Severeconcentrationpage 9
Extreme supplier concentration: 99.75% LPG from three suppliers
we procured 99.75% of our liquified petroleum gas from three key suppliers
ListedSMEAXIOMGAS
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.
₹54
Issue price
₹34
Price now
−36.7%
Since issue price
25 Sept 2026
Listed on
2.07×Subscribed (final) · all exchanges
2.1 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What the prospectus says could go wrong
Read from the 382-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 12 specific to this company; 470 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
Severeoperationalpage 9
Related-party transportation dependency on group company
Our transportation of LPG is majorly done by our related party i.e. "Prime Fuel Logistics Private Limited" our group company. As of March 31, 2026, we transported LPG from our group company which constituted more than majority of our total transport cost
Highregulatorypage 9
Historical regulatory filing failures and corporate record discrepancies
There have been instances in the past where we have 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 our company
Highconcentrationpage 9
Geographic concentration in three states
The sale of our products & services is concentrated in our core market of Karnataka, Telangana and Maharashtra
Highlitigationpage 11
Group companies face criminal and tax proceedings
Group Companies/Entities Against 3 [criminal] 3 [tax] ... 133.99
Highoperationalpage 23
Market Maker and Underwriter are the same entity
Market Makers appointed by our Company from time to time, in this case being Sunflower Broking Private Limited... Underwriter to this Issue is Sunflower Broking Private Limited and SKI Capital Services Limited
Moderatemarketpage 9
PSU dependency for Auto LPG pricing
We are 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 our business
Moderatefinancialpage 9
Unsecured loans recallable at any time
Unsecured loans taken by us can be recalled by the lenders thereof at any time
Moderatefinancialpage 9
High fixed-cost infrastructure overhangs demand downturns
High fixed-cost structure of storage and dispensing infrastructure associated with our business may adversely impact financial performance during demand downturns
Moderateoperationalpage 9
Hazardous LPG transport with accident risk
Transporting LPG is hazardous and could result in accidents, which could adversely affect our reputation, business, financial condition, results of operations and cash flows
Moderateoperationalpage 9
Dependence on ALDS footfall and site performance
We are highly dependent on location footfall at our ALDS and site performance may affect sales volumes and profitability
Lowlitigationpage 33
Pending GST claim against the company
GST related matter 24.79
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
What’s in court
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed; the disclosed aggregate at stake is ₹1.4 Cr.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 0 | 5 | 2 | ₹0.8 Cr |
| Promoters | 0 | 1 | 0 | ₹0.1 Cr |
| Directors | 0 | 2 | 1 | ₹0.1 Cr |
| Subsidiaries | 0 | 0 | 0 | — |
| Group companies | 3 | 4 | 0 | ₹0.5 Cr |
case₹3.0 Crpage 250
Income Tax demand on Company for AY 2025-26 of ₹3,02,24,640 (~₹3.02 crore); ₹2,58,17,726 paid; pending grievance seeking TDS credit of ₹15,45,783
case₹0.8 Crpage 249
M.V.C. No. 1823/2024 against Group Co. Primium Fuel Logistics – motor accident death claim of ₹80,30,000 (~₹0.80 crore) before Motor Accident Claims Tribunal-VII, Vijayapura
case₹0.5 Crpage 249
M.V.C. No. 1832/2024 against Group Co. Primium Fuel Logistics – motor accident injury compensation claim of ₹50,50,000 (~₹0.51 crore) before Motor Accident Claims Tribunal-VII, Vijayapura
case₹0.5 Crpage 251
GST demand on Group Co. Czar Metric System – tax ₹40,15,685 + penalty ₹8,22,260 + interest (~₹0.48 crore total) on alleged E-Way Bill / ITC / reverse charge discrepancies; appeal pending
case₹0.1 Crpage 247
Two compounding applications filed by Company before ROC, Ahmedabad under Section 62(3) and Section 150 of Companies Act, 2013 – aggregate max penalty ₹5.00 lakhs (~₹0.05 crore); probable liability ₹2.63 lakhs
All amounts originally stated in ₹ lakhs or in rupees; converted to ₹ crore (1 crore = 100 lakh). The SEBI summary table is the Tax Claims table on p250; aggregating only those tax figures gives ₹141.34 lakhs (₹1.4134 crore) – no explicit grand total is stated in the text, so this is a derived figure. The Company has no subsidiary. Group Company Primium Fuel has a third related MACT case (MACP M.A./3/2025) for which no monetary claim is quantified. Company 'other' count of 2 refers to the two compounding applications treated as regulatory/statutory actions.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
Source documents
What the issuer and the exchanges published. Everything else on this tab is read out of these.
Prospectus on SEBI ↗
The full prospectus — business, financials, risk factors and litigation.
Anchor investor allocation ↗
Which institutions were allotted shares before bidding opened, and how many.
Basis of issue price (peer ratios) ↗
The issuer's own "basis of issue price": the earnings multiples it is asking for, and the peer companies it chose to compare itself against.
Red Herring Prospectus ↗
The full prospectus — business, financials, risk factors and litigation.