FX Multitech Ltd.
FX_MULTISME
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Overview
FX Multitech Limited is an Ahmedabad-headquartered distributor and exporter of components and solutions used in HVAC and industrial refrigeration, supplying compressors, controls, drives/automation, heat exchangers, cold-room equipment, refrigerants and tools through a multi-warehouse network across India. The company positions itself as a technical, application-focused partner to industrial and commercial customers and has expanded into system integration by acquiring a controlling stake in chiller manufacturer Everest Chillers Private Limited.
Opening Date
Sep 21, 2026
Closing Date
Sep 23, 2026
Listing Date
Sep 28, 2026
IPO Type
SME
IPO Status
Upcoming
Issue Size
45.24 Cr
Fresh Issue
0 Cr
Offer for Sale
0 Cr
Price Band
₹110 - ₹116
Lot Size
1200
IPO Timeline
Financials
Revenue
Profit After Tax (PAT)
Use of IPO funds
Key Performance Indicator
P/E Ratio
10.86
EPS
10.68
ROE
37.63%
ROCE
28.93%
RONW
31.8%
Debt to Equity Ratio
0.49
PAT Margin
9.6%
EBITDA Margin
15.35%
P/B
3.29
Bull vs Bear
Bull case
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The subsidiary acquisition can shift the company from trading to making products, which can improve control on quality, delivery timelines, and customer stickiness.
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A multi-city warehouse network can shorten delivery time, which matters because fast availability often decides repeat orders in industrial parts.
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The HVAC and industrial refrigeration market is projected to expand, so a distributor with an established supplier base may get more customer enquiries over time.
Bear case
- •
Top-1 supplier contributes 71.39%–74.11% of purchases, so any supply disruption or price hike could quickly hit sales, margins, and customer service levels.
- •
Sales are mostly purchase-order based without long-term customer commitments, so revenue visibility is low and sudden order cuts can hurt cash flows.
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Receivables have a standard 180-day credit period, so delayed collections can strain liquidity and force higher borrowing costs, impacting profitability.
Net takeaway
The long-term story is a distributor trying to deepen its role by adding manufacturing through its subsidiary, which could improve control and customer loyalty, especially in a growing HVAC and refrigeration market. But the business depends heavily on one supplier and on customers who can stop ordering anytime, so cash flows can swing. The key thing to monitor is whether supplier concentration reduces while collections and working capital stay disciplined.
Subscription Rate
Subscription data will be available once the IPO opens.
