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FX Multitech SME IPO Review

FX Multitech SME IPO has been reviewed by 1 analyst, and the overall consensus is May Apply — carrying a score of 60. Out of the 1 analysts who have covered this IPO, 0 recommend subscribing while 1 advises caution or avoidance — reflecting a mixed view from the analyst community.

The issue is priced in the band of ₹110-116 per share, with a minimum application size of 1200 shares (minimum investment of approximately ₹139,200 at the upper band). Subscription ran from 21 Sep 2026 to 23 Sep 2026. The issue size is ₹45 crore, a mix of fresh issue and offer for sale. As of now, the grey market premium (GMP) for FX Multitech SME IPO is quoting at ₹6.5 (5.60%), which gives a preliminary sense of how the street is pricing the listing — though GMP is unofficial and can swing sharply before the listing date. Scroll down for the full analyst breakdown and analyst-wise verdicts.

Abhishek Vohera, Founder of IPO Guru Researched & reviewed by Abhishek Vohera, Founder, IPO Guru Last updated Figures sourced from the RHP, BSE & NSE

Analyst verdict & score

One score out of 100, aggregated from every analyst verdict tracked for this issue. How it's calculated

Sentiment score
60/ 100
May Apply 0 of 1 recommend subscribing
How analysts voted
May apply 1
Not rated 1

Higher consensus indicates broader analyst agreement.

Detailed review

What the analyst reports say, grouped by the question you're likely asking.

General review

FX Multitech supplies HVAC and industrial refrigeration products, including compressors, chillers, heat exchangers, evaporators and refrigeration controls. Total income grew from ₹68.74 crore in FY24 to ₹111.90 crore in FY26, with profit rising from ₹4.18 crore to ₹11.54 crore and EBITDA margin widening from 10.15% to 15.35%. Coverage is thin at one note, which gave no rating.

Listing gains

At the upper band of ₹116 the note puts the issue at a post-issue P/E of 13.76 times and price to book of 3.29 times, against a pre-issue P/E of 10.62 times. It calls this reasonable on earnings but a premium on book value. One source with no rating is a limited basis, so the listing view stays muted.

Short-term strategy

Issue proceeds go to repaying debt, buying machinery for the manufacturing subsidiary and funding working capital, against total borrowing of ₹18.42 crore and a debt to equity ratio of 0.49. The note flags negative operating cash flow in both FY25 and FY26 despite reported profit, on high working capital intensity, which supports a cautious near-term stance.

Long-term strategy

The note credits a broad product range across refrigeration and air-conditioning controls, compressors and industrial chillers, with return on equity of 37.63% and return on capital employed of 28.93% in FY26. Against that it sets dependence on one supplier for 74.11% of FY26 purchases and 77.92% of domestic sales from three states. The horizon depends on easing those concentrations.

How this is written: an AI-assisted summary of the 2 analyst reports listed below. It reports their views; IPO Guru does not make buy or sell recommendations.

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Analyst reviews

Ordered by each analyst's track record over the past year; analysts still building one are listed last.

Analyst Verdict Report
Not Rated PDF
May Apply PDF

Latest IPO reviews

How analysts rated the most recent mainboard issues — and, where they have listed, how the call played out.

Frequently asked

Should I apply for FX Multitech SME IPO?

The analyst consensus for FX Multitech SME IPO tracked on this page is May Apply, with a score of 60/100. Out of 1 analyst who have reviewed this IPO, 0 recommend subscribing. IPO Guru does not make buy or sell recommendations. Read the individual analyst reports and consult a SEBI-registered advisor before investing.

What does the score of 60 mean for FX Multitech SME IPO?

The score of 60 is an aggregate of all analyst ratings tracked for FX Multitech SME IPO. A score in this range reflects mixed views — some analysts are positive while others are cautious. Read the individual analyst verdicts above for more context.

What was the actual listing price of FX Multitech SME IPO?

FX Multitech SME IPO listed on September 28, 2026 at ₹123.05, against the issue price of ₹116 — a gain of +6.08% (₹7.05 per share). View the full GMP history page for day-wise pre-listing trends.

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

FX Multitech SME IPO was priced at ₹110-116 per share. The minimum lot size is 1200 shares, making the minimum investment approximately ₹139,200 at the upper end of the price band. Subscription ran from 21 Sep 2026 to 23 Sep 2026.

Explore FX Multitech SME IPO further

Analyst views are one input. Read them alongside the demand, the grey market and the filings before you decide.

FX Multitech SME IPO review

A verdict is an opinion, not a guarantee.

IPO Guru collects analyst views, GMP, subscription and allotment for every Mainboard and SME issue. Weigh them together — and against the offer document — before you apply.

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Disclaimer: Grey Market Premium (GMP) is for information purposes and is not a guarantee of listing price. Always consult your financial advisor before investing.

Consensus
May Apply
Score
60 / 100
Listed at
₹123.05
Full IPO details
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