Axiom Gas Engineering IPO is a Book Built SME public issue of Axiom Gas Engineering Limited. The IPO comprises an entirely fresh issue of 93,98,000 equity shares with a face value of ₹5 per share. The company proposes to list its equity shares on the NSE Emerge platform.
The Axiom Gas Engineering IPO price band is fixed at ₹50 to ₹53 per equity share. At the upper price band, the total issue size is approximately ₹49.81 crore. The IPO is scheduled to open on 18 September 2026 and close on 22 September 2026, with the tentative listing date set for 25 September 2026.
Axiom Gas Engineering Limited operates in the green energy and Auto LPG segment. The company is involved in the distribution and retailing of Auto Liquefied Petroleum Gas through Auto LPG Dispensing Stations and has developed storage and allied infrastructure to support the distribution and supply of Auto LPG.
The company provides Auto LPG, commercial LPG and industrial LPG solutions. Its operations include engineering solutions associated with Auto LPG dispensing stations, storage infrastructure, dispensing facilities and related services. The company states that it has executed more than 25 Auto LPG Dispensing Station installations on a turnkey basis and has more than 19 operational ALDS installations in India.
Axiom Gas Engineering has reported steady growth in revenue and profitability over FY2024 to FY2026. Revenue increased from ₹74.54 crore in FY2024 to ₹100.78 crore in FY2026, while profit after tax increased from ₹5.74 crore to ₹9.45 crore during the same period.
Investors should evaluate the company’s business model, Auto LPG market exposure, financial performance, proposed use of IPO proceeds, valuation, supplier concentration and other risks before making an investment decision.
Table of Contents
Axiom Gas Engineering IPO Details Information
| Particulars | Details |
|---|---|
| IPO Name | Axiom Gas Engineering IPO |
| Company Name | Axiom Gas Engineering Limited |
| IPO Type | Book Built Issue |
| IPO Category | SME IPO |
| Face Value | ₹5 Per Equity Share |
| Price Band | ₹50 to ₹53 Per Share |
| Issue Size | ₹49.81 Crore |
| Fresh Issue | 93,98,000 Equity Shares |
| Offer for Sale | Nil |
| IPO Open Date | 18 September 2026 |
| IPO Close Date | 22 September 2026 |
| Basis of Allotment | 23 September 2026 |
| Refund Initiation | 24 September 2026 |
| Shares Credited to Demat Account | 24 September 2026 |
| Listing Date | 25 September 2026 |
| Listing Exchange | NSE SME |
| Lot Size | 2,000 Equity Shares |
| Registrar | KFin Technologies Limited |
| Book Running Lead Manager | SKI Capital Services Limited |
The issue comprises 93,98,000 equity shares, including a market maker reservation of 4,78,000 shares. The net issue after the market maker reservation is 89,20,000 equity shares.
Axiom Gas Engineering IPO Dates
| IPO Event | Date |
|---|---|
| IPO Opening Date | 18 September 2026 |
| IPO Closing Date | 22 September 2026 |
| Basis of Allotment | 23 September 2026 |
| Refund Initiation | 24 September 2026 |
| Shares Credited to Demat Account | 24 September 2026 |
| Listing Date | 25 September 2026 |
The IPO is scheduled to open on 18 September 2026 and close on 22 September 2026. The basis of allotment is expected on 23 September, followed by refunds and demat credit on 24 September and listing on 25 September 2026.
Axiom Gas Engineering IPO Reservation
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | 20% |
| Non-Institutional Investors (NII) | 40% |
| Retail Individual Investors (RII) | 40% |
The net public issue is divided between QIB, NII and Retail categories after the market maker reservation. Current issue information indicates 17,84,000 shares for QIBs, 35,68,000 shares for NIIs and 35,68,000 shares for Retail Individual Investors.
Axiom Gas Engineering IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 Lots | 4,000 Shares | ₹2,12,000 |
| Retail Maximum | 2 Lots | 4,000 Shares | ₹2,12,000 |
| S-HNI Minimum | 3 Lots | 6,000 Shares | ₹3,18,000 |
| S-HNI Maximum | 9 Lots | 18,000 Shares | ₹9,54,000 |
| B-HNI Minimum | 10 Lots | 20,000 Shares | ₹10,60,000 |
The minimum application consists of 4,000 shares, or 2 lots, at the upper price band of ₹53. Applications can be made in multiples of 2,000 shares thereafter.
