FX Multitech
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 13.51×
- Big non-institutionalbNII · above ₹10 lakh
- 15.32×
- Small non-institutionalsNII · ₹2–10 lakh
- 6.65×
- Retail individualRII · up to ₹2 lakh
- 4.17×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 15 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 28 Sep 2026 | ₹6.50 | — | ₹5,900 | ₹122.50 | ₹7,800 |
| 27 Sep 2026 | ₹6.50 | — | ₹5,900 | ₹122.50 | ₹7,800 |
| 26 Sep 2026 | ₹6 | — | ₹5,500 | ₹122 | ₹7,200 |
| 25 Sep 2026 | ₹6 | — | ₹5,500 | ₹122 | ₹7,200 |
| 24 Sep 2026 | ₹4 | — | ₹3,600 | ₹120 | ₹4,800 |
| 23 Sep 2026 | ₹4 | — | ₹3,600 | ₹120 | ₹4,800 |
| 22 Sep 2026 | ₹0 | — | ₹0 | ₹116 | ₹0 |
| 21 Sep 2026 | ₹0 | — | ₹0 | ₹116 | ₹0 |
| 20 Sep 2026 | ₹0 | — | ₹0 | ₹116 | ₹0 |
| 19 Sep 2026 | ₹0 | — | ₹0 | ₹116 | ₹0 |
| 18 Sep 2026 | ₹0 | — | ₹0 | ₹116 | ₹0 |
| 17 Sep 2026 | ₹0 | 0.00% | ₹0 | ₹116 | ₹0 |
| 16 Sep 2026 | ₹0 | 0.00% | ₹0 | ₹116 | ₹0 |
| 15 Sep 2026 | ₹0 | 0.00% | — | — | ₹0 |
| 14 Sep 2026 | ₹0 | — | — | — | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 7,44,000 | 1,55,90,400 | ₹181 Cr | 20.95× |
| Non-institutional | 5,58,000 | 1,44,98,400 | ₹168 Cr | 25.98× |
| Big non-institutionalwithin NII | 3,71,200 | 1,11,12,000 | ₹129 Cr | 29.94× |
| Small non-institutionalwithin NII | 1,86,000 | 33,86,400 | ₹39.28 Cr | 18.21× |
| Retail individual | 12,98,400 | 1,59,84,000 | ₹185 Cr | 12.31× |
| Total | 26,00,400 | 4,60,72,800 | ₹534 Cr | 17.72× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 23 Sept, 05:11 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 21 Sep 2026 – 23 Sep 2026
- Listing date
- 28 Sep 2026
- Face value
- ₹10 per share
- Price band
- ₹110 – ₹116
- Lot size
- 1,200 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹45.24 Cr
- Fresh issue
- ₹38.92 Cr 33,55,200 shares
- Offer for sale
- ₹4.04 Cr 3,48,000 shares
- Market cap at offer price
- ₹167 Cr
- Promoter holding
- 100.00% → 72.84% pre-issue → post-issue
- ISIN
- INE1D0M01019
- CIN
- U52100GJ2008PLC053391
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Oneview Corporate Advisors Pvt.Ltd.
