Axiom Gas Engineering IPO

Axiom Gas Engineering Limitedaxiomgas.com

ListedSMEEnergyNSE Emerge

Price band: ₹51 – ₹54
Issue size: ₹50.75 Cr
Lot size: 2000 sh
Bidding: 18 – 22 Sep
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Axiom Gas Engineering retails auto LPG through dispensing stations it owns and operates in Telangana, Maharashtra and Karnataka, closing FY26 with 22 stations against 16 at the start of FY24, and 19 people on payroll at 31 March 2026. Revenue was Rs 74.54 Cr in FY24, Rs 89.84 Cr in FY25 and Rs 100.76 Cr in FY26 — rises of 20.53% and then 12.15% — with profit after tax of Rs 5.74 Cr, Rs 7.75 Cr and Rs 9.45 Cr over the same three years. The Rs 50.75 Cr issue was entirely fresh, carrying no offer-for-sale component, and closed subscribed 1.39 times overall. It listed on NSE Emerge at Rs 54.75 against a band top of Rs 54, closed day one at Rs 54.05, and last traded at Rs 33.80 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

67Balanced

IPOVista score

A trade-off in both directions

63% of the scoring model was backed by disclosed data for Axiom Gas Engineering, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2007 · Vadodara, Gujarat (registered office); corporate office at Banjara Hills, Hyderabad, Telangana · 19 employees

Axiom Gas Engineering retails auto LPG, the propane-butane blend burned by cars and three-wheelers fitted with approved conversion kits, through dispensing stations it owns and operates itself. It closed FY26 with 22 stations, up from 16 at the start of FY24, trading under the PRIMEFUEL and PRIMEGAS marks across Telangana, Maharashtra and Karnataka; Telangana alone produced 60.42% of FY26 revenue, Maharashtra 31.39% and Karnataka 8.19%. The company buys bulk LPG, holds it at its own storage and allied infrastructure, moves it by road to the stations and sells it through metered nozzles to transport-segment drivers. A consultancy line designing and testing LPG, CNG and LNG dispensers earned ₹225.00 lakh in FY25 but nothing in FY26. Nineteen people were on payroll at 31 March 2026. The registered office is in Vadodara; the operating base is Hyderabad.

Revenue is essentially the retail spread on fuel. FY26 revenue from operations was ₹10,075.82 lakh, 100% of it auto LPG sales, against ₹6,932.78 lakh of purchased stock-in-trade; the gap between the PSU-linked purchase price and the pump price funds everything else, and other expenses alone ran ₹1,587.60 lakh. Transport comes largely from a promoter group company, Prime Fuel Logistics Private Limited. Stations are capital-heavy with high fixed cost: the company funds plant, storage and civil work itself and takes one-time signing fees from third-party operators who run the sites. The structural constraint is supply concentration and working capital: three suppliers provided 99.75% of LPG in FY26, and inventory sat 89 days.

The company on paper

Legal name: Axiom Gas Engineering Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 24 Aug 2007
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U23201GJ2007PLC051590
Sector: Energy · Retail distribution of auto LPG through company-owned dispensing stations
Employees: 19
Registered office: Vadodara, Gujarat (registered office); corporate office at Banjara Hills, Hyderabad, Telangana
Promoters: Alpeshkumar Naginbhai Patel, Kinnari Alpeshkumar Patel, Sadique Abdul Kadar Banani, Asma Mohamad Sadique Banani
Promoter holding, pre-issue: 98.3%
Promoter holding, post-issue: 72.2%
Website: axiomgas.com

The numbers

Financial performance

Revenue has compounded at 16.3% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as published in the accounts this record was built from. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹50.75 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹50.75 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 4,78,000

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 26.1% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription1.39×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹54.00
Listed at: ₹54.75
Listing gain: up 1.4%
Since listing: down 30.6%
Against the issue price: down 29.6%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 4,000
At cut-off price: ₹54.00
Amount blocked: ₹2,16,000

