FX Multitech IPO
FX Multitech IPO is an SME IPO raising ₹45 Cr at ₹110 – ₹116 a share. It listed on 28 Sept 2026 at ₹123, +6.1% against its issue price of ₹116, and trades at ₹123 today (+6.2% since issue). It was subscribed 17× in total.
16.5 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
FX Multitech Limited is an Ahmedabad-based distributor and exporter of components for the HVAC (heating, ventilation and air conditioning) and industrial refrigeration industries in India. The company sources products such as compressors, refrigeration and AC controls, variable frequency drives, heat exchangers, cold-room evaporators and refrigerants from global manufacturers (mainly Danfoss) and supplies them to industrial and commercial customers through warehouses in five Indian cities. In January 2025 it acquired a 51% stake in Everestt Chillers Private Limited (ECPL), a Coimbatore-based maker of customised industrial, glycol, chill-water and effluent chillers, adding in-house manufacturing to its distribution model.
How it earns
Primarily by purchasing HVAC and refrigeration components from international brand owners (Danfoss, Honeywell, Testo, REFCO, Gomax, KuzuFlex, etc.) and reselling them to Indian industrial and commercial customers, with a small additional stream of export sales and commission income; ECPL contributes custom-chiller manufacturing revenue on consolidation from FY25 onward.
Who buys
The prospectus does not name individual customers but discloses concentration: the top customer contributed ₹12.71 crore (10.16% of total sales) in FY26, top 3 customers ₹31.14 crore (24.89%), top 5 ₹40.68 crore (32.52%) and top 10 ₹53.24 crore (42.58%). Domestic sales are heavily skewed to Gujarat (54.83% of domestic sales in FY26, down from 68.54% in FY25), followed by Tamil Nadu (16.00%), Maharashtra (7.13%), Karnataka (5.95%) and Telangana (5.68%).
Scale
5 warehouses across India (Ahmedabad, Kolkata, Thane, Bangalore, Hyderabad), no owned manufacturing plant (pure distributor except via ECPL subsidiary), 48 employees as of Jul 31 2026; FY26 revenue ₹126.14 crore (consolidated) vs ₹68.52 crore in FY24 (standalone).
What it says sets it apart
- Heavy dependence on Danfoss as primary supplier — top supplier alone accounted for 74.11% of FY26 purchases (₹80.01 crore of ~₹108 crore total), giving entrenched distribution rights for globally recognised brands
- Five-city warehouse and logistics network (Ahmedabad, Hyderabad, Thane, Kolkata, Bangalore) with Ahmedabad as the ~6,000 sq ft primary hub, supporting pan-India delivery without owning any manufacturing plant
- Diversified product portfolio spanning nine categories (compressors, AC/refrigeration controls, VFDs, refrigerants, chillers, heat exchangers, cold-room evaporators, industrial refrigeration controls, specialised tools), reducing dependence on any single product line
- Backward integration begun via 51% subsidiary ECPL (acquired Jan 2025) to manufacture customised chillers, with planned in-house assembly of heat pumps, natural-refrigerant chillers, heat-recovery systems and PLC-based IO control panels
- In-house engineering, application support and after-sales service team (dedicated Technical Support and Service department) differentiates the company from general component traders
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs116 / stated EPS Rs10.92 (FY ending March 31, 2026, Basic and Diluted EPS (restated consolidated), after bonus issue adjustment (40:1)). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated consolidated). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY ended March 31, 2026 | ₹126 Cr | ₹12 Cr | 9.4% | ₹38 Cr | ₹26 Cr |
| FY ended March 31, 2025 | ₹102 Cr | ₹10 Cr | 9.4% | ₹26 Cr | ₹22 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
185 SME issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
Demand is spread fairly evenly across investor categories.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 13 risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
What happens when
Next: the UPI mandate expires on 4 Nov 2026.
What to watch
- The asking multiple is 10.6× earnings, and the issuer names no listed peers to compare it against.
- The register's top risk: Extreme single-supplier concentration (~74% of purchases) (prospectus page 31).
- Its cohort's record: median −2.7% since issue price, 51.9% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track FX Multitech Limited
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.