FX Multitech IPO

SME • BSE SME • Fresh capital cum OFS

LISTEDSMEBSE SME

FX Multitech

Price band

₹110 – ₹116

Lot size

1200 shares

Min investment

₹1,39,200

Issue size

₹45.24 Cr

About the company

FX Multitech Limited was started in March 2008. It distributes and exports products used in HVAC, which stands for heating, ventilation and air conditioning, and in industrial refrigeration. Its range covers compressors, refrigeration and air conditioning controls, industrial refrigeration controls, variable frequency drives and automation products, specialised components and tools, heat exchangers, cold room evaporators, refrigerants and related items. It buys these from established manufacturers around the world and supplies them to industrial and commercial users in India, positioning itself on reliability and energy efficiency rather than lowest price. Its head office is in Ahmedabad, Gujarat, and it keeps warehouses at Hyderabad, Thane, Kolkata and Bangalore. Having stock in several cities lets it deliver quickly and provide technical and after sales support across the country. It also exports. Its supplier relationships include Danfoss Industries Private Limited, Transfer Oil S.P.A. and Quang Thang Mechanics and Refrigeration.

FX Multitech Limited distributes and exports HVAC and industrial refrigeration products, including compressors, controls, variable frequency drives, heat exchangers, cold room evaporators and refrigerants. Running since 2008, it works from Ahmedabad with warehouses at Hyderabad, Thane, Kolkata and Bangalore.

IPO details

Issue price: ₹116
Price band: ₹110 – ₹116
Face value: ₹10
Lot size: 1200
Min investment: ₹1,39,200
Issue size: ₹45.24 Cr
Sale type: Fresh capital cum OFS
Listing on: BSE SME
BSE scrip code: 7980
NSE symbol: FXML.BO

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	1,200	₹1,39,200
Retail (Max)	1	1,200	₹1,39,200
HNI (Min)	2	2,400	₹2,78,400

Investor reservation

CATEGORY	RESERVED
QIB	18,46,800 shares (49.87% of the Offer)
NII	5,58,000 shares (15.07% of the Offer)
Retail	12,98,400 shares (35.06% of the Offer)

Objects of the issue

1Repayment/pre-payment, in full or part, of certain borrowings availed by the Company10.00

2Investment in the subsidiary namely Everestt Chillers Pvt.Ltd. for purchase of machineries6.26

3Funding of Working Capital Requirements14.83

4General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	73.05	61.12	32.66
Total Income	111.90	102.34	68.74
Profit After Tax	11.54	9.64	4.18
EBITDA	17.26	14.09	6.95
NET Worth	37.89	26.35	16.71
Reserves and Surplus	27.08	15.54	16.45
Total Borrowing	18.42	17.32	11.24

Key performance indicators

P/E Ratio

14.43

EPS (₹)

8.04

RoE

37.63%

RoCE

28.93%

RoNW

31.80%

PAT Margin

9.60%

EBITDA Margin

15.35%

NAV (₹)

35.22

✓ Strengths

• Profit has grown strongly, from Rs 4.18 crore in FY2024 to Rs 9.64 crore in FY2025 and Rs 11.54 crore in FY2026.

• Sales have grown from Rs 68.74 crore in FY2024 to Rs 102.34 crore in FY2025 and Rs 111.90 crore in FY2026.

• EBITDA has more than doubled in two years, from Rs 6.95 crore to Rs 17.26 crore.

• Return ratios are strong, with RoCE of 28.93% and RoNW of 31.80%, and a PAT margin of 9.60%.

• Debt is comfortable at Rs 18.42 crore against a net worth of Rs 37.89 crore, and it has barely moved in the last year.

• Holding stock at five locations, Ahmedabad plus Hyderabad, Thane, Kolkata and Bangalore, lets it deliver and service faster than a single warehouse competitor.

• It has established relationships with global suppliers including Danfoss, which are hard for a new distributor to obtain.

• Cold chain and industrial refrigeration demand is supported by growth in food processing, pharmaceuticals and quick commerce.

⚠ Risks

• This is mainly a distribution business. The company buys products made by others and resells them, so its margin depends on keeping its distribution arrangements.

• Dependence on a few global suppliers such as Danfoss cuts both ways. If a supplier appoints another distributor or sells direct, a core part of the business is affected.

• Growth has slowed sharply. Total income rose only about 9% in FY2026 against roughly 49% the year before.

• Rs 6.26 crore of the issue money goes into its subsidiary Everestt Chillers for machinery rather than into the parent company.

• Importing from global manufacturers brings currency risk, and a weaker rupee raises the landed cost of stock already ordered.

• This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.

• Promoter holding will come down from 100% to 72.84% after the issue.

• This is an SME issue. One lot is 1,200 shares, which is about Rs 1.39 lakh at the upper band of Rs 116, and SME shares usually trade in low volume after listing.

Promoters & holding

Subhash Agarwal, Selvaraj Rangaswamy, Anita Agarwal and Kanagalakshmi Selvaraj

Pre-issue promoter holding

100%

Post-issue promoter holding

72.84%

Data refreshed 07 Nov 2026, 04:55 pm IST. GMP is unofficial market sentiment, not investment advice.