Axiom Gas Engineering Ltd IPO
Status: Upcoming
Overview
IPO date
18 Sept 2026 to 22 Sept 2026
Face value
₹ 5 per share
Price
₹ 0 per share
Issue Size
0 shares
(aggregating up to ₹ 0 Cr)
(aggregating up to ₹ 0 Cr)
Allotment Date
01 Jan 1970
Listing at
NSE
Issue type
Book Building
Sector
Gas Distribution
Unlock Stock of the Month
T&C*
Strengths vs Risks of Axiom Gas Engineering Ltd
Know the pros & cons
Strengths
- The business model allows expansion through new stations and increased storage capacity based on market demand.
- The Company has operational experience in managing ALDS facilities, logistics coordination, and adherence to safety protocols.
- The business caters to a steady consumer segment comprising auto-rickshaws, taxis, and small commercial vehicles with predictable daily fuel requirements.
Risks
- The company is dependent on few suppliers for sourcing its liquified petroleum gas. As of March 31, 2026,the company procured liquified petroleum gas from three suppliers which constituted more than 95% of its total quantity purchased. Any disruption in the receipt of liquified petroleum gas from these third parties, or delay or default in timely sourcing of the liquified petroleum gas could lead to a disruption or failures in the supply of liquified petroleum, gas by the company, which could adversely affect its business, reputation, results of operations and cash flows.
- The company's transportation of LPG is majorly done by its related party i.e. "Prime Fuel Logistics Private Limited" the company's group company. As of March 31, 2026, its transported LPG from the company's group company which constituted more than majority of its total transport cost. Any disruption in the transport of such LPG from the company's group company, or delay or default in timely transportation of the LPG or any mishap happened during transportation could lead to a disruption or failures in the transportation of LPG by the company, which could adversely affect its business, reputation, results of operations and cash flows.
- 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 the risk of accidents, fires, and explosions which could adversely affect the company's reputation, business, financial condition, results of operations and cash flows.
- The sale of the company's products & services is concentrated in its core market of Karnataka, Telangana and Maharashtra. Any adverse developments affecting the company operations in such region, could have an adverse impact on its business, financial condition, results of operations and cash flows.
- There have been instances in the past where the company has not made certain regulatory filings with the ROC and there were certain instances of discrepancies in relation to certain statutory filings and corporate records of the company.
- High fixed-cost structure of storage and dispensing infrastructure associated with your business may adversely impact financial performance during demand downturns.
- Unsecured loans taken by the company can be recalled by the lenders thereof at any time.
- The company is highly dependent on location footfall at its ALDS and site performance may affect sales volumes and profitability.
- The company is dependent on Public Sector Undertakings (PSUs) for cost of Auto LPG supplied. Any updation reflecting shifts in global LPG prices, exchange rates, and local market conditions could adversely affect its business, reputation, operations and cash flows.
- The company may faces increasing competition from existing fuel retailers and new ALDS operators in target markets may adversely affect sales volumes and margins.
- The company typically requires 7-8 months to generates revenue in its ALDS Business Operations. Any further delay in realizing revenue may affect the company's projections, results of operations and cash flows.
- The company has in the past entered into related party transactions and may continue to do so in the future, which may potentially involve conflicts of interest with the equity shareholders.
- An inability to comply with repayment and other covenants in the financing agreements could adversely affect the company's business, financial condition, cash flows and credit rating.
- The company is dependent on third parties, including service providers, independent contractors, and suppliers, for the completion of its network infrastructure expansion. Any failures by these third parties to perform their obligations could adversely affect the company's business, results of operations, and cash flows.
- Setting up new ALDS requires significant capital investment, which may have an adverse impact on the company's financial condition, results of operations, and cash flows.
- The company requires various licenses and approvals for undertaking its businesses and the failures to obtain or retain such licenses or approvals in a timely manner, or at all, may adversely affect the company operations.
- While there are various fuel options available for different vehicles, the company currently supply only LPG from its ALDS. Hence, the company's customer base is limited to only customers who drives LPG fuelled vehicles.
- The company's LPG transmission operations are subject to engineering and design risks which could expose it to liabilities, loss in revenues and increased expenses.
- The company's registered office is not located on land owned by it and the company has only leasehold rights. In the event its lose or are unable to renew such leasehold rights, the company's business operations may be adversely affected.
- The company presently does not own the trademark or logo under which its currently operates and if third parties infringe the trademark, logo and intellectual property that the company uses, its business and reputation would be adversely affected.
- The company's Promoters, Directors, KMPs and SMPs may have interests other than reimbursement of expenses incurred and normal remuneration or benefits in the Company.
