Rajkamal Synthetics Ltd. Share Price

Pursuant to Regulation 30 read with Schedule III of the SEBI (Listing obligations and Disclosure Requirements) Regulations, 2015, SG Mart has informed that the Allotment Committee of the Board of Directors of the Company, has approved the allotment of 39,200 equity shares of face value of ₹1/- each to the eligible employee(s) of the Company, who have exercised their options on September 14, 2026 under ‘SG Mart Limited Employees Stock Option Scheme –2023’ (‘the Scheme’). Further, the company has informed about the following: (a) Consequent to the aforesaid allotment, the paid-up equity share capital of the Company has increased from ₹12,60,35,200/- (12,60,35,200 equity shares of ₹1/- each) to ₹12,60,74,400/- divided into (12,60,74,400 equity shares of ₹1/- each); (b) The disclosures as required under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Master Circular No. HO/49/14/14(7)2025- CFD-POD2/I/3762/2026 dated January 30, 2026, are enclosed as Annexure-1; and (c) In terms of Regulation 10(c) of the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 (‘SEBI (SBEB & SE) Regulations’), the details of equity shares allotted as above are enclosed as Annexure-2. The above information is being uploaded on the website of the Company at www.sgmart.co.in.

The above information is a part of company’s filings submitted to BSE.

FX Multitech

• FX Multitech is coming out with an initial public offering (IPO) of 39,00,000 shares in a price band of Rs 110 - 116 per equity share.
• The issue will open for subscription on September 21, 2026 and will close on September 23, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 11.00 times of its face value on the lower side and 11.60 times on the higher side.
• Book running lead manager to the issue is Oneview Corporate Advisors.
• Compliance officer for the issue is Mauli Rushil Mehta.

Profile of the company

FX Multitech is engaged in the distribution and export of a comprehensive portfolio of engineering products, with a primary focus on the refrigeration and HVAC (Heating, Ventilation, and Air Conditioning) industries. Over the years it has established itself as a reliable partner for industrial and commercial customers by offering technologically advanced products that cater to diverse applications requirements across the refrigeration and HVAC value chain. Its product range includes, but is not limited to, Hermetic Compressors, Industrial Refrigeration Controls, Variable Frequency Drives and Automation, Specialized Components & Tools, Refrigeration & Air-Conditioning Controls, Heat Exchangers, Cold Room Evaporators, and Refrigerants and Ancillary Products.

Its product strategy is focused on providing a comprehensive range of high-quality products to meet the needs of customers in the HVAC (Heating, Ventilation, and Air Conditioning) and industrial refrigeration sectors. As a distributor, it sources and supplies technologically advanced products from globally recognized manufacturers, ensuring that its customers receive the solutions for their specific requirements. By offering products that meet international standards of performance, reliability, and energy efficiency, it caters to a broad spectrum of industrial and commercial applications. Its emphasis is on providing reliable, energy-efficient, and cost-effective products, allowing its customers to optimize their operations while adhering to industry standards. Its ability to source products from global manufacturers allows it to meet the evolving needs of its customers in an ever-changing market, in the HVAC and industrial refrigeration industries.

Its suppliers include Danfoss Industries, Transfer Oil S.P.A., Quang Thang Mechanics and Refrigeration Company, KuzuFlex Metal San Ve Tic. A.S., Testo India, Refco Manufacturing, US HVAC & Weld Tools and Honeywell Automation India, among others. The company headquartered in Ahmedabad, Gujarat and has established a domestic presence through its warehouses located in Hyderabad, Thane, Kolkata and Bangalore. This multi-city operational network enables it to efficiently serve a diverse customers base across India, ensuring timely product delivery, technical support and effective after-sales service. In addition to its domestic footprint, it has been expanding its international reach through exports, thereby strengthening its position as a global supplier of engineering components for refrigeration and HVAC applications.

