About Axiom Gas Engineering IPO
Axiom Gas Engineering IPO Details
Axiom Gas Engineering IPO is a book-built SME issue of ₹49.81 crore, consisting entirely of a fresh issue of 93.98 lakh equity shares. There is no offer-for-sale component. The equity shares are proposed to be listed on the NSE SME platform.
The price band has been fixed at ₹50–₹53 per share. The lot size is 2,000 shares. Retail investors must apply for a minimum of 4,000 shares, or two lots, requiring an investment of ₹2,12,000 at the upper price band.
The IPO will open for subscription on Friday, September 18, 2026 and close on Tuesday, September 22, 2026. SKI Capital Services Limited is the book-running lead manager, KFin Technologies Limited is the registrar to the issue and Sunflower Broking Pvt. Ltd. is the market maker.
Axiom Gas Engineering IPO Date & Timeline
Axiom Gas Engineering Limited filed its draft offer document with the Exchange on September 30, 2025 and received in-principle approval for its proposed NSE Emerge listing. The public issue will open on Friday, September 18, 2026 and close on Tuesday, September 22, 2026.
The basis of allotment is expected to be finalised on Wednesday, September 23, 2026. Refunds are expected to be initiated and allotted shares credited to eligible investors' demat accounts on Thursday, September 24, 2026. The equity shares are tentatively scheduled to list on the NSE Emerge platform on Friday, September 25, 2026.
Axiom Gas Engineering IPO Timeline
| IPO Open Date | Fri, Sep 18, 2026 |
| IPO Close Date | Tue, Sep 22, 2026 |
| Tentative Allotment | Wed, Sep 23, 2026 |
| Initiation of Refunds | Thu, Sep 24, 2026 |
| Credit of Shares to Demat | Thu, Sep 24, 2026 |
| Tentative Listing Date | Fri, Sep 25, 2026 |
| Cut-off time for UPI mandate confirmation | - |
Axiom Gas Engineering IPO Details
| Detail | Description |
|---|---|
| IPO Date | 18 to 22 Sep, 2026 |
| Listing Date | 25 Sep, 2026 |
| Face Value | ₹ 5 per share |
| Issue Price Band | ₹ 50 to ₹ 53 |
| Lot Size | 2,000 Shares |
| IPO Type | Fresh capital only |
| Total Issue Size | 93,98,000 shares (agg. up to ₹ 50 Cr) |
| Reserved for Market Maker | 4,78,000 shares (agg. up to ₹ 3 Cr) Sunflower Broking Pvt.Ltd. |
| Fresh Issue(Ex Market Maker) | 89,20,000 shares (agg. up to ₹ 47 Cr) |
| Net Offered to Public | 89,20,000 shares (agg. up to ₹ 47 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Share Holding Pre Issue | 2,59,46,000 shares |
| Share Holding Post Issue | 3,53,44,000 shares |
Axiom Gas Engineering IPO GMP
A "grey market premium", or GMP, refers to the unofficial premium at which IPO shares may trade in the unregulated grey market before listing on a stock exchange.
The Axiom Gas Engineering IPO GMP is currently trading at ₹0, reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹53, which is 0.00% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.
IPO Estimated Listing Return
Based on the IPO Price of ₹53 (highest price band), the latest uploaded Grey Market Premium (GMP) of ₹0 and a lot size of 2000 shares.
Axiom Gas Engineering IPO GMP TREND (DAILY UPDATES)
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| 09 Sep, 2026 | ₹53 | ₹0 | 09 Sep, 202611:41 AM |
Company Background
Axiom Gas Engineering Limited was incorporated in 2007 and is headquartered in Hyderabad, Telangana. The company is primarily engaged in the distribution and retailing of Auto LPG through its network of Auto LPG Dispensing Stations (ALDS), supported by storage and allied infrastructure. Its operations are spread across Telangana, Karnataka and Maharashtra.
The company operates under the PrimeFuel brand and has focused on expanding its Auto LPG dispensing network. Two additional ALDS at Shastripuram and Babanagar were commissioned after March 31, 2026 and have commenced retail dispensing operations.
Operations & Product Range
Axiom Gas Engineering Limited is primarily engaged in the distribution and retailing of Auto LPG. Its principal business activities include:
- • Auto LPG Dispensing Stations (ALDS): Retail sale and distribution of Auto LPG for automotive fuel applications under the PrimeFuel brand.
