Axiom Gas Engineering IPO

Axiom Gas Engineering, incorporated in 2007, distributes and retails Auto Liquefied Petroleum Gas (Auto LPG) through its network of Auto LPG Dispensing Stations (ALDS). The company procures LPG from suppliers and manages storage, transportation and distribution to its outlets before selling fuel to end consumers. Its customers include auto-rickshaws, taxis and small commercial vehicles used for passenger transport and last-mile goods movement, as well as personal mobility users.

In FY26, LPG sales generated ₹100.76 crore, representing 100% of operating revenue. The LPG share of operating revenue increased from 94.8% in FY24 and 95.6% in FY25 as consultancy and signing income fell to nil in FY26. In FY25, consultancy contributed 2.5% and signed income 1.8% of operating revenue. The consultancy activity covers the design, development, testing and implementation of fuel, LPG, CNG and LNG dispensers.

The ALDS network expanded from 17 stations at FY24-end to 20 in FY25 and 22 in FY26. Operations span Telangana, Maharashtra and Karnataka, which contributed 60.4%, 31.3% and 8.1%, respectively, to FY26 operating revenue. LB Nagar was the largest individual outlet by revenue at 12.1%, followed by Tadband at 10.7% and Mill Corner at 10.6%.

For FY26, the ALDS network had a licensed storage capacity of 409,920 litres, compared with 314,920 litres in FY24. The utilised storage capacity was 348,432 litres in FY26, equivalent to 85% of licensed capacity. Third-party operators manage day-to-day station operations under the PRIMEFUEL and PRIMEGAS brands, while Axiom funds station infrastructure and stock and handles site selection, engineering, procurement assurance and compliance.