FX Multitech Limited IPO

01At a glance

What the company does: distributes compressors, refrigeration and air-conditioning controls, drives, refrigerants and related parts from makers such as Danfoss to industrial and commercial users, and through its 51% subsidiary Everestt Chillers makes industrial chillers in Coimbatore (RHP p.149, RHP p.108).

Who pays it: industrial and commercial customers, project contractors and distributors, none of them named; the largest customer was 10.16% of FY26 sales and the top ten 42.58% (RHP p.161, RHP p.157). Gujarat was 54.83% of FY26 domestic sales (RHP p.152).

Why it is raising money: ₹1,483.00 lakh for working capital and ₹1,000.00 lakh to repay bank working-capital borrowings, plus ₹625.78 lakh to be lent to the subsidiary for machinery; the amount for general corporate purposes is blank (RHP p.102).

How fast it has grown: revenue from ₹6,851.74 lakh in FY24 to ₹12,613.93 lakh in FY26, about 35.7% a year, and profit after tax from ₹417.78 lakh to ₹1,180.25 lakh, about 68.1% a year (our arithmetic, RHP p.64, RHP p.67). FY24 is standalone and excludes the subsidiary, and it was the first year after the company sold its Chennai branch business (RHP p.31).

The one thing to understand: this is mainly a trading business whose supply is concentrated and whose cash lags its profit. One supplier provided 74.11% of FY26 purchases (RHP p.31), and operating cash flow was an outflow of ₹192.99 lakh in FY25 and ₹99.23 lakh in FY26 while reported profit rose (RHP p.39). The prospectus does not state the price.

02The business, in plain words

FX Multitech was incorporated in Ahmedabad in March 2008 and in 2009 took over the businesses of two partnership firms, FX Overseas and FX Engineering Enterprises (RHP p.178). It does not manufacture anything itself (RHP p.160).

It sources components for refrigeration and HVAC (heating, ventilation and air conditioning) systems from Indian and overseas makers, clears the imported ones through customs, holds stock in five rented warehouses in Ahmedabad, Kolkata, Thane, Bangalore and Hyderabad, and resells to customers (RHP p.158, RHP p.160).

It is a distributor, dealer or channel partner for brands including Danfoss, Kuzuflex, Gomax, Testo, Refco and Vthermo, and it does not have formal agreements with all its suppliers (RHP p.159, RHP p.160).

In January 2025 it took 51% of Everestt Chillers Private Limited (ECPL), which makes customised industrial, glycol and effluent chillers in Coimbatore, by converting an outstanding loan into 2,08,163 ECPL shares (RHP p.108, RHP p.112). The other 49% is held equally by Munirathinamnaidu Ravichandran and Janakiraman Jansirani, ECPL's managing director and whole-time director (RHP p.180). ECPL reported revenue of ₹2,076.03 lakh and profit of ₹61.58 lakh in FY26 (RHP p.111). The group had 48 staff at July 31, 2026, 20 of them in sales and marketing (RHP p.162).

A plant, cold store or contractor needs a compressor, valve, drive, refrigerant or chiller → places a purchase order → FX sources the part, stores it and ships it through third-party transporters, and ECPL builds chillers to order → FX earns the gap between its purchase cost and the invoice, ECPL the margin on what it makes.

Sales are made on purchase orders without long-term contracts, and the standard credit period given to customers is 180 days (RHP p.32, RHP p.44).

Earnings equation: Profit ≈ revenue − (goods bought + materials − stock built up) − freight and duty − staff − interest. In FY26 revenue was ₹12,613.93 lakh; purchases of stock in trade were ₹9,816.93 lakh, materials consumed ₹986.98 lakh and the stock build-up ₹1,312.65 lakh, leaving gross profit, as the prospectus defines it, of ₹3,122.67 lakh, 24.76% of revenue (our arithmetic, RHP p.67, RHP p.6). The prospectus gives no units sold, so revenue cannot be written as volume × price.

03Where the money comes from

Source: RHP p.151. The four other categories (cold room evaporators, heat exchangers, industrial refrigeration controls, and tools) are added together by us from the same page. Commission income of ₹4.99 lakh makes up the rest of FY26 revenue (RHP p.150).

Exports fell from ₹618.76 lakh, 9.03% of revenue, in FY24 to ₹104.47 lakh, 0.83%, in FY26 (RHP p.150). By state, FY26 domestic sales were Gujarat 54.83%, Tamil Nadu 16.00% and Maharashtra 7.13% (RHP p.152). Tamil Nadu sales went from ₹337.45 lakh in FY24 to ₹2,000 lakh in FY26 (RHP p.152).