- Registered office
- C-907, 908 Titanium Square, Thaltej Cross Road, Thaltej, Ahmedabad, Gujarat, India – 380054
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 7,44,000 | 28.61% | 26.60% |
| Anchor investor · within QIB | 11,02,800 | — | 39.43% |
| NII (HNI) | 5,58,000 | 21.46% | 19.95% |
| bNII > ₹10L · within NII | 3,72,000 | — | 13.30% |
| sNII < ₹10L · within NII | 1,86,000 | — | 6.65% |
| Retail (RII) | 12,98,400 | 49.93% | 46.42% |
| Employee | 0 | — | 0.00% |
| Market maker | 1,96,800 | — | 7.04% |
| Total issue | 27,97,200 | — | 100.00% |
Net offer to the public of 26,00,400 shares, out of a total issue of 27,97,200. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,200 shares per lot, in multiples, at ₹116
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,39,200 |
| S-HNI (min) | 2 | 2,400 | ₹2,78,400 |
| S-HNI (max) | 7 | 8,400 | ₹9,74,400 |
| B-HNI (min) | 8 | 9,600 | ₹11,13,600 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹116 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 10.68 | 8.04 |
| P/E (×) | 10.86 | 14.43 |
| Price to book (×) | 3.29 | — |
| Market cap | — | ₹167 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 31.80%
- ROCE
- 35.00%
- Debt / equity
- 0.49
- PAT margin
- 9.60%
- EBITDA margin
- 15.35%
- NAV per share
- ₹35.22
- Price to book
- 3.29
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 |
|---|---|---|
| Profit and loss | ||
| Total income | 126.41 | 102.45 |
| Revenue from operations | 126.14 | 102.01 |
| Other income | 0.27 | 0.45 |
| Total expenses | 110.14 | 89.64 |
| Operating profit | 16.27 | 12.81 |
| Operating margin | 12.87% | 12.50% |
| Profit before tax | 16.27 | 12.81 |
| Profit after tax | 11.8 | 9.55 |
| PAT margin | 9.33% | 9.32% |
| Balance sheet | ||
| Total assets | 85.88 | 69.27 |
| Current assets | 80.18 | 63.54 |
| Current liabilities | 44.24 | 39.16 |
| Total liabilities | 45.77 | 41.27 |
| Net worth | 40.11 | 28 |
| Current ratio | 1.81× | 1.62× |
| Return on equity | 29.42% | 34.11% |
| Cash flow | ||
| Operating cash flow | -0.99 | -1.93 |
| Investing cash flow | -0.67 | -1.51 |
| Financing cash flow | 2.06 | 3.4 |
| Net cash flow | 0.4 | -0.03 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Repayment/Pre-payment of Borrowings ₹10 Cr
The company proposes to utilize a portion of the Net Proceeds towards pre-payment/repayment, in full or in part, of certain outstanding working capital borrowings availed from The Hongkong and Shanghai Banking Corporation Limited, aimed at reducing outstanding indebtedness and improving leverage capacity.
2 Investment in Subsidiary (Everestt Chillers Private Limited) for Purchase of Machineries ₹6.26 Cr
The company intends to invest a portion of the Net Proceeds into its subsidiary, Everestt Chillers Private Limited (ECPL), for the purchase of additional machinery to expand manufacturing capacity, introduce new product lines, and strengthen in-house manufacturing capabilities.
3 Funding of Working Capital Requirements ₹14.83 Cr
The company proposes to utilize a portion of the Net Proceeds to fund incremental working capital requirements, supporting business growth, improving profitability, and releasing internal accruals currently deployed in working capital.
4 General Corporate Purposes —
The remaining Net Proceeds, subject to a cap of 15% of the amount raised or Rs. 10 crores (whichever is lower), are intended to be deployed towards general corporate purposes including meeting operating expenses, marketing, strategic initiatives, and other business exigencies.
1 of 4 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About FX Multitech
FX Multitech Limited, incorporated on March 27, 2008 as FX Multitech Private Limited and converted to a public limited company on December 19, 2024, is engaged in the distribution of high-quality engineering products with a primary focus on the HVAC and Industrial Refrigeration industry. The Company operates through a network of warehouses across multiple states in India and generates revenue primarily from the sale of HVAC and Industrial Refrigeration products to customers in these sectors. The Company's revenue grew from ₹6,851.74 Lakhs in FY 2023-24 to ₹10,200.60 Lakhs in FY 2024-25 and further to ₹12,613.93 Lakhs in FY 2025-26 (consolidated). The Company makes money through distribution and sale of HVAC and Industrial Refrigeration products, extending credit to customers on standard credit periods of up to 180 days.
