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FX Multitech Ltd IPO
FX Multitech Ltd
₹2,64,000 /2400 sharesMinimum investment
IPO listing details
Listed on
28 Sep '26
Issue price
₹116.00
Listing price
₹123.05
Listing gains
₹7.05 (6.08%)
Exchange
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IPO details
Minimum investment
₹2,64,000
Price range
₹110 - ₹116
Lot size
1,200
Issue size
45.24 Cr
Face value
10
IPO document
Subscription rate
Qualified Institutional Buyers20.95x
Non-Institutional Investor19.38x
Retail Individual Investor11.09x
Total15.95x
As of 23 Sep'26, 04:55 PM
Schedule
21 Sep 2026
IPO open date
23 Sep 2026
IPO close date
24 Sep 2026
Allotment date
24 Sep 2026
Funds unblock or debit
28 Sep 2026
Tentative listing date
About
Founded in
2024
MD/CEO
Mr Subhash Agrawal
Parent organisation
FX Multitech Ltd
FX Multitech Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company has relationships with suppliers across Europe and Asia in the HVAC and industrial refrigeration industry. These relationships allow it to source products and components from multiple global suppliers.
The company operates warehouses across multiple locations in India. Its distribution network includes warehouses in Hyderabad, Thane, Kolkata, and Bangalore, supporting its operations across different regions.
The company has a diversified product portfolio covering multiple industrial applications. Its products span HVAC, refrigeration, automation, electrical components, and industrial accessories, reducing its dependence on a single product category or industry.
The company has a supplier base that includes established international and Indian manufacturers. Its suppliers include Danfoss Industries Private Limited, Transfer Oil S.P.A., Testo India Private Limited, Refco Manufacturing Limited and Honeywell Automation India Limited, among others.
The company also exports products and engineering components for refrigeration and HVAC applications.
The company is led by promoters with over six decades of combined industry experience. Its leadership team comprises Subhash Agarwal, Managing Director, and Selvaraj Rangaswamy, Whole-time Director.
The company has a subsidiary engaged in the manufacture of customised refrigeration equipment. Everestt Chillers Private Limited, in which the company acquired a 51% equity stake effective January 10, 2025, manufactures industrial chillers, glycol chillers, chill water air conditioners, and effluent chillers.
The company has shown a consistent increase in revenue from operations and profit after tax. The revenue from operations increased from Rs 68.52 crore to Rs 101.77 crore and then to Rs 111.57 crore in FY24, FY25, and FY26, respectively. The profit after tax increased from Rs 4.18 crore to Rs 9.64 crore and then Rs 11.54 crore during the same period.
The company is highly dependent on a single supplier, which accounted for 74.11% of total purchases in FY26, 71.39% in FY25, and 73.96% in FY24. Any disruption, termination, or change in the commercial arrangements with this supplier, or its inability to supply products on time, could adversely affect the company’s product availability, margins, customer relationships and financial condition.
The company derives a significant portion of its domestic revenue from Gujarat, Tamil Nadu, Maharashtra, and Telangana, with the top three states contributing 77.96% of domestic sales in FY26, 81.85% in FY25, and 78.92% in FY24. Gujarat alone accounted for 54.83% of domestic sales in FY26. Any adverse economic, regulatory, political, or market developments, or other disruptions in these regions could hurt the company’s revenue and financial condition.
The company reported negative cash flows from operating activities of Rs 0.99 crore in FY26 and Rs 1.93 crore in FY25, and negative cash flows from investing activities of Rs 0.67 crore, Rs 1.51 crore, and Rs 0.07 crore in FY26, FY25, and FY24, respectively. The negative operating cash flow in FY26 was mainly due to an increase in trade receivables and other current assets, while the negative investing cash flow was primarily due to purchases of property, plant and equipment and investments. Sustained negative cash flows could adversely affect the company’s liquidity, financial condition, and ability to fund its business and expansion requirements.
The company was incorporated in 2024 and therefore has a limited operating and financial track record. The company’s relatively short history may make it difficult for investors to assess the sustainability of its business model, operating performance and ability to maintain or grow its operations, and its past performance may not be indicative of its future results.
A significant portion of the company’s revenue is dependent on demand from the HVAC and industrial refrigeration industries. Any slowdown or downturn in these industries, loss of key customers, or rapid technological advancements and introduction of more efficient products by competitors could reduce demand for the company’s products, create pricing pressure and margin erosion, and adversely affect its revenue and results of operations.
The company, its subsidiary and its group company are involved in certain ongoing legal proceedings and potential litigations before various authorities and appellate forums. Any adverse decision in these proceedings could result in penalties, fines, or other liabilities, and may adversely affect the company’s business, financial condition, and results of operations.
The company operates in the competitive HVAC and industrial refrigeration industry, where it faces competition from organised distributors, regional players, and OEM-authorised channel partners in India and international markets. Competition based on pricing, product availability, credit terms, delivery timelines, technical support, and customer relationships could lead to pricing pressure, lower margins, loss of customers, or higher working capital requirements, adversely affecting the company’s business and financial condition.
As of March 31, 2026, the company had trade receivables amounting to Rs 31.27 crore. Any failure or delay in collecting these receivables could adversely affect the company’s cash flows, liquidity, and financial condition.
As of March 31, 2026, the company had total outstanding borrowings of Rs 26.11 crore. Any failure to service or repay these borrowings, or an increase in its debt levels, could adversely affect the company’s financial condition and operations.
Application details
For FX Multitech IPO, eligible investors can apply as Individual investor.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Individual investor | ₹110 - ₹116 | ₹2 - ₹5 Lakhs | 1200 |
About
Objectives of FX Multitech IPO Proceeds
|
Particulars |
Estimated Amount (in ₹ Cr.) |
|
Repayment/pre-payment, in full or part, of certain borrowings availed by the company |
10.00 |
|
Investment in our subsidiary namely Everestt Chillers Private Limited for purchase of machineries |
6.25 |
|
Funding of working capital requirements |
14.83 |
|
General corporate purposes |
[.] |
|
Total |
[.] |
Book Running Lead Manager & Registrar of FX Multitech IPO
|
Book Running Lead Manager |
Oneview Corporate Advisors Private Limited |
|
Registrar to the Issue |
MUFG Intime India Private Limited |
Key Performance Indicators (KPIs) of FX Multitech Ltd.
|
KPI |
Value (for the fiscal year ended March 31, 2026) |
|
ROE (%) |
37.63 |
|
ROCE (%) |
28.93 |
|
EBITDA Margin (%) |
15.35 |
|
PAT Margin (%) |
9.60 |
|
Return on Net Worth (RoNW) (%) |
31.80 |
|
Net Asset Value (NAV) per Equity Share (₹) |
35.22 |
|
EPS (Pre-IPO) (₹) |
10.68 |
FX Multitech IPO Contact Details
|
Company Name |
FX Multitech Limited |
|
Registered Office |
C-907, 908 Titanium Square, Thaltej Cross Road, Thaltej, Ahmedabad, Gujarat, India – 380054 |
|
Phone |
079-48925548 |
|
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|
|
Website |
FX Multitech IPO Registrar Contact Details
|
Company Name |
MUFG Intime India Private Limited |
|
Phone |
+91 810 811 4949 |
|
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Website |