FX Multitech Ltd IPO
Trading
Price Band
₹110 – ₹116
Lot Size
1200
Minimum Bid Quantity
2400
Minimum Investment
₹278400
Issue Size
₹45.24Cr
Opens
2026-09-21
Closes
2026-09-23
Listing
28-09-2026
Subscription Status
Qualified Institutional Buyers
20.95 x
Non-Institutional Investor
19.38 x
Retail Individual Investor
11.09 x
Total
15.95 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE1D0M01019
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
FX Multitech Limited is a distributor and exporter of products for the HVAC (heating, ventilation, and air conditioning) and industrial refrigeration industries. Its product portfolio includes 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 ancillary products. The company sources products from manufacturers and supplies them to industrial and commercial customers in India and overseas. Its suppliers include 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 Ltd., among others. The company is headquartered in Ahmedabad, Gujarat, and has warehouses in Hyderabad, Thane, Kolkata, and Bangalore. Its subsidiary, Everestt Chillers Private Limited, manufactures customised industrial chillers, glycol chillers, chill water air conditioners, and effluent chillers.
Pros
- • 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.
Cons
- • 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.
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