Proceed is being used for:

• Repayment/pre-payment, in full or part, of certain borrowings availed by the company
• Investment in its subsidiary namely Everestt Chillers Private Limited for purchase of machineries
• Funding of working capital requirements
• General corporate purposes 

Industry overview

The Indian HVAC industry has evolved from a discretionary urban utility to a nationwide necessity, spanning residential, commercial, and industrial sectors. Valued at $11.74 billion in 2024, it is projected to reach $52.18 billion by 2034 (CAGR 16.09%), driven by urbanization, green building mandates, data centers, climate adaptation, and infrastructure projects including Smart Cities, metros, airports, and healthcare facilities. Energy efficient, IoT-enabled, and performance-linked centralized HVAC systems are increasingly preferred, aligning with global climate-conscious standards. The Indian industrial refrigeration market, estimated at USD 1.50 billion in 2024 and projected to reach USD 3.49 billion by 2034 (CAGR 8.82%), is becoming critical for food security, pharma integrity, and agribusiness competitiveness. Growth is fueled by cold-chain demand across food processing, dairy, horticulture, seafood, QSRs, and vaccine logistics.

The Indian chiller market is estimated at $0.51 billion in 2024, growing to $0.94 billion by 2034 (CAGR 6.32%), outpacing global growth. Key segments include commercial real estate (IT parks, airports, hospitals, malls), industrial process cooling (plastics, chemicals, concrete, heavy manufacturing), and F&B (dairies, breweries, cold chain facilities). Regulatory drivers such as BEE efficiency norms and Kigali-compliant refrigerant transitions, combined with policy catalysts like the Smart Cities Mission and industrial corridor development, are shaping the market. 

The HVAC and Industrial Refrigeration industries are undergoing structural expansion, driven by rapid urbanization, climate imperatives, and rising demand for energy-efficient infrastructure. Globally, the HVAC market is projected to grow from $206.28 billion in 2024 to $342.87 billion by 2034, at a CAGR of 5.14%, with the chiller market rising from $11.32 billion to $16.32 billion (CAGR 4.24%) and the water chiller segment from $7.99 billion to $12.02 billion (CAGR 4.17%). India is expected to outpace global growth, with the HVAC market expanding from $11.74 billion in 2024 to $52.18 billion by 2034 (CAGR 16.09%) and the domestic chiller market increasing from $0.51 billion to $0.94 billion (CAGR 6.32%). Future demand will be led by green-certified buildings, data centres, hospitals, airports, metro projects, and smart city infrastructure, with IoT-enabled, AI-driven predictive maintenance systems becoming standard, enhancing efficiency and lifecycle cost optimization. 

Pros and strengths

Relationship with global supplier: The company has established cordial relationships with its suppliers across Europe and Asia in the HVAC and Industrial Refrigeration Industry. Its relationship with these suppliers enables it to source a diverse range of products and components and offer products to its customers, benefit from technological innovation, and maintain a competitive edge in the Indian market. The reputation of the global supplier further enhances its credibility with its customers and strengthens its reputation in the market. 

Wide and established distribution network: The company has developed a wide and established distribution network across multiple states in India, through its strategically located warehouses, supported by streamlined logistics operations, enable timely and consistent service levels across all operating regions. The strength of its distribution network enhances its ability to cater to diverse customer segments from large industrial clients to smaller commercial users and supports the scalability and growth of its business operations. 

Diversified product portfolio across multiple Industries: The company offers a diversified products portfolio spanning HVAC, refrigeration, automation, electrical components, and industrial accessories. This wide product range reduces are dependence on a single sector and provides natural hedge against industry-specific demand fluctuations. Its broad product offering enables it serve to cater diverse customer base - ranging from project contractors, distributors and end users thereby enhancing its market reach and strengthening its market resilience. 

