What is the core business of FX Multitech Ltd?

FX Multitech Ltd is an Indian distributor and exporter of products and components for the HVAC (heating, ventilation, and air conditioning) and industrial refrigeration industries, including compressors, heat exchangers, automation products, and chillers.

What are the key dates for the FX Multitech IPO?

The IPO opens on September 21, 2026, closes on September 23, 2026, with allotment scheduled for September 24, 2026, and tentative listing on September 28, 2026.

What is the price band and lot size of FX Multitech IPO?

The price band is set between ₹110 and ₹116 per share, with a minimum lot size of 1,200 shares requiring an investment of ₹2,64,000 for 2,400 shares.

What is the issue size of the FX Multitech IPO?

The overall issue size for the IPO is ₹45.24 crore.

What are the main financial risks for FX Multitech Ltd?

Major risks include heavy reliance on a single supplier (74.11% of FY26 purchases), negative operating cash flows in FY25 and FY26, high geographic reliance on Gujarat (54.83% of domestic sales), and outstanding borrowings of ₹26.11 crore.

Does FX Multitech Ltd have manufacturing capabilities?

Yes, through its subsidiary Everestt Chillers Private Limited (in which it acquired a 51% equity stake in January 2025), the company manufactures customized industrial chillers, glycol chillers, and effluent chillers.

Is FX Multitech IPO good for long term?

Based on our AI analysis, FX Multitech has a financial score of N/A/100 and a market potential score of N/A/100.

What is the lot size of FX Multitech IPO?

Use the ViewIPO Lot Size Calculator to instantly find the exact lot size and maximum investment limits for Retail, sHNI, and bHNI categories for FX Multitech.

FX Multitech IPO: GMP, Price & Review

Name: FX Multitech IPO
Brand: FX Multitech
Rating: 3.8 (1 reviews)

Home›India›FX Multitech ()

FX MultitechNSE SME / BSE SME:

Analyzed by ViewIPO Financial Research Team

HVAC & Industrial RefrigerationIndia•Filed 2026-09-21•Listing 2026-09-28•Size ₹45.65Cr

The total amount of money the company is trying to raise from the public through this IPO.

•Lot Size 1200

The minimum number of shares an investor must bid for in an IPO.

Live GMP

Grey Market Premium. The extra amount buyers are willing to pay for the IPO shares in the unofficial market before listing.

₹0 (0%)

Live Subscription

How many times the IPO has been demanded by investors. E.g., 10x means investors want 10 times more shares than available.

0.06x Total

Check Allotment

Status Link

Is FX Multitech IPO Good? Quick Verdict

FX Multitech IPO scored 59/100 (High Risk) in our deep analysis. The strongest pillar is Financial at 70/100, while Competition is the primary concern at 45/100. FX Multitech Ltd demonstrates strong top-line revenue growth and expanding net profit in the HVAC distribution sector, but faces notable risks from extreme single-supplier concentration, regional revenue dependency, and negative operating cash flows.

IPO Score

59/100

High Risk

Quick Verdict

Steady revenue expansion from ₹68.52 Cr in FY24 to ₹111.57 Cr in FY26.

Net profit expanded significantly from ₹4.18 Cr in FY24 to ₹11.54 Cr in FY26.

Extreme reliance on a single supplier accounting for 74.11% of total purchases in FY26.

Persistent negative operating cash flows (-₹0.99 Cr in FY26 and -₹1.93 Cr in FY25).

Geographic concentration with Gujarat generating 54.83% of domestic revenue in FY26.

Company Snapshot

Revenue (TTM)

Total money brought in by the company's operations before deducting any expenses.

₹111.57Cr↑ 9.63% YoY

Profitability

The company's total profit after all expenses, taxes, and costs have been deducted.

PositiveNet Income ₹11.54Cr

Gross Margin

—

Market Cap

—Pending Data

IPO Size

The total amount of money the company is trying to raise from the public through this IPO.

₹45.65Cr

Industry

HVAC & Industrial Refrigeration

P/E Ratio

—Pending Data

Risk Breakdown

Governance

Moderate

Financial

Moderate

Valuation

Expensive

Competition

Expensive

Dilution

Moderate

Promoter / Mgmt

Moderate

AI Summary

FX Multitech Ltd is an India-based distributor and exporter of HVAC and industrial refrigeration products, offering compressors, controls, automation items, heat exchangers, and chillers. Incorporated in 2024, FX Multitech Ltd expanded its operations steadily with revenues growing from ₹68.52 crore in FY24 to ₹111.57 crore in FY26, alongside net income rising to ₹11.54 crore. However, FX Multitech Ltd relies heavily on a single primary supplier for over 74% of purchases and faces working capital pressures that resulted in negative operating cash flows in recent fiscal years.

