FX Multitech Limited, an Ahmedabad-based provider of HVAC and industrial refrigeration solutions, is targeting revenue of around ₹160 crore in FY27, following consolidated revenue of ₹126.14 crore in FY26. The company is looking to accelerate growth through manufacturing expansion, increased working capital, geographical expansion and strategic acquisitions.
Speaking exclusively with, Subhash Agarwal, Chairman & Managing Director, FX Multitech Limited, and Selvaraj Rangaswamy, Whole Time Director, FX Multitech Limited, said the company is pursuing a broad-based growth strategy combining organic expansion with manufacturing integration and acquisitions.
The company’s IPO comprises 39 lakh equity shares, including a fresh issue of 35.52 lakh shares and an offer for sale of 3.48 lakh shares. The issue size is ₹45.24 crore, with the price band set at ₹110–₹116 per share. The proceeds are proposed to be utilised towards repayment/pre-payment of borrowings, investment in the subsidiary for machinery purchase and working capital requirements.
Manufacturing expansion
A key component of FX Multitech’s growth strategy is its 51% stake in Everestt Chillers Private Limited (ECPL), acquired in FY25. ECPL manufactures customised industrial chillers and operates a manufacturing facility in Coimbatore, with existing capacity of around 9,000 TR per annum, which is proposed to be expanded to approximately 15,000 TR per annum.
According to the management, FX Multitech plans to invest around ₹6.5 crore in Everestt Chillers to increase its installed capacity and support higher sales.
The acquisition is also expected to strengthen the company’s manufacturing capabilities and allow FX Multitech to provide greater technical, marketing and financial support to the subsidiary. The company plans to leverage its pan-India presence to expand Everestt Chillers’ market reach.
Focus on dairy, food processing and data centres
The company sees significant opportunities across dairy, food processing, cold storage, logistics and industrial process cooling.
The management highlighted dairy and food processing as key areas of opportunity, with refrigeration required across milk processing, food storage and transportation.
The company also expects data centres to emerge as an important opportunity for its industrial chiller business, particularly with the increasing demand for computing infrastructure linked to AI applications.
FX Multitech’s IPO presentation also identifies cold chain, pharmaceuticals, food processing, warehousing and data centres among the key demand drivers for industrial cooling solutions.
Revenue and profitability growth
FX Multitech’s consolidated revenue from operations increased from ₹102.01 crore in FY25 to ₹126.14 crore in FY26, while EBITDA increased from ₹14.17 crore to ₹19.37 crore. Consolidated profit after tax before minority interest rose from ₹9.54 crore to ₹12.10 crore during the same period.
The management attributed the growth to demand across its HVAC and refrigeration businesses, while noting that its imported-product portfolio also makes the business sensitive to factors such as foreign exchange movements, customs duties, product pricing and supply timelines.
The company plans to deploy working capital towards maintaining adequate inventory and expanding its presence across additional cities and states.
Further acquisitions on the cards
Alongside organic growth and manufacturing expansion, FX Multitech is planning further acquisitions in the refrigeration and air-conditioning space.
The management indicated plans to pursue one or two additional acquisitions during the current year, with the objective of expanding its manufacturing presence and increasing its product offerings within the sector.
The company expects these acquisitions, along with its existing manufacturing and distribution capabilities, to help increase its share of wallet among existing customers.
₹500 crore revenue target
Looking ahead, FX Multitech has set a target of reaching around ₹500 crore in revenue within three years.
The management said the target is linked to the company’s plans to expand its existing business, scale Everestt Chillers, introduce additional products and pursue further acquisitions. The company also aims to graduate from the SME platform to the main board as it scales.
For FY27, the company is targeting approximately ₹160 crore in revenue, representing a significant increase over the ₹111 crore revenue generated by the standalone FX Multitech business in FY26.
With HVAC, refrigeration, cold-chain and industrial cooling demand expanding across multiple sectors, FX Multitech is looking to transition towards a more integrated manufacturing and solutions-led model. Its growth roadmap combines capacity expansion, working capital deployment, new products and acquisitions, with the company targeting ₹160 crore in FY27 and around ₹500 crore in revenue within three years.
