Axiom Gas Engineering Limited, originally incorporated in August 2007 and spearheaded by promoters Mr. Alpeshkumar Naginbhai Patel, Mrs. Kinnari Alpeshkumar Patel, Mr. Sadique Abdul Kadar Banani, and Mrs. Asma Mohamad Sadique Banani, is an established enterprise engaged in the distribution and retailing of Auto Liquefied Petroleum Gas (Auto LPG). The company operates a network of company-owned and company-operated Auto LPG Dispensing Stations (ALDS) alongside integrated storage and transport infrastructure. Marketed as an eco-friendly and cost-effective alternative automotive fuel to petrol, Auto LPG is supplied under the company's proprietary brands, PRIMEFUEL and PRIMEGAS. Its business model covers end-to-end supply chain integration—procuring Auto LPG from primary suppliers, managing bulk storage and transport logistics, and dispensing fuel directly to retail consumers via metered station nozzles.
The company's customer base is concentrated in commercial transport and personal urban mobility, catering predominantly to auto-rickshaws, taxis, and light commercial vehicles (LCVs) utilized for passenger transport and last-mile logistics. Geographically, retail distribution is spread across the three contiguous states of Telangana, Maharashtra, and Karnataka. In FY26, Telangana constituted the largest market, contributing ₹6,087.63 Lakhs (60.42% of operational revenue), followed by Maharashtra at ₹3,162.66 Lakhs (31.39%) and Karnataka at ₹825.53 Lakhs (8.19%). Total sales volumes have grown steadily, surpassing the 10,000 KL threshold as station density expanded along key transit corridors and city hubs.
To support dispensing operations, Axiom Gas has developed an extensive infrastructure footprint comprising ALDS outlets and two dedicated LPG Storage and Bottling Plants located at Solapur and Aurangabad in Maharashtra. Station storage capacities operate under strict statutory licensing governed by the Petroleum and Explosives Safety Organisation (PESO) and the Liquefied Petroleum Gas (Regulation of Use in Motor Vehicles) Order, 2001. Licensed storage capacity across its ALDS network expanded from 3,14,920 liters in FY24 to 3,69,920 liters in FY25, and further to 4,09,920 liters in FY26. Against this licensed base, utilized storage capacity reached 2,67,682 liters in FY24, 3,14,432 liters in FY25, and 3,48,432 liters in FY26, consistently maintaining an operational capacity utilization of 85.00%.
Operational highlights and ancillary capabilities include specialized engineering consultancy and operator management agreements. Axiom Gas provides technical consultancy for the design, fabrication, prototyping, and testing of fuel, LPG, CNG, and LNG dispensers tailored to client specifications. Additionally, the company generates supplemental revenue through one-time non-refundable franchise and signing fees from operators engaged to manage daily ALDS station operations, while retaining complete ownership of all underlying plant, machinery, and site infrastructure. Stations are equipped with automated dispensing units, advanced leak detection systems, and real-time inventory monitoring to ensure safety and regulatory compliance.
In terms of financial performance, Axiom Gas Engineering Limited reported total income / net profits of ₹74.54 Cr / ₹5.74 Cr (FY24), ₹89.85 Cr / ₹7.75 Cr (FY25), and ₹100.78 Cr / ₹9.45 Cr (FY26). Over the last three fiscal years, the company demonstrated consistent top-line and bottom-line expansion, recording a CAGR of 16.29% in total income and 28.33% in net profit. Concurrently, the company deleveraged its balance sheet, as total borrowings declined from ₹20.12 Cr in FY24 to ₹16.30 Cr in FY25, and further to ₹16.06 Cr in FY26 (with ₹9.12 Cr earmarked for further repayment from Fresh Issue proceeds). The company reported an average EPS of ₹2.67 and an average RoNW of 28.40% over the last three fiscals. Based on pre-issue book value, the issue is priced at a Pre-Issue P/BV of 4.13x against an NAV of ₹12.83 as of March 31, 2026. Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 2.25x. Attributing the earnings of FY24, FY25, and FY26 to the expanded post-issue equity base, the offer is priced at a Post-Issue P/E of approximately 32.72x (FY24), 24.20x (FY25), and 19.81x (FY26). As per the RHP, listed industry peers like Confidence Petroleum India Limited (P/E of 22.20x) and Aegis Logistics Limited (P/E of 37.70x) trade at higher multiples, indicating that the issue is priced at an attractive relative valuation.
On the BRLM front, SKI Capital Services Limited is the Book Running Lead Manager, having managed 6 public issues to date. Of the last 6 IPOs, one opened below the issue price and five opened above the issue price or at par on listing day. As of September 09, 2026, four issues are trading below the issue price, while two are trading above or at par.
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