Axiom Gas Engineering
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 1.06×
- Big non-institutionalbNII · above ₹10 lakh
- 1.22×
- Small non-institutionalsNII · ₹2–10 lakh
- 0.82×
- Retail individualRII · up to ₹2 lakh
- 1.75×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 16 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 25 Sep 2026 | ₹0 | — | ₹0 | ₹54 | ₹0 |
| 24 Sep 2026 | ₹0 | — | ₹0 | ₹54 | ₹0 |
| 23 Sep 2026 | ₹0 | — | ₹0 | ₹54 | ₹0 |
| 22 Sep 2026 | ₹0 | — | ₹0 | ₹54 | ₹0 |
| 21 Sep 2026 | ₹0 | — | ₹0 | ₹54 | ₹0 |
| 20 Sep 2026 | ₹0 | — | ₹0 | ₹54 | ₹0 |
| 19 Sep 2026 | ₹0 | — | ₹0 | ₹54 | ₹0 |
| 18 Sep 2026 | ₹0 | — | ₹0 | ₹54 | ₹0 |
| 17 Sep 2026 | ₹0 | 0.00% | ₹0 | ₹54 | ₹0 |
| 16 Sep 2026 | ₹0 | 0.00% | ₹0 | ₹53 | ₹0 |
| 15 Sep 2026 | ₹0 | 0.00% | ₹0 | ₹53 | ₹0 |
| 14 Sep 2026 | ₹0 | 0.00% | ₹0 | ₹53 | ₹0 |
| 13 Sep 2026 | ₹0 | 0.00% | ₹0 | ₹53 | ₹0 |
| 12 Sep 2026 | ₹0 | 0.00% | ₹0 | ₹53 | ₹0 |
| 11 Sep 2026 | ₹0 | 0.00% | ₹0 | ₹53 | ₹0 |
| 10 Sep 2026 | ₹0 | 0.00% | ₹0 | ₹53 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 7,14,000 | 7,82,000 | ₹4.22 Cr | 1.10× |
| Non-institutional | 35,68,000 | 35,08,000 | ₹18.94 Cr | 0.98× |
| Big non-institutionalwithin NII | 23,78,000 | 24,18,000 | ₹13.06 Cr | 1.02× |
| Small non-institutionalwithin NII | 11,90,000 | 10,90,000 | ₹5.89 Cr | 0.92× |
| Retail individual | 35,68,000 | 66,24,000 | ₹35.77 Cr | 1.86× |
| Total | 78,50,000 | 1,09,14,000 | ₹58.94 Cr | 1.39× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 22 Sept, 05:12 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 18 Sep 2026 – 22 Sep 2026
- Listing date
- 25 Sep 2026
- Face value
- ₹5 per share
- Price band
- ₹51 – ₹54
- Lot size
- 2,000 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹50.75 Cr
- Fresh issue
- ₹48.17 Cr 89,20,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹191 Cr
- Promoter holding
- 98.28% → 72.15% pre-issue → post-issue
- ISIN
- INE16J201028
- CIN
- U23201GJ2007PLC051590
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- SKI Capital Services Ltd.