Source: RHP p.157. Revenue does not rest on a few customers: 57.42% of FY26 sales came from outside the top ten (our arithmetic, RHP p.157). The concentration is on the supply side: the largest supplier provided 74.11% of FY26 purchases and the top ten 86.58% (RHP p.31).

04The growth record

Source: RHP p.121, RHP p.64, RHP p.67, RHP p.39, RHP p.288. FY24 is standalone; FY25 includes ECPL only from January 10, 2025 and FY26 for the full year, so the prospectus itself says the years are not strictly comparable (RHP p.152, RHP p.299). The company's EBITDA is profit before tax plus depreciation and interest (RHP p.121); other income of ₹26.73 lakh in FY26 is not deducted (RHP p.67).

The restatement changed audited profit from ₹908.61 lakh to ₹955.00 lakh for FY25 and from ₹1,198.80 lakh to ₹1,180.25 lakh for FY26, for prior-period items, tax and exchange gains (RHP p.219). FY26 earnings per share were ₹10.92 and net asset value per share ₹35.22, after the 40-for-1 bonus (RHP p.119, RHP p.120). Other income of ₹26.73 lakh was 1.6% of the ₹1,627.13 lakh profit before tax in FY26 (our arithmetic, RHP p.67).

Receivable days were 77 in FY24, 89 in FY25 and 110 in FY26 (RHP p.113).

Our arithmetic from FY24 to FY26: revenue grew about 35.7% a year, EBITDA about 66.9% and owners' profit about 68.1% (70.2% on the company's PAT line); EBITDA margin rose 520 basis points and the company-basis PAT margin 350 basis points (RHP p.121, RHP p.64, RHP p.67).

05What the growth is made of

Three pieces can be separated from the document; volume and price cannot.

A low FY24 base: the company sold its Chennai branch business to Beijer Ref India (South) on a slump-sale basis in March 2023 for ₹220.00 lakh, and says FY24 revenue dipped because of it (RHP p.179, RHP p.31). FY23 revenue is not given in the pages read.

The distribution business: standalone revenue went from ₹6,851.74 lakh in FY24 to ₹10,176.86 lakh in FY25, up 48.5%, and ₹11,157.01 lakh in FY26, up 9.6% (our arithmetic, RHP p.64). The company attributes FY25 growth to compressors and refrigerants and to the subsidiary (RHP p.301).

The subsidiary: consolidated revenue exceeded standalone by ₹1,456.92 lakh in FY26 against ₹23.74 lakh in FY25, when ECPL was included only from January 10, 2025 (our arithmetic, RHP p.64, RHP p.67, RHP p.299). FX also sold ₹555.80 lakh of goods to ECPL in FY26, which drops out on consolidation (RHP p.275).

The prospectus does not disclose units sold in any product line, so the increase cannot be split into volume and price. Two of its own figures do not agree. The product table shows ₹1,678.55 lakh of industrial chillers in FY25 (RHP p.151), although ECPL was consolidated only from January 10, 2025 and consolidated revenue exceeded standalone revenue by only ₹23.74 lakh that year (our arithmetic, RHP p.64, RHP p.67). The management discussion gives FY25 compressor sales of ₹4,540.00 lakh and refrigerant sales of ₹2,277.83 lakh, against ₹3,988.81 lakh and ₹1,174.22 lakh in the product table (RHP p.301, RHP p.151).

06Earnings quality

The one that needs explaining is cash. In FY26, operations generated ₹308.91 lakh before tax after inventories rose by ₹1,304.96 lakh and short-term advances by ₹300.46 lakh; income tax paid of ₹408.14 lakh turned that into an outflow (RHP p.68). Inventory was ₹3,825.93 lakh at March 2026, 44.55% of total assets (RHP p.45).

The company says the stock build-up was a response to expected input price increases, and the higher receivable days reflect sales late in the year (RHP p.114). Advances to suppliers rose from ₹105.58 lakh to ₹433.00 lakh over FY26 (RHP p.227), and ₹248.19 lakh of receivables were more than six months old at March 2026 (RHP p.226).

Read from the filing: the growth has been funded by bank borrowings rather than by cash from operations; borrowings rose from ₹1,124.32 lakh to ₹2,611.47 lakh between March 2024 and March 2026 (RHP p.121), and the ₹1,483.00 lakh working-capital object is meant to fund part of that need (RHP p.112).