About Axiom Gas Engineering Limited
Axiom Gas Engineering Limited was incorporated on 24 August 2007 as Axiom Gas Engineering Private Limited and was subsequently converted into a public limited company with effect from 16 July 2024. The company is headquartered in Vadodara, Gujarat, with its corporate office in Hyderabad, Telangana.
The company’s principal business includes the distribution and retailing of Auto Liquefied Petroleum Gas through Auto LPG Dispensing Stations. It has also developed storage and allied infrastructure facilities to support the distribution and supply of Auto LPG.
Axiom Gas Engineering operates under the broader green energy solutions segment and provides Auto LPG, commercial LPG and industrial LPG solutions. Its website states that the company has exported more than 100 total engineering solutions and has executed more than 25 Auto LPG Dispensing Station installations on a turnkey basis.
Business Operations
- Auto LPG Distribution – The company distributes and retails Auto Liquefied Petroleum Gas through its network of Auto LPG Dispensing Stations.
- Auto LPG Dispensing Stations – It undertakes installation and operational activities associated with Auto LPG dispensing infrastructure.
- Engineering Solutions – The company provides engineering and technical solutions connected with LPG dispensing and related infrastructure.
- Storage Infrastructure – It has developed storage and allied facilities to support LPG distribution and supply activities.
- Commercial LPG Solutions – The company provides LPG-related solutions for commercial applications.
- Industrial LPG Solutions – Its product and service portfolio also covers LPG requirements in industrial applications.
- Turnkey ALDS Installation – The company has executed Auto LPG Dispensing Station installations on a turnkey basis.
- Green Energy Solutions – The company positions Auto LPG and related solutions as part of its broader clean and sustainable energy offering.
Industry Overview
The LPG industry forms an important part of India’s energy and fuel ecosystem. Auto LPG provides an alternative automotive fuel and has applications in the transport sector, while commercial and industrial LPG solutions cater to businesses requiring LPG for various operating requirements.
India’s transition toward cleaner fuels and greater attention to emissions can create opportunities for alternative-fuel businesses. Auto LPG infrastructure can benefit from demand for cleaner automotive fuels in regions where suitable dispensing networks and customer awareness are available.
However, the Auto LPG industry is also influenced by fuel prices, government regulations, competition from petrol, diesel, CNG and electric mobility, availability of LPG infrastructure and changes in consumer preferences.
Business Strategy
Axiom Gas Engineering intends to strengthen its engineering and infrastructure capabilities through capital expenditure funded partly from the IPO proceeds. The company plans to use a significant portion of the issue proceeds for capital expenditure and the expansion of its operating capabilities.
The company also plans to prepay or repay a portion of certain outstanding borrowings. Reducing debt obligations can support the company’s balance sheet and may reduce finance costs associated with the borrowings.
The company’s broader strategy is focused on expanding its Auto LPG and related green-energy solutions while leveraging its engineering experience, dispensing-station network and storage infrastructure.
Axiom Gas Engineering IPO Financial Information
Axiom Gas Engineering has reported consistent growth in revenue and profit during FY2024, FY2025 and FY2026. Revenue from operations increased from ₹74.54 crore in FY2024 to ₹89.84 crore in FY2025 and ₹100.76 crore in FY2026.
Profit after tax increased 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.
Financial Summary
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations | ₹74.54 Crore | ₹89.84 Crore | ₹100.76 Crore |
| EBITDA | ₹10.01 Crore | ₹13.29 Crore | ₹15.48 Crore |
| Profit After Tax (PAT) | ₹5.74 Crore | ₹7.75 Crore | ₹9.45 Crore |
| Net Worth | ₹13.85 Crore | ₹23.83 Crore | ₹33.28 Crore |
| Total Assets | ₹52.37 Crore | ₹60.83 Crore | ₹69.38 Crore |
| Reserves & Surplus | ₹13.60 Crore | ₹10.86 Crore | ₹20.31 Crore |
| Total Borrowings | ₹20.12 Crore | ₹16.30 Crore | ₹16.06 Crore |
The company’s financial performance shows growth across revenue, EBITDA, PAT and net worth. Total borrowings declined from ₹20.12 crore in FY2024 to ₹16.06 crore in FY2026, while net worth increased to ₹33.28 crore.