- Registered office
- H No 8 2 334 Sy No 356 Old and 169 New, Plot No 49 and 50 Green Valley Road No 3, Banjara Hills, Hyderabad, Khairatabad, Telangana, India - 500034
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 7,14,000 | 9.10% | 8.57% |
| Anchor investor · within QIB | 10,70,000 | — | 12.85% |
| NII (HNI) | 35,68,000 | 45.45% | 42.84% |
| bNII > ₹10L · within NII | 23,78,666 | — | 28.56% |
| sNII < ₹10L · within NII | 11,89,334 | — | 14.28% |
| Retail (RII) | 35,68,000 | 45.45% | 42.84% |
| Employee | 0 | — | 0.00% |
| Market maker | 4,78,000 | — | 5.74% |
| Total issue | 83,28,000 | — | 100.00% |
Net offer to the public of 78,50,000 shares, out of a total issue of 83,28,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 2,000 shares per lot, in multiples, at ₹54
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,08,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,16,000 |
| S-HNI (max) | 9 | 18,000 | ₹9,72,000 |
| B-HNI (min) | 10 | 20,000 | ₹10,80,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹54 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 3.64 | 2.67 |
| P/E (×) | 14.84 | 20.22 |
| Price to book (×) | 4.21 | — |
| Market cap | — | ₹191 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 28.40%
- ROCE
- 28.90%
- Debt / equity
- 0.48
- PAT margin
- 9.38%
- EBITDA margin
- 15.36%
- NAV per share
- ₹12.83
- Price to book
- 4.21
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 100.78 | 89.85 | 74.54 |
| Revenue from operations | 100.76 | 89.84 | 74.54 |
| Other income | 0.02 | 0.01 | 0 |
| Total expenses | 88.13 | 79.49 | 66.85 |
| Operating profit | 12.65 | 10.36 | 7.69 |
| Operating margin | 12.55% | 11.53% | 10.32% |
| Profit before tax | 12.65 | 10.35 | 7.69 |
| Profit after tax | 9.45 | 7.75 | 5.74 |
| PAT margin | 9.38% | 8.63% | 7.70% |
| Balance sheet | |||
| Total assets | 69.38 | 60.83 | 52.37 |
| Current assets | 31.13 | 26.75 | 22.42 |
| Current liabilities | 13.54 | 15.09 | 13.04 |
| Total liabilities | 36.09 | 37 | 38.52 |
| Net worth | 33.28 | 23.83 | 13.85 |
| Current ratio | 2.30× | 1.77× | 1.72× |
| Return on equity | 28.40% | 32.52% | 41.44% |
| Cash flow | |||
| Operating cash flow | 10.8 | 8.17 | 4.71 |
| Investing cash flow | -5.39 | -5.18 | -12.76 |
| Financing cash flow | -1.85 | -3.47 | 10.23 |
| Net cash flow | 3.56 | -0.49 | 2.17 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Capital Expenditure ₹27.60 Cr
The Company intends to do expense Under Capital Expenditure
2 Prepayment or repayment of a portion of certain outstanding borrowings availed by our Company ₹9.13 Cr
The Company intends to do Prepayment or repayment of a portion of certain outstanding borrowings availed by the Company
3 General Corporate Purposes —
General Corporate Purposes
1 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Axiom Gas Engineering
Axiom Gas Engineering Limited was started by promoter Mr. Alpeshkumar Naginbhai Patel and joined by Mr. Sadique Abdul Kadar Banani in 2012. The promoters have over 26 years of combined experience in the Oil and Gas sector. The Company is engaged in the business of distribution and retailing of Auto Liquefied Petroleum Gas through a network of Auto LPG Dispensing Stations (ALDS) owned and operated by the Company. In addition to retail outlets, the Company has developed storage and allied infrastructure facilities to support the distribution and supply of Auto LPG. The Company's network is spread across Telangana, Karnataka, and Maharashtra. The business model is based on the sale of Auto LPG to end consumers through its ALDS network, with revenues primarily derived from retail sale of Auto LPG at outlets. The Company procures Auto LPG from suppliers and undertakes storage, transportation, and distribution to its dispensing stations.
Management
Asma Mohamad Sadique Banani
Joint Managing Director
Nikhil Tiwari
Managing Director
Mehul Pravinchandra Talati
Independent Director
Darshan Suresh Chandan
Independent Director
Sivagiri Srinivasan
Darshan Suresh Chandan
Strengths
As stated in the offer document
Owned and operated Auto LPG Dispensing Stations network with associated storage infrastructure
The company operates its own network of Auto LPG Dispensing Stations with integrated storage facilities, providing operational control over the distribution chain.
Geographic diversification across three states
The company has presence across Telangana, Karnataka, and Maharashtra, enabling geographic diversification of demand and supply.
Integrated value-chain operations
The company maintains integrated activities from procurement to retail sale, providing operational control over key value-chain steps.
Established regulatory compliance processes
The company has established compliance processes for Auto LPG handling, storage, and dispensing under applicable regulations including PESO permissions and Petroleum Rules, reducing operational interruptions.
Risk factors
As stated in the offer document
Dependence on Limited LPG Suppliers
The company is highly dependent on three key suppliers, from whom 99.75% of LPG was procured as of March 31, 2026. Any supply disruption, delay or default could interrupt operations, adversely affecting revenue, cash flows and profitability.