- • Storage & Allied Infrastructure: Infrastructure supporting the procurement, storage and distribution of Auto LPG.
- • Engineering & Related Services: Specialised manufacturing and engineering solutions offered through strategic collaborations and third-party partnerships.
The company's business is primarily focused on Auto LPG retailing, while its other engineering-related activities complement its core LPG business.
Facilities & Capacity
Axiom Gas Engineering's operating infrastructure comprises its Auto LPG Dispensing Station network and supporting storage and allied facilities across Telangana, Karnataka and Maharashtra. The company focuses on acquiring and retaining suitable dispensing locations, maintaining fuel supply chains and managing relationships with oil marketing companies and commercial customers.
The company has expanded its network with the commissioning of two new ALDS at Shastripuram and Babanagar after March 31, 2026. Both stations have commenced retail dispensing operations. Their utilisation and revenue contribution will depend on customer demand, LPG availability and the ramp-up of the new locations.
Brands & Market Presence
Axiom Gas Engineering operates primarily in the Auto LPG distribution and retailing market, with operations across Telangana, Karnataka and Maharashtra. Its PrimeFuel brand is used for its Auto LPG retail operations.
The company's presence across multiple states, established dispensing infrastructure and relationships with oil marketing companies support its position in the Auto LPG market.
Revenue Streams & Business Model
Axiom Gas Engineering Limited generates revenue primarily from the sale of Auto LPG through its dispensing stations. Its key business activities include:
- • Auto LPG retail sales: Revenue generated through the company's Auto LPG Dispensing Stations.
- • Storage and distribution: Supporting activities associated with procurement, storage and movement of Auto LPG.
- • Engineering and related services: Complementary specialised manufacturing and engineering activities undertaken through strategic collaborations and third-party partnerships.
In FY2026, LPG sales contributed ₹100.76 crore, representing 100% of revenue from operations, while consultancy and signing income contributed nil revenue. The business model depends on securing suitable dispensing locations, maintaining fuel supply chains and managing fuel demand, pricing, competition and regulatory requirements.
Financial Performance
Axiom Gas Engineering Limited has reported steady financial growth over FY2024–FY2026. Revenue from operations increased from ₹74.54 crore in FY2024 to ₹89.84 crore in FY2025 and further to ₹100.76 crore in FY2026. Profit after tax (PAT) rose from ₹5.74 crore in FY2024 to ₹7.75 crore in FY2025 and ₹9.45 crore in FY2026.
EBITDA increased from ₹10.01 crore in FY2024 to ₹13.29 crore in FY2025 and ₹15.48 crore in FY2026, while EBITDA margin improved from 13.43% to 14.79% and 15.36%, respectively. PAT margin also increased from 7.70% in FY2024 to 8.63% in FY2025 and 9.38% in FY2026.
The company's net worth increased to ₹33.28 crore in FY2026, while operating cash flow rose to ₹10.80 crore, compared with ₹8.17 crore in FY2025 and ₹4.71 crore in FY2024. ROE stood at 28.40% and ROCE at 28.90% in FY2026.
Management & Shareholding
Axiom Gas Engineering Limited is promoted by Alpeshkumar Naginbhai Patel, Kinnari Alpeshkumar Patel, Sadique Abdul Kadar Banani and Asma Mohamad Sadique Banani. The IPO is entirely a fresh issue with no offer-for-sale component. The promoter and promoter group holding stands at 98.28% before the IPO and 72.15% after the IPO, while public shareholding increases from 1.72% to 27.85% following the issue.
Board & Key Management
The key management personnel include Nikhil Tiwari, Managing Director; Asma Mohamad Sadique Banani, Joint Managing Director; Feroz Eliyas Mohammed, Chief Financial Officer; and Mahesh Maheshwari, Company Secretary & Compliance Officer. The management team has experience across the oil and gas and related sectors.
