In Progress
Valuation
Market Cap
₹187.32 Cr
P/E Ratio
14.56x
P/B Ratio
4.13x
Axiom Gas IPO Dates
Open
Close
Allotment
Refunds
Credit
Listing
Business Overview
Axiom Gas Engineering Limited, incorporated in 2007 is engaged in distribution and retailing of Auto Liquefied Petroleum Gas (Auto LPG) in India. Started by Promoter Alpeshkumar Naginbhai Patel and later joined by Sadique Abdul Kadar Banani in 2012, the Promoters bring over 26 years of oil and gas experience. The Company operates owned Auto LPG Dispensing Stations (ALDS) with allied storage infrastructure across Telangana, Karnataka and Maharashtra, covering procurement, storage, transportation and retail distribution, mainly serving auto-rickshaws, taxis and small commercial vehicles.
Lots & IPO Size
Axiom Gas IPO Lot Size
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Ind (Min) | 2 | 4,000 | ₹2,12,000 |
| Ind (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 |
Market Maker
₹4.78 L
Employee
₹0.00
Shareholder
₹0.00
Axiom Gas IPO Size
Total
₹50 Cr
Fresh Issue
₹50 Cr
(0.94 Cr
Shares)
Offer For Sale
₹0
(0.00
Shares)
Objects of the Issue
Capital Expenditure
Prepayment or repayment of a portion of certain outstanding borrowings
General Corporate Purposes & Issue Expenses
Total
Key Risk Factors
The Company depends on a few suppliers for liquified petroleum gas; as of March 31, 2026, it procured 99.75% of its LPG (by value, Rs.6,569.79 lakhs) from three key suppliers, exposing it to supply disruption risk.
Key Risk Factors
The Company depends on a few suppliers for liquified petroleum gas; as of March 31, 2026, it procured 99.75% of its LPG (by value, Rs.6,569.79 lakhs) from three key suppliers, exposing it to supply disruption risk.
The Company's LPG transportation is majorly handled by its related party, Prime Fuel Logistics Private Limited, a group company; any disruption in this transport arrangement could adversely affect operations.
Transporting LPG is hazardous and could result in accidents, which could adversely affect the Company's reputation, business, financial condition, results of operations and cash flows.
LPG is highly flammable and poses significant safety risks if mishandled; compliance with strict safety regulations and standards is crucial to mitigate risks of accidents, fires and explosions.
The Company's sale of products and services is concentrated in its core market of Karnataka, Telangana and Maharashtra, making it vulnerable to adverse regional developments.
There have been past instances where the Company did not make certain regulatory filings with the RoC, and there have been discrepancies in certain statutory filings and corporate records.
The high fixed-cost structure of the Company's storage and dispensing infrastructure may adversely impact financial performance during demand downturns.
The Company is highly dependent on location footfall at its ALDS, and site performance may affect sales volumes and profitability.
Unsecured loans taken by the Company can be recalled by lenders at any time, which could adversely affect its liquidity and financial position.
The Company is dependent on Public Sector Undertakings for the cost of Auto LPG supplied; any adverse pricing shifts could adversely affect its business, operations and cash flows.