07The balance sheet

At March 2026 borrowings were ₹2,611.47 lakh: ₹2,472.19 lakh short term, including cash credit of ₹1,462.10 lakh and bill discounting of ₹731.66 lakh, and ₹139.28 lakh long term (RHP p.224, RHP p.247). ₹2,473.27 lakh is secured and ₹138.19 lakh unsecured (RHP p.289). The main lender is HSBC, at rates linked to Treasury bills (RHP p.105); three unsecured business loans carry 12.50% to 13.50% (RHP p.290).

ECPL borrows separately from IDFC First Bank and SIDBI, secured on its own assets and guaranteed by its directors (RHP p.290, RHP p.291). Cash and bank balances were ₹55.52 lakh, with a further ₹104.24 lakh in fixed deposits shown as non-current (RHP p.66, RHP p.226). Total debt was 0.69 times shareholders' funds (RHP p.247).

Contingent liabilities were ₹4.23 lakh, a GST notice for FY2019-20 under appeal (RHP p.70, RHP p.245). No guarantees given and no capital commitments are reported (RHP p.70). No lease liability appears in the restated balance sheet (RHP p.66), though all five warehouses are rented (RHP p.167). HSBC facilities are secured on company property, stock and receivables, on mortgages of other properties, and on personal guarantees from the promoters (RHP p.106, RHP p.294).

The second column is our arithmetic: borrowings fall by the ₹1,000.00 lakh to be repaid from the proceeds (RHP p.102). Cash and net worth after the offer cannot be worked out, because the price is blank.

08What the money is for

Source: RHP p.102; the total is our arithmetic. The share of the fresh issue each takes cannot be worked out while the price is blank.

Repayment: HSBC working-capital limits of ₹1,900.00 lakh had ₹1,688.67 lakh outstanding at March 2026, including a ₹9.03 lakh bank guarantee (RHP p.104). Loan to ECPL: 6% a year, with a six-year moratorium and then a single repayment (RHP p.110).

ECPL has quotations for machinery totalling ₹658.61 lakh, the excess over ₹625.78 lakh to come from its own accruals; no order has been placed, and some quotations are in Singapore dollars converted at ₹75.43 (RHP p.111). Working capital: the company's own estimate for March 2027 is net working capital of ₹7,078.00 lakh, of which ₹1,483.00 lakh from the offer (RHP p.113).

General corporate purposes are capped at 15% of the amount raised or ₹10 crore, whichever is lower (RHP p.102). All of it is scheduled for FY27 (RHP p.102). ₹35.80 lakh of offer expenses had already been spent (RHP p.117). Brickwork Ratings has been appointed voluntarily as monitoring agency (RHP p.118).

Into the business: 35,52,000 new shares; the rupee amount is blank until the price is fixed (RHP p.60). To selling shareholders: 3,48,000 existing shares, 87,000 from each of the four promoters; the amount is blank (RHP p.60, RHP p.61).

Of the 39,00,000 shares on offer, 1,96,800 are reserved for the market maker, Basan Equity Broking; of the 37,03,200 net offer, not more than 18,46,800 go to qualified institutions (up to 11,02,800 of them to anchor investors), not less than 5,58,000 to non-institutional bidders and not less than 12,98,400 to individual investors (RHP p.60). The book-running lead manager, Oneview Corporate Advisors, underwrites the whole offer (RHP p.78). The prospectus gives anchor bidding on September 18, 2026 and the bid period as September 21 to September 23, 2026 (RHP p.1), and leaves the price band and bid lot blank (RHP p.2, RHP p.9).

09Who is selling

Source: RHP p.101; the last column is our arithmetic. The selling promoters' average cost is ₹1.00, ₹1.09, ₹0.47 and ₹0.29 a share respectively (RHP p.98).

10Promoters

The promoters are Subhash Agarwal, chairman and managing director; Selvaraj Rangaswamy, whole-time director; Anita Agarwal; and Kanagalakshmi Selvaraj, a non-executive director (RHP p.198). The prospectus lists Anita Agarwal as the wife of Subhash Agarwal and Kanagalakshmi Selvaraj as the wife of Selvaraj Rangaswamy (RHP p.202). Gunjan Garg, head of human resources and a promoter group shareholder, is listed as the daughter of Subhash Agarwal (RHP p.195).

