FX Multitech Ltd

FXML FX Multitech Ltd

BSE IPO

Bidding dates21 Sep 2026 - 23 Sep 2026

Price range₹110 - ₹116

Min. investment₹2,78,400

Issue size45.24 Cr

Lot size1200 Shares

IPO DocRHP

IPO Timeline

Start date

21 Sep 2026

End date

23 Sep 2026

Allotment date

24 Sep 2026

Refund initiation

25 Sep 2026

Share credit

25 Sep 2026

Deactivate mandate

28 Sep 2026

About company

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.

Founded in 2008

Managing director Subhash Agarwal

Parent organisation FX Multitech IPO

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Strengths and Risks

Strengths

The company has scaled its operations consistently. Total income grew from ?68.52 crores in FY24 to ?126.14 crores in FY26, while Profit After Tax (PAT) expanded from ?4.18 crores to ?11.80 crores over the same timeframe.

FX Multitech displays high capital efficiency metrics, with a Return on Equity (ROE) of 37.63%, Return on Capital Employed (ROCE) of 28.93%, and a Return on Net Worth (RoNW) of 31.80%.

The company has successfully maintained a strong operating profile, marked by an EBITDA margin of 15.35% and a stable PAT margin of roughly 9.36% in FY26.

Risks

The company depends heavily on a single primary source for its inventory. Its top supplier accounts for an overwhelming 71.39% to 74.11% of total purchases, creating extreme exposure to supplier disruptions or pricing shifts.

Business operations are predominantly purchase-order driven without long-term binding agreements from customers, causing limited revenue visibility.

The company operates on extended credit terms (standard receivables cycle around 180 days). This has historically translated into negative cash flows from operating activities (e.g., negative cash flows logged in recent fiscal cycles), elevating working capital dependence.