Overall Verdict: FX Multitech Ltd demonstrates strong top-line revenue growth and expanding net profit in the HVAC distribution sector, but faces notable risks from extreme single-supplier concentration, regional revenue dependency, and negative operating cash flows.

Key Highlights

•FX Multitech Limited distributes and exports products across HVAC, industrial refrigeration, automation, and electrical component categories.
•The company acquired a 51% stake in Everestt Chillers Private Limited in January 2025 to manufacture customized chillers and air conditioners.
•Total revenue from operations rose from ₹68.52 crore in FY24 to ₹101.77 crore in FY25 and ₹111.57 crore in FY26.
•Profit after tax increased from ₹4.18 crore in FY24 to ₹9.64 crore in FY25 and ₹11.54 crore in FY26.
•Maintains warehousing facilities in key logistical centers including Hyderabad, Thane, Kolkata, and Bangalore.
•A single global supplier contributed 74.11% of total purchases in FY26, highlighting supply chain vulnerability.
•Operating cash flow remained negative in FY26 (-₹0.99 crore) driven by trade receivables rising to ₹31.27 crore.

Financial Performance

Revenue (Annual)
Total money brought in by the company's operations before deducting any expenses.

↑ +9.6% YoY

INR in Crores

Net Income (Annual)
The company's total profit after all expenses, taxes, and costs have been deducted.

↑ +19.7% YoY

INR in Crores

Cash Flow vs Profit
Compares actual cash entering the business versus accounting profit. Strong cash flow indicates high earnings quality.

↑ +48.7% YoY

INR in Crores

EBITDA vs PAT
Earnings Before Interest, Taxes, Depreciation, and Amortization. Shows pure operating performance.

EBITDA YoY

INR in Crores

EBITDA

PAT

IPO Timeline

IPO Opens2026-09-21

IPO Closes2026-09-23

Basis of Allotment2026-09-24

Refunds & Demat2026-09-25

Listing Date2026-09-28

Valuation Analysis

IPO Price₹110 - ₹116

Estimated Fair Value

The theoretical true worth of the company based on its financial performance and peers.

Pending Data

Valuation Premium

How much more expensive this IPO is compared to its estimated fair value or its industry peers.

Pending

vs Fair Value

IPO DNA

Growth

Evaluates the company's historical and projected revenue and profit expansion.

Governance

Assesses the quality, transparency, and track record of the company's management team.

Profitability

Measures how effectively the company turns its sales into actual profit.

Valuation

Analyzes whether the IPO price is cheap, fair, or expensive compared to peers.

Competition

Evaluates the company's market share, moats, and competitive threats in its industry.

Execution

Assesses the company's ability to successfully utilize IPO proceeds and deliver on its promises.

Pros vs Cons

Pros

Consistent top-line growth with revenue advancing from ₹68.52 Cr in FY24 to ₹111.57 Cr in FY26.
Expanding profitability with net profit increasing from ₹4.18 Cr in FY24 to ₹11.54 Cr in FY26.
Key commercial partnerships with major HVAC and industrial leaders such as Danfoss, Honeywell, Refco, and Testo.
Established multi-warehouse logistical network spanning Hyderabad, Thane, Kolkata, and Bangalore.
Management team backed by promoters possessing over six decades of aggregated industry experience.

Cons

Severe vendor concentration with a single supplier representing 74.11% of total purchases in FY26.
Negative cash flows from operating activities in FY26 (-₹0.99 Cr) and FY25 (-₹1.93 Cr) owing to working capital capital lockup.
High geographical sales concentration, with Gujarat accounting for 54.83% of domestic revenue in FY26.
Limited corporate operating track record following incorporation in 2024.
Substantial trade receivables of ₹31.27 Cr and total outstanding debt borrowings of ₹26.11 Cr as of March 31, 2026.

Financial Health

Revenue Growth

The year-over-year percentage increase in the company's total sales.

Revenue grew from ₹68.52 Cr in FY24 to ₹111.57 Cr in FY26 (Good)

Debt Level

An assessment of whether the company's borrowing is manageable or risky.

