FX Multitech FY26 growth includes a full Everest Chillers year

FX Multitech reported FY26 revenue from operations of Rs 126.1393 crore, up 23.66% from Rs 102.0060 crore in FY25. However, the FY26 growth comparison includes a full year of Everest Chillers Private Limited, while FY25 consolidated Everest Chillers only from its acquisition on January 10, 2025.

What does FX Multitech’s FY26 growth measure?

FX Multitech’s reported 23.66% FY26 growth measures a change in consolidated revenue, rather than a like-for-like full-year comparison of the same group structure. Revenue from operations rose by Rs 24.1333 crore, from Rs 102.0060 crore in FY25 to Rs 126.1393 crore in FY26, according to the restated consolidated financial statements.

The company says the FY26 increase arose from higher income from sales of goods and the inclusion of Everest Chillers’ sales for the full financial year ended March 31, 2026. Everest Chillers became a subsidiary when FX Multitech acquired a 51% equity stake on January 10, 2025. FY25 therefore included its financial results only from that date, whereas FY26 included 12 months.

Why are FY26 and FY25 not strictly comparable?

FY26 and FY25 are not strictly comparable because Everest Chillers contributed to the two consolidated periods for unequal lengths of time. FX Multitech expressly states that FY26 was presented on a full-year consolidated basis, while FY25 included subsidiary results only from January 10, 2025.

The disclosure does not provide Everest Chillers’ standalone revenue in either FY25 or FY26. Therefore, the Rs 24.1333 crore increase in group revenue cannot be divided from the supplied information between sales growth in FX Multitech’s existing operations and sales from the additional months of Everest Chillers consolidation. The reported 23.66% is a consolidated year-on-year movement, not a separately disclosed organic-growth measure.

The FY25-to-FY24 comparison has a separate structural difference because FY25 is consolidated and FY24 is standalone. Revenue rose 48.88% to Rs 102.0060 crore in FY25 from Rs 68.5174 crore in FY24. FX Multitech attributed that increase to higher sales of compressors, refrigerants and ancillary products, as well as the consolidation of Everest Chillers after the acquisition.

How did earnings and costs change in FY26?

FX Multitech reported EBITDA, or earnings before interest, tax, depreciation and amortisation, of Rs 19.3657 crore in FY26, up 36.71% from Rs 14.1657 crore in FY25. EBITDA margin increased by 1.46 percentage points to 15.35% from 13.89%, while reported profit after tax rose 26.88% to Rs 12.1039 crore and profit-after-tax margin increased to 9.60% from 9.35%.

The earnings comparison also contains unequal consolidation periods. FX Multitech defines EBITDA as profit before tax plus depreciation, amortisation and interest expenses. It consequently includes Everest Chillers’ operating earnings for a full FY26 but only from January 10, 2025 in FY25. The company attributed the FY26 EBITDA increase principally to revenue growth, but did not disclose Everest Chillers’ standalone EBITDA contribution.

Purchases of stock-in-trade increased 27.75% to Rs 98.1693 crore in FY26 from Rs 76.8445 crore in FY25. Finance costs rose 94.57% to Rs 2.4432 crore from Rs 1.2557 crore, which FX Multitech attributed to higher interest on borrowings, bank processing fees and interest on tax expense. Depreciation and amortisation increased 259.64% to Rs 82.74 lakh from Rs 23.01 lakh, which the company attributed to additions in plant and machinery.

Changes in stock-in-trade inventories were negative Rs 13.1265 crore in FY26, compared with negative Rs 4.4155 crore in FY25. FX Multitech attributed the movement to a higher inventory build-up in FY26. Employee-benefit expense increased 10.54% to Rs 6.2789 crore, while other expenses increased 52.39% to Rs 3.9778 crore.

What do receivables, debt and return metrics show?

FX Multitech’s trade receivables were broadly unchanged in absolute terms but lower relative to revenue in FY26. Receivables were Rs 34.6367 crore at March 31, 2026, compared with Rs 34.5397 crore at March 31, 2025, while receivables as a share of revenue from operations declined to 27.46% from 33.86%.

The company says the FY25 receivables ratio reflected higher credit exposure and longer collection cycles, with credit periods of up to 180 days extended to customers. FX Multitech attributed the FY26 decline in the ratio to comparatively faster realisation of receivables within that period. Continued collection within those stated credit terms would be required for that ratio to remain lower as revenue changes.

Debt, defined by FX Multitech as long-term and short-term borrowings, rose to Rs 26.1147 crore in FY26 from Rs 21.8974 crore in FY25. Capital employed increased to Rs 64.0780 crore from Rs 48.0824 crore. Return on capital employed was 28.93% in FY26 and 28.98% in FY25, while return on equity declined to 37.63% from 44.40%.

What does the business model add to the comparison?

FX Multitech distributes and exports engineering products principally for refrigeration and heating, ventilation and air conditioning, or HVAC, applications. Its stated product categories include hermetic compressors, industrial refrigeration controls, variable-frequency drives and automation products, heat exchangers, cold-room evaporators, refrigerants and ancillary products. The company names Danfoss, Transfer Oil, SSC Control Private Limited, Qiang Thang, Kuzuflex, Refco, Mihama India Private Limited and US HVAC & Weld Tools among its manufacturing partners.

FY25 contained identified sales growth in product categories as well as the consolidation effect. Compressor revenue rose 52.86% to Rs 45.4000 crore in FY25 from Rs 29.7000 crore in FY24. Revenue from refrigerants and ancillary products increased 118.06% to Rs 22.7783 crore from Rs 10.4461 crore. These figures show category-level growth in FY25, but the disclosure gives no FY26 category split to establish a like-for-like FY26 rate.

Everest Chillers also altered the consolidated cost mix. Cost of materials consumed was Rs 6.0705 crore in FY25, compared with nil in FY24 standalone accounts, because the acquired subsidiary has manufacturing operations. FY25 and FY26 therefore combine FX Multitech’s distribution and export activity with a subsidiary that adds manufacturing costs, limiting comparison with FY24’s standalone expense structure.

Conclusion

FX Multitech’s FY26 figures show a larger consolidated group, with revenue reaching Rs 126.1393 crore, EBITDA reaching Rs 19.3657 crore and EBITDA margin reaching 15.35%. The key qualification is consolidation timing: FY26 includes Everest Chillers for the full year while FY25 includes it only from January 10, 2025, so the 23.66% revenue increase is not a disclosed like-for-like measure.

The next full-year comparison would have a more consistent group perimeter if Everest Chillers continues to be consolidated throughout the period. FX Multitech’s disclosed metrics to watch are receivables against customer credit terms of up to 180 days, debt after its rise to Rs 26.1147 crore in FY26, and any later disclosure separating Everest Chillers’ financial contribution from the rest of the business.