- Inadequate training and orientation of outlet operators may increase safety, operational, legal and financial risks.
- The company does not have succession policy it may be exposing the company to significant risks, especially in the event of unexpected leadership transitions, such as the departure, illness, or retirement of key executives or employees. A lack of succession planning can create uncertainty, disrupt operations, and impact the company's long-term stability and growth.
- The company is substantially dependent upon its group company CZAR Metric System Private Limited for machinery and technology to be used in the company's business to keep its operations competitive. Any disruption in the business operations of the company's group companies may expose it to business risks or losses that could adversely affect the company's business prospects, results of operations and financial condition.
- The company track certain operational metrics with internal systems and tools. Certain of its operational metrics are subject to inherent challenges in measurement which may adversely affect the company's business and reputation.
- The company operations are subject to ongoing compliance with approvals, licenses, and land-use regulations. While all current sites have been developed as per applicable norms and duly endorsed by PESO, future regulatory changes, delays in renewals, or additional requirements could impact timelines or increase compliance costs.
- The company has contingent liabilities as on March 31, 2026 and in the future if they materialize, it may affect the company's results of operations, financial condition and cash flows.
- Any Errors or Non-Compliance in Income Tax Filings of the company's Promoters or Management Personnel May Result in Regulatory Scrutiny and Adversely Affect the Company.
- The company's Promoters have provided personal guarantees for loan facilities obtained by the Company and any failures or default to repay such loans in accordance with the terms and conditions of the financing documents could trigger repayment obligations on them, which may impact their ability to effectively service their role as a promoter and directors and thereby, impact the company's business and operations.
- The company's funding requirements and the proposed deployment of Net Proceeds are based on management estimates and the company has not entered into any definitive arrangements to utilize certain portions of the Net Proceeds of the Issue.
- The company may be subject to fraud, theft, employee negligence or similar incidents.
- Certain insurance policies whose premiums are borne by the Company has been issued in the names of certain of its employees rather than in the name of the Company, which may affect its ability to enforce the company's rights and recover proceeds under such policies.
- The company's insurance coverage may not be adequate to cover all losses or liabilities that its may incur in the company's business and operations.
- The company may requires to raise additional equity or debt in the future in order to continue to grow its business, which may not be available on favourable terms or at all.
- The company may not be able to sustain or manage its growth and the company's past results may not be indicative of its future performance.
- The issue may be undersubscribed, and its may not receive sufficient funds pursuant to the Issue for utilization of Net Proceeds towards deployment of the Objects of the Issue.
- The deployment of funds raised through this Issue shall not be subject to any Monitoring Agency and shall be purely dependent on the discretion of the management of the Company.
- Employee misconduct, errors or fraud could expose it to business risks or losses that could adversely affect the company's business prospects, results of operations and financial condition.
- The company has not commissioned an industry report for the disclosures made in the section titled `Industry Overview' and made disclosures on the basis of the data available on the internet and such data has not been independently verified by the company.
- Some of the company's Immovable Properties are not stamped and registered, its business operations may be adversely affected.
- Our success significantly depends upon the services of our promoters, directors and other key managerial personnel and our ability to retain them. Our inability to attract, hire, train and retain key managerial personnel may adversely affect the operations of our Company.
- Our Promoters will continue jointly to retain majority control over our Company after the Issue, which will allow them to determine the outcome of matters submitted to shareholders for approval.
- We may not be successful in our technological adoptions, which may lead to an adverse effect on our reputation, business, results of operations and cash flows.
- The requirements of being a public listed company may strain our resources and impose additional requirements.
- We have certain outstanding litigation against our promoter, an adverse outcome of which may adversely affect our business, reputation and results of operations.
- Our operations could be adversely affected by strikes, work stoppages or increased wage demands by our employees or any other kind of disputes with our employees or contract workers or both.
- LPG in India may face increased competition from importers and alternative sources of energy.
- Our inability to successfully implement our business plan, expansion and growth strategies could have an adverse effect on our business, financial condition, cash flows and results of operations.
- We cannot assure payment of dividends on the Equity Shares in the future.
- We may incur material costs to comply with, or suffer material liabilities as a result of health, safety and environmental laws and regulations.
- Managing employee benefit pressures in India may prevent us from sustaining our competitive advantage which could adversely affect our business prospects and future financial performance.
- The Equity Shares have never been publicly traded, and, after the Issue, the Equity Shares may experience price and volume fluctuations, and an active trading market for the Equity Shares may not develop. Further, the price of the Equity Shares may be volatile, and you may be unable to resell the Equity Shares at or above the Issue Price, or at all.
