Axiom Gas Engineering Limited, an Auto LPG distribution company operating under the ‘PRIMEFUEL’ brand, is launching its IPO with a fresh issue worth ₹49.81 crore at a price band of ₹50 to ₹53 per share. The issue opens on September 18, 2026, closes on September 22, 2026, and is expected to list on the NSE SME platform on September 25, 2026. Here is a closer look at the issue details, the company’s business, and its financial track record to help investors understand the offering before applying.
Axiom Gas Engineering IPO: Key Details
| Parameter | Details |
|---|---|
| IPO Dates | September 18–22, 2026 |
| Face Value | ₹5 per share |
| Price Band | ₹50 to ₹53 per share |
| Lot Size | 2,000 shares (minimum application approx. ₹2,12,000) |
| Issue Type | Fresh issue only (no offer for sale) |
| Issue Size | ₹49.81 crore |
| Listing Exchange | NSE SME |
| Allotment Date | September 23, 2026 |
| Listing Date | September 25, 2026 (tentative) |
| Registrar | KFin Technologies Limited |
| Lead Manager | SKI Capital Services Limited |
Details are current as of September 10, 2026. Lot size and reservation figures can vary slightly across sources, so it is worth confirming the final terms in the RHP or on Findoc’s live IPO snapshot page before applying.
About Axiom Gas Engineering Limited
Incorporated in 2007 and headquartered in Vadodara, Gujarat, Axiom Gas Engineering Limited works in Auto LPG (Liquefied Petroleum Gas) distribution and retailing under its ‘PRIMEFUEL’ brand. The company follows an integrated approach that covers procurement, storage, and retail dispensing of Auto LPG.
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Runs more than 20 Auto LPG Dispensing Stations (ALDS) across Telangana, Karnataka, and Maharashtra
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Focuses entirely on the Auto LPG segment, an alternative automotive fuel category
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Is led by promoters with close to two and a half decades of combined experience in the oil and gas industry
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Operates as an integrated player, handling everything from sourcing and bulk storage to last-mile retail dispensing
The company’s growth strategy revolves around expanding its retail fuel network regionally rather than branching into unrelated business lines.
Financial Performance (FY24–FY26)
According to figures disclosed in the RHP, Axiom Gas Engineering has recorded steady growth in both revenue and profitability over the reported financial years.
| Metric | FY26 | FY25 |
|---|---|---|
| Revenue | ₹100.78 crore | ₹89.85 crore |
| Profit After Tax (PAT) | ₹9.45 crore | ₹7.75 crore |
| EBITDA | ₹15.48 crore | — |
| Net Worth | ₹33.28 crore | — |
| Debt-to-Equity Ratio | 0.48 | — |
PAT
Total income
× 100
For FY26, this comes to roughly 9.38 percent based on the disclosed figures. These numbers reflect historical financial disclosures only and should not be read as an indication of future performance.
Valuation Metrics Explained
Valuation ratios help investors understand how an IPO is priced relative to a company’s earnings and net worth. Based on post-issue disclosures, here are Axiom Gas Engineering’s key ratios.
| Ratio | Value |
|---|---|
| EPS (Post-issue) | ₹2.67 |
| P/E Ratio (Post-issue) | ~19.85x |
| Return on Net Worth (RoNW) | 28.40% |
| Net Asset Value (NAV) | ₹12.83 |
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EPS (Earnings Per Share) = Net Profit ÷ Weighted Average Shares Outstanding
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P/E Ratio = Share Price ÷ EPS
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RoNW = Net Profit ÷ Net Worth × 100
These ratios are standard tools used to evaluate a company’s earnings efficiency. They are shared here purely for educational understanding, not as investment guidance.
Objects of the Issue
The company plans to use the net proceeds from the fresh issue as follows:
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Capital expenditure: approximately ₹27.60 crore
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Repayment or prepayment of borrowings: approximately ₹9.12 crore
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General corporate purposes
Strengths and Risk Factors
Evaluating an IPO fairly means looking at both its stated strengths and the risks disclosed in the RHP.
| Strengths | Risk Factors |
|---|---|
| Established PRIMEFUEL retail network across three states | Revenue depends entirely on the Auto LPG segment, with no fuel diversification |
| Promoter team with long-standing experience in the oil and gas industry | High supplier concentration, with a few suppliers accounting for a large share of procurement |
| Improving debt-to-equity ratio of 0.48 | SME platform listing, which typically comes with lower liquidity than the main board |
| Regional demand alignment in southern Indian markets | Sensitivity to price differentials between LPG and conventional automotive fuels |
How to Apply for Axiom Gas Engineering IPO via Findoc
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Log in to your Findoc trading and demat account.
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Go to the IPO section on the Findoc platform or app.
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Select “Axiom Gas Engineering IPO” from the list of active issues.
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Enter your UPI ID, the desired quantity (in multiples of the lot size), and a bid price within the ₹50–₹53 band.
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Approve the UPI mandate request in your linked banking app to complete the application.
Those who don’t yet have a Findoc account can complete demat account signup before the issue closes.
Key Takeaways
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Axiom Gas Engineering IPO is a ₹49.81 crore fresh-issue offering priced between ₹50 and ₹53 per share.
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The issue opens on September 18, 2026, and is expected to list on NSE SME on September 25, 2026.
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The company distributes Auto LPG under the ‘PRIMEFUEL’ brand across three states.
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FY26 disclosed financials show revenue of ₹100.78 crore and PAT of ₹9.45 crore.
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Single-fuel dependence and SME-platform liquidity are among the disclosed risk factors.
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