Management
Mr. Subhash Agarwal
MD
Mr. Selvaraj Rangaswamy
COO
Mrs. Kanagalakshmi Selvaraj
Director
Mr. Shivam Devkishanji Soni
Director
Mr. Harshil B Vadodariya
Director
Mr. Nageswara Rao Narla
Director
Mr. Lalit Kumar
CFO
Mrs. Mauli Rushil Mehta
Director of HR
Mr. Sunny Modekar
Director of Operations
Mr. Paresh Patil
VP of Sales
Mr. Pushparajsinh Sisodiya
CTO
Mr. Sumit Nareshbhai Nayak
Director of Operations
Mr. Maulik Patel
VP of Marketing
Ms. Gunjan Garg
Director of HR
Strengths
As stated in the offer document
Relationship with Global Suppliers
The company has established cordial relationships with suppliers across Europe and Asia in the HVAC and Industrial Refrigeration Industry, enabling it to source diverse products, benefit from technological innovation, and maintain a competitive edge in the Indian market.
Wide and Established Distribution Network
The company has developed a wide distribution network across multiple states in India through strategically located warehouses, supported by streamlined logistics operations, enabling timely and consistent service levels across all operating regions.
Diversified Product Portfolio across Multiple Industries
The company offers a diversified product portfolio spanning HVAC, refrigeration, automation, electrical components, and industrial accessories, reducing dependence on a single sector and providing a natural hedge against industry-specific demand fluctuations.
Customer Relationships Led by Technical Expertise
The company has established long-standing and trusted relationships with a diverse range of customers, with its technical expertise and after-sale service enabling high customer loyalty, repeat business, and positioning it as a preferred partner for critical component sourcing.
Efficient Operations and Supply Chain Management
The company has established an efficient procurement and supply chain framework supported by vendor relationships, multi-location warehousing, and structured logistics, ensuring uninterrupted supply to customers and consistent business momentum.
Experienced Management Team
The company is led by promoters Mr. Subhash Agarwal and Mr. Selvaraj Rangaswamy, who collectively bring over six decades of industry experience, driving innovation, maintaining product quality, enhancing customer satisfaction, and sustaining competitive positioning.
Risk factors
As stated in the offer document
High Dependence on a Single Supplier
The company sources approximately 74.11% (FY 2025-26), 71.39% (FY 2024-25), and 73.96% (FY 2023-24) of its total purchases from a single supplier, exposing it to significant supplier concentration risk. Any disruption, termination, or adverse change in this relationship could materially impact product availability, pricing, margins, and overall competitiveness, with no assurance of timely transition to alternative suppliers.
Absence of Long-Term Customer Agreements and Revenue Predictability
The company operates entirely on purchase order or short-term arrangements with no binding long-term customer contracts, making customers free to reduce, cancel, or cease orders at any time. This limits revenue visibility and exposes the company to demand fluctuations, financial instability, and operational uncertainty.
Negative Cash Flows from Operating and Investing Activities
The company reported negative cash flows from operating activities of Rs. (99.23) Lakhs and Rs. (192.99) Lakhs in FY 2025-26 and FY 2024-25 respectively, and negative investing cash flows across all reported periods. Sustained negative cash flows could adversely affect liquidity, the ability to fund expansion, and overall growth prospects.
Geographical Revenue Concentration
The company derives approximately 77.96% (FY 2025-26), 81.85% (FY 2024-25), and 78.92% (FY 2023-24) of domestic revenue from just three states — primarily Gujarat, Tamil Nadu/Maharashtra, and Telangana/Maharashtra. This concentration heightens exposure to regional economic downturns, regulatory changes, and natural calamities, and may limit the company's ability to compete for national-level orders.
Regulatory Non-Compliances and Procedural Lapses in Corporate Records
The company has identified multiple historical non-compliances, including receipt of share consideration in cash, incorrect RoC filings, delayed BEN-2 filings, and late statutory e-form submissions. Although no material penalties have been imposed to date, any future regulatory action could adversely affect the company's financial condition and reputation.
Inability to Collect Receivables / Credit Risk from Customers
The company extends credit to customers with a standard credit period of 180 days, exposing it to the risk of delayed or non-receipt of payments due to customer financial difficulties or disputes. Any failure to collect receivables in a timely manner could materially impact profitability, cash flows, and financial condition.