One lot is 2000 shares at ₹1,08,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,16,000. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~54%

chance of one lot, per application

Retail subscription: 1.86×
Applicants per share available: 1.9× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹54.75

listed at, 1.4% against the issue price

Issue price: ₹54.00
Premium said: —
If allotted 2000 shares: ₹1,500

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue and profit both stepped up across the three years on record. Revenue of Rs 74.54 Cr in FY24 went to Rs 89.84 Cr in FY25 and Rs 100.76 Cr in FY26, rises of 20.53% and 12.15%; profit after tax of Rs 5.74 Cr went to Rs 7.75 Cr and then Rs 9.45 Cr, rises of 35.02% and 21.94%.
EBITDA margin was higher in each successive year on record: 13.43% in FY24 (Rs 10.01 Cr on Rs 74.54 Cr of revenue), 14.79% in FY25 (Rs 13.29 Cr on Rs 89.84 Cr) and 15.36% in FY26 (Rs 15.48 Cr on Rs 100.76 Cr).
Total borrowings fell from Rs 20.12 Cr in FY24 to Rs 16.30 Cr in FY25 and Rs 16.06 Cr in FY26, while net worth went from Rs 13.85 Cr to Rs 23.83 Cr and then Rs 33.28 Cr. Borrowings were 1.45 times net worth in FY24, 0.68 times in FY25 and 0.48 times in FY26.
The whole Rs 50.75 Cr was raised as a fresh issue, with the offer-for-sale component recorded as nil at both ends of the Rs 51-54 band. Promoter holding went from 98.28% before the issue to 72.15% after, a dilution of 26.13 percentage points.

What to weigh against it

Supply and logistics sit with very few counterparties. The record states three suppliers provided 99.75% of LPG in FY26, that transport comes largely from a promoter group company, Prime Fuel Logistics Private Limited, and that inventory sat 89 days.
FY26 revenue was concentrated in one state: Telangana produced 60.42% of it, Maharashtra 31.39% and Karnataka 8.19%.
FY26 revenue from operations of Rs 10,075.82 lakh was 100% auto LPG sales. The consultancy line that designs and tests LPG, CNG and LNG dispensers earned Rs 225.00 lakh in FY25 and nothing in FY26.
The issue was subscribed 1.39 times overall, with the qualified institutional portion at 1.10 times, retail at 1.86 times and the non-institutional portion at 0.98 times, below one. It listed at Rs 54.75 against a band top of Rs 54, closed day one at Rs 54.05 and last traded at Rs 33.80 on 23 October 2026, 37.41% below the band top.

Easy to miss in the prospectus

The record carries no operating cash flow, total assets or total expenses figure for any of FY24, FY25 or FY26, so cash conversion against the Rs 9.45 Cr of FY26 profit after tax cannot be checked here.
There is no valuation block and no peer set in the record, so the Rs 51-54 band is not placed against earnings or comparable companies here.
The supplier share of 99.75%, the 89 inventory days and the state-wise revenue split are given for FY26 only, with no earlier-year figures in the record to compare them against; the subscription data is likewise a single day-3 row, with no day-by-day build.

Straight from the filing

Read it yourself

The prospectus for this issue exists, but the only copy held here is a third party’s mirror of it. We link filings from the issuer, the exchanges or the regulator, never somebody else’s copy.

The paperwork

Who is running the issue

Lead managers: SKI Capital Services Limited
RegistrarAllotment status is checked on the registrar's own site: KFin Technologies Limited

How these figures were checked

Built from 9 independently published accounts of this issue, agreeing with each other. No copy of the filing itself is linked here, so nothing on this page has been reconciled against the primary document — treat every figure as reported rather than verified.

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 18 Sep 2026
Closes: 22 Sep 2026
Allotment: 23 Sep 2026
Lists: 25 Sep 2026
Revenue (FY26): ₹101 Cr
Profit (FY26): ₹9.45 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.