Axiom Gas Engineering IPO Key Performance Indicators (KPIs)
The FY2026 KPI profile shows healthy return ratios and improving operating margins. The company reported ROE and RoNW of 28.40% and ROCE of 28.90% for FY2026.
| KPI | Value |
|---|---|
| Return on Equity (ROE) | 28.40% |
| Return on Capital Employed (ROCE) | 28.90% |
| Return on Net Worth (RoNW) | 28.40% |
| EBITDA Margin | 15.36% |
| PAT Margin | 9.38% |
| Debt-to-Equity Ratio | 0.48x |
| Earnings Per Share (Pre-Issue) | ₹3.64 |
| Earnings Per Share (Post-Issue) | ₹2.67 |
| NAV Per Share | ₹12.83 |
| P/E (Pre-Issue) | 14.56x |
| P/E (Post-Issue) | 19.85x |
| Price to Book Value | 4.13x |
The valuation metrics are based on the FY2026 financial performance and the IPO price band. At the upper price band, the reported pre-issue P/E is 14.56x and post-issue P/E is 19.85x.
Objects of the Axiom Gas Engineering IPO
The company proposes to use the net proceeds of the fresh issue for the following purposes:
- Capital Expenditure – ₹27.60 crore is proposed to be utilised towards capital expenditure.
- Repayment of Borrowings – ₹9.12 crore is proposed for prepayment or repayment of a portion of certain outstanding borrowings availed by the company.
- General Corporate Purposes – The remaining amount is proposed to be utilised for general corporate purposes as permitted under applicable regulations.
The offer-document information identifies capital expenditure and repayment or prepayment of borrowings as the principal specified uses of the IPO proceeds.
Axiom Gas Engineering IPO Listing Performance
Axiom Gas Engineering shares are scheduled to list on NSE SME on 25 September 2026. Since the company has not yet listed, the actual listing price and listing gain are not available.
| Particular | Value |
|---|---|
| Listing Exchange | NSE SME |
| Listing Date | 25 September 2026 |
| Issue Price | ₹53 Per Share |
| Listing Price | To be updated |
| Listing Gain | To be updated |
| Listing Gain (%) | To be updated |
The listing price will depend on market conditions and demand when trading begins. The issue price and grey market premium should not be treated as a guarantee of the actual listing price.
Axiom Gas Engineering IPO Subscription Status
The Axiom Gas Engineering IPO is scheduled to open on 18 September 2026. Therefore, live category-wise subscription figures are not available before the bidding period begins.
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | To be updated |
| Non-Institutional Investors (NII) | To be updated |
| Retail Individual Investors (RII) | To be updated |
| Employee Category | To be updated |
| Total Subscription | To be updated |
The subscription figures will be updated after bidding starts. The final subscription level across QIB, NII and Retail categories will provide an indication of investor participation in the issue.
Axiom Gas Engineering IPO Review
Axiom Gas Engineering operates in the Auto LPG and broader green energy solutions segment. Its business includes Auto LPG distribution and retailing, Auto LPG Dispensing Stations, engineering services, storage infrastructure and commercial and industrial LPG solutions.
The company has demonstrated steady financial growth. Revenue increased from ₹74.54 crore in FY2024 to ₹100.76 crore in FY2026, representing continued growth over the reviewed period. PAT increased from ₹5.74 crore to ₹9.45 crore during the same period.
Profitability has also improved. EBITDA increased from ₹10.01 crore in FY2024 to ₹15.48 crore in FY2026, while EBITDA margin improved to 15.36%. PAT margin stood at 9.38% in FY2026, with ROE of 28.40% and ROCE of 28.90%.
The IPO proceeds are intended to support capital expenditure and reduce a portion of outstanding borrowings. The planned use of funds could strengthen operating capabilities while also helping the company manage its debt position.
The company has an established operating history dating back to 2007 and has developed experience in Auto LPG engineering, dispensing infrastructure and related solutions. Its presence across Telangana, Maharashtra and Karnataka provides exposure to multiple regional markets.
At the same time, investors should consider the risks associated with a specialised Auto LPG business. The industry faces competition from conventional fuels, CNG and electric vehicles, while changes in fuel prices, regulations and customer preferences can affect demand.
Supplier concentration is another factor to consider. The top three suppliers accounted for approximately 65.2% of procurement in FY2026, creating dependence on a relatively limited supplier base.