Axiom Gas Engineering IPO Financial Information
Latest Revenue
₹ 100.76 Cr
Profit After Tax
₹ 9.45 Cr
Net Worth
₹ 33.28 Cr
Total Borrowing
₹ 16.06 Cr
| Period Ended | Assets | Revenue | Profit (PAT) | Net Worth | Reserves | Borrowing |
|---|---|---|---|---|---|---|
| 31 Mar 2026(Standalone) | 69.38 | 100.76 | 9.45 | 33.28 | 20.31 | 16.06 |
| 31 Mar 2025(Standalone) | 60.83 | 89.84 | 7.75 | 23.83 | 10.86 | 16.30 |
| 31 Mar 2024(Standalone) | 52.37 | 74.54 | 5.74 | 13.85 | 13.60 | 20.12 |
| Amount in ₹ Crore | ||||||
Axiom Gas Engineering Key Performance Indicator
| KPI | Values(31 Mar 2026) |
|---|---|
| ROE | 28.40 % |
| ROCE | 28.90 % |
| Debt/Equity | 0.48 |
| RoNW | 28.40 % |
| PAT Margin | 9.38 % |
| EBITDA Margin | 15.36 % |
| NAV | 12.83 |
| Price to Book Value | 4.13 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 3.64 | 2.67 |
| P/E (x) | 14.56 | 19.85 |
Axiom Gas Engineering IPO Objectives
The company proposes to utilise the net proceeds from the fresh issue towards:
- • ₹27.60 crore for capital expenditure towards expansion and development of the company's Auto LPG dispensing infrastructure, including ALDS network expansion, enhancement of LPG storage/bottling facilities, technological innovation and automation and green energy initiatives.
- • ₹9.1245 crore for repayment/prepayment of certain outstanding borrowings.
- • General corporate purposes: Balance of the net issue proceeds.
The proposed use of funds indicates that Axiom Gas Engineering intends to expand its Auto LPG infrastructure, strengthen its operational capabilities, reduce certain borrowings and support general corporate requirements.
Axiom Gas Engineering IPO Review
Axiom Gas Engineering operates primarily in the Auto LPG distribution and retailing segment, supported by its ALDS network, storage infrastructure and PrimeFuel brand. The company has operations across Telangana, Karnataka and Maharashtra and has recently expanded its network with two new ALDS at Shastripuram and Babanagar.
Its financial performance improved during FY2024–FY2026, with revenue from operations rising from ₹74.54 crore to ₹100.76 crore and PAT increasing from ₹5.74 crore to ₹9.45 crore. However, investors should consider risks related to supplier concentration, fuel price volatility, dependence on dispensing locations, regulatory requirements, LPG handling and transportation, regional concentration and competition from alternative fuels.
Conclusion
The Axiom Gas Engineering IPO offers exposure to an Auto LPG distribution and retailing business with operations across Telangana, Karnataka and Maharashtra. Its PrimeFuel brand, established ALDS network and recent expansion through two additional stations provide a platform for future growth.
The company reported revenue of ₹100.76 crore and PAT of ₹9.45 crore in FY2026, with EBITDA of ₹15.48 crore. However, investors should evaluate supplier concentration, fuel price volatility, regulatory and safety risks, dependence on dispensing locations and liquidity considerations associated with SME-listed shares.
Frequently Asked Questions
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Competitive Strengths
Auto LPG-focused business: The company is primarily engaged in the distribution and retailing of Auto LPG through its PrimeFuel brand and its network of Auto LPG Dispensing Stations.
Multi-state operating presence: The company operates across Telangana, Karnataka and Maharashtra, supported by Auto LPG dispensing, storage and allied infrastructure.
Network expansion: Two additional ALDS at Shastripuram and Babanagar were commissioned after March 31, 2026 and have commenced retail dispensing operations.
PrimeFuel brand: The company markets its Auto LPG retailing operations under the PrimeFuel brand.
Improved financial performance: Revenue from operations increased from ₹74.54 crore in FY2024 to ₹89.84 crore in FY2025 and ₹100.76 crore in FY2026, while PAT rose from ₹5.74 crore to ₹7.75 crore and ₹9.45 crore, respectively.
Improving profitability: EBITDA increased from ₹10.01 crore in FY2024 to ₹13.29 crore in FY2025 and ₹15.48 crore in FY2026. EBITDA margin improved from 13.43% to 14.79% and 15.36%, respectively, over the same period.
Strong return metrics: ROE stood at 28.40% and ROCE at 28.90% in FY2026.
Cash-flow growth: Operating cash flow increased to ₹10.80 crore in FY2026, from ₹8.17 crore in FY2025 and ₹4.71 crore in FY2024.
Download regulatory filings
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 4,000 | 2,12,000 |
| Individual investors (Retail) (Max) | 2 | 4,000 | 2,12,000 |
| S-HNI (Min) | 3 | 6,000 | 3,18,000 |
| S-HNI (Max) | 9 | 18,000 | 9,54,000 |
| B-HNI (Min) | 10 | 20,000 | 10,60,000 |