FX Multitech first-half revenue rises 19%, profit gains 6%

FX Multitech Limited reported Rs 63.5199 crore of consolidated revenue from operations for the half year ended September 30, 2026, versus the reported Rs 53.2156 crore comparative figure, while profit for the period reached Rs 4.43 crore from Rs 4.1628 crore. The current consolidated result includes a subsidiary that was absent from the earlier period.

How did FX Multitech’s first-half revenue and profit change?

FX Multitech reported a 19% increase in revenue from operations to Rs 63.5199 crore for the half year ended September 30, 2026, from the reported Rs 53.2156 crore figure for the half year ended September 30, 2025. Other income declined to Rs 8.36 lakh from Rs 15.80 lakh, leaving total income at Rs 63.6035 crore, compared with Rs 53.3736 crore.

FX Multitech’s profit before tax increased to Rs 6.0007 crore from Rs 5.5819 crore, while tax expense rose to Rs 1.5707 crore from Rs 1.4191 crore. Profit for the period therefore rose by Rs 26.72 lakh to Rs 4.43 crore, and basic and diluted earnings per share were Rs 3.92, compared with Rs 3.85.

The comparison has a disclosed limitation: the September 2026 figures are consolidated, whereas the statutory auditor said the holding company had no subsidiary or associate in the half year ended September 30, 2025. The auditor said consolidated figures for that earlier period were not presented, so the reported 19% movement compares the current group result with the prior holding-company figure.

Which costs changed during the September 2026 half year?

FX Multitech’s total expenses increased to Rs 57.602 crore in the September 2026 half year from Rs 47.7917 crore in the September 2025 comparative period. Purchases of stock-in-trade were Rs 56.4385 crore, up from Rs 53.0189 crore, while cost of material consumed rose to Rs 8.1275 crore from Rs 3.784 crore.

FX Multitech recorded a Rs 14.464 crore reduction in inventories of finished goods, work-in-progress and stock-in-trade, compared with a Rs 15.6853 crore reduction a year earlier. Employee-benefit expense increased to Rs 3.3727 crore from Rs 2.8938 crore, and finance cost rose to Rs 1.4982 crore from Rs 1.1191 crore.

Depreciation and amortisation expense fell to Rs 40.92 lakh from Rs 42.84 lakh, while other expenses were Rs 2.2207 crore against Rs 2.2328 crore. Based on the reported figures, profit before tax represented about 9.4% of total income in the September 2026 half year, compared with about 10.5% in the September 2025 period; this is a calculation rather than a management measure.

Why did FX Multitech report negative operating cash flow?

FX Multitech used Rs 4.5708 crore in operating activities in the half year ended September 30, 2026, despite reporting profit before tax of Rs 6.0007 crore. The consolidated cash-flow statement shows operating profit before working-capital changes of Rs 7.8153 crore, followed by working-capital movements that reduced cash by Rs 10.9154 crore.

The largest cash use was a Rs 18.0774 crore increase in inventories, partly offset by a Rs 10.2837 crore increase in trade payables. Trade receivables increased by Rs 22.25 lakh, other current liabilities declined by Rs 80.07 lakh, short-term provisions declined by Rs 2.4094 crore, and direct taxes paid were Rs 1.5707 crore.

FX Multitech’s inventory balance was Rs 56.3367 crore at September 30, 2026, compared with Rs 38.2592 crore at March 31, 2026. Trade receivables were Rs 34.8592 crore versus Rs 34.6367 crore, while trade payables due to entities other than micro and small enterprises rose to Rs 25.8645 crore from Rs 14.3958 crore.

How did the IPO affect FX Multitech’s cash and balance sheet?

FX Multitech raised gross initial public offering proceeds of Rs 41.2032 crore during the September 2026 half year by issuing 35.52 lakh equity shares of Rs 10 each at Rs 116 per share, including a premium of Rs 106 per share. Its equity shares were listed on the BSE Limited SME Platform on September 28, 2026.

Financing activities generated Rs 41.1652 crore of cash during the period, including the gross share issue and after Rs 4.1165 crore of fresh-equity issue expenses. The cash-flow statement also records Rs 1.8228 crore of proceeds from short-term borrowings, Rs 3.6863 crore from long-term borrowings and Rs 1.4306 crore of finance cost.

FX Multitech ended September 30, 2026 with cash and cash equivalents of Rs 36.617 crore, compared with Rs 55.52 lakh at March 31, 2026. Share capital increased to Rs 14.3596 crore from Rs 10.8076 crore, while reserves and surplus rose to Rs 65.0127 crore from Rs 27.2182 crore.

How much of FX Multitech’s IPO proceeds had been used?

FX Multitech reported Rs 4.75 crore of utilisation against total proposed IPO uses of Rs 41.70 crore as of September 30, 2026, leaving a disclosed balance of Rs 36.45 crore. The company listed borrowing repayment or prepayment, subsidiary machinery investment, working capital, general corporate purposes and issue expenses as the intended uses.

The reported utilisation comprised Rs 1.00 crore for working-capital requirements and Rs 3.75 crore for issue expenses. No amount had been utilised by September 30, 2026 against the proposed Rs 10.00 crore for debt repayment, Rs 6.26 crore for machinery investment in Everestt Chillers Private Limited, or Rs 5.99 crore for general corporate purposes.

FX Multitech’s consolidated results include Everestt Chillers Private Limited, a 51%-owned subsidiary. The statutory auditor said it had not reviewed the subsidiary’s interim financial information, which showed the Group’s share of net profit after tax of Rs 34.73 lakh for the September 2026 half year and was certified by the subsidiary’s management.

Conclusion

FX Multitech reported revenue growth to Rs 63.5199 crore and profit growth to Rs 4.43 crore in the half year ended September 30, 2026, but the reported comparison is affected by the inclusion of a subsidiary absent from the prior period. The increase in inventory to Rs 56.3367 crore was a central factor in the Rs 4.5708 crore operating cash outflow, despite the reported profit.

The next disclosed items to watch are deployment of the Rs 36.45 crore reported unutilised IPO balance, including the planned Rs 10.00 crore debt repayment, Rs 6.26 crore subsidiary machinery investment and Rs 14.83 crore working-capital allocation. Subsequent disclosures can also show whether inventory, trade payables of Rs 25.8645 crore and operating cash flow change after the September 2026 period.