The current reported GMP is ₹0. GMP is an unofficial and unregulated market indicator and may change before listing. It should not be treated as a guaranteed listing gain or investment return.
Overall, Axiom Gas Engineering combines an established Auto LPG business with steady financial growth, healthy return ratios and an IPO plan focused on capital expenditure and debt repayment. Investors should nevertheless evaluate the company’s specialised market exposure, supplier concentration, competitive environment, valuation and SME listing risks before investing.
Axiom Gas Engineering IPO Strengths
- Established Operating History – The company has been operating since 2007 and has developed experience in Auto LPG engineering and distribution.
- Auto LPG Infrastructure Experience – The company has executed multiple Auto LPG Dispensing Station installations and operates related infrastructure.
- Steady Financial Growth – Revenue and PAT have increased consistently from FY2024 to FY2026.
- Healthy Profitability – FY2026 ROE of 28.40%, ROCE of 28.90% and EBITDA margin of 15.36% indicate healthy reported operating performance.
- Lower Borrowings – Total borrowings declined from ₹20.12 crore in FY2024 to ₹16.06 crore in FY2026.
- Multiple LPG Solutions – The company offers Auto LPG, commercial LPG and industrial LPG solutions.
Axiom Gas Engineering IPO Risk Factors
- Supplier Concentration – The top three suppliers accounted for approximately 65.2% of procurement in FY2026.
- Alternative Fuel Competition – Auto LPG faces competition from petrol, diesel, CNG and electric mobility.
- Regulatory Dependence – LPG distribution, dispensing stations and related infrastructure are subject to regulatory requirements.
- Specialised Market Exposure – The company’s business is significantly connected with the Auto LPG market and its growth prospects.
- SME Listing Risk – SME-listed shares can have lower liquidity and higher price volatility than mainboard-listed companies.
- Execution Risk – The planned capital expenditure depends on timely implementation and deployment of the IPO proceeds.
- Fuel Price Sensitivity – Changes in LPG and other fuel prices can influence demand and operating economics.
Axiom Gas Engineering IPO Promoters
Axiom Gas Engineering Limited is promoted by Alpeshkumar Naginbhai Patel, Kinnari Alpeshkumar Patel, Sadique Abdul Kadar Banani and Asma Mohamad Sadique Banani. The promoter and promoter group holding is reported at 98.28% before the IPO and approximately 72.15% after the issue.
IPO Promoters Details
| Promoter | Designation |
|---|---|
| Alpeshkumar Naginbhai Patel | Promoter |
| Kinnari Alpeshkumar Patel | Promoter |
| Sadique Abdul Kadar Banani | Promoter |
| Asma Mohamad Sadique Banani | Promoter and Joint Managing Director |
Axiom Gas Engineering IPO Management Team
The company’s key management includes Nikhil Tiwari as Managing Director, Asma Mohamad Sadique Banani as Joint Managing Director, Feroz Eliyas Mohammed as Chief Financial Officer and Mahesh Maheshwari as Company Secretary and Compliance Officer. These names are reflected in the company’s offer-document and corporate records.
| Name | Designation |
|---|---|
| Nikhil Tiwari | Managing Director |
| Asma Mohamad Sadique Banani | Joint Managing Director |
| Feroz Eliyas Mohammed | Chief Financial Officer |
| Mahesh Maheshwari | Company Secretary & Compliance Officer |
Axiom Gas Engineering IPO Registrar Details
KFin Technologies Limited is the registrar to the Axiom Gas Engineering IPO and is responsible for processing applications, finalising allotment and providing investor-related services. The company’s investor contact information also identifies KFin Technologies as its Registrar and Share Transfer Agent.
| Particular | Details |
|---|---|
| Registrar Name | KFin Technologies Limited |
| Website | KFin Technologies |
| IPO Allotment Status | KFin Technologies IPO Status |
| Contact Person | M. Murali Krishna |
| Email ID | [email protected] |
| Contact Number | +91 40 6716 2222 |
Axiom Gas Engineering IPO Lead Manager Details
SKI Capital Services Limited is the Book Running Lead Manager to the Axiom Gas Engineering IPO. The lead manager is responsible for coordinating the public issue process and related regulatory and capital-market activities.
