FX MultitechShare price, financial results, shareholding and management
- Market cap
- ₹174 cr
- Stock P/E
- 14.5peers 28.9
- Book value
- ₹26.5
- Price to book
- 4.56
- EV / operating profit
- -
- Market cap to sales
- 1.38
- ROCE · FY26
- 32.1%
- ROE · FY26
- 37.5%
- ROE, 3-year average
- 37.6%
- Operating margin · FY26
- 15.0%peers 18.5%
- Sales growth, 3 years
- 8.4%
- Profit growth, 3 years
- 33.9%
- Debt to equity
- 0.68peers 0.34
- Borrowings
- ₹26 cr
- Interest cover
- 9.0×
- Cash from business / op. profit
- -5%
- Debtor days
- 100
- Pledged
- 0.00%
- Promoter holding
- 72.84%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 729
- 52-week high / low
- ₹152 / ₹109
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
FX Multitech share price chart
Close on 6 Nov 2026 · +0.67% on the day · Vol 46,800
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -4.8%
- Traded a day, 20 days
- ₹1.26 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +24% | +20% |
| 3 years, a year | +8% | +34% |
About FX Multitech: business, products and customers
FX Multitech supplies compressors, controls, refrigerant gases and other parts for air conditioning and industrial cooling systems, mostly from global brands, and owns a majority stake in a small chiller maker. Its shares trade on BSE SME.
FX Multitech, set up in Ahmedabad in 2008, is a distributor of parts for refrigeration and air conditioning: compressors, valves and controls, variable frequency drives, refrigerant gases and hoses, service tools, heat exchangers and cold room evaporators. It is a distributor for Danfoss and deals in brands such as Freon, Kuzuflex, Vthermo, Testo, Gomax, Refco and Honeywell, and keeps stock in five warehouses in Ahmedabad, Kolkata, Thane, Bangalore and Hyderabad. It makes nothing itself and had 48 staff in July 2026.
Because it buys finished goods and passes them on, most of its revenue goes back out as purchases, and its profit is the gap between the two. To grow sales it has to carry more stock and give customers credit, with a standard credit period of 180 days, so growth so far has used cash rather than produced it. One supplier provides about three quarters of everything it buys, so its business rests on that relationship.
Read more about the business
In January 2025 it took 51% of Everestt Chillers, a Coimbatore maker of custom industrial, glycol and effluent chillers, by turning a loan into shares; the founders of Everestt hold the rest and are paid salary and rent by it. The 2026 share sale raised money for loan repayment, working capital and new machines for Everestt, and the company plans to spend all of it in FY27. Its Chennai branch business was sold to Beijer Ref India (South) in March 2023, which is why FY24 sales were lower.
The offer document says no listed company in India does directly comparable business, and names its competition as organised distributors, regional players and channel partners authorised by manufacturers. Frascold India, which assembles and supplies compressors of the Italian maker Frascold and in which the two executive promoters each hold 24.5%, works in the same trade under a non-compete agreement signed in December 2025.
From the red herring prospectus dated 12 September 2026, the only company document available; no annual report, results filing or presentation since listing was available to read.
Read the deeper study ↓In its favour
- It earns a high return on the money it uses: ROCE 32% in FY26.
- The promoters own a large part of the company: 72.84%.
To watch
- Use of the share sale money in FY27: ₹10.0 cr for loan repayment, ₹6.3 cr for Everestt machines and ₹14.8 cr for working capital, tracked by Brickwork Ratings as monitoring agency (offer document, p.77 and p.102).
- The chiller expansion at Everestt Chillers toward about 15,000 TR and the new air handling unit line (offer document, p.110).
- Operating cash flow and inventory after two years of cash outflow (offer document, p.39 and p.45).
- Trade with group company Frascold India, ₹5.7 cr of sales to it in FY26, and the December 2025 non-compete; past share allotment filing lapses, now under regularisation, and some late statutory dues (offer document, p.33, p.40, p.72 and p.206).
- Customers take longer to pay than before: 100 days in FY26, against 57 in FY23.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
FX Multitech revenue and profit growth
Half-yearly results · Profit and lossSales have grown steadily. Last year profit grew roughly in step with sales.