Axiom Gas IPO Details Live GMP
GMP
₹0
Est. Price
₹53
Est. Gain
0.00%
| Date | GMP (₹) | Est. Price |
|---|---|---|
| 10 Sep | ₹0 (0%) | ₹53 |
| 09 Sep | ₹0 (0%) | ₹53 |
Axiom Gas IPO Peer Comparison
(Rs. in crores)
| Particulars | Axiom Gas | Confidence Petroleum | Aegis Logistics |
|---|---|---|---|
| Revenue | 100.76 | 4,704.57 | 8,333.21 |
| PAT | 9.45 | 96.53 | 1,112.07 |
| EPS (₹) | 3.64 | 2.80 | 25.59 |
| NAV (₹) | 12.83 | 42.69 | 172.49 |
| RONW | 28.40% | 6.81% | 18.37% |
| EBITDA | 15.36% | 8.06% | 21.03% |
| PAT Mrgn | 9.38% | 2.05% | 13.35% |
| PE Ratio | 14.56 | 26.70 | 52.81 |
All information pertains to FY 2025-26. PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of July 22, 2026 for Peers
Axiom Gas IPO Financial Performance
(Rs. in crores)
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Revenue | 100.76 | 89.84 | 74.54 |
| Profit | 9.45 | 7.75 | 5.74 |
| Net Worth | 33.28 | 23.83 | 13.85 |
| Borrowings | 12.43 | 11.82 | 16.70 |
| Assets | 69.38 | 60.83 | 52.37 |
| NAV (₹) | 12.83 | 9.18 | 5.34 |
| EPS (₹) | 3.64 | 2.99 | 2.25 |
Key Performance Indicators (KPIs)
Debt to Equity
0.48
Inventory days
89.00
Cash Conversion Cy
71.00
Trade Receivable Days
3.00
All the data pertains to FY 2025-26. PE, PB, and market capitalization are calculated based on the Upper Price Band.
Axiom Gas IPO Financial Statements
(Rs. in crores)
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Revenue from Ops | 100.76 | 89.84 | 74.54 |
| Other Income | 0.02 | 0.01 | 0.00 |
| Total Income | 100.78 | 89.85 | 74.54 |
| Purchase (Stock) | 69.33 | 65.32 | 57.50 |
| Changes in Inventories | -1.47 | -5.12 | -5.87 |
| Employee Expense | 1.54 | 2.13 | 2.69 |
| Finance Costs | 1.61 | 1.89 | 1.49 |
| Depreciation | 1.24 | 1.06 | 0.84 |
| Other Expenses | 15.88 | 14.23 | 10.20 |
| Total Expenses | 88.13 | 79.49 | 66.85 |
| Profit Before Tax | 12.65 | 10.35 | 7.69 |
| Tax Expense | 3.20 | 2.60 | 1.95 |
| Profit After Tax | 9.45 | 7.75 | 5.74 |
| EPS — Basic (₹) | 3.64 | 2.99 | 2.25 |
| EPS — Diluted (₹) | 3.64 | 2.99 | 2.25 |
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Equity Share Capital | 12.97 | 12.97 | 0.25 |
| Reserves & Surplus | 20.31 | 10.86 | 13.60 |
| Total Equity | 33.28 | 23.83 | 13.85 |
| Total Borrowings | 12.43 | 11.82 | 16.70 |
| Trade Payables | 3.97 | 3.60 | 4.28 |
| Other Long Term Liab | 12.26 | 12.26 | 11.31 |
| Other Current Liab | 7.43 | 9.31 | 6.23 |
| Other Liabilities | 0.00 | 0.00 | 0.00 |
| Total Equity & Liab | 69.38 | 60.83 | 52.37 |
| Fixed Assets | 32.97 | 30.45 | 27.03 |
| Inventories | 16.56 | 15.09 | 9.97 |
| Long Term Loans & Adv | 4.33 | 3.53 | 2.87 |
| Short Term Loans & Adv | 7.40 | 6.79 | 5.99 |
| Trade Receivables | 0.78 | 2.08 | 3.01 |
| Cash & Bank Balances | 5.89 | 2.33 | 2.82 |
| Other Assets | 1.45 | 0.56 | 0.67 |
| Total Assets | 69.38 | 60.83 | 52.37 |
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Cash Flow from Operating Activities | 10.80 | 8.17 | 4.71 |
| Cash Flow from Investing Activities | -5.39 | -5.18 | -12.76 |
| Cash Flow from Financing Activities | -1.85 | -3.47 | 10.23 |
| Net Change in Cash & Equivalents | 3.56 | -0.49 | 2.17 |
| Cash & Equivalents at End of Period | 5.89 | 2.33 | 2.82 |
Promoter Holding
Promoter
98.26%
Public
1.74%
Sadique Abdul Kadar Banani
44.23%
Alpeshkumar Naginbhai Patel
44.21%
Asma Mohamad Sadique Banani
4.91%
Kinnari Alpeshkumar Patel
4.91%
Management
Nikhil Tiwari
Age: 47
MD
Remuneration
₹Rs.18.78 Lakhs p.a. (Fiscal 2026)
Education
B.E. (Chemical), PGDM, M.Sc.