| Particular | Details |
|---|---|
| Lead Manager | SKI Capital Services Limited |
| Registered Office | 718, Dr. Joshi Road, Karol Bagh, New Delhi – 110005 |
| Website | SKI Capital Services |
| Email ID | To be updated |
| Contact Number | To be updated |
Axiom Gas Engineering Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Axiom Gas Engineering Limited |
| Registered Office | 522 to 527, SWC Hub, 5th Floor, Opp. Rajpath Complex, Near Essar Petrol Pump, Bhaily, Vadodara, Gujarat – 391410 |
| Corporate Office | House No. 8-2-334, Sy. No. 169, Plot No. 49 & 50, Green Valley, Road No. 3, Banjara Hills, Hyderabad, Telangana – 500034 |
| Website | https://axiomgas.com/ |
| Email ID | [email protected] |
| Contact Number | +91 40 4506 5015 |
The company’s official investor contact page confirms its registered office in Vadodara and corporate office in Hyderabad. It also provides the company’s investor grievance contact details.
How to Check Axiom Gas Engineering IPO Allotment Status
Investors can check the IPO allotment status after the basis of allotment is finalised through the registrar’s website or the relevant stock exchange platform.
Through KFin Technologies Limited
- Visit the KFin Technologies IPO allotment portal.
- Select Axiom Gas Engineering IPO from the available issue list.
- Select PAN Number, Application Number or DP/Client ID.
- Enter the required details.
- Submit the information to view the allotment status.
Through NSE
- Visit the NSE website.
- Open the IPO-related section.
- Select Axiom Gas Engineering IPO where available.
- Enter the required application details.
- Submit the details to check the allotment status.
IPO Conclusion
Axiom Gas Engineering IPO provides an opportunity to participate in a company operating in Auto LPG distribution, engineering and related green energy solutions. The company has an operating history dating back to 2007 and has developed experience in Auto LPG dispensing infrastructure and associated engineering services.
The company has reported steady financial growth, with revenue increasing from ₹74.54 crore in FY2024 to ₹100.76 crore in FY2026 and PAT increasing from ₹5.74 crore to ₹9.45 crore. FY2026 EBITDA margin stood at 15.36%, while ROE and ROCE were 28.40% and 28.90%, respectively.
The IPO proceeds are primarily intended for capital expenditure and repayment or prepayment of certain outstanding borrowings. The proposed utilisation could support business expansion while improving the company’s debt position.
However, investors should consider supplier concentration, competition from CNG and electric vehicles, regulatory requirements, fuel-price sensitivity and the risks associated with SME-listed companies. The specialised nature of the Auto LPG market also means that future growth will depend on demand for the company’s products and services.
A detailed assessment of the company’s financial performance, valuation, business prospects, issue objectives and risk factors can help investors determine whether the Axiom Gas Engineering IPO fits their investment objectives.
Axiom Gas Engineering IPO FAQs
What is Axiom Gas Engineering IPO?
Axiom Gas Engineering IPO is a Book Built SME public issue of Axiom Gas Engineering Limited. The issue consists entirely of a fresh issue of 93,98,000 equity shares and is proposed to be listed on NSE SME.
What is the price band of Axiom Gas Engineering IPO?
The price band is ₹50 to ₹53 per equity share.
What is the issue size of Axiom Gas Engineering IPO?
The total issue size is approximately ₹49.81 crore, comprising 93,98,000 fresh equity shares.
When will the Axiom Gas Engineering IPO open?
The IPO will open for subscription on 18 September 2026.
When will the Axiom Gas Engineering IPO close?
The IPO will close for subscription on 22 September 2026.
What is the Axiom Gas Engineering IPO lot size?
The lot size is 2,000 equity shares. Retail investors need to apply for a minimum of 2 lots, or 4,000 shares.
What is the minimum investment required for Axiom Gas Engineering IPO?
At the upper price band of ₹53, the minimum retail application of 4,000 shares requires an investment of ₹2,12,000.
On which stock exchange will Axiom Gas Engineering shares be listed?
Axiom Gas Engineering shares are proposed to be listed on the NSE SME platform.
Who is the registrar for the Axiom Gas Engineering IPO?
KFin Technologies Limited is the registrar to the Axiom Gas Engineering IPO.
What is the GMP of Axiom Gas Engineering IPO?
The current reported GMP is ₹0. GMP is an unofficial grey-market indicator and can change before listing. It should not be considered a guaranteed listing price or return.
