1. IPO Snapshot
| Particular | Details |
|---|
| Company Name | FX Multitech Limited |
| IPO Type | Fresh Offer + Offer for Sale |
| Fresh Issue | Up to 35,52,000 Equity Shares |
| Offer for Sale | Up to 3,48,000 Equity Shares |
| Total Offer | Up to 39,00,000 Equity Shares |
| Face Value | ₹10 per Equity Share |
| Price Band | ₹110–₹116 per Equity Share |
| Minimum Application | 2,400 Equity Shares; thereafter in multiples of 1,200 shares |
| Anchor Investor Bidding | September 18, 2026 |
| Bid/Open Date | September 21, 2026 |
| Bid/Close Date | September 23, 2026 |
| Listing Exchange | BSE Limited – SME Platform |
| Registrar | MUFG Intime India Private Limited |
| Book Running Lead Manager | Oneview Corporate Advisors Private Limited |
2. IPO Details
| Particular | At Floor Price ₹110 | At Cap Price ₹116 |
|---|
| Fresh Issue Shares | 35,52,000 | 35,52,000 |
| Fresh Issue Amount (₹ lakh) | ₹3,907.20 lakh | ₹4,120.32 lakh |
| Offer for Sale Shares | 3,48,000 | 3,48,000 |
| Offer for Sale Value (₹ lakh) | ₹382.80 lakh | ₹403.68 lakh |
| Total Issue Shares | 39,00,000 | 39,00,000 |
| Total Issue Size (₹ lakh) | ₹4,290.00 lakh | ₹4,524.00 lakh |
| Market Maker Reservation | 1,96,800 shares | 1,96,800 shares |
| Market Maker Reservation Value (₹ lakh) | ₹216.48 lakh | ₹228.29 lakh |
| Net Offer Shares | 37,03,200 | 37,03,200 |
| Net Offer Value (₹ lakh) | ₹4,073.52 lakh | ₹4,295.71 lakh |
| Pre-Issue Shares | 1,08,07,600 | 1,08,07,600 |
| Post-Issue Shares | 1,04,59,600 | 1,04,59,600 |
| Post-Issue Market Capitalisation (₹ lakh) | ₹11,505.56 lakh | ₹12,132.89 lakh |
3. Issue Reservation
| Category | Shares | % / Rule |
|---|
| QIB Portion | 18,46,800 | Not more than 50% of Net Offer |
| Anchor Investor Portion | Up to 11,02,800 | Up to 60% of QIB Portion |
| Net QIB Portion | 7,44,000 | Assuming Anchor Portion is fully subscribed |
| Mutual Funds within Net QIB | 37,200 | 5% of Net QIB Portion |
| Balance QIB Portion | 7,06,800 | For QIBs including Mutual Funds |
| Non-Institutional Portion | Not less than 5,58,000 | Not less than 15% of Net Offer |
| NII – up to ₹10 lakh sub-category | 1,86,000 | One-third of NII Portion |
| NII – above ₹10 lakh sub-category | 3,72,000 | Two-thirds of NII Portion |
| Individual Investors | Not less than 12,98,400 | Not less than 35% of Net Offer |
| Market Maker | Up to 1,96,800 | 5.05% of Offer Size |
4. IPO Lot Size
| Application | Lots | Shares | At ₹110 | At ₹116 |
|---|
| Individual Investors (IND) – Min | 2 | 2,400 | ₹2,64,000 | ₹2,78,400 |
| Individual Investors (IND) – Max | 2 | 2,400 | ₹2,64,000 | ₹2,78,400 |
| S-HNI – Min | 3 | 3,600 | ₹3,96,000 | ₹4,17,600 |
| S-HNI – Max | 7 | 8,400 | ₹9,24,000 | ₹9,74,400 |
| B-HNI – Min | 8 | 9,600 | ₹10,56,000 | ₹11,13,600 |
5. About the Company
FX Multitech Limited was incorporated on March 27, 2008 as FX Multitech Private Limited and was converted into a public limited company in December 2024. The company is engaged in distribution and export of engineering products, primarily serving the HVAC and Industrial Refrigeration industries. Its stated product categories include compressors; refrigeration and air-conditioning controls; industrial refrigeration controls; variable frequency drives and automation; specialised components and tools; heat exchangers; cold room evaporators; and refrigerants and ancillary products.