Risks and concerns

Dependence on a limited number of suppliers: The company is highly dependent on a limited number of suppliers, including a single supplier, for a significant portion of its purchases. It procures all of its products from third party supplier, and certain products are sourced from a limited number of suppliers or, in some cases, single supplier. Its purchase orders are placed on a requirement basis and are not governed by long-term supply agreements. The company has historically relied on a single supplier for purchase of products. Purchases from the single supplier were 73.96% in FY 2023-24, 71.39% in FY 2024-25 and 74.11% in FY 2025-26. Any delays or disruptions or failure by its suppliers to supply materials in a timely manner could adversely affect its ability to deliver products to its customers. Such disruptions may arise due to suppliers’ operational constraints, failure to adhere to agreed timelines, inability to obtain or comply with regulatory approvals, or other unforeseen circumstances beyond its control. 

Geographical concentration of revenue in certain regions: The company derives a significant portion of its revenue from operations in certain geographical regions. Any adverse developments affecting these regions, including changes in economic conditions, regulatory environment, political stability, or market demand, could have an adverse impact on the company’s revenue, results of operations, and financial condition. The company generated major of its sale from five states viz. Gujarat, Tamil Nadu, Karnataka, Telangana and Maharashtra. The large portion of its sales was contributed from top three states, for the FY 2025-26 it was 77.92%, FY 2024 25 it was 81.85% and for the FY 23-24 the contribution of three states was 78.92%. Such geographical concentration of its business in these states heightens its exposure to adverse developments related to competition, as well as economic and demographic changes in these regions and countries which may adversely affect its business prospects, financial conditions and results of operations.

Exposure to customer credit and collection risk: In the ordinary course of its business, it extends credit to its customers for certain periods in respect of the sale of its products. As a result, it is exposed to the risk of delayed receipt or non-receipt of outstanding amounts. Such delays or defaults may arise due to customer’s financial difficulties, disputes over product quality or services, operational or administrative delays on the part of customers, changes in their business strategies, or other factors beyond its control. While it has implemented a credit policy to manage and mitigate these risks, with its standard credit period being 180 days, there can be no assurance that its customers will adhere to the agreed credit terms. Further, its credit evaluation and monitoring processes may not always be sufficient to prevent delayed payments or defaults, especially in cases involving new customers, large orders, or customers experiencing financial stress. As a result, any inability to collect receivables from its customers in a timely manner, or at all, may materially and adversely affect its business, financial condition, cash flows, and results of operations. 

Outlook

FX Multitech is engaged in distribution and export of high quality Engineering Products. It offers a diversified products portfolio spanning HVAC, refrigeration, automation, electrical components, and industrial accessories. This wide product range reduces are dependence on a single sector and provides natural hedge against industry-specific demand fluctuations. On the concern side, the company is reliant on the demand from the HVAC & Industrial Refrigeration industry for a significant portion of its revenue. Any downturn in the industry or an inability to increase or effectively manage its sales could have an adverse impact on the company’s business and results of operations.

The company is coming out with a maiden IPO of 39,00,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 110 - 116 per equity share. The aggregate size of the offer is around Rs 42.90 crore to Rs 45.24 crore based on lower and upper price band respectively. On performance front, revenue from operations increased 23.66% from Rs 10,200.60 lakh in Fiscal 2025 to Rs 12,613.93 lakh in Fiscal 2026. Profit after tax increased 26.88% from Rs 953.99 lakh in Fiscal 2025 to Rs 1,210.39 lakh in Fiscal 2026.

Meanwhile, it intends to transition from being primarily a distributor to becoming a value-added technical solutions provider in the HVAC and Industrial Refrigeration Industry, and automation components industry. As part of this strategic shift, it plans to develop in-house capabilities such as application engineering, design support, assembly of sub-systems, and custom technical solutions for OEMs and project contractors. This strategic shift will enable it to offer integrated, higher-margin solutions, strengthen customer loyalty, and differentiate its offerings from standard component trading. Going forward, it plans to further expand its distribution footprint across India by introducing additional regional distributors, authorized dealers, system integrators and institutional partners in high-growth regions. It aims to increase its presence in all regions of the country and growing industrial clusters. This expansion, supported by regional warehouses and improved logistics infrastructure, is expected to improve inventory availability, reduce delivery timeline, and deepen its penetration in Tier-1, Tier-2, and Tier-3 industrial markets.