Airlife Gases Limited
1 MAbout Airlife Gases Limited
A Comprehensive Overview of Price & Journey
Understanding Airlife Gases Limited Inception and Growth
AIRLIFE GASES UNLISTED SHARE PRICE
Airlife Gases Private Limited is a privately held company whose shares are traded in the unlisted market. “Unlike listed companies” Airlife Gases Private Limited does not have a share price determined by stock exchanges. Its unlisted share price and valuation are influenced by factors such as investor demand, market conditions, company performance, and negotiations between buyers and sellers.
This report provides an overview of Airlife Gases business, financial performance, valuation, and recent developments. It also explains how investors can access its unlisted shares and highlights key factors to consider before investing. The objective is to help readers understand the company’s business model, growth potential, and associated investment risks.
WHAT DOES AIRLIFE GASES PRIVATE LIMITED DO?
Airlife is Pune-based company incorporated in April 2019 by Kiran karnawat, it provides helium and other speciality gases to industries such as Aerospace, fibre Optics, Semiconductor, Pharma and healthcare. Semiconductor manufactures need highly pure gases during the chip manufacturing. Hospitals and medical facilities use helium in MRI machines. Aerospace companies use speciality gases for testing and other technical applications. The company is also expanding beyond gas distribution into helium production and processing with the aim of controlling more parts of the supply chain.
WHAT ARE THE PRODUCTS OF AIRLIFE GASES?
Airlife Gases is an Indian multinational supplier of helium and speciality industrial gases. This includes the following products:
Industrial Gases: It helps in improving process efficiency, maintaining product quality, and supporting safe operation across manufacturing environment, It is used for welding, inerting, cutting, cooling, chemical processing; these gases help maintain accuracy and consistency in industrial processes.
Gaseous Helium: It is supplied as high-purity compressed gas, with purity of up to 99.999%. Airlife sources it globally from the United States, Qatar and Canada. It is available in three formats to suit different consumption levels:
- High-pressure cylinders: Portable cylinders rated up to 200 bar, suited to low and medium volume users.
- Cylinder quads: Manifold-connected bundles of cylinders that provide a continuous supply for medium- bulk consumption.
- Tube Trailers: High-capacity mobile storage units designed for bulk industrial users.
Liquid Helium: It is the coldest commercially available cryogenic liquid, reaching temperatures as low as 4.2 K (−269 °C). It includes semi-insulated Dewars of 100L, 250L and 400L capacity, designed to minimise evaporation boil-off and preserve purity. It used as superconducting magnets in medical MRI scanners and NMR spectroscopy system.
Electronic Speciality Gases: These are high-purity, electronic-grade process gases for semiconductor fabrication, optoelectronics, photovoltaics (solar) and display manufacturing. It includes premium gas solutions for advanced industrial needs. It is used in diverse industries that require precision cleaning, etching, and semiconductor processing.
ISO Containers: These are designed for the safe and efficient transportation of hazardous and non-hazardous bulk liquids and gases. It offers durable containers in multiple ISO container sizes.
It includes a specialised 40ft (91-175 PSI) Container that help to transport liquid helium, and long-term supply to producer despite frequent shortages.
The 20ft T-75, serves as a to multi-purpose containers for safely transporting liquid nitrogen and other industrial gases.
HOW HAS AIRLIFE GASES PERFORMED DURING LAST TWO YEARS?
Metric
FY 2023-24
(Amount in Rs. Lakh)
FY 2024-25
(Amount in Rs. Lakh)
Revenue from operations
Rs. 18,760.37
Rs. 18,260.48
Profit After Tax (PAT)
Rs. 979.02
Rs. 1,242.41
Total Borrowings
Rs. 2,873.03
Rs. 7,542.22
Debt-to-Equity Ratio
0.59x
1.23x
Interest Coverage Ratio
5.73x
4.964x
PERFORMANCE ANAYSIS
Revenue from operation decreased from Rs. 18,760.37 Lakhs in FY 2023-24 to Rs. 18,260.48 Lakhs** in FY 2024-25, revenue from exported traded goods (Helium Gas) declined steeply from Rs. 13,205.89 Lakhs to Rs. 5,205.47 Lakhs due to shifting global trade conditions.
