Overview
Updated 12 days agoAxiom Gas Engineering Limited is engaged in the distribution and retailing of Auto Liquefied Petroleum Gas (Auto LPG) through a network of company-owned and operated Auto LPG Dispensing Stations (ALDS). The company also provides engineering, procurement, construction, and project management services in the LPG and clean energy segment.
The red bar is the price band. GMP-implied price is an unofficial grey-market number, not a forecast.
How much to apply
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,08,000 |
| bNII (min) | 10 | 20,000 | ₹10,80,000 |
At the upper band. The amount is blocked in your bank account through UPI, not paid, until allotment.
Final subscription
As of 31 Oct, 16:42 ISTTimes the shares on offer were bid for, by investor category. Above 1x means the category is fully booked.
Listing performance
Latest price updated 5 hr ago.
Issue details
| Status | Listed |
| Exchange | NSE |
| Segment | SME |
| Price band | ₹51–54 |
| Final issue price | ₹54.00 |
| Face value | ₹5 per share |
| Lot size | 2,000 shares |
| Minimum investment | ₹1,08,000 |
| Issue size | ₹51.00 Cr |
| P/E at upper band | 14.8x |
| Registrar | KFIN Technologies Limited |
| Lead managers | SKI Capital Services Limited |
| NSE symbol | AXIOMGAS |
| ISIN | INE16J201028 |
Shareholder quota and promoter holding
Company & business
Axiom Gas Engineering Limited, incorporated in 2007, is primarily engaged in the distribution and retailing of Auto LPG. The company operates a network of Auto LPG Dispensing Stations (ALDS) across Telangana, Karnataka, and Maharashtra. Its business model involves procuring Auto LPG from suppliers, storing it in its own infrastructure, and retailing it to end consumers in the transport sector, such as auto-rickshaws and taxis. The company also provides consultancy and engineering services related to LPG infrastructure. The company's operations are supported by storage and dispensing facilities designed to meet regulatory standards.
Objects of the issue — how the money will be used
- Capital Expenditure (₹27.6 Cr)
- Prepayment or repayment of a portion of certain outstanding borrowings (₹9.12 Cr)
- General Corporate Purposes
Key strengths
- Owned and operated Auto LPG Dispensing Stations network with associated storage infrastructure.
- Presence across three states enables geographic diversification of demand and supply.
- Integrated activities from procurement to retail sale provide operational control over key value-chain steps.
- Established compliance processes for Auto LPG handling, storage, and dispensing under applicable regulations (including PESO permissions and Petroleum Rules), reducing operational interruptions.
Key risks
- Concentration in Auto LPG as a single-fuel business limits revenue diversification.
- State-wise regulatory variations increase compliance workload and costs.
- Exposure to input price volatility and currency fluctuations through procurement arrangements.
- Dependence on footfall at ALDS locations; sub-optimal sites may reduce throughput.
- High fixed costs in storage and dispensing infrastructure leading to operating leverage during demand downturns.
- Dependent on a few suppliers for sourcing Auto LPG.
- Transportation of LPG is majorly done by a related party, Prime Fuel Logistics Private Limited.
- Hazardous nature of LPG handling and transportation.
Promoters
Alpeshkumar Naginbhai Patel, Kinnari Alpeshkumar Patel, Sadique Abdul Kadar Banani, Asma Mohamad Sadique Banani
Decoded from the RHP with AI on 01-Nov-2026. Check the offer document before you apply.
Financials (restated, ₹ crore)
| Period | Revenue | Expenses | Profit after tax | Assets | Net worth | Borrowings |
|---|---|---|---|---|---|---|
| FY24 | 74.54 | -- | 5.74 | 52.37 | 13.85 | 20.12 |
| FY25 | 89.84 | -- | 7.75 | 60.83 | 23.83 | 16.30 |
| FY26 | 100.76 | -- | 9.45 | 69.38 | 33.28 | 16.06 |
Key performance indicators · FY26
Peers & valuation
Listed peers as chosen by the issuer in the offer document (Basis for Issue Price).
| Company | Revenue (₹ Cr) | EPS (₹) | P/E | RoNW % | NAV (₹) |
|---|---|---|---|---|---|
| Axiom Gas Engineering this issue | 100.8 | 3.64 | 14.8x | 28.40 | 12.83 |
| Confidence Petroleum India Limited | 4,704.6 | 2.80 | 26.7 | 6.81 | 42.69 |
| Aegis Logistics Limited | 8,333.2 | 25.59 | 52.8 | 18.37 | 172.49 |
This issue is priced at 14.8x P/E against a peer median of 39.8x: a discount of 63%. A measurement, not a verdict.
Documents and resources
Offer documents and the issuer, exchange, registrar and SEBI pages for this issue.