Minerva Capital Research Solutions

Axiom Gas Engineering

ListedListed 25 Sep 2026NSE SMENSE: AXIOMGAS-SMCheck allotment
Current price₹ 33.7−37.59% since issue
Listing day+1.39%
Issue price
₹ 54
Issue size
₹ 50.75 Cr.
Min. investment
₹ 1,08,000
Listing price
₹ 54.75
Subscribed
1.37x
Lot size
2,000 shares
P/E
20.22
RoNW
28.40%
RoCE
28.90%
Debt / Equity
0.48
PAT margin
9.38%
EBITDA margin
15.36%
RoE
28.40%
EPS
₹ 2.67
NAV
₹ 12.83
Promoter stake
72.15%

About

Axiom Gas Engineering Ltd was started in 2007. It works in what it calls green energy engineering, meaning it builds and services the systems that handle cleaner fuels such as Auto LPG, CNG and LNG, for both retail outlets and industrial users. Its work covers several areas. In gas and pipe engineering it designs, installs and maintains gas systems for industrial and commercial use. It provides turnkey services for LPG and CNG retail outlets, bottling plants and bulk installations, meaning it takes a project from the idea stage right through to completion. It also carries out statutory testing and certification of hydrocarbon equipment to meet safety rules, gives technical consultancy on equipment design, and runs maintenance and training programmes. Pressure vessels are manufactured through third party collaboration rather than in its own plant. Alongside this engineering work it owns and runs a retail fuel network. It operates more than 20 Auto LPG Dispensing Stations under the brand PRIMEFUEL, spread across several states including Telangana, Karnataka and Maharashtra.

Timeline

  1. Opens
    18 Sep
    done
  2. Closes
    22 Sep
    done
  3. Allotment
    23 Sep
    done
  4. Refunds
    24 Sep
    done
  5. Demat credit
    24 Sep
    done
  6. Listing
    25 Sep
    done

Subscription

How many times each investor group bid for its share, as of 25 Sep 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)12,000₹ 1,08,000
Retail (Max)12,000₹ 1,08,000
HNI (Min)24,000₹ 2,16,000

Company overview

Financials

Financials by year
Assets69.3860.8352.37
Total Income100.7889.8574.54
Profit After Tax9.457.755.74
EBITDA15.4813.2910.01
NET Worth33.2823.8313.85
Reserves and Surplus20.3110.8613.6
Total Borrowing16.0616.320.12

Strengths

  • Profit has grown every year, from Rs 5.74 crore in FY2024 to Rs 7.75 crore in FY2025 and Rs 9.45 crore in FY2026.
  • Sales have grown steadily, from Rs 74.54 crore in FY2024 to Rs 89.85 crore in FY2025 and Rs 100.78 crore in FY2026.
  • Return ratios are strong, with RoCE of 28.90% and RoNW of 28.40%, and a PAT margin of 9.38%.
  • Debt is low and falling. Total borrowing was Rs 16.06 crore against a net worth of Rs 33.28 crore, a debt to equity ratio of 0.48, down from Rs 20.12 crore in FY2024.
  • It earns from several different lines, covering engineering, turnkey projects, statutory testing, consultancy and maintenance, rather than one activity.
  • Owning more than 20 PRIMEFUEL dispensing stations gives it a retail income stream alongside the project work.
  • Statutory testing and certification of hydrocarbon equipment is a licensed activity, which keeps casual competition out.
  • It has a record of nearly 20 years and Rs 27.60 crore of the issue money goes into capital expenditure.

Risks

  • Growth is modest. Total income rose about 12% in FY2026, which is slow compared with the other SME issues in this batch.
  • Auto LPG demand depends on the price gap between LPG, petrol and CNG. If that gap narrows, motorists switch away and station volumes fall.
  • The retail network is concentrated in a few states, mainly Telangana, Karnataka and Maharashtra.
  • Handling LPG, CNG and LNG carries real safety risk. An incident at a station or installation would bring both liability and regulatory consequences.
  • Pressure vessels are made through third party collaboration, so the company does not control that part of its supply.
  • This is a small company, with a net worth of Rs 33.28 crore.
  • Government policy on cleaner fuels drives much of the demand for this kind of engineering work, and policy can change.
  • Promoter holding will come down from 98.28% to 72.15% after the issue.
  • This is an SME issue. One lot is 2,000 shares, which is about Rs 1.06 lakh at the upper band of Rs 53, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue
Capital Expenditures27.6
Prepayment or repayment of a portion of certain outstanding borrowings availed by the Company9.12
General Corporate Purposes—

Promoters

  • Alpeshkumar Naginbhai Patel
  • Kinnari Alpeshkumar Patel
  • Sadique Abdul Kadar Banani
  • Asma Mohamad Sadique Banani
Promoter holding98.28%→72.15%before → after the issue · down 26.13 points

Registrar, lead managers and documents

Listing on
NSE SME
Face value
₹ 5 a share
Registrar
KFin Technologies Limited
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.