Profit After Tax (PAT) increased by Rs. 263.39 Lakhs (+26.90%), lifting Basic and Diluted Earnings Per Share (EPS) from Rs. 10.82 to Rs. 13.73.
Total Borrowings increased from Rs. 2,873.03 Lakhs in FY 2023-24 to Rs. 7,542.22 Lakhs in FY 2024-25, consequently the Debt-to-Equity Ratio shifted from 0.59x to 1.23x. Short term Borrowings and Long-term Borrowing increased to support higher operational working capital.
Finance cost increased from Rs. 276.78 Lakhs to Rs. 421.81 Lakhs due to interest on expanded debt facilities.
RECENT NEWS AND KEY DEVELOPMENT
PARTICIPATION IN SEMICON INDIA 2026
Airlife Gases participated in SEMICON India2026, held for three days, where it presented its combined helium and speciality gas capabilities to the semiconductor industry. The company connected with chip manufactures, Industry professionals and potential partners, this will help in growing focus on the semiconductor sector, where the high-purity gases are essential to manufacturing.
ACQUISITION OF A CONTROLLING STAKE IN GNG
The acquisition marks another significant milestone in Airlife’s long-term strategy of building a fully integrated global helium supply chain. The acquisition includes GNG’S helium processing plant, gas gathering infrastructure and high-purity helium liquefaction, which is connected to multiple independent helium producers through as established gathering pipeline network.
ACQUISITION OF A 52.9% STAKE IN ROYAL HELIUM
Airlife has acquired a 52.9% stake in Royal Helium Ltd, Canada-based company, marking its entry into helium exploration and production in North America. The move is meant to improve AirLife’s sourcing capabilities and secure a more dependable supply of helium at a time when global supply is tight. Over the long term, it could support closer supply-chain integration and business growth.
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AIRLIFE GASES UNLISTED SHARE PRICE
Airlife Gases Private Limited is a privately held company whose shares are traded in the unlisted market. “Unlike listed companies” Airlife Gases Private Limited does not have a share price determined by stock exchanges. Its unlisted share price and valuation are influenced by factors such as investor demand, market conditions, company performance, and negotiations between buyers and sellers.
This report provides an overview of Airlife Gases business, financial performance, valuation, and recent developments. It also explains how investors can access its unlisted shares and highlights key factors to consider before investing. The objective is to help readers understand the company’s business model, growth potential, and associated investment risks.
WHAT DOES AIRLIFE GASES PRIVATE LIMITED DO?
Airlife is Pune-based company incorporated in April 2019 by Kiran karnawat, it provides helium and other speciality gases to industries such as Aerospace, fibre Optics, Semiconductor, Pharma and healthcare. Semiconductor manufactures need highly pure gases during the chip manufacturing. Hospitals and medical facilities use helium in MRI machines. Aerospace companies use speciality gases for testing and other technical applications. The company is also expanding beyond gas distribution into helium production and processing with the aim of controlling more parts of the supply chain.
WHAT ARE THE PRODUCTS OF AIRLIFE GASES?
Airlife Gases is an Indian multinational supplier of helium and speciality industrial gases. This includes the following products:
Industrial Gases: It helps in improving process efficiency, maintaining product quality, and supporting safe operation across manufacturing environment, It is used for welding, inerting, cutting, cooling, chemical processing; these gases help maintain accuracy and consistency in industrial processes.
Gaseous Helium: It is supplied as high-purity compressed gas, with purity of up to 99.999%. Airlife sources it globally from the United States, Qatar and Canada. It is available in three formats to suit different consumption levels:
- High-pressure cylinders: Portable cylinders rated up to 200 bar, suited to low and medium volume users.