The company states that it sources products from globally recognised manufacturers and suppliers. The RHP names 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 Ltd., among others.
The company is headquartered in Ahmedabad and has warehouses in Hyderabad, Thane, Kolkata and Bangalore. It also reports exports and describes an international expansion focus. Its subsidiary, Everestt Chillers Private Limited, was acquired to the extent of a 51% equity stake effective January 10, 2025. The subsidiary manufactures customised industrial chillers, glycol chillers, chilled-water air conditioners and effluent chillers.
Product and Revenue Mix
| Product Category | FY26 Revenue (₹ lakh) | FY26 % of Product Sales | FY25 Revenue (₹ lakh) | FY24 Revenue (₹ lakh) |
|---|
| Cold Room Evaporators | 418.54 | 3.32% | 250.00 | 350.00 |
| Compressors | 4,582.92 | 36.35% | 3,988.81 | 2,970.00 |
| Heat Exchangers | 212.13 | 1.68% | 220.00 | 127.00 |
| Industrial Refrigeration Controls | 267.69 | 2.12% | 150.00 | 160.00 |
| Refrigerants & Ancillary Products | 1,938.04 | 15.37% | 1,174.22 | 1,044.61 |
| Refrigeration & Air-Conditioning Controls | 2,393.82 | 18.99% | 2,120.00 | 1,580.00 |
| Specialized Components & Tools | 26.44 | 0.21% | 22.00 | 47.00 |
| Variable Frequency Drives & Automation | 756.63 | 6.00% | 590.00 | 570.00 |
| Industrial Chiller | 2,012.72 | 15.96% | 1,678.55 | Not disclosed |
6. Restated Financial Information
| Particular (₹ lakh except EPS) | FY26 Consolidated | FY25 Consolidated | FY24 Standalone |
|---|
| Revenue from Operations | 12,613.93 | 10,200.60 | 6,851.74 |
| Other Income | 26.73 | 44.71 | 21.99 |
| Total Income | 12,640.66 | 10,245.31 | 6,873.73 |
| Total Expenses | 11,013.53 | 8,963.95 | 6,311.76 |
| Profit Before Tax | 1,627.13 | 1,281.36 | 561.97 |
| Profit After Tax | 1,180.25 | 955.00 | 417.78 |
| Basic EPS | 10.92 | 8.84 | 3.87 |
| Diluted EPS | 10.92 | 8.84 | 3.87 |
| EBITDA | 1,936.57 | 1,416.57 | 695.44 |
| EBIT | 1,853.83 | 1,393.56 | 685.71 |
Balance Sheet
| Balance Sheet Particular (₹ lakh) | FY26 Consolidated | FY25 Consolidated | FY24 Standalone |
|---|
| Share Capital | 1,080.76 | 1,080.76 | 1,080.76 |
| Reserves & Surplus | 2,725.54 | 1,545.27 | 2,708.01 |
| Minority Interest | 204.58 | 174.43 | Not disclosed in consolidated format |
| Long-term Borrowings | 139.28 | 197.44 | 18.17 |
| Short-term Borrowings | 2,472.19 | 1,992.30 | 1,824.06 |
| Trade Payables | 1,558.09 | 1,577.14 | 1,434.30 |
| Inventories | 3,825.93 | 2,520.97 | 3,040.43 |
| Trade Receivables | 3,463.67 | 3,453.97 | 3,127.58 |
| Cash & Bank Balance | 55.52 | 6.46 | 11.00 |
| Total Assets / Total Liabilities | 8,587.82 | 6,927.13 | 7,304.50 |
Cash Flow
| Cash Flow (₹ lakh) | FY26 Consolidated | FY25 Consolidated | FY24 Standalone |
|---|
| Net Cash Flow from/(used in) Operating Activities | (99.23) | (192.99) | 151.06 |
| Net Cash Flow from/(used in) Investing Activities | (67.37) | (150.90) | (6.91) |
| Net Cash Flow from/(used in) Financing Activities | 206.34 | 340.47 | (175.05) |
| Net Increase/(Decrease) in Cash & Cash Equivalents | 39.74 | (3.42) | (30.90) |
| Cash & Cash Equivalents at Year End | 46.20 | 6.46 | 1.68 |
7. Key Performance Indicators
| KPI | FY26 | FY25 | FY24 |
|---|
| Revenue from Operations (₹ lakh) | 12,613.93 | 10,200.60 | 6,851.74 |
| EBITDA (₹ lakh) | 1,936.57 | 1,416.57 | 695.44 |
| EBITDA Margin | 15.35% | 13.89% | 10.15% |
| PAT (₹ lakh) | 1,210.39 | 953.99 | 417.78 |
| PAT Margin | 9.60% | 9.35% | 6.10% |
