Institutional Alpha Dossier
Loading Alpha Data...
MAINBOARD
SYNCING
GMP: ₹-
Est. Listing: Calculating...
01
Bidding Opens
-
Issue Open
02
Bidding Closes
-
Closing Date
03
Basis of Allotment
-
Registrar Finalization
04
Exchange Listing
-
Secondary Debut
Issue Price Valuation
₹-
Upper Cap Price
Price Band Cap:
Book Built / Fixed
Lot Size & Retail Matrix
- Shares
Minimum Market Lot
Min Capital:
₹-
Application Size:
-
Quant Grade & Moat Score
Proprietary Multi-Factor Moat Model
Synthesizing institutional thesis...
💼 MINIMUM INVESTMENT
Capital Matrix
Retail (Min Lot)
Up to ₹2 Lakhs Category
₹278400
HNI (Min Lot)
sNII / High Net-Worth Tier
₹417600
HNI Capital Multiple:
Institutional Lot Sizing
🍩 RESERVATION QUOTA (%)
Issue Allocation
100%
Total Issue
Anchor
28.28%
Market Maker
5.05%
QIB
19.08%
NII / HNI
14.31%
Retail
33.29%
Institutional Corporate Dossier
FX Multitech
COMPANY PROFILE & DNA
Incorporation / Founded
27-03-08
Active Vintage
Corporate Headquarters
Ahmedabad, Gujarat
Registered Hub
👔 Leadership & Promoter Group
Key Management
Subhash Agarwal, Selvaraj Rangaswamy, Anita Agarwal, Kanagalakshmi Selvaraj
⚙️ Business Overview & Portfolio
Core Offerings
Distributor and integrator of HVAC and industrial refrigeration equipment and components
🎯 Target Market & End-Use
Revenue Drivers
Used in HVAC, cold storage, blast freezing, and process cooling applications
🛡️
★ Unique Selling Proposition (Core Economic Moat)
Integrated full-stack delivery combining global OEM distribution, engineering specialization, and energy-efficient cooling solutions
Objects of the Issue (Use of Proceeds & Allocation)
🎯 Objective 01
Repayment/pre-payment, in full or part, of certain borrowings availed by our Company
₹ 10.00
Allocation
🎯 Objective 02
Investment in subsidiary Everestt Chillers Private Limited for purchase of machineries
₹ 6.26
Allocation
🎯 Objective 03
Funding of working capital requirements
₹ 14.83
Allocation
🎯 Objective 04
General Corporate Purposes
Balance
Allocation
Financial Performance & Multi-Year Trajectory
All Figures in ₹ Crores
Latest Total Income📊
₹-
Top-Line
EBITDA Margin⚡
-%
Operating
Net Profit (PAT) Margin📈
-%
Bottom-Line
Debt / Net Worth🛡️
-x
Leverage
📊 Income, EBITDA & Profit Growth Trajectory
Income
EBITDA
PAT Trend
🏛️ Balance Sheet: Net Worth vs Debt
Net Worth
Borrowing
| Particulars | FY26 | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Total Income | 126.14 | 102.01 | 68.52 | 0 |
| EBITDA | 18.43 | 13.9 | 6.95 | 0 |
| Profit After Tax (PAT) | 11.8 | 9.55 | 4.18 | 0 |
| Net Worth | 38.06 | 26.26 | 16.71 | 0 |
| Total Borrowing | 26.11 | 21.9 | 11.24 | 0 |
Growth Engine & Compounding Velocity (KPIs)
Multi-Year Trajectory
102.01
₹ Cr
YoY Growth
0.4888
3-Year CAGR
NA
13.90
₹ Cr
YoY Growth
1
3-Year CAGR
NA
9.55
₹ Cr
YoY Growth
1.2847
3-Year CAGR
NA
Capital Efficiency & Return Ratios (ROE vs ROCE)
Capital Allocation Audit
◈ ROE (Return on Equity)
Calculating...
-%
Current ROE
◈ ROCE (Capital Employed)
Calculating...
-%
Current ROCE
| MetricMetric | Current (%)Curr% | Last Year (%)Last% | 3-Yr Avg (%)3Y Avg | Trend StatusTrend |
|---|---|---|---|---|
| ROE (Return on Equity)ROE | 0.3637 | 0.2501 | 0.308 | Improving |
| ROCE (Capital Employed)ROCE | 0.2886 | 0.2487 | 0.2748 | Stable |
Forensic Analysis & Reality Check
Earnings Quality & Dilution Audit
-0.14
CFO / EBITDA
Cash Flow Conversion Efficiency
Checking...
