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NSE SME LPG/CNG/PNG/LNG Supplier
Axiom Gas Engineering IPO
₹49.81 Cr · Fresh Issue · LPG/CNG/PNG/LNG Supplier
Price Band
₹50
Lot: 2000 shares (₹100,000)
GMP (Grey Market)
—
No GMP data yet
Issue Size
₹49.81 Cr
Fresh Issue
Market Cap
₹187.32 Cr
At upper band
P/E Ratio
14.56x
Listing Date
25th Sep 2026
BSE & NSE
IPO Timeline
✓
Opens
18th Sep 2026
✓
Closes
22 Sep 2026
📋
Allotment
23 Sep 2026
₹
Refund
24 Sep 2026
📈
Listing
25th Sep 2026
IPO India Hub: Subscribe
Conviction
8/10
The company trades at 0.63× sector midpoint with strong PAT growth of 28.3% CAGR and a healthy ROCE of 28.9%, indicating efficient capital deployment. Key risk is the NPM of 9.4%, which is below the 15% threshold typically expected for premium valuations, and execution risk on ₹27.6 Cr capex deployment.
Our Analysis — Key Points
✓ Strength
Valuation significantly below sector norm
At 14.56× P/E, the company trades at 0.63× the niche sector midpoint of 23×, offering a 37% discount to fair value. This discount is rare for profitable SME IPOs with consistent growth and provides a margin of safety for retail investors.
✓ Strength
Accelerating profitability with strong returns
PAT CAGR of 28.3% over two years significantly outpaces revenue growth of 16.3%, demonstrating operating leverage and margin expansion. ROCE of 28.9% is well above the cost of capital, signaling efficient reinvestment of earnings.
⚠ Risk
Net profit margin below quality threshold
At 9.4%, NPM is materially below the 15% benchmark used to justify premium valuations. This thin margin leaves limited room for cost inflation or pricing pressure in the competitive LPG/CNG distribution sector.
⚠ Risk
Execution risk on capex deployment
₹27.6 Cr (75% of net proceeds) is earmarked for capital expenditure. Delays or cost overruns in infrastructure build-out could impair returns and delay the margin expansion needed to justify the valuation.
₹ Valuation
Attractive entry point with margin caveat
P/E of 14.56× is 0.63× the niche sector midpoint, well below the 1.0× Subscribe threshold. However, the 9.4% NPM limits upside multiple expansion; investors should expect returns driven by earnings growth rather than P/E re-rating.
👁 Watch
Monitor capex execution and margin trends
Track quarterly capex spend against the ₹27.6 Cr plan and watch for any margin compression post-listing. Sustained NPM improvement toward 12–13% would validate the growth thesis; stagnation would signal competitive headwinds.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "Axiom Gas Engineering" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹100.78 Cr
Net Profit
₹9.45 Cr
Industry
LPG/CNG/PNG/LNG Supplier
Issue Type
Fresh Issue
Quick Actions
Frequently Asked Questions
Subscribe. The company trades at 0.63× sector midpoint with strong PAT growth of 28.3% CAGR and a healthy ROCE of 28.9%, indicating efficient capital deployment. Key risk is the NPM of 9.4%, which is below the 15% threshold typically expected for premium valuations, and execution risk on ₹27.6 Cr capex deployment.
GMP data is not yet available for this IPO. Check our GMP Live page for the latest updates closer to the listing date.
The minimum lot size is 2000 shares. At the upper band price of ₹50, the minimum investment per retail application is ₹100,000. You can apply for up to 13 lots (₹1,300,000) under the retail category (up to ₹2 lakh).
The IPO opens on 18th Sep 2026. It closes on 22 Sep 2026. Allotment is expected on 23 Sep 2026. Refunds initiate on 24 Sep 2026. Listing on BSE and NSE is on 25th Sep 2026.
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 22 Sep 2026. The minimum investment is ₹100,000 for one lot (2000 shares). The company trades at 0.63× sector midpoint with strong PAT growth of 28.3% CAGR and a healthy ROCE of 28.9%, indicating efficient capital deployment. Key risk is the NPM of 9.4%, which is below the 15% threshold typically expected for premium valuations, and execution risk on ₹27.6 Cr capex deployment.
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 22 Sep 2026. The IPO is priced at a P/E of 14.56x. Market cap at issue price is ₹187.32 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The minimum lot is 2000 shares at ₹50 each, costing ₹100,000 per application. The issue closes on 22 Sep 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'Axiom Gas Engineering'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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