| EBIT (₹ lakh) | 1,853.83 | 1,393.56 | 685.71 |
| RoE | 37.63% | 44.40% | 28.57% |
| RoCE | 28.93% | 28.98% | 24.54% |
| Capital Employed (₹ lakh) | 6,407.80 | 4,808.24 | 2,794.35 |
| Debt (₹ lakh) | 2,611.47 | 2,189.74 | 1,124.32 |
8. IPO Valuation
| Measure | Disclosure |
|---|
| Price Band | ₹110–₹116 |
| FY26 Basic & Diluted EPS | ₹10.92 |
| Weighted Average EPS | ₹9.05 |
| P/E based on FY26 diluted EPS | 10.07x at ₹110; 10.62x at ₹116 |
| NAV per Share – FY26 | ₹35.22 |
| NAV per Share – FY25 | ₹24.30 |
| NAV per Share – FY24 | ₹15.46 |
| NAV per Share after Issue – Floor | ₹53.72 |
| NAV per Share after Issue – Cap | ₹55.20 |
| RoNW – FY26 / FY25 / FY24 | 31.80% / 36.33% / 25.00% |
| Weighted Average RoNW | 32.18% |
9. Shareholding & Capital Structure
| Shareholder | Pre-Offer Shares | Pre-Offer % | Post-Offer Shares | Post-Offer % at ₹110 | Post-Offer % at ₹116 |
|---|
| Subhash Agarwal | 32,66,470 | 30.22% | 31,79,470 | 22.14% | 22.14% |
| Selvaraj Rangaswamy | 46,18,650 | 42.74% | 45,31,650 | 31.56% | 31.56% |
| Anita Agarwal | 12,82,890 | 11.87% | 11,95,890 | 8.33% | 8.33% |
| Kanagalakshmi Selvaraj | 7,33,900 | 6.79% | 6,46,900 | 4.51% | 4.51% |
| Promoter Total | 99,01,910 | 91.62% | 95,53,910 | 66.53% | 66.53% |
| Gunjan Rohan Garg | 36,900 | 0.34% | 36,900 | 0.26% | 0.26% |
| Subhash Moolchand Agarwal HUF | 8,17,540 | 7.56% | 8,17,540 | 5.69% | 5.69% |
| Selvaraj Rangaswamy Gowder HUF | 51,250 | 0.47% | 51,250 | 0.36% | 0.36% |
| Promoter Group Total | 9,05,690 | 8.38% | 9,05,690 | 6.31% | 6.31% |
| Promoter + Promoter Group | 1,08,07,600 | 100.00% | 1,04,59,600 | 72.84% | 72.84% |
10. Objects of the Issue
| Object | Amount from Net Proceeds (₹ lakh) | Deployment |
|---|
| Repayment / pre-payment of certain borrowings | 1,000.00 | FY2026–27 |
| Investment in Everestt Chillers Private Limited for purchase of machinery | 625.78 | FY2026–27 |
| Funding of working capital requirements | 1,483.00 | FY2026–27 |
| General corporate purposes | Not finalized | Not finalized |
11. OFS / Selling Shareholders
| Selling Shareholder | OFS Shares | Pre-Offer Shares | Average Acquisition Cost (₹) |
|---|
| Anita Agarwal | 87,000 | 12,82,890 | 0.47 |
| Subhash Agarwal | 87,000 | 32,66,470 | 1.09 |
| Selvaraj Rangaswamy | 87,000 | 46,18,650 | 1.00 |
| Kanagalakshmi Selvaraj | 87,000 | 7,33,900 | 0.29 |
| Total | 3,48,000 | 99,01,910 | — |
12. Key Risks Highlighted in the RHP
| Category | RHP Disclosure | Potential Impact |
|---|
| Business / Supplier | The company is highly dependent on a single supplier for a significant portion of its purchases. | A disruption in the supplier relationship could affect purchases, operations, financial condition and results. |
| Customer | The company does not have long-term agreements with its customers. | Customers may change sourcing arrangements, creating operational and financial uncertainty. |
| Receivables / Financial | The company identifies risks from inability to collect receivables or customer payment defaults. | Delayed collections can affect profitability, cash flows and financial condition. |
| Growth / Operations | Revenue from operations has varied in recent periods and the company may not sustain or manage its growth. | Changes in revenue and operating scale may affect business and results. |
| Project Execution | Delays or cost escalation in the proposed purchase of plant and machinery for the subsidiary could affect deployment of Net Proceeds. | Implementation timing and the intended use of funds could be affected. |