- Cylinder quads: Manifold-connected bundles of cylinders that provide a continuous supply for medium- bulk consumption.
- Tube Trailers: High-capacity mobile storage units designed for bulk industrial users.
Liquid Helium: It is the coldest commercially available cryogenic liquid, reaching temperatures as low as 4.2 K (−269 °C). It includes semi-insulated Dewars of 100L, 250L and 400L capacity, designed to minimise evaporation boil-off and preserve purity. It used as superconducting magnets in medical MRI scanners and NMR spectroscopy system.
Electronic Speciality Gases: These are high-purity, electronic-grade process gases for semiconductor fabrication, optoelectronics, photovoltaics (solar) and display manufacturing. It includes premium gas solutions for advanced industrial needs. It is used in diverse industries that require precision cleaning, etching, and semiconductor processing.
ISO Containers: These are designed for the safe and efficient transportation of hazardous and non-hazardous bulk liquids and gases. It offers durable containers in multiple ISO container sizes.
It includes a specialised 40ft (91-175 PSI) Container that help to transport liquid helium, and long-term supply to producer despite frequent shortages.
The 20ft T-75, serves as a to multi-purpose containers for safely transporting liquid nitrogen and other industrial gases.
HOW HAS AIRLIFE GASES PERFORMED DURING LAST TWO YEARS?
|
Metric |
FY 2023-24 (Amount in Rs. Lakh) |
FY 2024-25 (Amount in Rs. Lakh) |
|
Revenue from operations |
Rs. 18,760.37 |
Rs. 18,260.48 |
|
Profit After Tax (PAT) |
Rs. 979.02 |
Rs. 1,242.41 |
|
Total Borrowings |
Rs. 2,873.03 |
Rs. 7,542.22 |
|
Debt-to-Equity Ratio |
0.59x |
1.23x |
|
Interest Coverage Ratio |
5.73x |
4.964x |
PERFORMANCE ANAYSIS
Revenue from operation decreased from Rs. 18,760.37 Lakhs in FY 2023-24 to Rs. 18,260.48 Lakhs** in FY 2024-25, revenue from exported traded goods (Helium Gas) declined steeply from Rs. 13,205.89 Lakhs to Rs. 5,205.47 Lakhs due to shifting global trade conditions.
Profit After Tax (PAT) increased by Rs. 263.39 Lakhs (+26.90%), lifting Basic and Diluted Earnings Per Share (EPS) from Rs. 10.82 to Rs. 13.73.
Total Borrowings increased from Rs. 2,873.03 Lakhs in FY 2023-24 to Rs. 7,542.22 Lakhs in FY 2024-25, consequently the Debt-to-Equity Ratio shifted from 0.59x to 1.23x. Short term Borrowings and Long-term Borrowing increased to support higher operational working capital.
Finance cost increased from Rs. 276.78 Lakhs to Rs. 421.81 Lakhs due to interest on expanded debt facilities.
RECENT NEWS AND KEY DEVELOPMENT
PARTICIPATION IN SEMICON INDIA 2026
Airlife Gases participated in SEMICON India2026, held for three days, where it presented its combined helium and speciality gas capabilities to the semiconductor industry. The company connected with chip manufactures, Industry professionals and potential partners, this will help in growing focus on the semiconductor sector, where the high-purity gases are essential to manufacturing.
ACQUISITION OF A CONTROLLING STAKE IN GNG
The acquisition marks another significant milestone in Airlife’s long-term strategy of building a fully integrated global helium supply chain. The acquisition includes GNG’S helium processing plant, gas gathering infrastructure and high-purity helium liquefaction, which is connected to multiple independent helium producers through as established gathering pipeline network.
ACQUISITION OF A 52.9% STAKE IN ROYAL HELIUM
Airlife has acquired a 52.9% stake in Royal Helium Ltd, Canada-based company, marking its entry into helium exploration and production in North America. The move is meant to improve AirLife’s sourcing capabilities and secure a more dependable supply of helium at a time when global supply is tight. Over the long term, it could support closer supply-chain integration and business growth.