Prior Experience
21 years in oil and gas sector; previously with Confidence Petroleum India Ltd, Reliance Retail and ACC Ltd in business development and operations roles.
Asma Mohamad Sadique Banani
Age: 41
Joint MD
Remuneration
₹Rs.24.00 Lakhs p.a. (Fiscal 2026)
Education
MBA (Human Resources)
Prior Experience
Promoter; has led HR and organizational development functions at Axiom Gas Engineering since its earlier private limited stage.
Feroz Eliyas Mohammed
Age: NA
CFO
Remuneration
₹Rs.16.00 Lakhs p.a. (Fiscal 2026)
Education
B.Com
Prior Experience
21 years in finance and accounts; previously with Frigorifico Allana Private Limited, with expertise in financial reporting, statutory compliance and taxation.
Registrar & Lead Managers
Registrar
KFin Technologies
Lead Managers (1)
Company Details
Name: Axiom Gas Engineering Limited
Address: 522 To 527, SWC Hub, 5th Floor, Opp Rajpath Complex, Near Essar Petrol Pump, Bhaily, Vadodara, Gujarat, India - 391410
Number: +91 40 4506 5015
Email: compliance@axiomgas.com
Website: https://axiomgas.com
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Frequently Asked Questions (FAQs)
What is Axiom Gas IPO?
Axiom Gas IPO is a SME IPO having an issue size of
₹50 Crs.
Axiom Gas IPO is priced at
₹50 - ₹53 per
share.
The
issue opens on 18 Sep 26
and
closes on 22 Sep 26.
When will Axiom Gas IPO open?
Axiom Gas IPO opens on
18 Sep 26 and closes on
22 Sep 26.
What is the GMP of Axiom Gas IPO?
The estimated Grey Market Premium of Axiom Gas IPO is
₹0 per share (0.00%).
What is the lot size of Axiom Gas IPO?
The minimum lot size of Axiom Gas IPO is
2000 shares & the minimum application amount
is
Rs.
106000.
When is the allotment of Axiom Gas IPO?
The allotment date of Axiom Gas IPO is
23 Sep 26.
What is the listing date of Axiom Gas IPO?
The listing date of Axiom Gas IPO is
25 Sep 26.
What is the subscription of Axiom Gas IPO?
Axiom Gas IPO is subscribed
-.
What is the price band of Axiom Gas IPO?
Axiom Gas IPO is priced at
₹50 - ₹53 per
share.
How to check allotment status of Axiom Gas IPO?
Click the allotment link on Axiom Gas IPO page of IPO360.
How to apply Axiom Gas IPO in Zerodha?
- Go to Kite App → Tap on Bids → Tap on IPO
- Select the IPO → Tap on apply → Enter UPI ID
- Enter Qty and Price
- Submit the application
- Approve the UPI Mandate on your UPI app
How to apply Axiom Gas IPO in Groww?
- Go to Groww App → Stocks Section → Select IPO option
- Select the IPO you want to apply
- Enter your bid details and price
- Enter UPI ID & submit
- Approve the UPI Mandate on your UPI app
How to apply Axiom Gas IPO using ASBA?
- Log in to your bank's net banking portal.
- Navigate to the 'IPO' or 'ASBA' section.
- Select Axiom Gas IPO from the list of available IPOs.
- Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
- Submit the application.
- Money will remain blocked till the refund date
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