Analyzing operating cash flow conversion...
| Parameter | Pre-IPO | Post-IPO | View |
|---|---|---|---|
| Debt / Equity | 0.83 | 0.24 | Low |
| EPS (₹) | ₹ 6.65 | ₹ 8.22 | Accretive |
| ROE (%) | 0.3637 | 0.1416 | Bad |
| ROCE (%) | 0.2886 | 0.1485 | Bad |
| P/E (Valuation) | 17.44 | 14.11 | Reasonable |
⏳ Debtor Days Trend (Receivables Cycle)
Analyzing...
FY23
FY24
FY25
Lower receivable days indicate faster cash collection from clients.
⚠️ Contingent Liabilities
Off-Balance Sheet
₹ 0.04 Cr
*Potential hidden obligations & legal/tax claims
Peer Comparison Analysis & Competitive Matrix
Industry Benchmarking
| Company NameComp | Revenue (Cr)Rev | P/E RatioP/E | ROCE (%)ROCE | ROE (%)ROE | OPM (%)OPM |
|---|---|---|---|---|---|
| FX Multitech Limited IPO CANDIDATE | 102.01 | 14.11 (Ask) | 0.2886 | 14.16% (Post Issue) | 0.1363 |
| NA | 0 | 0 | 0 | 0 | 0 |
| NA | 0 | 0 | 0 | 0 | 0 |
| NA | 0 | 0 | 0 | 0 | 0 |
| NA | 0 | 0 | 0 | 0 | 0 |
| NA | 0 | 0 | 0 | 0 | 0 |
▲ Positive Catalysts (Strengths + Opportunities):
8 Factors
▼ Risk Vectors (Weaknesses + Threats):
8 Factors
Strengths
Internal Competitive Moat
- Integrated full-stack delivery combining OEM distribution and engineering depth
- Efficiency and sustainability differentiation with energy saving chillers
- Established long-standing relationships with global suppliers
- Sectoral diversification across cold-chain pharma F&B and HVAC
Weaknesses
Internal Operational Constraints
- High dependency on a single supplier for significant purchases
- Working capital intensive operations and capacity constraints
- Absence of long-term customer agreements limiting revenue visibility
- Promoter has limited direct experience in HVAC industry
Opportunities
External Growth Tailwinds
- Structural demand growth in cold-chain and process cooling industries
- Expansion into value-added technical solutions and Tier II/III markets
- Export market expansion in Southeast Asia Middle East and Africa
- Digital and ESG monetization through IoT monitoring and energy efficiency
Threats & Risks
External Macro & Sector Headwinds
- Intense competition from organized distributors and regional players
- Disruption in supply chain or loss of key global supplier relationships
- Fluctuation in raw material prices and freight logistics costs
- Changes in government regulations and environmental compliance standards
Top 10 Anchor Investors & Smart-Money Allocation
INSTITUTIONAL BOOK
Top 10 Anchor Commitment
₹- Cr
Smart-Money Quality Score
- / 5.0 ★
Marquee Conviction
SEBI Anchor Lock-In Schedule
30D (50%) • 90D (50%)
Mandatory Lock-In
Anchor Book Allocation Pending Exchange Filing
Institutional anchor investor bidding & allocation disclosures are officially filed with NSE/BSE 1 working day prior to the IPO opening date.
| Rank | Marquee Anchor Institution | Smart-Money Grade | Amount Invested | Anchor Share (%) |
|---|
123.05
Strong Moat supported by proprietary BTE technology, ROE and ROCE consistently above 24%, niche market leadership in industrial cooling, expanding EBITDA margins from 10.15% to 15.35%, and high client stickiness with multi-year AMC contracts, offset by high working capital requirements with 101 inventory days and 110 debtor days in FY26 and a competitive fragmented market landscape.
28.28
5.05
QIB Quota
Qualified Institutional Buyers
Smart Money
-x
Institutional Book
Inst. Conviction:
Evaluating
NII / HNI Quota
sNII (₹2L-10L) & bNII (₹10L+)
HNI Desk
-x
Non-Institutional
HNI Competition Ratio:
-
Retail (RII) Quota
Individual Investors (Up to ₹2L)
SEBI Lottery
-x
Retail Book
Retail Allotment Odds:
-