Minerva Capital Research Solutions

FX Multitech

ListedListed 28 Sep 2026BSE SMENSE: FXMLCheck allotment
Current price₹ 126.1+8.71% since issue
Listing day+6.08%
Issue price
₹ 116
Issue size
₹ 45.24 Cr.
Min. investment
₹ 1,39,200
Listing price
₹ 123.05
Subscribed
16.54x
Lot size
1,200 shares
P/E
14.43
RoNW
31.80%
RoCE
28.93%
PAT margin
9.60%
EBITDA margin
15.35%
RoE
37.63%
EPS
₹ 8.04
NAV
₹ 35.22
Promoter stake
72.84%

About

FX Multitech Limited was started in March 2008. It distributes and exports products used in HVAC, which stands for heating, ventilation and air conditioning, and in industrial refrigeration. Its range covers 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 related items. It buys these from established manufacturers around the world and supplies them to industrial and commercial users in India, positioning itself on reliability and energy efficiency rather than lowest price. Its head office is in Ahmedabad, Gujarat, and it keeps warehouses at Hyderabad, Thane, Kolkata and Bangalore. Having stock in several cities lets it deliver quickly and provide technical and after sales support across the country. It also exports. Its supplier relationships include Danfoss Industries Private Limited, Transfer Oil S.P.A. and Quang Thang Mechanics and Refrigeration.

Timeline

  1. Opens
    21 Sep
    done
  2. Closes
    23 Sep
    done
  3. Allotment
    24 Sep
    done
  4. Refunds
    25 Sep
    done
  5. Demat credit
    25 Sep
    done
  6. Listing
    28 Sep
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 6.5 on 27 Sep 2026
Lowest
₹ 0 on 19 Sep 2026
First quoted
₹ 0 on 19 Sep 2026

Subscription

How many times each investor group bid for its share, as of 28 Sep 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)11,200₹ 1,39,200
Retail (Max)11,200₹ 1,39,200
HNI (Min)22,400₹ 2,78,400

Company overview

Financials

Financials by year
Assets73.0561.1232.66
Total Income111.9102.3468.74
Profit After Tax11.549.644.18
EBITDA17.2614.096.95
NET Worth37.8926.3516.71
Reserves and Surplus27.0815.5416.45
Total Borrowing18.4217.3211.24

Strengths

  • Profit has grown strongly, from Rs 4.18 crore in FY2024 to Rs 9.64 crore in FY2025 and Rs 11.54 crore in FY2026.
  • Sales have grown from Rs 68.74 crore in FY2024 to Rs 102.34 crore in FY2025 and Rs 111.90 crore in FY2026.
  • EBITDA has more than doubled in two years, from Rs 6.95 crore to Rs 17.26 crore.
  • Return ratios are strong, with RoCE of 28.93% and RoNW of 31.80%, and a PAT margin of 9.60%.
  • Debt is comfortable at Rs 18.42 crore against a net worth of Rs 37.89 crore, and it has barely moved in the last year.
  • Holding stock at five locations, Ahmedabad plus Hyderabad, Thane, Kolkata and Bangalore, lets it deliver and service faster than a single warehouse competitor.
  • It has established relationships with global suppliers including Danfoss, which are hard for a new distributor to obtain.
  • Cold chain and industrial refrigeration demand is supported by growth in food processing, pharmaceuticals and quick commerce.

Risks

  • This is mainly a distribution business. The company buys products made by others and resells them, so its margin depends on keeping its distribution arrangements.
  • Dependence on a few global suppliers such as Danfoss cuts both ways. If a supplier appoints another distributor or sells direct, a core part of the business is affected.
  • Growth has slowed sharply. Total income rose only about 9% in FY2026 against roughly 49% the year before.
  • Rs 6.26 crore of the issue money goes into its subsidiary Everestt Chillers for machinery rather than into the parent company.
  • Importing from global manufacturers brings currency risk, and a weaker rupee raises the landed cost of stock already ordered.
  • This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.
  • Promoter holding will come down from 100% to 72.84% after the issue.
  • This is an SME issue. One lot is 1,200 shares, which is about Rs 1.39 lakh at the upper band of Rs 116, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue
Repayment/pre-payment, in full or part, of certain borrowings availed by the Company10
Investment in the subsidiary namely Everestt Chillers Pvt.Ltd. for purchase of machineries6.26
Funding of Working Capital Requirements14.83
General Corporate Purposes—

Promoters

  • Subhash Agarwal
  • Selvaraj Rangaswamy
  • Anita Agarwal
  • Kanagalakshmi Selvaraj
Promoter holding100%→72.84%before → after the issue · down 27.16 points

Registrar, lead managers and documents

Listing on
BSE SME
Face value
₹ 10 a share
Registrar
MUFG Intime India Private Limited
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.