Industry Concentration Risk — Dependence on HVAC & Industrial Refrigeration Sector
A significant portion of the company's revenue is derived from customers in the HVAC and Industrial Refrigeration sectors, making its financial performance closely tied to these industries' demand cycles. Any slowdown, technological disruption, or competitive pressure in these sectors could result in pricing erosion, margin compression, or loss of market share.
Working Capital Intensity and Liquidity Risk
The company's business is highly working capital intensive, with inventories representing 44.55% of total assets as of March 31, 2026, and it proposes to deploy Rs. 1,483.00 Lakhs from Net Proceeds for working capital. Any inability to maintain sufficient cash flows or credit facilities could result in higher borrowing costs, operational disruptions, and adverse impacts on financial performance.
Dependence on Third-Party Logistics with No Long-Term Agreements
The company relies entirely on third-party, largely unorganized logistics providers for product movement, with no long-term transportation agreements in place. Disruptions due to strikes, fuel price volatility, or natural disasters could delay deliveries, increase costs, and damage customer relationships, adversely affecting margins and results of operations.
Conflict of Interest from Group Company Operating in the Same Industry
The company's Group Company, Frascold India Private Limited, in which the Promoters hold a significant stake, operates in the same HVAC and Industrial Refrigeration sector. Despite a non-compete agreement, the risk of conflict of interest cannot be entirely eliminated, and Promoters' divided attention or preferential treatment toward the Group Company could negatively impact the company's sales, customer relationships, and operational performance.
Company Analysis
from RHPFX Multitech Limited is a distributor of high-quality engineering products, with primary focus on the HVAC and Industrial Refrigeration industry.
FX Multitech Limited, incorporated on March 27, 2008 as FX Multitech Private Limited and converted to a public limited company on December 19, 2024, is engaged in the distribution of high-quality engineering products with a primary focus on the HVAC and Industrial Refrigeration industry. The Company operates through a network of warehouses across multiple states in India and generates revenue primarily from the sale of HVAC and Industrial Refrigeration products to customers in these sectors. The Company's revenue grew from ₹6,851.74 Lakhs in FY 2023-24 to ₹10,200.60 Lakhs in FY 2024-25 and further to ₹12,613.93 Lakhs in FY 2025-26 (consolidated). The Company makes money through distribution and sale of HVAC and Industrial Refrigeration products, extending credit to customers on standard credit periods of up to 180 days.
Objects of the Issue
- Funding the purchase of plant and machinery for our subsidiary Everestt Chillers Private Limited p.33
- Working capital requirements of the Company ₹ 1,483.00 Lakhs p.47
- Repayment/pre-payment, in full or part, of certain borrowings availed by our Company ₹1,000.00 lakhs p.103
- Investment in our subsidiary namely Everestt Chillers Private Limited for purchase of machineries ₹625.78 lakhs p.109
- Funding of working capital requirement ₹1,483.00 lakhs p.112
- General corporate purposes To be finalized upon determination of the Offer Price and the amount shall not exceed 15% of the amount being raised by the Company or ₹10 crores, whichever is less. p.115
- —
- Objects of the Offer mentioned but detailed on page 98 p.337
Issue Structure
- Total Issue
- Up to ₹ [●] Lakhs (Up to 39,00,000 Equity Shares of Face Value ₹ 10/- each)
- Fresh Issue
- Up to 35,52,000 Equity Shares of Face Value ₹ 10/- each aggregating to ₹ [●] Lakhs
- Offer for Sale
- Up to 3,48,000 Equity Shares of face value of ₹10 each aggregating up to ₹ [●] lakhs (87,000 equity shares each by Subhash Agarwal, Selvaraj Rangaswamy, Anita Agarwal, and Kanagalakshmi Selvaraj)
- Price Band
- [●] (Price Band to be determined)
- Lot Size
- [●] (Bid Lot size to be determined)
- Face Value
- ₹ 10/- per Equity Share
Business Model
The Company operates as a distributor of HVAC and Industrial Refrigeration products. It procures products from suppliers (including a significant dependence on a single supplier for 74.11% of purchases in FY 2025-26) and sells them to customers in the HVAC and Industrial Refrigeration sectors on a purchase order basis. The Company extends credit to customers with standard credit periods of 180 days. Revenue is generated through the sale of these products, with a significant geographical concentration in Gujarat (54.83% in FY 2025-26), Tamil Nadu (16.00%), and Maharashtra (7.13%).