FX Multitech profit and loss
Full years to March, FY23 to FY26 · ₹ crore, consolidated where reported
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Sales | 99 | 69 | 102 | 126 |
| Expenses | 91 | 62 | 88 | 107 |
| Operating profit | 7 | 7 | 14 | 19 |
| OPM | 7.0% | 10.0% | 14.0% | 15.0% |
| Other income | 0 | 0 | 0 | 0 |
| Interest | 1 | 1 | 1 | 2 |
| Depreciation | 0 | 0 | 0 | 1 |
| Profit before tax | 6 | 6 | 13 | 16 |
| Tax rate | 16.7% | 33.3% | 23.1% | 25.0% |
| Net profit | 5 | 4 | 10 | 12 |
| EPS ₹ | 173.75 | 158.57 | 8.84 | 10.92 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
Earnings per share before FY25 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
FX Multitech profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Operating margin | 7.0% | 10.0% | 14.0% | 15.0% |
| Tax rate | 16.7% | 33.3% | 23.1% | 25.0% |
| ROCE | · | 27.2% | 37.2% | 32.1% |
| ROE | · | 28.1% | 47.3% | 37.5% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
FX Multitech debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
FX Multitech balance sheet
At each 31 March · ₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Equity capital | 0.26 | 0.26 | 11 | 11 |
| Reserves | 12 | 16 | 15 | 27 |
| Net worth | 12.26 | 16.26 | 26 | 38 |
| Borrowings | 12 | 11 | 22 | 26 |
| Other liabilities | 11.74 | 5.74 | 21 | 22 |
| Total liabilities | 36 | 33 | 69 | 86 |
| Fixed assets | 1 | 0 | 3 | 4 |
| Capital work in progress | 0 | 0 | 1 | 0 |
| Investments | 0 | 0 | 0 | 0 |
| Other assets | 35 | 33 | 65 | 82 |
FX Multitech cash flow
₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Cash from operations | 1 | 2 | -2 | -1 |
| Cash from investing | 2 | 0 | -2 | -1 |
| Cash from financing | -3 | -2 | 3 | 2 |
| Net cash flow | 0 | 0 | -1 | 0 |
Working capital
Days
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Debtor days | 57 | 71 | 124 | 100 |
| Inventory days | 69 | 98 | 117 | 147 |
| Days payable | 43 | 19 | 73 | 60 |
| Cash conversion cycle | 84 | 150 | 167 | 187 |
| Working capital days | 46 | 87 | 87 | 102 |
FX Multitech peers and competitors
Listed SME companies in the same industryBy sales, FX Multitech is number 21 of the 55 listed SME companies in industrial manufacturing.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Purple Wave Infocom | 421 | 32.4 | 146 | 13 | 14.0% | 0.30 |
| Tipco Engineering India | 638 | 25.5 | 145 | 25 | 26.0% | 0.41 |
| Emkay Tools | 1,232 | 21.0 | 144 | 58.7 | 55.7% | 0.00 |
| IC Electricals Company | 203 | 14.5 | 143 | 14 | 19.0% | 1.19 |
| Captain Technocast | 546 | 42.0 | 130 | 13 | 13.0% | 0.38 |
| FX Multitech | 174 | 14.5 | 126 | 12 | 15.0% | 0.68 |
| Gabion Technologies India | 172 | 21.5 | 115 | 8 | 15.0% | 0.77 |
| L. T. Elevator | 727 | 42.8 | 111 | 17 | 24.0% | 0.22 |
| Apollo Techno Industries | 123 | 11.1 | 110 | 11 | 13.0% | 0.30 |
| Cospower Engineering | 553 | 42.5 | 107 | 13 | 21.0% | 0.60 |
| Kwick Forensic Solutions | 490 | 35.0 | 106 | 14 | 18.0% | 0.00 |
| Median of the 10 others | 518 | 29 | 123 | 13.5 | 18.5% | 0.34 |
FX Multitech shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Foreign and Indian funds own a noticeable share. The number of shareholders is about the same.