Axiom Gas Engineering Ltd Peer Comparison
Understand the company’s industry standing
Axiom Gas Engineering Ltd
Confidence Petroleum India Ltd
Aegis Logistics Ltd
Face Value
5
1
1
Standalone / Consolidated
Standalone
Consolidated
Consolidated
Total Income Rs. Cr.
100.76
4704.57
8333.21
EPS-Basis
3.64
2.8
25.59
EPS-Diluted
3.64
2.8
25.59
NAV Per Share
12.83
42.69
172.49
P/E-Basic EPS
---
26.70
52.81
P/E-Diluted EPS
---
---
---
RONW(%)
28.4
6.81
18.37
Latest NAV Period
---
---
---
Latest NAV
---
---
---
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The IPO opens on 18 Sept 2026 & closes on 22 Sept 2026.
Axiom Gas Engineering Limited is in the arena of green energy engineering solutions, headquartered in Hyderabad, India. Company has emerged as a trusted provider of installation, distribution, marketing, and support services in the petroleum engineering sector. It specializes in Auto LPG solutions, to both retail and industrial sectors with a commitment to quality, innovation, and environmental sustainability. The core business and fastest-growing division is the sales of Auto LPG from its own Auto LPG Dispensing Stations (ALDS) network and storage infrastructure across Telangana, Karnataka, and Maharashtra.
Axiom Gas Engineering Limited was incorporated as 'Axiom Gas Engineering Private Limited' on August 24, 2007, as a Private Company, dated August 24, 2007. Thereafter, the status was converted from a Private Limited to Public Limited and the name of the Company was changed to 'Axiom Gas Engineering Limited' vide certified Incorporation dated July 16, 2024 by the Registrar of Companies, Central Processing Center.
The Company took the initiative in engineering activities for Reliance Industries Limited, focusing on Auto LPG statutory tank testing post-certification in 2010. It installed the first Auto LPG Dispensing Station (ALDS) for Leader Gas & Petrochem Limited; followed by the second installation of Auto LPG dispensing station installation for BPCL, Hyderabad, through URJA Power Pvt Ltd.
The Company was started by Promoter Mr. Alpeshkumar Naginbhai Patel and was joined by Mr. Sadique Abdul Kadar Banani in 2012. In 2015, Company introduced 1 additional ALDS in Chandrayangutta Hyderabad, Telangana. It acquired an LPG Storage and Bottling Plant with a total capacity of 91.22 MT, inclusive of blending facilities, in Shivoor Bangla, Aurangabad, Maharashtra in 2022. It commenced supply to the Aurangabad ALDS from the Aurangabad Storage Plant in 2023.
Company has demonstrated remarkable growth since the establishment of its first Auto LPG Dispensing Station (ALDS) in Telangana in 2014. As on June 30, 2024 Company had 18 Auto LPG Dispensing Stations in the states of Telangana, Maharashtra and Karnataka.
The Company is planning an IPO of upto 1,03,00,000 Equity Shares comprising a fresh issue of 93,00,000 equity shares and 10,00,000 Equity Shares through offer for sale.
Axiom Gas Engineering Ltd IPO will close on 22 Sept 2026.
- The business model allows expansion through new stations and increased storage capacity based on market demand.
- The Company has operational experience in managing ALDS facilities, logistics coordination, and adherence to safety protocols.
- The business caters to a steady consumer segment comprising auto-rickshaws, taxis, and small commercial vehicles with predictable daily fuel requirements.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Sadique Abdul Kadar Banani | 11475000 | 44.23 | 11475000 | 32.47 |
| 2 | Alpeshkumar Naginbhai Patel | 11471940 | 44.21 | 11471940 | 32.46 |
| 3 | Asma Mohamad Sadique Banani | 1275000 | 4.91 | 1275000 | 3.61 |
| 4 | Kinnari Alpeshkumar Patel | 1275000 | 4.91 | 1275000 | 3.61 |
| 5 | Sushilaben Naginbhai Patel | 1020 | --- | 1020 | --- |
| 6 | Vedanti Alpeshkumar Patel | 1020 | --- | 1020 | --- |
| 7 | Naginbhai Nathabhai Patel | 1020 | --- | 1020 | --- |
- The company is dependent on few suppliers for sourcing its liquified petroleum gas. As of March 31, 2026,the company procured liquified petroleum gas from three suppliers which constituted more than 95% of its total quantity purchased. Any disruption in the receipt of liquified petroleum gas from these third parties, or delay or default in timely sourcing of the liquified petroleum gas could lead to a disruption or failures in the supply of liquified petroleum, gas by the company, which could adversely affect its business, reputation, results of operations and cash flows.