Business Segments
SWOT Analysis
- • Established market presence with diverse product portfolio in HVAC and industrial refrigeration(p.108)
- • Forward integration through majority stake in manufacturing subsidiary(p.108)
- • Subsidiary with growing profitability and operational capacity(p.111)
- • Established relationships with global suppliers in HVAC and refrigeration sectors(p.161)
- • Wide and multi-state distribution network with strategically positioned warehouses(p.161)
- • Diversified product portfolio reducing sector-specific dependency(p.161)
- • Strong customer relationships backed by technical expertise and after-sales service(p.161)
- • Efficient supply chain management with multi-location warehousing and vendor relationships(p.161)
- • Experienced leadership team with combined six decades of industry experience(p.161)
- • Established board composition with independent directors(p.189)
- • Formal corporate governance committees in place(p.190)
- • Strong insider trading compliance framework(p.194)
- • Experienced and stable senior management team(p.195)
- • Established distribution network across multiple Indian cities(p.295)
- • Diversified product portfolio across refrigeration and HVAC sectors(p.295)
- • Strong partnerships with globally recognized manufacturers(p.295)
- • Strong financial growth with significant PAT increase(p.302)
- • Improving EBITDA margins over three years(p.296)
- • Highly dependent on single supplier for 74% of purchases(p.31)
- • No long-term customer contracts; sales based on short-term purchase orders(p.32)
- • Contingent liabilities of ₹4.23 Lakhs not provided for in financials(p.33)
- • Past procedural lapses in equity share allotments with cash receipts and RoC filing discrepancies(p.33)
- • Multiple delays in statutory filings with various authorities(p.36)
- • Significant revenue concentration in three states (77.96% of domestic sales)(p.38)
- • Promoter without direct HVAC/Industrial Refrigeration industry experience(p.39)
- • Negative operating cash flows of ₹99.23 Lakhs in FY 2025-26(p.39)
- • Five leased warehouses operating under unregistered lease agreements(p.40)
- • Past delays in payment of statutory dues including EPF, ESIC, GST and TDS(p.40)
- • Reliance on customer relationships with risk of loss and concentration(p.52)
- • Significant leverage with short-term borrowing obligations(p.63)
- • Subsidiary dependent on loan repayment capacity(p.53)
- • Promoter KYC document discrepancies(p.51)
- • Key managerial personnel with limited tenure(p.55)
- • Inadequate insurance coverage for operational risks(p.51)
- • Working capital intensity and regional manufacturing capacity constraints(p.147)
- • Limited brand visibility and uneven digital technology adoption(p.147)
- • High promotional shareholding concentration(p.198)
- • Board composition instability with recent changes(p.188)
- • Key managerial personnel dependent on directorship roles(p.195)
- • Short tenure of key finance personnel(p.194)
- • Increasing inventory levels relative to revenue(p.300)
- • High dependence on few major creditors(p.312)
- • Significant increase in finance costs(p.300)
- • Missing regulatory certifications and approvals(p.321)
- • Expansion into new geographical markets beyond current three-state concentration(p.38)
- • Growth in HVAC and Industrial Refrigeration industry demand(p.40)
- • Expansion of product portfolio and service offerings to compete effectively(p.40)
- • Expansion of subsidiary's product lines and manufacturing capacity(p.109)
- • Backward integration through in-house manufacturing of key components(p.109)
- • Enhanced manufacturing capabilities and operational efficiencies(p.111)
- • Improved liquidity and corporate image from listing(p.101)
- • Strengthened financial position through debt reduction(p.104)
- • Structural expansion of cold-chain infrastructure driven by food security priorities(p.147)
