FX Multitech Limited
FX Multitech Limited is an engineering product distribution company focused on the HVAC and industrial refrigeration sectors. Established in 2008 and headquartered in Ahmedabad, the company distributes compressors, refrigeration controls, automation products, and related components sourced from global manufacturers while also holding a majority stake in a manufacturing subsidiary.
Overview
About the Company
FX Multitech Limited was incorporated in March 2008 and operates as a distribution and export company serving the HVAC (heating, ventilation, and air conditioning) and industrial refrigeration industries. The company's product portfolio encompasses compressors, refrigeration and air-conditioning controls, industrial refrigeration controls, variable frequency drives, automation products, specialized components, tools, heat exchangers, cold room evaporators, refrigerants, and ancillary products. It sources products from globally recognized manufacturers and supplies energy-efficient solutions for industrial and commercial applications. The company maintains a diversified distribution network with headquarters in Ahmedabad and warehouses in Hyderabad, Thane, Kolkata, and Bangalore, enabling timely delivery and technical support across India. FX Multitech also exports products to international markets. In January 2025, the company acquired a 51% equity stake in Everestt Chillers Private Limited, a subsidiary that manufactures customized industrial chillers, glycol chillers, chilled water air conditioners, and effluent chillers. The company has established relationships with suppliers including Danfoss Industries, Transfer Oil, Quang Thang Mechanics, KuzuFlex Metal, Testo India, Refco Manufacturing, US HVAC & Weld Tools, and Honeywell Automation India. As of July 31, 2026, the company employed 48 personnel across sales, logistics, administration, finance, purchase, legal, compliance, and technical support functions.
Company Details
📋 Objects of Issue (Use of Proceeds)
- › Repayment/pre-payment, in full or part, of certain borrowings availed by the Company
- › Investment in the subsidiary namely Everestt Chillers Pvt.Ltd. for purchase of machineries
- › Funding of Working Capital Requirements
- › General Corporate Purposes
✅ Strengths
- ✓ Strong relationships with global suppliers
- ✓ Wide and established distribution network across multiple cities
- ✓ Efficient operations and supply chain management
- ✓ Diversified product portfolio across multiple industries
- ✓ Strong customer relationships supported by technical expertise
- ✓ Key distributor partnerships with leading global HVAC equipment manufacturers
- ✓ Forward integration via 51% controlling stake in manufacturing subsidiary Everestt Chillers
- ✓ Diverse range of HVAC and industrial refrigeration product offerings
- ✓ Strong customer footprint across key industrial states in India
- ✓ Experienced promoter and key managerial leadership in engineering distribution
⚠️ Risks
- ! High supplier concentration with over 70% of purchases from a single supplier
- ! Absence of long-term contracts, relying primarily on spot purchase orders
- ! Geographical concentration with major revenues coming from the top three states
- ! Instances of past procedural lapses and delayed statutory corporate filings
- ! Substantial working capital requirements alongside recent negative operating cash flows