- The company's transportation of LPG is majorly done by its related party i.e. "Prime Fuel Logistics Private Limited" the company's group company. As of March 31, 2026, its transported LPG from the company's group company which constituted more than majority of its total transport cost. Any disruption in the transport of such LPG from the company's group company, or delay or default in timely transportation of the LPG or any mishap happened during transportation could lead to a disruption or failures in the transportation of LPG by the company, which could adversely affect its business, reputation, results of operations and cash flows.
- 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 the risk of accidents, fires, and explosions which could adversely affect the company's reputation, business, financial condition, results of operations and cash flows.
- The sale of the company's products & services is concentrated in its core market of Karnataka, Telangana and Maharashtra. Any adverse developments affecting the company operations in such region, could have an adverse impact on its business, financial condition, results of operations and cash flows.
- There have been instances in the past where the company has not made certain regulatory filings with the ROC and there were certain instances of discrepancies in relation to certain statutory filings and corporate records of the company.
- High fixed-cost structure of storage and dispensing infrastructure associated with your business may adversely impact financial performance during demand downturns.
- Unsecured loans taken by the company can be recalled by the lenders thereof at any time.
- The company is highly dependent on location footfall at its ALDS and site performance may affect sales volumes and profitability.
- The company is dependent on Public Sector Undertakings (PSUs) for cost of Auto LPG supplied. Any updation reflecting shifts in global LPG prices, exchange rates, and local market conditions could adversely affect its business, reputation, operations and cash flows.
- The company may faces increasing competition from existing fuel retailers and new ALDS operators in target markets may adversely affect sales volumes and margins.
- The company typically requires 7-8 months to generates revenue in its ALDS Business Operations. Any further delay in realizing revenue may affect the company's projections, results of operations and cash flows.
- The company has in the past entered into related party transactions and may continue to do so in the future, which may potentially involve conflicts of interest with the equity shareholders.
- An inability to comply with repayment and other covenants in the financing agreements could adversely affect the company's business, financial condition, cash flows and credit rating.
- The company is dependent on third parties, including service providers, independent contractors, and suppliers, for the completion of its network infrastructure expansion. Any failures by these third parties to perform their obligations could adversely affect the company's business, results of operations, and cash flows.
- Setting up new ALDS requires significant capital investment, which may have an adverse impact on the company's financial condition, results of operations, and cash flows.
- The company requires various licenses and approvals for undertaking its businesses and the failures to obtain or retain such licenses or approvals in a timely manner, or at all, may adversely affect the company operations.
- While there are various fuel options available for different vehicles, the company currently supply only LPG from its ALDS. Hence, the company's customer base is limited to only customers who drives LPG fuelled vehicles.
- The company's LPG transmission operations are subject to engineering and design risks which could expose it to liabilities, loss in revenues and increased expenses.
- The company's registered office is not located on land owned by it and the company has only leasehold rights. In the event its lose or are unable to renew such leasehold rights, the company's business operations may be adversely affected.
- The company presently does not own the trademark or logo under which its currently operates and if third parties infringe the trademark, logo and intellectual property that the company uses, its business and reputation would be adversely affected.
- The company's Promoters, Directors, KMPs and SMPs may have interests other than reimbursement of expenses incurred and normal remuneration or benefits in the Company.
- Inadequate training and orientation of outlet operators may increase safety, operational, legal and financial risks.
- The company does not have succession policy it may be exposing the company to significant risks, especially in the event of unexpected leadership transitions, such as the departure, illness, or retirement of key executives or employees. A lack of succession planning can create uncertainty, disrupt operations, and impact the company's long-term stability and growth.
- The company is substantially dependent upon its group company CZAR Metric System Private Limited for machinery and technology to be used in the company's business to keep its operations competitive. Any disruption in the business operations of the company's group companies may expose it to business risks or losses that could adversely affect the company's business prospects, results of operations and financial condition.
- The company track certain operational metrics with internal systems and tools. Certain of its operational metrics are subject to inherent challenges in measurement which may adversely affect the company's business and reputation.
- The company operations are subject to ongoing compliance with approvals, licenses, and land-use regulations. While all current sites have been developed as per applicable norms and duly endorsed by PESO, future regulatory changes, delays in renewals, or additional requirements could impact timelines or increase compliance costs.
- The company has contingent liabilities as on March 31, 2026 and in the future if they materialize, it may affect the company's results of operations, financial condition and cash flows.
- Any Errors or Non-Compliance in Income Tax Filings of the company's Promoters or Management Personnel May Result in Regulatory Scrutiny and Adversely Affect the Company.