Dependence on Related-Party LPG Transportation
LPG transportation is majorly undertaken through related party Prime Fuel Logistics Private Limited, which accounted for more than the majority of total transportation cost as of March 31, 2026. Any disruption, delay, default or transportation mishap could adversely affect business continuity and financial performance.
Hazards Associated with LPG Transportation
Transportation of LPG involves inherent risks of accidents and other hazardous incidents. Such incidents could result in operational disruption, reputational damage and adverse effects on financial condition, results of operations and cash flows.
Safety and Flammability Risks Associated with LPG
LPG is highly flammable and significant safety risks could arise from improper handling, including accidents, fires and explosions. Non-compliance with applicable safety standards could result in operational, financial and reputational consequences.
Past Regulatory Filing and Corporate Record Discrepancies
Instances have been identified where certain regulatory filings with the Registrar of Companies were not made and discrepancies existed in statutory filings and corporate records. Further regulatory issues could result in penalties, compliance costs or other adverse consequences.
Recall Risk on Unsecured Loans
Unsecured loans obtained by the company may be recalled by lenders at any time. Such recall could create liquidity pressures and adversely affect the company’s ability to fund ongoing operations and meet financial obligations.
Company Analysis
from RHPAxiom Gas Engineering Limited distributes and retails Auto Liquefied Petroleum Gas through a network of owned and operated Auto LPG Dispensing Stations across India.
Axiom Gas Engineering Limited was started by promoter Mr. Alpeshkumar Naginbhai Patel and joined by Mr. Sadique Abdul Kadar Banani in 2012. The promoters have over 26 years of combined experience in the Oil and Gas sector. The Company is engaged in the business of distribution and retailing of Auto Liquefied Petroleum Gas through a network of Auto LPG Dispensing Stations (ALDS) owned and operated by the Company. In addition to retail outlets, the Company has developed storage and allied infrastructure facilities to support the distribution and supply of Auto LPG. The Company's network is spread across Telangana, Karnataka, and Maharashtra. The business model is based on the sale of Auto LPG to end consumers through its ALDS network, with revenues primarily derived from retail sale of Auto LPG at outlets. The Company procures Auto LPG from suppliers and undertakes storage, transportation, and distribution to its dispensing stations.
Objects of the Issue
- Capital Expenditure for expansion of ALDS network, enhancement of LPG storage and bottling plants, technological innovation and automation, and green energy initiatives 2,760.00 lakhs p.6
- Prepayment or repayment of a portion of certain outstanding borrowings availed by our Company 912.45 lakhs p.6
- General Corporate Purposes p.6
- Capital Expenditure ₹2,760.00 lakhs p.90
- Prepayment or repayment of a portion of certain outstanding borrowings availed by our Company ₹912.45 lakhs p.90
- General Corporate Purposes p.90
- Capital Expenditure ₹2,760.00 Lakhs p.114
- Prepayment or repayment of a portion of certain outstanding borrowings availed by our Company ₹912.45 Lakhs p.108
- General Corporate Purposes p.111
- Funding capex for new Auto LPG Dispensing Stations and related infrastructure p.167
- Not specified in this section
Issue Structure
- Total Issue
- Up to ₹ [●] Lakhs
- Fresh Issue
- Up to 93,98,000 Equity Shares aggregating up to ₹ [●] Lakhs
- Offer for Sale
- Not Applicable
- Price Band
- [●] per Equity Share
- Lot Size
- [●] Equity Shares
- Face Value
- ₹ 5 per Equity Share
Business Model
The Company procures Auto LPG from suppliers and undertakes storage, transportation, and distribution to its dispensing stations. The business model of the Company is based on the sale of Auto LPG to end consumers through its ALDS network. The revenues are primarily derived from the retail sale of Auto LPG at its outlets.
