| Annual Financials | Mar 2025 | Mar 2026 |
| Revenue | 102.01 | 126.14 |
| Expenses | 89.64 | 110.14 |
| Other Income | 0.45 | 0.27 |
| Total Revenue | 102.45 | 126.41 |
| Profit Before Tax | 12.81 | 16.27 |
| Net Profit | 9.55 | 11.80 |
FX Multitech
FX Multitech IPO
₹2,64,000
0.2 xOver-subscribedBidding Dates 21 Sept, 26 -23 Sept, 26
Min Investment ₹2,64,000
Lot Size1,200
Price Range ₹110 – ₹116
Issue Size ₹45.24 Cr.
Download Doc
IPO Subscription Details
Retail Subscription Details
0.04 x
Non-Institutional Buyers (sHNI)
0.08 x
Non-Institutional Buyers (bHNI)
1.2 x
Qualified Institutional Buyers (QIB)
0 x
Total0.2 x
0.2 x IPO Timeline
IPO Offer Start
21 Sept,26
IPO Offer Ends
23 Sept,26
Allotment Finalisation
24 Sept,26
Refund Initiation
25 Sept,26
Listing of Shares
28 Sept,26
IPO Analysis
Strengths
The company has established cordial relationships with suppliers across Europe and Asia in the HVAC and Industrial Refrigeration Industry, enabling it to source diverse products, benefit from technological innovation, and maintain a competitive edge in the Indian market.
The company has developed a wide distribution network across multiple states in India through strategically located warehouses, supported by streamlined logistics operations, enabling timely and consistent service levels across all operating regions.
The company offers a diversified product portfolio spanning HVAC, refrigeration, automation, electrical components, and industrial accessories, reducing dependence on a single sector and providing a natural hedge against industry-specific demand fluctuations.
Risks
The company sources approximately 74.11% (FY 2025-26), 71.39% (FY 2024-25), and 73.96% (FY 2023-24) of its total purchases from a single supplier, exposing it to significant supplier concentration risk. Any disruption, termination, or adverse change in this relationship could materially impact product availability, pricing, margins, and overall competitiveness, with no assurance of timely transition to alternative suppliers.
The company operates entirely on purchase order or short-term arrangements with no binding long-term customer contracts, making customers free to reduce, cancel, or cease orders at any time. This limits revenue visibility and exposes the company to demand fluctuations, financial instability, and operational uncertainty.
The company reported negative cash flows from operating activities of Rs. (99.23) Lakhs and Rs. (192.99) Lakhs in FY 2025-26 and FY 2024-25 respectively, and negative investing cash flows across all reported periods. Sustained negative cash flows could adversely affect liquidity, the ability to fund expansion, and overall growth prospects.
Objectives
The company proposes to utilize a portion of the Net Proceeds towards pre-payment/repayment, in full or in part, of certain outstanding working capital borrowings availed from The Hongkong and Shanghai Banking Corporation Limited, aimed at reducing outstanding indebtedness and improving leverage capacity.
The company intends to invest a portion of the Net Proceeds into its subsidiary, Everestt Chillers Private Limited (ECPL), for the purchase of additional machinery to expand manufacturing capacity, introduce new product lines, and strengthen in-house manufacturing capabilities.
The company proposes to utilize a portion of the Net Proceeds to fund incremental working capital requirements, supporting business growth, improving profitability, and releasing internal accruals currently deployed in working capital.
The remaining Net Proceeds, subject to a cap of 15% of the amount raised or Rs. 10 crores (whichever is lower), are intended to be deployed towards general corporate purposes including meeting operating expenses, marketing, strategic initiatives, and other business exigencies.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2025 | Mar 2026 |
| Total Assets | 69.27 | 85.88 |
| Current Assets | 63.54 | 80.18 |
| Fixed Assets | 5.73 | 5.70 |
| Total Equity & Liabilities | 69.27 | 85.88 |
| Total Liabilities | 41.27 | 45.77 |
| Current Liabilities | 39.16 | 44.24 |
| Non Current Liabilities | 2.11 | 1.53 |
| Total Equity | 28.00 | 40.11 |
Cash Flow
| Cash Flow | Mar 2025 | Mar 2026 |
| Net Cash Flow | -0.03 | 0.40 |
| Investing Activities | -1.51 | -0.67 |
| Operating Activities | -1.93 | -0.99 |
| Financing Activities | 3.40 | 2.06 |
About FX Multitech
FX Multitech Limited, incorporated in 2008 and headquartered in Ahmedabad, Gujarat, is engaged in the distribution and export of a diverse portfolio of products catering to the HVAC and Industrial Refrigeration industry, offering compressors, refrigeration controls, variable frequency drives, heat exchangers, refrigerants, and ancillary products sourced from globally recognized brands...more
Website
Managing DirectorMr. Subhash Agarwal
we are part of Raise Financial Services
built with love
for indians who love to invest & trade
Market Community
Follow us on
