FX Multitech SME IPO
FX Multitech IPO — date, price band, lot size & details 2026
FX Multitech listed on 28 Sep 2026 at ₹123.05, 6.1% above the ₹116 issue price.
FX Multitech Limited distributes and exports HVAC and industrial refrigeration products, including compressors, controls, variable frequency drives, heat exchangers, cold room evaporators and refrigerants. Running since 2008, it works from Ahmedabad with warehouses at Hyderabad, Thane, Kolkata and Bangalore.
Stock price
FX Multitech is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 10 October.
- Open 21 Sep 2026
- Close 23 Sep 2026
- Allotment 24 Sep 2026
- Refund/credit 25 Sep 2026
- Listing 28 Sep 2026
Issue summary
The terms of the offer, as filed.
| IPO Dates | 21 to 23 Sep, 2026 |
|---|---|
| Price Band | ₹110 – ₹116 |
| Face Value | ₹10 |
| Lot Size | 1200 Shares |
| Issue Size | ₹45.24 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE SME |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 2,78,400 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 1200 shares at the ₹116 cut-off. The SME retail application is a fixed 2 lots; HNI starts at 3.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 2 | 2,400 | ₹2,78,400 |
| Retail (max) | 2 | 2,400 | ₹2,78,400 |
| HNI (min) | 3 | 3,600 | ₹4,17,600 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 8
- 01Profit has grown strongly, from Rs 4.18 crore in FY2024 to Rs 9.64 crore in FY2025 and Rs 11.54 crore in FY2026.
- 02Sales have grown from Rs 68.74 crore in FY2024 to Rs 102.34 crore in FY2025 and Rs 111.90 crore in FY2026.
- 03EBITDA has more than doubled in two years, from Rs 6.95 crore to Rs 17.26 crore.
- 04Return ratios are strong, with RoCE of 28.93% and RoNW of 31.80%, and a PAT margin of 9.60%.
- 05Debt is comfortable at Rs 18.42 crore against a net worth of Rs 37.89 crore, and it has barely moved in the last year.
- 06Holding stock at five locations, Ahmedabad plus Hyderabad, Thane, Kolkata and Bangalore, lets it deliver and service faster than a single warehouse competitor.
- 07It has established relationships with global suppliers including Danfoss, which are hard for a new distributor to obtain.
- 08Cold chain and industrial refrigeration demand is supported by growth in food processing, pharmaceuticals and quick commerce.
Risks · 8
- 01This is mainly a distribution business. The company buys products made by others and resells them, so its margin depends on keeping its distribution arrangements.
- 02Dependence on a few global suppliers such as Danfoss cuts both ways. If a supplier appoints another distributor or sells direct, a core part of the business is affected.
- 03Growth has slowed sharply. Total income rose only about 9% in FY2026 against roughly 49% the year before.
- 04Rs 6.26 crore of the issue money goes into its subsidiary Everestt Chillers for machinery rather than into the parent company.
- 05Importing from global manufacturers brings currency risk, and a weaker rupee raises the landed cost of stock already ordered.
- 06This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.
- 07Promoter holding will come down from 100% to 72.84% after the issue.
- 08This is an SME issue. One lot is 1,200 shares, which is about Rs 1.39 lakh at the upper band of Rs 116, and SME shares usually trade in low volume after listing.
Three years of numbers
All figures in ₹ crore, as reported in the FX Multitech offer document.
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 73.05 | 61.12 | 32.66 |
| Total Income | 111.90 | 102.34 | 68.74 |
| Profit After Tax | 11.54 | 9.64 | 4.18 |
| EBITDA | 17.26 | 14.09 | 6.95 |
| NET Worth | 37.89 | 26.35 | 16.71 |
| Reserves and Surplus | 27.08 | 15.54 | 16.45 |
| Total Borrowing | 18.42 | 17.32 | 11.24 |
See how this IPO compares — view listing performance of all SME IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the FX Multitech RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
FX Multitech IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹10.68 | ₹8.04 |
| P/E Ratio (x) | 10.86 | 14.43 |
| Market Cap at Offer Price (₹ Cr) | ₹125.34 | ₹166.57 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹116 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹31.09 Cr of the issue is earmarked to named objects.
About the company
Its range covers compressors, refrigeration and air conditioning controls, industrial refrigeration controls, variable frequency drives and automation products, specialised components and tools, heat exchangers, cold room evaporators, refrigerants and related items. It buys these from established manufacturers around the world and supplies them to industrial and commercial users in India, positioning itself on reliability and energy efficiency rather than lowest price.
Its head office is in Ahmedabad, Gujarat, and it keeps warehouses at Hyderabad, Thane, Kolkata and Bangalore. Having stock in several cities lets it deliver quickly and provide technical and after sales support across the country. It also exports. Its supplier relationships include Danfoss Industries Private Limited, Transfer Oil S.P.A. and Quang Thang Mechanics and Refrigeration.
Interested in this IPO? Check the live subscription status or browse all upcoming SME IPOs.
079-48925548
The bankers & the filings
Who is running the book, and the documents this page is built from.
Company contact
Frequently asked
What is the GMP of FX Multitech?
The current Grey Market Premium is ₹6.5, or 5.60% over the issue price.
What is the FX Multitech IPO price band?
₹110 to ₹116, on a face value of ₹10.
When is the allotment?
The basis of allotment is 24 September 2026, with listing on 28 September 2026.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every SME and Mainboard issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
