Axiom Gas Engineering IPO

SME • NSE SME • Fresh capital only

LISTEDSMENSE SME

Axiom Gas Engineering

Price band

₹51 – ₹54

Lot size

2000 shares

Min investment

₹1,08,000

Issue size

₹50.75 Cr

About the company

Axiom Gas Engineering Ltd was started in 2007. It works in what it calls green energy engineering, meaning it builds and services the systems that handle cleaner fuels such as Auto LPG, CNG and LNG, for both retail outlets and industrial users. Its work covers several areas. In gas and pipe engineering it designs, installs and maintains gas systems for industrial and commercial use. It provides turnkey services for LPG and CNG retail outlets, bottling plants and bulk installations, meaning it takes a project from the idea stage right through to completion. It also carries out statutory testing and certification of hydrocarbon equipment to meet safety rules, gives technical consultancy on equipment design, and runs maintenance and training programmes. Pressure vessels are manufactured through third party collaboration rather than in its own plant. Alongside this engineering work it owns and runs a retail fuel network. It operates more than 20 Auto LPG Dispensing Stations under the brand PRIMEFUEL, spread across several states including Telangana, Karnataka and Maharashtra.

Axiom Gas Engineering Ltd provides Auto LPG, CNG and LNG engineering solutions to retail and industrial customers, covering gas and pipe engineering, turnkey installations, statutory testing and certification, and maintenance. It runs more than 20 Auto LPG dispensing stations under the PRIMEFUEL brand across Telangana, Karnataka and Maharashtra.

IPO details

Issue price: ₹54
Price band: ₹51 – ₹54
Face value: ₹5
Lot size: 2000
Min investment: ₹1,08,000
Issue size: ₹50.75 Cr
Sale type: Fresh capital only
Listing on: NSE SME
BSE scrip code: AXIOMGAS
NSE symbol: AXIOMGAS-SM.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	2,000	₹1,08,000
Retail (Max)	1	2,000	₹1,08,000
HNI (Min)	2	4,000	₹2,16,000

Investor reservation

CATEGORY	RESERVED
QIB	17,84,000 shares (20.00% of the Offer)
NII	35,68,000 shares (40.00% of the Offer)
Retail	35,68,000 shares (40.00% of the Offer)

Objects of the issue

1Capital Expenditures27.60

2Prepayment or repayment of a portion of certain outstanding borrowings availed by the Company9.12

3General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	69.38	60.83	52.37
Total Income	100.78	89.85	74.54
Profit After Tax	9.45	7.75	5.74
EBITDA	15.48	13.29	10.01
NET Worth	33.28	23.83	13.85
Reserves and Surplus	20.31	10.86	13.60
Total Borrowing	16.06	16.30	20.12

Key performance indicators

P/E Ratio

20.22

EPS (₹)

2.67

RoE

28.40%

RoCE

28.90%

RoNW

28.40%

PAT Margin

9.38%

EBITDA Margin

15.36%

Debt / Equity

0.48

NAV (₹)

12.83

✓ Strengths

• Profit has grown every year, from Rs 5.74 crore in FY2024 to Rs 7.75 crore in FY2025 and Rs 9.45 crore in FY2026.

• Sales have grown steadily, from Rs 74.54 crore in FY2024 to Rs 89.85 crore in FY2025 and Rs 100.78 crore in FY2026.

• Return ratios are strong, with RoCE of 28.90% and RoNW of 28.40%, and a PAT margin of 9.38%.

• Debt is low and falling. Total borrowing was Rs 16.06 crore against a net worth of Rs 33.28 crore, a debt to equity ratio of 0.48, down from Rs 20.12 crore in FY2024.

• It earns from several different lines, covering engineering, turnkey projects, statutory testing, consultancy and maintenance, rather than one activity.

• Owning more than 20 PRIMEFUEL dispensing stations gives it a retail income stream alongside the project work.

• Statutory testing and certification of hydrocarbon equipment is a licensed activity, which keeps casual competition out.

• It has a record of nearly 20 years and Rs 27.60 crore of the issue money goes into capital expenditure.

⚠ Risks

• Growth is modest. Total income rose about 12% in FY2026, which is slow compared with the other SME issues in this batch.

• Auto LPG demand depends on the price gap between LPG, petrol and CNG. If that gap narrows, motorists switch away and station volumes fall.

• The retail network is concentrated in a few states, mainly Telangana, Karnataka and Maharashtra.

• Handling LPG, CNG and LNG carries real safety risk. An incident at a station or installation would bring both liability and regulatory consequences.

• Pressure vessels are made through third party collaboration, so the company does not control that part of its supply.

• This is a small company, with a net worth of Rs 33.28 crore.

• Government policy on cleaner fuels drives much of the demand for this kind of engineering work, and policy can change.

• Promoter holding will come down from 98.28% to 72.15% after the issue.

• This is an SME issue. One lot is 2,000 shares, which is about Rs 1.06 lakh at the upper band of Rs 53, and SME shares usually trade in low volume after listing.

Promoters & holding

Alpeshkumar Naginbhai Patel, Kinnari Alpeshkumar Patel, Sadique Abdul Kadar Banani and Asma Mohamad Sadique Banani

Pre-issue promoter holding

98.28%

Post-issue promoter holding

72.15%

Data refreshed 07 Nov 2026, 04:55 pm IST. GMP is unofficial market sentiment, not investment advice.