Business Segments
SWOT Analysis
- • Owned and operated Auto LPG Dispensing Stations network with integrated storage infrastructure(p.4)
- • Geographic diversification across three states reduces regional demand concentration risk(p.4)
- • Vertical integration from procurement to retail provides operational control(p.4)
- • Established compliance processes with PESO permissions and regulatory adherence(p.4)
- • Established operational presence with multiple ALDS locations commissioned and operating(p.91)
- • Revenue growth trajectory demonstrating business viability(p.63)
- • Consistent profitability and positive cash generation(p.63)
- • Existing infrastructure and technical expertise in ALDS operations(p.90)
- • Owned and operated ALDS network with integrated storage infrastructure(p.137)
- • Established compliance processes for Auto LPG handling under PESO permissions and Petroleum Rules(p.137)
- • Geographic diversification across three states(p.137)
- • Integrated activities from procurement to retail providing operational control(p.137)
- • Established Auto LPG retail network with consistent sales growth(p.166)
- • Diversified operational infrastructure including storage and bottling plants(p.166)
- • Growing EBITDA and profitability margins(p.233)
- • Multi-state geographic footprint providing operational diversification(p.232)
- • Regulatory compliance and PESO certification for Auto LPG operations(p.165)
- • No litigation history and clean compliance record(p.168)
- • Dominant market position with 99.75% supplier concentration in LPG sales(p.243)
- • Strong revenue growth and profitability trajectory(p.238)
- • Improving operating efficiency with increasing EBITDA margins(p.287)
- • Positive free cash flow generation(p.288)
- • PAT growth of 21.99% year-on-year(p.239)
- • High concentration in single-fuel (Auto LPG) business limits revenue diversification(p.4)
- • State-wise regulatory variations increase compliance complexity and costs(p.4)
- • Exposure to input price volatility and currency fluctuations in procurement(p.4)
- • Dependence on footfall at ALDS locations; underperforming sites reduce throughput(p.4)
- • High fixed costs in storage and dispensing infrastructure create operating leverage risk during downturns(p.4)
- • Dependence on three suppliers for 99.75% of LPG procurement(p.9)
- • Historical instances of regulatory non-compliance including share transfer and filing deficiencies(p.9)
- • Significant pending litigation against promoters(p.48)
- • High debt levels and substantial borrowing obligations(p.62)
- • Dependence on few major customer segments and geographic concentration(p.49)
- • Heavy reliance on contractual labour with associated compliance risks(p.49)
- • Vulnerability to technology obsolescence and implementation risks(p.48)
- • Single-fuel business limits revenue diversification(p.137)
- • State-wise regulatory variations increase compliance workload and costs(p.137)
- • Exposure to input price volatility and currency fluctuations(p.137)
- • Dependence on footfall at ALDS locations; sub-optimal sites may reduce throughput(p.137)
- • High fixed costs in storage and dispensing infrastructure(p.137)
- • High debt burden relative to equity with elevated leverage(p.231)
- • Concentration of shareholding among four promoters holding 98.27% of equity(p.181)
- • High proportion of unsecured borrowings with elevated interest rates(p.222)
- • Pending adjudication proceedings with potential financial liability(p.217)
- • Limited management depth with key dependence on two managing directors(p.169)
- • High reliance on few suppliers for LPG procurement(p.244)
- • Moderate debt levels requiring servicing(p.239)
- • Multiple pending litigation matters involving director(p.248)
- • Tax compliance issues including pending GST demand(p.251)
- • Outstanding contingent liabilities including TDS defaults(p.243)
- • Infill and densification of ALDS network within existing cities to improve utilization(p.4)
- • Fleet and commercial user tie-ups to stabilize volumes at select stations(p.4)
- • Addition of ancillary services at ALDS locations to improve unit economics(p.4)
- • Participation in government/municipal initiatives promoting cleaner automotive fuels(p.4)
- • Growing Auto LPG market supported by cost advantages relative to conventional fuels(p.5)
- • Planned expansion of ALDS network across multiple states(p.90)
- • Enhancement and modernization of existing storage and bottling facilities(p.98)
- • Investment in technological innovation and automation(p.90)
- • Growing domestic LPG demand and market expansion potential(p.49)
- • Green energy initiatives and sustainability positioning(p.90)