FX Multitech shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Jun 26 | Sep 26 | |
|---|---|---|
| Promoters | 72.84% | 72.84% |
| Foreign investors (FIIs) | - | 0.99% |
| Indian institutions (DIIs) | - | 11.87% |
| Number of shareholders | 729 | 729 |
FX Multitech study: the business from its own documents
Read from 1 of the company's own documentsFX Multitech key facts from the filings
Each figure with the document it comes from
- FY26 revenue
- ₹126.1 cr
- Consolidated, up from ₹102.0 cr in FY25; profit after tax was ₹12.1 cr. FY26 is the first full year that includes Everestt Chillers.Offer document, p.151 and p.299
- Top supplier
- 74%
- Share of FY26 purchases from a single supplier; it was 71% in FY25 and 74% in FY24.Offer document, p.157
- Industrial chillers
- 16% of sales
- ₹20.1 cr in FY26 from Everestt Chillers; compressors were the largest line at 36%.Offer document, p.151
- Chiller capacity
- 9,000 → 15,000 TR
- Everestt's yearly capacity in tons of refrigeration now and after the planned expansion, which also adds an air handling unit line of about 20,000 TR.Offer document, p.108 and p.110
- Top ten customers
- 42.6%
- Of FY26 sales; the largest single customer was 10.2%. There are no long term contracts.Offer document, p.157 and p.32
Show 5 more facts
- Gujarat
- 54.8%
- Share of FY26 domestic sales, with Tamil Nadu next at 16.0%.Offer document, p.152
- Operating cash flow
- ₹1.0 cr outflow
- In FY26, after a ₹1.9 cr outflow in FY25, while profits rose; more money went into stock and unpaid bills.Offer document, p.39
- Stock held
- ₹38.3 cr
- Inventory at March 2026, up from ₹25.2 cr a year earlier.Offer document, p.45
- Exports
- 0.8% of revenue
- In FY26, down from 9.0% in FY24.Offer document, p.150
- Share sale
- 39 lakh shares
- 35.5 lakh new shares and 3.5 lakh sold by the four promoters; ₹10.0 cr to repay loans, ₹6.3 cr for Everestt machines and ₹14.8 cr for working capital.Offer document, p.101 and p.102
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says it will spend all the money from the share sale in FY27: on repaying loans, on working capital and on new machines at Everestt Chillers to raise chiller capacity and start making air handling units. It also says it plans to move from pure distribution toward technical solutions and local assembly.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
FX Multitech earns a trading margin on cooling and refrigeration parts made by global brands, plus a manufacturing margin on chillers from its subsidiary.
Its weak spots are its reliance on one main supplier and the cash tied up in stock and customer credit.
WatchCan it set its own prices?Not much. It passes on other makers' products and competes with other distributors on price, credit and delivery.
AverageHow strong is it against rivals?Its long ties with global brands and its warehouse network help, but it does not have formal agreements with all its suppliers.
AverageWho are its customers?Many contractors, dealers and industrial buyers, none very large, but mostly in a few states and without long term contracts.
WatchDoes it need a lot of money?Yes, for stock and customer credit rather than plant, and growth has so far used more cash than the business brought in.
AverageCan it keep finding new work?Demand for cooling parts is broad and the chiller unit is adding capacity, but there is no order book and growth rests on carrying more stock.
AverageDo good and bad years swing a lot?The company says its business is not seasonal; the one big dip came from selling its Chennai branch business.
Who runs FX Multitech?
Promoters, directors and officers; tap a name for the background
SASubhash AgarwalPromoter, Chairman and Managing Director · holds 30.22% pre-offer
Bachelor's degree in mechanical engineering and an MBA from the University of Poona, with over 30 years in business; with the company since it was set up in 2008. Also a director of Frascold India and Everestt Chillers. Paid ₹35.8 lakh in FY26. The offer document states that Gunjan Garg, Head of Human Resources, is the daughter of Subhash Agarwal.
Offer document, p.182, p.184, p.186 and p.195SRSelvaraj RangaswamyPromoter and Whole-Time Director · holds 42.74% pre-offer
Diploma in production engineering from Tamil Nadu; began in 1987 as a production engineer at Schutz Cutarc and joined Vadilal Chemicals in 1992 as a senior technical executive. A director since 2008 and of Frascold India and Everestt Chillers. Paid ₹35.8 lakh in FY26.