- The company's Promoters have provided personal guarantees for loan facilities obtained by the Company and any failures or default to repay such loans in accordance with the terms and conditions of the financing documents could trigger repayment obligations on them, which may impact their ability to effectively service their role as a promoter and directors and thereby, impact the company's business and operations.
- The company's funding requirements and the proposed deployment of Net Proceeds are based on management estimates and the company has not entered into any definitive arrangements to utilize certain portions of the Net Proceeds of the Issue.
- The company may be subject to fraud, theft, employee negligence or similar incidents.
- Certain insurance policies whose premiums are borne by the Company has been issued in the names of certain of its employees rather than in the name of the Company, which may affect its ability to enforce the company's rights and recover proceeds under such policies.
- The company's insurance coverage may not be adequate to cover all losses or liabilities that its may incur in the company's business and operations.
- The company may requires to raise additional equity or debt in the future in order to continue to grow its business, which may not be available on favourable terms or at all.
- The company may not be able to sustain or manage its growth and the company's past results may not be indicative of its future performance.
- The issue may be undersubscribed, and its may not receive sufficient funds pursuant to the Issue for utilization of Net Proceeds towards deployment of the Objects of the Issue.
- The deployment of funds raised through this Issue shall not be subject to any Monitoring Agency and shall be purely dependent on the discretion of the management of the Company.
- Employee misconduct, errors or fraud could expose it to business risks or losses that could adversely affect the company's business prospects, results of operations and financial condition.
- The company has not commissioned an industry report for the disclosures made in the section titled `Industry Overview' and made disclosures on the basis of the data available on the internet and such data has not been independently verified by the company.
- Some of the company's Immovable Properties are not stamped and registered, its business operations may be adversely affected.
- Our success significantly depends upon the services of our promoters, directors and other key managerial personnel and our ability to retain them. Our inability to attract, hire, train and retain key managerial personnel may adversely affect the operations of our Company.
- Our Promoters will continue jointly to retain majority control over our Company after the Issue, which will allow them to determine the outcome of matters submitted to shareholders for approval.
- We may not be successful in our technological adoptions, which may lead to an adverse effect on our reputation, business, results of operations and cash flows.
- The requirements of being a public listed company may strain our resources and impose additional requirements.
- We have certain outstanding litigation against our promoter, an adverse outcome of which may adversely affect our business, reputation and results of operations.
- Our operations could be adversely affected by strikes, work stoppages or increased wage demands by our employees or any other kind of disputes with our employees or contract workers or both.
- LPG in India may face increased competition from importers and alternative sources of energy.
- Our inability to successfully implement our business plan, expansion and growth strategies could have an adverse effect on our business, financial condition, cash flows and results of operations.
- We cannot assure payment of dividends on the Equity Shares in the future.
- We may incur material costs to comply with, or suffer material liabilities as a result of health, safety and environmental laws and regulations.
- Managing employee benefit pressures in India may prevent us from sustaining our competitive advantage which could adversely affect our business prospects and future financial performance.
- The Equity Shares have never been publicly traded, and, after the Issue, the Equity Shares may experience price and volume fluctuations, and an active trading market for the Equity Shares may not develop. Further, the price of the Equity Shares may be volatile, and you may be unable to resell the Equity Shares at or above the Issue Price, or at all.
The Issue type of Axiom Gas Engineering Ltd is Book Building.
The minimum application for shares of Axiom Gas Engineering Ltd is 4000.
The total shares issue of Axiom Gas Engineering Ltd is 0.
Initial public offer of up to 93,98,000* equity shares of face value of Rs. 5 each (the "Equity Shares") of Axiom Gas Engineering Limited (the "Company" or the "Issuer") for cash at a price of Rs. 50-53 per equity share (Including a Share Premium of Rs. 45-48 Per Equity Share) (the "Issue Price") aggregating up to Rs. 46.99-49.81 Crores (the "Issue"). The issue comprises a reservation of up to 4,78,000 equity shares aggregating up to Rs. 2.39-2.53 Crores for subscription by the market maker (the "Market Maker Reservation Portion") and a net issue to the public of up to 89,20,000 equity shares aggregating up to Rs. 44.60-47.28 Crores (the "Net Issue"). The issue and the net issue will constitute 26.59% and 25.24%, respectively, of the post-Issue paid-Up equity share capital of the company.
Price Band: Rs. 50/- to Rs. 53/- per equity share of face value of Rs. 5/- each.
The floor price is 10.00 times the face value and the cap price is 10.60 times the face value of the equity shares.
Exceeds two lots, being a minimum of 4,000 equity shares, and in multiples of 2,000 equity shares thereafter.