Axiom Gas Engineering IPO
Axiom Gas Engineering IPO is an SME IPO raising ₹51 Cr at ₹51 – ₹54 a share. It listed on 25 Sept 2026 at ₹55, +1.4% against its issue price of ₹54, and trades at ₹34 today (−36.7% since issue). It was subscribed 2.07× in total.
2.1 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Axiom Gas Engineering Limited distributes and retails Auto LPG (Liquefied Petroleum Gas used as automotive fuel) through a network of company-owned and operated Auto LPG Dispensing Stations (ALDS). It targets the transport sector — auto-rickshaws, taxis, and small commercial vehicles — marketing Auto LPG as a cheaper alternative to petrol. Operations currently span three states: Telangana, Karnataka, and Maharashtra, supported by storage and allied infrastructure for procurement, storage, transportation, and dispensing.
How it earns
Almost entirely through retail sale of Auto LPG at its dispensing stations; the company buys Auto LPG from authorized importers, stores and transports it, and sells it to vehicle owners at the nozzle (with minor additional revenue in prior years from one-time signing fees collected from third-party station operators and from dispenser design consultancy).
Who buys
End consumers in the transport segment — auto-rickshaws, taxis, and small commercial vehicles for passenger and last-mile goods movement. No single customer concentration is disclosed. On the supply side, supplier concentration is high: the top 1 supplier accounted for 43.45% of purchases in FY26 (₹4,378.11 lakhs) and the top 3 suppliers accounted for 65.20% (₹6,569.79 lakhs). Note: figures are in lakhs (1 crore = 100 lakhs = 10 million).
Scale
22 Auto LPG Dispensing Stations across 3 states as of FY26 (up from 16 in FY24), supported by 19 employees as on 31 March 2026; FY26 revenue from operations ₹10,075.82 lakhs (≈ ₹100.76 crore)
What it says sets it apart
- Owned-and-operated ALDS network (22 stations as of FY26, up from 16 in FY24) with in-house storage and allied infrastructure covering procurement, storage, transport, and dispensing
- Integrated value-chain control from LPG procurement through retail dispensing
- Multi-state footprint across Telangana, Karnataka, and Maharashtra, with Telangana contributing 60.42% of FY26 revenue, Maharashtra 31.39%, and Karnataka 8.19%
- Established compliance and licensing processes under PESO permissions and Petroleum Rules for Auto LPG storage, handling, and dispensing
- Dual revenue streams — branded retail (PRIMEFUEL/PRIMEGAS trademarks applied for) plus signing fees from third-party station operators and dispenser design consultancy
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs53 / stated EPS Rs3.64 (FY25-26 diluted EPS, standalone (year ended March 31, 2026), as adjusted for changes in capital). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated standalone). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹101 Cr+12% | ₹9 Cr+22% | 9.4% | ₹33 Cr | ₹12 Cr |
| FY2025 | ₹90 Cr+21% | ₹8 Cr+35% | 8.6% | ₹24 Cr | ₹12 Cr |
| FY2024 | ₹75 Cr | ₹6 Cr | 7.7% | ₹14 Cr | ₹17 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
185 SME issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 12 risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
Led by SKI Capital Services Limited — median −19.7% across the 5 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 3 Nov 2026.
What to watch
- Priced at 14.6× earnings — 63% below the median of the peers the issuer itself names.
- The register's top risk: Extreme supplier concentration: 99.75% LPG from three suppliers (prospectus page 9).
- Its cohort's record: median −2.7% since issue price, 51.9% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track AXIOM GAS ENGINEERING LTD
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.