Total borrowings of ₹26.11 Cr as of March 31, 2026 (Moderate)

Cash & Equivalents

How much liquid cash the company has on hand to fund daily operations.

Negative cash flow from operations (-₹0.99 Cr in FY26) (Weak)

Institutional Signals

Anchor Investors

Large institutional investors who buy shares before the IPO opens to the public, signaling confidence.

Undisclosed

VC Backing Tier

Whether renowned Venture Capital or Private Equity firms have invested in the company.

None / Undisclosed

Strategic Partners

Key business alliances that give the company a competitive edge.

Tier 1 (Danfoss, Honeywell, Refco, Testo)

FX Multitech IPO Reddit Pulse & Sentiment

Real-time Reddit discussions & retail sentiment

No Public Data Available

We couldn't find any significant public discussions or retail sentiment threads for this IPO at the moment.

Disclaimer: These are raw community discussions aggregated from public forums. The AI summary and Reddit comments do not constitute financial advice. Always conduct your own independent research.

FX Multitech IPO — Frequently Asked Questions

Related IPO Reports

A-One Steels

AONE

0/100

View Report

ArMee Infotech

ARMEE

55/100

View Report

Himalaya Nutravedics

HNIL

61/100

View Report

Varmora Granito

VARMORA

56/100

View Report

Vivekanand Cotspin

VIVEKANAND

55/100

View Report

View All Active & Upcoming IPOs View IPO Calendar

IPO Terminology Explained

Confused by terms like GMP, Kostak, or Subject to Sauda? Read our detailed guides in the IPO Glossary to understand the terminology before you invest.

Grey Market Premium (GMP)Subject to Sauda ASBA Offer for Sale (OFS)

View Full Glossary

Source Citation: All financial data and risk metrics are derived from the official prospectus filed with the regulator (SEBI DRHP/RHP). ViewIPO algorithms process this public data for informational purposes. Not financial advice.

Want to analyze another IPO?

Search any stock, IPO, company, ticker or filing and get instant AI-powered analysis.

Frequently Asked Questions about FX Multitech

What is the expected listing price of FX Multitech?

The expected listing price depends on the live Grey Market Premium. Check the live GMP and expected listing price for FX Multitech on our Live GMP Tracker.

FX Multitech IPO Analysis & Review

Quick Answers

Key IPO Information

ViewIPO AI Analysis Score

Frequently Asked Questions

What is the core business of FX Multitech Ltd?

What are the key dates for the FX Multitech IPO?

What is the price band and lot size of FX Multitech IPO?

What is the issue size of the FX Multitech IPO?

What are the main financial risks for FX Multitech Ltd?

Does FX Multitech Ltd have manufacturing capabilities?

FX MultitechNSE SME / BSE SME:

Is FX Multitech IPO Good? Quick Verdict

Quick Verdict

Company Snapshot

Risk Breakdown

AI Summary

Key Highlights

Financial Performance

Revenue (Annual) Total money brought in by the company's operations before deducting any expenses.

Net Income (Annual) The company's total profit after all expenses, taxes, and costs have been deducted.

Cash Flow vs Profit Compares actual cash entering the business versus accounting profit. Strong cash flow indicates high earnings quality.

EBITDA vs PAT Earnings Before Interest, Taxes, Depreciation, and Amortization. Shows pure operating performance.

IPO Timeline

Valuation Analysis

IPO DNA

Pros vs Cons

Pros

Cons

Financial Health

Institutional Signals

FX Multitech IPO Reddit Pulse & Sentiment

No Public Data Available

FX Multitech IPO — Frequently Asked Questions

Related IPO Reports

A-One Steels

ArMee Infotech

Himalaya Nutravedics

Varmora Granito

Vivekanand Cotspin

IPO Terminology Explained

Want to analyze another IPO?

Frequently Asked Questions about FX Multitech

Is FX Multitech IPO good for long term?

What is the lot size of FX Multitech IPO?

What is the expected listing price of FX Multitech?

Revenue (Annual)
Total money brought in by the company's operations before deducting any expenses.

Net Income (Annual)
The company's total profit after all expenses, taxes, and costs have been deducted.

Cash Flow vs Profit
Compares actual cash entering the business versus accounting profit. Strong cash flow indicates high earnings quality.

EBITDA vs PAT
Earnings Before Interest, Taxes, Depreciation, and Amortization. Shows pure operating performance.