Offer document, p.182, p.184 and p.186AAAnita AgarwalPromoter · holds 11.87% pre-offer
With the company since it was set up and a non-executive director until 31 March 2025; more than 17 years in distribution of compressors and refrigeration parts. The offer document lists Anita Agarwal as the wife of Subhash Agarwal.
Offer document, p.188, p.199 and p.201KSKanagalakshmi SelvarajPromoter and Non-Executive Director · holds 6.79% pre-offer
B.Sc. from the University of Madras; worked at Indian Bank from 1984 and retired as an HR officer in 2022. The offer document states Kanagalakshmi Selvaraj is the spouse of Selvaraj Rangaswamy and has no direct experience of the HVAC and refrigeration trade.
Offer document, p.183, p.185, p.186 and p.39LKLalit KumarChief Financial Officer
Chartered accountant with about eight years in finance and tax; appointed CFO in April 2025.
Offer document, p.194MRMauli Rushil MehtaCompany Secretary and Compliance Officer
Associate member of the Institute of Company Secretaries of India with a law degree; earlier company secretary at Shilchar Technologies; joined in March 2025.
Offer document, p.194SDShivam Devkishanji SoniIndependent Director
Chartered accountant and company secretary with a law degree; began at Adani Enterprises in 2017 and now in practice. Chairs the audit committee. Appointed in May 2025, the same day two independent directors appointed earlier that year, Nawalkishor Durgaprashad Gupta and Ashok Ruplal Kavdia, ceased to be directors.
Offer document, p.183, p.185, p.189 and p.191NRNageswara Rao NarlaIndependent Director
B.Tech in mechanical engineering; earlier worked with Tecumseh Products India and BPL Engineering. Appointed in February 2025.
Offer document, p.184 and p.185FX Multitech latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- Shareholding, 30 Sept 2026: promoters unchanged at 72.84%.
FX Multitech announcements
1 on record, latest first; each opens the filing on the exchange
FX Multitech annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
FX Multitech share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on FX Multitech's data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- iThe shares traded on only 12 days in the past year, so the price, its range and the returns here rest on few trades.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,43,59,600 shares).
- !The FY26 results imply 1,10,00,000 shares at face value ₹10, which disagrees with the shareholding pattern; the pattern is used.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- !Earnings per share changes basis between FY24 (₹158.57) and FY25 (₹8.84) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY23 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about FX Multitech
What does FX Multitech do?
FX Multitech supplies compressors, controls, refrigerant gases and other parts for air conditioning and industrial cooling systems, mostly from global brands, and owns a majority stake in a small chiller maker. Its shares trade on BSE SME.
What is the share price of FX Multitech?
₹121 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of FX Multitech?
₹174 cr at the close on 6 Nov 2026, on 1,43,59,600 shares.
What is the P/E of FX Multitech?
14.5 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are FX Multitech's revenue and profit?
Revenue ₹126 cr and profit after tax ₹12 cr in FY26.
Who are the promoters of FX Multitech?
Subhash Agarwal, Selvaraj Rangaswamy, Anita Agarwal, Kanagalakshmi Selvaraj; promoters held 72.84% at 30 Sept 2026.
More SME companies like FX Multitech
Other listed SME companies in industrial manufacturing, the closest in size first, each read from its own documents.
- Gabion Technologies IndiaGTIL · BSE SME · Industrial ManufacturingMarket cap ₹169 cr
- Global Pet IndustriesGLOBALPET · NSE Emerge · Industrial Manufacturing · listed 2023Market cap ₹179 cr
- Highness MicroelectronicsHIGHNESS · BSE SME · Industrial ManufacturingMarket cap ₹165 cr
- IC Electricals CompanyICELCO · NSE Emerge · Industrial Manufacturing · listed 2026Market cap ₹214 cr
- Innovators Facade SystemsINNOVATORS · BSE SME · Industrial ManufacturingMarket cap ₹226 cr
- Shining ToolsSHTL · BSE SME · Industrial ManufacturingMarket cap ₹126 cr
Built from 1 offer document, 1 exchange announcements, 2 shareholding patterns and 4 years of reported results. Every figure carries its source; where the documents are silent, the page says so.