FX Multitech IPO

FX Multitech was incorporated in 2008. It distributes and exports products for the heating, ventilation and air-conditioning (HVAC) and industrial refrigeration sectors. Its portfolio spans compressors; refrigeration and air-conditioning controls; industrial refrigeration controls; variable-frequency drives and automation; specialised components and tools; heat exchangers; cold-room evaporators; and refrigerants and ancillary products.

In January 2025, it acquired a 51% stake in Everestt Chillers Private Limited (ECPL), which manufactures customised industrial chillers, glycol chillers, chilled-water air conditioners and effluent chillers. ECPL's Coimbatore facility occupies approximately 1.06 acres with about 32,000 sq. ft. of constructed area and supports current production capacity of approximately 9,000 tons of refrigeration per annum.

The parent operates mainly as a distributor, sourcing from international and domestic suppliers and serving project contractors, distributors and end users. Its supplier base includes globally recognised HVAC and refrigeration brands. Products sourced internationally pass through import and customs-clearance processes.

In FY26, domestic sales contributed 99.1% of revenue from operations, exports 0.8% and commission income 0.04%. Within product sales, compressors contributed 36.3%, refrigeration and air-conditioning controls 18.9%, industrial chillers 15.9%, refrigerants and ancillary products 15.3%, variable-frequency drives and automation 6.00%, cold-room evaporators 3.32% and rest by industrial refrigeration controls, heat exchangers, and specialised components and tools. Compressors declined from 43.37% of product sales in FY24, while industrial chillers represented 15.96% in FY26 after the ECPL acquisition.

The company is headquartered in Ahmedabad and operates five warehouses in Ahmedabad, Kolkata, Thane, Bengaluru and Hyderabad; the Ahmedabad warehouse is the primary hub and covers approximately 6,000 sq. ft. In FY26, Gujarat accounted for 54.83% of domestic sales, followed by Tamil Nadu at 16.00%, Maharashtra at 7.13%, Karnataka at 5.95% and Telangana at 5.68%. Export contribution declined from 9.03% in FY24 to 0.83% in FY26.