Subhash Agarwal holds a mechanical engineering degree and an MBA and has over 30 years in the business; Selvaraj Rangaswamy holds a production engineering diploma and worked at Schutz Cutarc from 1987 and Vadilal Chemicals from 1992 (RHP p.184). Anita Agarwal was a director until March 31, 2025 and has over 17 years in distribution of compressors and related products (RHP p.199). Kanagalakshmi Selvaraj worked at Indian Bank from 1984 until retiring as an HR officer in 2022 (RHP p.185), and a risk factor states that Kanagalakshmi Selvaraj has no direct experience of the industry (RHP p.39).

Subhash Agarwal and Selvaraj Rangaswamy each hold 24.50% of Frascold India, a group company controlled by Frascold SPA of Italy that assembles condensing units and distributes Frascold compressors; it reported FY25 revenue of ₹4,161.20 lakh (RHP p.205). FX and Frascold India signed a non-compete agreement on December 19, 2025 (RHP p.206). Both promoters are also on ECPL's board (RHP p.180). No other listed company promoted by them is disclosed. No promoter shares are pledged (RHP p.88), and there is no litigation against the promoters (RHP p.307). The promoters have given personal guarantees for the HSBC facilities (RHP p.106).

Pay: Subhash Agarwal and Selvaraj Rangaswamy each drew ₹35.78 lakh in FY26 (RHP p.186). The four promoters together drew ₹240.84 lakh in FY24, ₹266.57 lakh in FY25 and ₹71.56 lakh in FY26 (our arithmetic, RHP p.71).

Promoter economics: the founders subscribed at ₹10 a share in 2008; further shares were issued at ₹23.50 in March 2011, partly by converting loans, and rights issues at ₹100 followed in December 2016, April 2017 and May 2017 (RHP p.84, RHP p.85, RHP p.86). A 40-for-1 bonus of 1,05,44,000 shares on March 31, 2025 produced the present count (RHP p.84). In August and September 2023 Anita Agarwal, Kanagalakshmi Selvaraj and the two promoter group HUFs received shares by gift, and ten shares moved at ₹600 each (RHP p.87). No promoter acquired shares in the year before the prospectus (RHP p.98).

11Who already owns it

Source: RHP p.94, RHP p.95; the post-offer total adds the 35,52,000 new shares to the 1,08,07,600 existing ones (RHP p.60), and the post-offer percentages are our arithmetic. The company has seven shareholders, all promoters or promoter group (RHP p.99): Selvaraj Rangaswamy 42.74%, Subhash Agarwal 30.22%, Anita Agarwal 11.87%, Subhash Moolchand Agarwal HUF 7.56%, Kanagalakshmi Selvaraj 6.79% (RHP p.92), and Selvaraj Rangaswamy Gowder HUF and Gunjan Rohan Garg with the rest (RHP p.94, RHP p.95).

There is no outside investor. 30,15,516 promoter shares are to be locked in for three years (RHP p.96). Allotment can exceed the offer by up to 10% for rounding, which would change the post-offer count (RHP p.99).

12What changed just before the IPO

• March 27, 2023: the Chennai branch business was sold to Beijer Ref India (South) for ₹220.00 lakh (RHP p.179).
• August to September 2023: promoter and promoter group holdings rose through gifts from six individuals (RHP p.87).
• November to December 2024: the company became a public company, with a fresh certificate of incorporation dated December 19, 2024 (RHP p.73).
• January 10, 2025: 51% of ECPL acquired by converting a ₹187.35 lakh loan into 2,08,163 shares, about ₹90 a share (our arithmetic, RHP p.112, RHP p.275).
• February 21, 2025: authorised capital raised from ₹40 lakh to ₹2,300 lakh (RHP p.178).
• February to May 2025: five additional independent directors appointed, two of whom left on May 19, 2025 (RHP p.188, RHP p.189).
• March to April 2025: a company secretary and a CFO appointed, and five senior staff promoted (RHP p.196).
• March 31, 2025: the 40-for-1 bonus; Anita Agarwal left the board and Kanagalakshmi Selvaraj joined it (RHP p.84, RHP p.188).
• July 2025: the statutory auditor resigned citing other professional obligations, and S K Bhavsar & Co. was appointed (RHP p.79).
• FY26: promoter pay fell to ₹71.56 lakh (our arithmetic, RHP p.71); loans to related parties rose to ₹433.07 lakh from ₹115.08 lakh (RHP p.264); exports fell to 0.83% of revenue (RHP p.150).
• December 19, 2025: non-compete agreement with Frascold India (RHP p.206).
• June 13, 2026: ECPL agreed to pay M. Ravichandran a royalty of 3% of invoice value on orders using a patented effluent chiller design (RHP p.321).
• Applications to compound or regularise lapses in share allotments of 2011 and 2017 have been filed with the Registrar of Companies (RHP p.35).