- • Monetization of digital and ESG solutions through IoT and energy efficiency(p.148)
- • Export and market expansion in Southeast Asia and other emerging regions(p.148)
- • Transition from distributor to value-added technical solutions provider(p.161)
- • Strategic alignment through subsidiary operations in HVAC sector(p.206)
- • Expansion through related party transactions in group companies(p.236)
- • Disciplined dividend distribution policy adoption(p.207)
- • Acquisition and integration of subsidiary with manufacturing capabilities(p.304)
- • Growing refrigeration and HVAC industry demand(p.295)
- • Expansion of international reach through exports(p.295)
- • Revenue growth and market penetration(p.299)
- • Supplier disruption risk; single supplier provides 74% of products(p.30)
- • Revenue volatility; revenue declined due to slump sale of Chennai branch in FY 2024(p.31)
- • Customer payment delays and default risks with standard 180-day credit period(p.32)
- • Potential cost escalations in purchase of plant and machinery for subsidiary(p.32)
- • Industry downturn risk; business dependent on HVAC and Industrial Refrigeration demand(p.40)
- • Intense competition in HVAC and Industrial Refrigeration industry(p.50)
- • Dependence on third-party logistics with no long-term agreements(p.42)
- • Environmental, health, safety and labour law compliance risks(p.50)
- • Regulatory changes in GST regime and tax laws(p.55)
- • Natural calamities and force majeure events disrupting operations(p.57)
- • Global economic instability affecting domestic economy and customer demand(p.57)
- • Inflation and increased input costs impacting margins(p.56)
- • Foreign exchange rate fluctuations(p.58)
- • Supply chain disruptions from logistics challenges(p.52)
- • COVID-19 resurgence or other pandemics(p.58)
- • Volatility in Indian financial markets and equity share price(p.56)
- • Workforce shortages and increased labor costs(p.54)
- • Raw material and input cost volatility affecting margins(p.142)
- • Scarcity of certified refrigeration engineers and skilled technicians(p.142)
- • Intense competition from unorganized players and pricing pressure(p.142)
- • Regulatory compliance burdens and refrigerant transition costs(p.142)
- • Risk of displacement by alternative cooling technologies and regulatory changes(p.148)
- • Related party transaction risks and potential conflicts of interest(p.206)
- • Pending litigation against company and promoters(p.201)
- • GST compliance contingent liability(p.245)
- • Exposure to foreign exchange fluctuations(p.303)
- • Inflation impact on material and operating costs(p.303)
- • Pending GST litigation with significant exposure(p.310)
- • Dependence on credit facilities from financial institutions(p.289)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Subhash Agarwal | Promoter | — | — |
| Selvaraj Rangaswamy | Promoter | — | — |
| Anita Agarwal | Promoter Selling Shareholder | — | — |
| Kanagalakshmi Selvaraj | Promoter Selling Shareholder | — | — |
| Subhash Agarwal | Promoter | 30.22% | [●] |
| Selvaraj Rangaswamy | Promoter | 42.74% | [●] |
| Anita Agarwal | Promoter | 11.87% | [●] |
| Kanagalakshmi Selvaraj | Promoter | 6.79% | [●] |
| Mr. Subhash Agarwal | Promoter | — | — |
| Mr. Selvaraj Rangaswamy | Promoter | — | — |
| Subhash Agarwal | Promoter | 30.22% | — |
| Selvaraj Rangaswamy | Promoter | 42.74% | — |
| Anita Agarwal | Promoter | 11.87% | — |
| Kanagalakshmi Selvaraj | Promoter | 6.79% | — |
| Anita Subhash Agarwal | Promoter | 11.87% | — |
| Selvaraj Rangaswamy | Promoter | 42.74% | — |
| Subhash Moolchand Agarwal | Promoter | 30.22% | — |
| Kanaganlaxmi Selvaraj Rangaswamy | Promoter | 6.79% | — |
| Subhash Agarwal | Promoter | — | — |
| Selvaraj Rangaswamy | Promoter | — | — |
| Kanagalakshmi Selvaraj | Promoter | — | — |
| Anita Agarwal | Promoter | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.