| Legal / Regulatory | The RHP discloses procedural lapses in past equity allotments, including cash consideration and discrepancies in regulatory filings. | Regulatory action relating to these matters could have an adverse effect. |
| Compliance | The RHP identifies discrepancies and non-compliances in certain corporate records and filings with public authorities. | Future penalties or regulatory action could affect the company to the extent applicable. |
| Geographic | A major portion of revenue is generated from certain geographic regions. | Adverse regional developments could affect revenue and operating results. |
| Management | The Price Band Advertisement states that the promoter does not have prior experience in the HVAC and Industrial Refrigeration industry. | The company identifies this as a factor that may affect its business. |
| Contingent Liabilities | The RHP discloses contingent liabilities not provided for in the financial statements. | If such liabilities materialize, the financial position could be affected. |
13. Litigation & Contingent Liabilities
Litigation / Tax Proceedings
| Matter | Number of Cases | Amount (₹ lakh) | Status / Disclosure |
|---|
| Company – Direct Tax | 15 | 2.13 | Disclosed tax proceedings |
| Company – Indirect Tax | 1 | 4.01 | GST demand; matter pending |
| Subsidiary – Direct Tax | 5 | 2.10 | TDS demands disclosed |
| Group Company – Direct Tax | 12 | 32.45 | Includes disclosed income-tax demand |
| Total | 33 | 40.69 | As disclosed in RHP |
Contingent Liability
| Contingent Liability | FY26 | FY25 | FY24 |
|---|
| Claims against company not acknowledged as debt (₹ lakh) | 4.23 | 4.23 | 4.23 |
| Guarantees excluding financial guarantees | — | — | — |
| Other contingent liabilities | — | — | — |
| Total contingent liabilities | 4.23 | 4.23 | 4.23 |
Outstanding Creditor Dues
| Creditor Category | Number | Amount (₹ lakh) |
|---|
| MSME creditors | 9 | 118.50 |
| Creditors other than MSME | 110 | 1,439.59 |
| Material creditors | 2 | 945.29 |
14.Registrar
| Particular | Details |
|---|
| Name | MUFG Intime India Private Limited (formerly Link Intime India Private Limited) |
| Role | Registrar to the Offer |
| Address | C-101, Embassy 247 Park, L B S Marg, Vikhroli West, Mumbai, Maharashtra – 400083 |
| Telephone | +91 810 811 4949 |
| Email | fxmultitech.smeipo@in.mpms.mufg.com |
| Website | www.in.mpms.mufg.com |
| Contact Person | Shanti Gopalkrishnan |
| SEBI Registration No. | INR000004058 |
15.Lead Manager
| Particular | Details |
|---|
| Name | Oneview Corporate Advisors Private Limited |
| Role | Sole Book Running Lead Manager |
| Address | The Summit Business Bay, 619 & 620, 6th Floor, 266/1-172, Gundavali, Andheri Kurla Road, Andheri (East), Mumbai, Maharashtra – 400093 |
| Telephone | +91-22-69010381 |
| Email | mbd@oneviewadvisors.com |
| Website | www.oneviewadvisors.com |
| Investor Grievance Email | investorgrievance@oneviewadvisors.com |
| Contact Person | Alka Mishra |
| SEBI Registration No. | INM000011930 |
16. Company Contact Details
| Particular | Disclosure |
|---|
| Registered / Corporate Office | C-907, 908 Titanium Square, Thaltej Cross Road, Thaltej, Ahmedabad, Gujarat – 380054 |
| Telephone | 079-48925548 |
| Email | compliance@fxmultitech.com |
| Website | https://www.fxmultitech.com |
| Company Secretary & Compliance Officer | Mauli Rushil Mehta |
| Chief Financial Officer | Lalit Kumar |
| Designated Stock Exchange | BSE Limited |