13Capacity and expansion

Source: RHP p.108, RHP p.110, RHP p.102, RHP p.160. TR is tons of refrigeration. FX itself manufactures nothing, so the prospectus gives no capacity for it (RHP p.160). ECPL's plant sits on about 1.06 acres with about 32,000 sq ft built (RHP p.108); ECPL owns one plot and rents three factory and office premises from Ravichandran and Jansirani for 11 months from September 1, 2026, at ₹3.43 lakh a month in total (our arithmetic, RHP p.109). The expansion adds heat pumps, air handling units, fan coil units and in-house components (RHP p.109, RHP p.110). The prospectus gives no utilisation or output in TR for ECPL.

14Market size and industry structure

As claimed: the industry section comes from a report by Infomerics Analytics & Research, commissioned and paid for by the company (RHP p.130). That commissioned report puts the Indian HVAC market at USD 11.74 billion in 2024, Indian industrial refrigeration at USD 1.50 billion and the Indian chiller market at USD 0.51 billion (RHP p.138, RHP p.140). Its projections to 2034 are not repeated here. Its global figures differ between sections: the global HVAC market is USD 242.88 billion for 2024 on one page and USD 206.28 billion on another (RHP p.137, RHP p.148).

The part that is addressable: components for refrigeration and HVAC systems sold through distribution, and industrial chillers. The report does not size the component distribution segment.

What the company is today: FY26 revenue of ₹12,613.93 lakh (RHP p.67). The report gives market sizes in US dollars and the prospectus gives no dollar exchange rate for them, so the company's share cannot be worked out from the document.

Structure, per the commissioned report: fragmented but consolidating, with multinationals, large Indian makers, regional assemblers and component specialists; entry is described as capital and compliance heavy (RHP p.144, RHP p.145).

15Competitive position

Source: RHP p.146, RHP p.159. The prospectus gives no revenue, margin or borrowing figures for any of them. Independent director Nageswara Rao Narla is a director of Rockwell Industries (RHP p.184), and the group company Frascold India distributes compressors (RHP p.205).

The company says customers come for its supplier relationships, its warehouse network and its technical support (RHP p.161). Danfoss has given it awards in 2012, 2016, 2021 and 2025 (RHP p.178). It owns no registered intellectual property (RHP p.164). The commissioned report says ECPL's chillers run at 0.5 to 0.6 kW per ton against an industry average of 0.8 to 1.0 (RHP p.147); the prospectus gives no test data for that in the pages read.

16Peers the company named

Peers named in the offer document: none. The prospectus says no listed company in India has a comparable business, so it prints no peer ratios, no industry P/E and no peer comparison of its KPIs (RHP p.120, RHP p.122).

With no price and no named peers, the prospectus gives no basis for a comparison, and this study makes none.

17Risks, in plain words

Suppliers: the largest supplier provided 74.11% of FY26 purchases and the top three 77.91% (RHP p.31) → a change in that one relationship reaches most of what the company sells → purchases from the top supplier were ₹8,001.40 lakh (RHP p.31), and the company does not have formal agreements with all its suppliers (RHP p.159).

Customers: there are no long-term contracts and sales run on purchase orders (RHP p.32) → volumes can move quickly → the top ten customers were 42.58% of FY26 sales (RHP p.157).

Working capital and cash: credit of up to 180 days is given to customers (RHP p.32) → growth consumes cash → operating cash flow was an outflow in FY25 and FY26 (RHP p.39), and receivable days reached 110 (RHP p.113).

Debt: borrowings are mostly short-term and floating-rate (RHP p.224, RHP p.46) → interest costs follow rates and bank limits → finance costs rose 94.57% in FY26 to ₹244.32 lakh (RHP p.300).

Geography: Gujarat was 54.83% of FY26 domestic sales and the top three states 77.96% (RHP p.152, RHP p.38) → a slowdown in one state moves the whole company.

Group company: Frascold India, owned in part by two promoters, works in the same industry (RHP p.43) → the non-compete agreement defines the boundary (RHP p.206) → FX sold ₹574.33 lakh to and purchased ₹335.55 lakh from Frascold India in FY26 (RHP p.72).

The subsidiary's expansion: ECPL has placed no machinery orders and its quotations have limited validity (RHP p.32, RHP p.111) → costs or timing can move → ₹625.78 lakh of proceeds is at stake, lent at 6% with a six-year moratorium (RHP p.110).

