FX Multitech IPO

Published: 17 September 2026 | 6.00 AM
Last Updated: 17  September 2026 | 6.00 AM

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Chanakya View

FX Multitech Limited has developed an established distribution platform for HVAC, industrial refrigeration and engineering products. Its long relationships with recognised global suppliers, multi-city warehouse network and diversified product portfolio provide a base. The acquisition of a 51% stake in Everestt Chillers also adds customised industrial chiller manufacturing capabilities.

The financial record is encouraging. Total income increased from Rs. 68.74 crore in FY24 to Rs. 111.90 crore in FY26, while profit after tax rose from Rs. 4.18 crore to Rs. 11.54 crore. Margins and return ratios have improved, although borrowings remain meaningful at Rs. 18.42 crore.

At the upper price, the post-issue P/E of 14.43 times appears reasonable against the company’s growth and profitability. However, investors should remember that Rs. 4.04 crore represents an offer for sale and will not accrue to the company. Listing prospects should be evaluated using the latest GMP, subscription response and prevailing SME sentiment.

Chanakya Recommendation: 🟡 Selective Apply

About the Company

Incorporated in March 2008, FX Multitech Limited distributes and exports products used in heating, ventilation, air conditioning and industrial refrigeration. Its portfolio includes compressors, refrigeration controls, variable-frequency drives, automation products, specialised tools, heat exchangers, cold-room evaporators, refrigerants and ancillary equipment.

The company is headquartered in Ahmedabad and operates warehouses in Hyderabad, Thane, Kolkata and Bangalore.

FX Multitech works with suppliers such as Danfoss Industries, Honeywell Automation India, Testo India, Refco Manufacturing and Transfer Oil. Its subsidiary, Everestt Chillers, manufactures customised industrial chillers, glycol chillers, chilled-water air conditioners and effluent chillers. The company employed 48 people as of July 31, 2026.

Why This IPO Stands Out

✅ Established operating history extending across more than 18 years.

✅ Relationships with recognised domestic and international engineering suppliers.

✅ Warehouses across several major Indian commercial centres.

✅ Revenue, EBITDA and profit have grown consistently since FY24.

✅ Subsidiary provides entry into industrial chiller manufacturing.

✅ Part of the fresh proceeds will reduce existing borrowings.

Key Risks

⚠ Dependence on third-party suppliers may affect availability, pricing and margins.

⚠ Working-capital requirements could increase as the distribution business expands.

⚠ Borrowings increased from Rs. 11.24 crore in FY24 to Rs. 18.42 crore in FY26.

⚠ The offer for sale provides no funds to the company.

⚠ Demand is linked to industrial investment, construction and refrigeration activity.

⚠ SME shares may experience limited liquidity and sharp post-listing volatility.