Fundamentals
Financials
All values are INR Cr except per share value
Revenue Growth
PAT Growth %
EPS Growth %
TOTAL ASSETS Growth %
QUICK RATIO Growth %
LONG TERM DEBT TO EQUITY RATIO Growth %
Shareholding Pattern
2026
| Name | Designation | Share % |
|---|---|---|
| Mr. Kiran Mohanlal Karnawat | Chairman | 85.00% |
| Other | Other | 15.00% |
Events
| Name | Date | Details |
|---|---|---|
| No events available. | ||
Frequently Asked Questions
Like any other financial product or commodity, the price of unlisted shares is discovered at the intersection of demand from buyers and supply from sellers of particular unlisted shares.
The two determinants of price are dynamic factors and keep changing constantly, hence share price tends to fluctuate constantly – every day, every minute.
Upon successful completion of a deal, the unlisted shares are credited electronically directly to your standard demat account that is usually created with CDSL or NSDL (Central Depository Services Limited or National Securities Depository Limited).
The lock-in period of Airlife Gases Limited varies depending on the category of the investor:
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Venture capital or foreign venture capital investors are subject to lock-in period of 6 months from the date of acquisition of shares
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For AIF investors of Category-II are not subject to any lock-in.
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Any other investor, including retail investors, HNI or corporate investors are subject to a lock-in period of 6 months from the date of listing.
Note – The above-mentioned lock-in is for mainboard, however for SME IPO the applicable lock-in period is 1 Year.
There is no regulatory minimum limit to invest in unlisted shares. However, minimum investment size varies with the per share price. Earlier, the typical investment size often ranges between 70K – 100K, but with the growing awareness and increased participation the investment size has been down sized to 50k.
Short-Term Capital Gain tax is applicable when you sell your unlisted shares within a year from date of acquisition. Realized gain is taxable at your slab rate after consolidating in total income for the year. Hence, the rate of tax depends on your overall income for the particular financial year.
Long-Term Capital Gain taxes are applicable when you sell your unlisted shares after two years from the date of acquisition. LTCG tax is calculated on profits realized on sale of unlisted shares at 12.5%. Investors particularly retail or HNI must understand the concept clearly as it impacts strategy and tax planning.
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You can dowload the NSDL or CDSL application and login into the account and check whether the shares have been credited or not.
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Credit of Unlisted Shares/Pre-IPO shares can be checked in brokers application as well but it takes T+2 days to show the shares.
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You would also get email confirmation of credit of shares via email
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The value of share in unlisted space is determined in the same way as it is done in the listed market. Demand and supply decide the price of any share. If the demand is more than the supply, then the price of the share increases and vice versa.
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When a new share is introduced in the unlisted space, the value of the company is decided upon the last funding raised by the company. If the company hasn’t raised any funding in the past, then the valuation is decided upon the fundamentals of the company.
Yes, investing in unlisted shares is legal in India, the activity is regulated and governed under the rules and guidelines laid by SEBI (Securities and Exchange Board of India). Related parties must comply with the regulations and guidelines to ensure legal and financial standards.
Investing in unlisted shares in India carries a significant and distinctive risk profile such as limited liquidity, lack of transparent pricing and regulatory oversight because unlisted shares do not trade on listed stock exchange, they are bought or sold in OTC (over the counter) market that makes vulnerable to following risks:
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Liquidity risk, unlisted shares are difficult to buy and sell,
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Lack of transparent pricing, as share price of pre-IPO or unl;isted company is often determined by narrative not fundamentals
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Lack of information disclosure, unlisted companies are not mandated for disclosures like listed companies
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Tax ambiguity, because determination of fair market value and cost of acquisition of unlisted shares is often disputed
Hence, investors should carefully examine related facts before investing in Pre-IPO or unlisted shares.