Compliance record: part of the money for share allotments in 2011, 2016 and 2017 was received in cash rather than through a bank, some filings with the Registrar were late or incorrect, and statutory dues were paid late, including an 80-day EPF delay (RHP p.33, RHP p.34, RHP p.36, RHP p.40) → regulators could levy penalties → none had been levied at the date of the prospectus (RHP p.36). Fire safety certificates for four warehouses have been applied for but not received (RHP p.321).

Issue-specific: the objects have not been appraised by any bank or independent agency (RHP p.53), and general corporate purposes, issue expenses and the price are blank (RHP p.102, RHP p.116).

18Litigation and regulatory matters

There are no criminal proceedings, regulatory actions or material civil cases against the company, its directors, promoters, subsidiary or group company (RHP p.306, RHP p.307, RHP p.308). E-proceedings pending against promoter Kanagalakshmi Selvaraj have not become demands (RHP p.311). The contingent-liability note gives the Bengaluru GST matter as ₹4.23 lakh, under appeal (RHP p.245). Two creditors are owed ₹945.29 lakh of the ₹1,558.09 lakh of trade payables (RHP p.312, RHP p.313).

19Related-party transactions

Source: RHP p.71, RHP p.72; pay, loan and rent totals are our arithmetic. In FY25 and FY26 the loans from Subhash Agarwal and Selvaraj Rangaswamy were repaid within the year, leaving nothing outstanding (RHP p.71). ECPL's three directors were paid ₹57.00 lakh in FY26 (our arithmetic, RHP p.71, RHP p.72), and ECPL took ₹118.70 lakh of loans from Ravichandran in FY26 (RHP p.72). Within the group, FX sold ₹555.80 lakh of goods to ECPL in FY26 and earned ₹12.99 lakh of interest on loans to it (RHP p.275).

What appeared or changed in the two years before filing: ECPL transactions began with the acquisition in January 2025 (RHP p.179); purchases from Frascold India rose from ₹3.39 lakh to ₹335.55 lakh (RHP p.72); pay to Anita Agarwal and Kanagalakshmi Selvaraj stopped in FY26 and the CFO and company secretary were added (RHP p.71, RHP p.72); the Frascold non-compete was signed in December 2025 (RHP p.206); and the ECPL royalty agreement with Ravichandran was signed in June 2026 (RHP p.321).

20What the offer document does not say

The price band, bid lot, rupee size of the fresh issue and the offer for sale, general corporate purposes, issue expenses and post-offer percentages are all blank (RHP p.60, RHP p.102, RHP p.116). The name of the supplier behind 74.11% of purchases is not given in the concentration table (RHP p.31). Units sold by product line are not disclosed, so growth cannot be split into volume and price. Customer names are not disclosed.

ECPL's utilisation and output are not disclosed. The prospectus does not explain how the FY24 and FY25 product split was derived; most of those figures are round numbers such as ₹2,120.00 lakh and ₹590.00 lakh (RHP p.151). It does not reconcile the FY25 product figures in the management discussion with the product table (RHP p.301, RHP p.151).

A risk factor gives Gujarat's FY25 share as 63.75% and the state table as 68.54% (RHP p.38, RHP p.152). A risk factor says neither company owns registered intellectual property, while the approvals chapter lists a registered patent against the subsidiary under a royalty arrangement (RHP p.43, RHP p.321).

A risk factor says the CFO and company secretary have been with the company less than a year, against appointment dates in March and April 2025 (RHP p.55, RHP p.196).

21Five questions for management

1. Which supplier accounted for the ₹8,001.40 lakh of FY26 purchases, on what credit terms, and is there a written distribution agreement with it?
2. How many units were sold in each product category in FY24, FY25 and FY26, and how much of the growth came from price rather than volume?
3. How does the ₹1,678.55 lakh of FY25 industrial chiller sales in the product table reconcile with ECPL being consolidated only from January 10, 2025?
4. What part of the ₹3,825.93 lakh of inventory at March 2026 is more than 180 days old, and what part of the ₹433.00 lakh of supplier advances relates to the largest supplier?
5. At what utilisation did ECPL's 9,000 TR plant run in FY26, and what utilisation does the added capacity need to service a ₹625.78 lakh loan at 6%?

1Sources and cited facts

This study was read from 1 document the company filed. The 139 figures it cites are listed under the document each came from, with the page and the sentence as printed.