Incorporated in March 2008, FX Multitech Limited is engaged in the distribution and export of a diverse portfolio of products catering primarily to the HVAC (Heating, Ventilation and Air Conditioning) and industrial refrigeration industries.
The Company offers a wide range of engineering and refrigeration products, including compressors, refrigeration and air-conditioning controls, industrial refrigeration controls, variable frequency drives and automation products, specialized components and tools, heat exchangers, cold room evaporators, refrigerants and ancillary products. It sources products from globally recognized manufacturers and supplies technologically advanced, reliable, energy-efficient and cost-effective solutions for industrial and commercial applications.
FX Multitech has a diversified distribution network with its headquarters in Ahmedabad, Gujarat, and warehouses in Hyderabad, Thane, Kolkata and Bangalore. This multi-city presence enables the Company to serve customers across India with timely product delivery, technical support and after-sales service. The Company also exports its products, expanding its presence in international markets.
The Company has established relationships with global suppliers, including Danfoss Industries Private Limited, Transfer Oil S.P.A., Quang Thang Mechanics and Refrigeration Company Ltd., KuzuFlex Metal San Ve Tic. A.S., Testo India Pvt. Limited, Refco Manufacturing Limited, US HVAC & Weld Tools and Honeywell Automation India Limited, among others.
The Company also has a subsidiary, Everestt Chillers Private Limited (ECPL), in which it acquired a 51% equity stake in January 2025. ECPL manufactures customised industrial chillers, glycol chillers, chilled water air conditioners and effluent chillers, complementing FX Multitech’s existing refrigeration product portfolio.
As of July 31, 2026, the Company had a workforce of 48 personnel across sales and marketing, dispatch and logistics, administration, finance, purchase, legal and compliance, technical support and other functions.
Competitive Strengths
FX Multitech Ltd.’s revenue increased by 9% and profit after tax (PAT) rose by 20% between the financial year ending with March 31, 2026 and March 31, 2025.
| Period Ended | 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 | 19.37 | 14.17 | 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 |
| Amount in ₹ Crore | |||
| Company | Issue Type | Issue Size | Issue Price | PE Ratio | Listing Day Close | Listing Gain/Loss % | LTP |
|---|---|---|---|---|---|---|---|
| Mopshop Distribution Ltd. | SME | ₹27.26 Cr | ₹138 | 22.22 | ₹130.15 | -5.69% | ₹51.45 |
| Safecure Services Ltd. | SME | ₹30.60 Cr | ₹102 | 11.66 | ₹77.55 | -23.97% | ₹20.20 |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Repayment/pre-payment, in full or part, of certain borrowings availed by the Company | 10.00 |
| 2 | Investment in the subsidiary namely Everestt Chillers Pvt.Ltd. for purchase of machineries | 6.26 |
| 3 | Funding of Working Capital Requirements | 14.83 |
| 4 | General Corporate Purposes | |
| Total | 31.09 |
| KPI | Mar 31, 2026 |
|---|---|
| ROE | 37.63% |
| ROCE | 28.93% |
| Debt/Equity | 0.49 |
| RoNW | 31.80% |
| PAT Margin | 9.60% |
| EBITDA Margin | 15.35% |
| NAV | 35.22 |
| Price to Book Value | 3.29 |
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 10.68 | 8.04 |
| P/E (x) | 10.86 | 14.43 |
| IPO Date | 21 to 23 Sep, 2026 |
| Listing Date | Mon, Sep 28, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹110 to ₹116 |
| Lot Size | 1,200 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Total Issue Size | 39,00,000 shares (agg. up to ₹45 Cr) |
| Reserved for Market Maker | 1,96,800 shares (agg. up to ₹2 Cr) |
| Fresh Issue (Ex Market Maker) | 33,55,200 shares (agg. up to ₹39 Cr) |
| Offer for Sale | 3,48,000 shares of ₹10 (agg. up to ₹4 Cr) |
| Net Offered to Public | 37,03,200 shares (agg. up to ₹43 Cr) |
| Share Holding Pre Issue | 1,08,07,600 shares |
| Share Holding Post Issue | 1,43,59,600 shares |
The promoters of the company are Mr. Vinod Gupta and Mrs. Arnima Gupta.
| Share Holding Pre Issue | 96.8% |
| Share Holding Post Issue |
As per our analysis and Based on the information we have, this is the output.
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