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
- Strong relationships with global suppliers.
- Wide and established distribution network.
- Efficient operations and supply chain management.
- Diversified product portfolio across multiple industries.
- Strong customer relationships supported by technical expertise.
| Purpose | Amount (₹ Cr) |
|---|---|
| Repayment/pre-payment, in full or part, of certain borrowings availed by the Company | ₹10 |
| Investment in the subsidiary namely Everestt Chillers Pvt.Ltd. for purchase of machineries | ₹6 |
| Funding of Working Capital Requirements | ₹15 |
| General Corporate Purposes | — |
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Total Assets | 73 | 61 | 33 |
| Revenue | 112 | 102 | 69 |
| PAT | 12 | 10 | 4 |
| EBITDA | 17 | 14 | 7 |
| Net Worth | 38 | 26 | 17 |
| Reserves | 27 | 16 | 16 |
| Total Borrowing | 18 | 17 | 11 |
| Category | Sub (x) | Offered | Bid For |
|---|---|---|---|
| QIB | 20.95 | 744,000 | 15,590,400 |
| NII / HNI | 25.98 | 558,000 | 14,498,400 |
| Retail (RII) | 12.31 | 1,298,400 | 15,984,000 |
| Market Maker | — | 196,800 | — |
| Total | 17.72 | 2,600,400 | 46,072,800 |
* Amount calculated at upper price band (₹116) · ** Total includes all investor categories
- 1 Initiation of Refund 25 Sep 2026
- 2 Credit of Shares to Demat 25 Sep 2026
- The IPO P/E of 14x reflects a strong valuation relative to typical market ranges.
- Pre-issue EPS of ₹11 compares to post-issue EPS of ₹8 after dilution.
This IPO shows moderate investor interest. Review financial details and compare valuation with industry peers before investing.
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