FX Multitech Limited

FX Multitech Limited (originally incorporated in March 2008 as FX Multitech Private Limited and converted into a public limited company in December 2024) is an Ahmedabad-headquartered distributor and exporter of engineering products specializing in the Heating, Ventilation, and Air Conditioning (HVAC) and industrial refrigeration sectors. The company serves as a single-source partner for industrial and commercial clients, supplying advanced, energy-efficient cooling and automation components. Under its B2B distribution model, FX Multitech sources products from global manufacturers—including Danfoss Industries, Transfer Oil S.P.A., Quang Thang Mechanics (VThermo), KuzuFlex, Testo India, Refco Manufacturing, US HVAC & Weld Tools, and Honeywell Automation India—and distributes them to project contractors, system integrators, dealers, and corporate end-users.

The company's product portfolio spans eight core categories:

• Hermetic Compressors
• Refrigeration & Air-Conditioning Controls
• Industrial Refrigeration Controls
• Variable Frequency Drives (VFDs) and Automation
• Specialized Components & Tools
• Heat Exchangers
• Cold Room Evaporators
• Refrigerants & Ancillary Products

In January 2025, FX Multitech completed a strategic forward integration by acquiring a 51% controlling equity stake in Everestt Chillers Private Limited (ECPL). This acquisition marks a transition from pure-play component trading toward value-added original equipment manufacturing (OEM), enabling the group to design, assemble, and market customized industrial chillers, glycol chillers, chilled-water air conditioning systems, and effluent chillers.

The company serves diverse B2B end-markets, including pharmaceuticals, food and beverage, cold-chain logistics, chemicals, plastics, textiles, and commercial infrastructure. Operations are directed from its Ahmedabad headquarters and supported by a multi-city warehousing network across Hyderabad, Thane, Kolkata, and Bangalore. Domestic sales remain concentrated in major industrial corridors: in FY26, Gujarat (54.83% / ₹68.55 Cr), Tamil Nadu (16.00% / ₹20.00 Cr), and Maharashtra (7.13% / ₹8.91 Cr) accounted for 77.96% of total domestic operational sales. The company also exports directly to Southeast Asia, the Middle East, and Africa.

At the standalone parent level, FX Multitech does not operate manufacturing plants, running an asset-light warehousing and trading model. However, its subsidiary ECPL operates a manufacturing plant in Somayampalayam, Coimbatore, Tamil Nadu, across 1.06 acres with approximately 32,000 sq. ft. of built-up factory space. The facility houses CNC fiber laser cutters, tube expanders, and laser welders, with an installed capacity of roughly 9,000 Tons of Refrigeration (TR) per annum. Using fresh issue proceeds (via a ₹6.25 Cr loan to ECPL), the subsidiary plans to scale chiller capacity to 15,000 TR per annum and add a new Air Handling Unit (AHU) line with 20,000 TR annual capacity. ECPL utilizes Built-in Tank Evaporator (BTE) technology achieving 0.5–0.6 kW/ton operating efficiency and holds an exclusive commercial license for an effluent treatment plant chiller system patent.

Based on its historical financial data, FX Multitech Limited has posted total income and net profits of ₹68.74 Cr / ₹4.18 Cr in FY24, ₹102.45 Cr / ₹9.55 Cr in FY25, and ₹126.41 Cr / ₹11.80 Cr in FY26. The company has shown consistent top-line and profit growth alongside an increase in working capital debt. It boasts an average EPS of ₹9.05 and an average RoNW of 32.18% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 3.29 against a NAV of ₹35.22 (as of March 31, 2026). Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 2.10. Attributing the latest earnings to the expanded post-issue equity base, the asking price translates to a Post-Issue P/E of approximately 39.87 (FY24), 17.44 (FY25), and 14.11 (FY26). As per the RHP, there are currently no listed companies in India directly comparable to the business model and product offerings of this company.

On the Book Running Lead Manager (BRLM) front, the issue is managed by Oneview Corporate Advisors Private Limited, which has handled 5 public issues to date. Out of its last 5 managed IPOs, all 5 listed at or above the issue price. As of September 16, 2026, two of these recent issues are currently trading below their issue price, while the remaining three are trading at or above it.

• 1 Mr. Subhash Agarwal
• 2 Mr. Selvaraj Rangaswamy
• 3 Mrs. Anita Agarwal
• 4 Mrs. Kanagalakshmi Selvaraj