- • Potential to infill and densify ALDS network within existing cities(p.137)
- • Fleet and commercial user tie-ups to stabilize volumes(p.137)
- • Addition of ancillary services at ALDS locations to improve unit economics(p.137)
- • Participation in government or municipal initiatives promoting cleaner automotive fuels(p.137)
- • Expansion of Auto LPG dispensing network across new geographies(p.232)
- • Growing demand for alternative automotive fuels and green energy solutions(p.232)
- • Scale-up of integrated storage, handling and infrastructure capabilities(p.232)
- • Diversification through complementary service offerings(p.232)
- • Growth in transport sector demand for cost-effective fuel alternatives(p.232)
- • Expansion of ALDS network in central and northern India(p.239)
- • Growth driven by higher throughput volumes and improved realizations(p.238)
- • Commissioning of new outlets generating incremental sales(p.238)
- • Full-year contribution of outlets commissioned in prior years(p.238)
- • Post-IPO proceeds for capital deployment and working capital(p.239)
- • Regulatory changes impacting Auto LPG retailing, safety norms, licensing, or pricing mechanisms(p.4)
- • Competitive entry from existing fuel retailers and new ALDS operators in target markets(p.4)
- • Substitution risk from alternative fuels (CNG, EVs, ethanol blends) affecting long-term demand(p.4)
- • Supply chain disruptions from refinery/terminal outages and transport constraints(p.4)
- • Safety incidents at industry level leading to stricter compliance requirements and higher operating costs(p.4)
- • Regulatory variation across states creating infrastructure investment demands and compliance challenges(p.5)
- • Dependence on PSU pricing of Auto LPG; global price and FX fluctuations impact competitiveness(p.9)
- • Intense competition from alternative energy sources and established LPG suppliers(p.49)
- • Exposure to economic slowdown and inflation affecting demand and margins(p.50)
- • Regulatory and compliance risks in hazardous operations(p.52)
- • Operational risks from accidents and safety incidents in hazardous activities(p.52)
- • External economic and geopolitical volatility impacting business operations(p.50)
- • Vulnerability to labour disruptions and wage inflation(p.49)
- • Exposure to natural disasters and public health crises(p.50)
- • Regulatory changes impacting Auto LPG retailing, safety norms, licensing, or pricing mechanisms(p.137)
- • Competitive entry from existing fuel retailers and new ALDS operators(p.137)
- • Substitution risk from alternative fuels (CNG, EVs, ethanol blends)(p.137)
- • Supply chain disruptions affecting station availability(p.137)
- • Safety incidents at industry level leading to stricter compliance requirements(p.137)
- • Regulatory and compliance risks in petroleum and gas distribution sector(p.232)
- • Volatility in Auto LPG commodity prices and supply chain disruptions(p.232)
- • Competition from established fuel distribution networks and alternative fuel providers(p.232)
- • Dependence on external borrowings for expansion with interest rate risks(p.233)
- • Restrictive covenants in loan agreements potentially limiting operational flexibility(p.192)
- • Regulatory risks in petroleum and explosives sector(p.263)
- • Exposure to input cost volatility and LPG price fluctuations(p.238)
- • Dependence on dealer network and outlet operations(p.240)
- • Increasing operating expenses including rent and maintenance(p.239)
- • External litigation risks affecting group company operations(p.249)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Alpeshkumar Naginbhai Patel | Promoter | 44.21% | — |
| Sadique Abdul Kadar Banani | Promoter | 44.23% | — |
| Kinnari Alpeshkumar Patel | Promoter | 4.91% | — |
| Asma Mohamad Sadique Banani | Promoter | 4.91% | — |
| Alpeshkumar Naginbhai Patel | Promoter | 44.21% | — |
| Sadique Abdul Kadar Banani | Promoter | 44.23% | — |
| Kinnari Alpeshkumar Patel | Promoter | 4.91% | — |
| Asma Mohamad Sadique Banani | Promoter | 4.91% | — |
| Alpeshkumar Naginbhai Patel | Promoter | — | — |
| Sadique Abdul Kadar Banani | Promoter | — | — |
| Alpeshkumar Naginbhai Patel | Promoter | 44.21% | — |
| Sadique Abdul Kadar Banani | Promoter | 44.23% | — |
| Asma Mohamad Sadique Banani | Promoter | 4.91% | — |
| Kinnari Alpeshkumar Patel | Promoter | 4.91% | — |
| Alpesh Kumar Patel | Promoter | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Axiom Gas Engineering Ltd THIS ISSUE | 3.64 | 12.83 | 20.22, computed at the offer price | 4.21, computed at the offer price | 28.40% |
| 2.80 | 42.69 | 26.70 | 1.76 | 6.81% | |
| 25.59 | 172.49 | 52.81 | 7.85 | 18.37% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.