment for each of the Fiscals 2026, 2025 and 2024. Any reduction or termination in such projects or adverse change in government policies could adversely affect its business, results of operations and financial condition.

Significant dependence on top 10 customers: The company derives a significant part of its revenue from its top 10 customers and it does not have long term contracts with most of these customers. Its top 10 customers for the three months period ended June 30, 2026, and Fiscal 2026, Fiscal 2025 and Fiscal 2024 contributed 79.20%, 64.44%, 61.37% and 59.18% to its revenue from operations, respectively. If one or more of such customers choose not to source their requirements from it or to terminate its long-term contracts, its business, results of operations and financial condition may be adversely affected.

Dependence on limited number of suppliers for raw materials: The company depends on a few suppliers for the supply of majority of its raw materials and it does not have continuing and exclusive supply agreements with all of them. The Company’s top 10 suppliers accounted for 55.66%, 47.71%, and 63.71% of total purchases of stock-in-trade and raw materials in Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively. Any interruptions in the supply of raw materials, fluctuations in raw material prices or any failure by its suppliers to make timely delivery of raw materials could adversely affect its business, results of operations and financial conditions.

High working capital requirements for business operations: The company has high working capital requirements, and may require additional financing to meet those requirements, which could have a material adverse effect on its results of operations, cash flows and financial condition. It is required to maintain a high level of working capital for its business operations, primarily for funding its purchase of raw materials, stock-in-trade and managing its trade receivables for its WWT business operations, primarily in the second half of the financial year. Accordingly, the company has substantial working capital requirements for carrying out its WWT business operations. The actual amount and timing of its future working capital requirements may differ from estimates due to, among other factors, unforeseen delays or cost overruns, unanticipated expenses, regulatory changes, economic conditions, design changes, technological changes, additional market developments and new opportunities in the industry.

Outlook

SFC Environmental Technologies is an environmental technology group, offering efficient technologies and comprehensive engineering solutions in the field of wastewater treatment, wastewater recycling & reuse and solid waste treatment (including agro-waste based biogas projects). On the concern side, its revenues and operations are dependent upon technology. Failure of these technologies, failure to upgrade or innovate these technologies or failure to identify and develop new technologies could have an adverse impact on its results of operations. Its products may be displaced by newer technology and any inability or failure to adapt to technological developments; the evolving competitive landscape or industry trends could harm its business and competitiveness.

The issue has been offering 2,04,75,082 shares in a price band of Rs 313-330 per equity share. The aggregate size of the offer is around Rs 640.87 crore to Rs 675.68 crore based on lower and upper price band respectively. Minimum application is to be made for 45 shares and in multiples thereof thereafter. On performance front, its total income increased by 12.97% to Rs 8,212.73 million for fiscal 2026 from Rs 7,269.63 million for fiscal 2025. Its restated total comprehensive profit for the year increased from Rs 1,518.52 million for fiscal 2025 to Rs 1,616.58 million for fiscal 2026.

Meanwhile, its strategy is to expand its presence domestically as well as in international markets including the Middle East and Africa (MEA) region, and South Asia. This strategic initiative aims to broaden its global footprint, capitalize on emerging market opportunities, and enhance its international market share and profitability. To accelerate its market penetration and improve its distribution capabilities internationally, it actively seeks and evaluate potential upcoming projects, strategic tie-ups and acquisition targets. These initiatives are strategically focused on expanding its product spread and complement its existing product lines. By integrating these businesses into its global operations, it aims to leverage local market expertise, enhance its product offerings, and expand its customer base. These strategic initiatives are designed not only to extend its market presence but also to adapt its operations with additional capabilities that align with local market demands.

Rites has informed that it enclosed the copies of advertisement published in newspapers regarding notice to shareholders for mandatory transfer of equity shares to Investor Education and Protection Fund (IEPF) Authority published in Newspapers, all editions of Financial Express (in English) and Jansatta (in Hindi) on October 23, 2026.

The above information is a part of company’s filings submitted to BSE.