Axis Solutions is an industrial problem-solver that started with a single idea - measuring and analysing what flows through pipes in refineries and power plants - and has since built a family of businesses around that core, from smart water meters to hydrogen storage and electric-vehicle charging. The company was founded in 1999 by instrumentation engineer Bijal Sanghvi and entered the public markets through an unusual route: it was merged into a listed IT shell company in 2024-25, emerging as the new Axis Solutions Limited. The recurring pattern is to take a hard industrial measurement or control problem, develop the hardware and software in-house, and then sell it as a complete system - not just a component - to large government and industrial customers who need things to work reliably in tough environments. # Business segments Four engines at different stages - a core industrial-systems business that generates the bulk of activity, a water-infrastructure play built on proprietary metering technology, a digital-and-automation layer that connects everything, and an early-stage green-hydrogen bet - each extending the same instrumentation DNA into a new sector. ## 1. Industrial Engineering & Systems: the factory floor for heavy industry **The company designs, builds and integrates measurement and control systems - analyser shelters, gas-analysis panels, steam-and-water analysis systems - that keep refineries, power plants and chemical factories running safely, and it earns from selling the equipment, installing it and then maintaining it under annual contracts.** - **Makes the systems, not just the parts** - it manufactures complete engineered assemblies like Analyser Shelters and Steam and Water Analysis Systems (SWAS) under its own name, so the customer gets a tested, ready-to-install unit rather than a box of components. - **Revenue arrives in three waves** - first from selling the product itself, then from installation and commissioning services, and later from recurring Annual Maintenance Contracts (AMCs) and calibration work, which means a single customer relationship can pay out over years. - **Three factories, one cluster** - all manufacturing, integration and testing happens across roughly 92,000 square feet of facilities in Kathwada GIDC, Ahmedabad, giving the company tight control over quality and delivery timelines. - **Dependent on a handful of big buyers** - the customer list is dominated by government entities, public-sector undertakings and large EPC (Engineering, Procurement and Construction) contractors, so a few large orders can shape the year. - **Competes on both ends** - it faces price pressure from local low-cost vendors on basic instrumentation, and at the same time goes head-to-head with global automation players and local system integrators on more complex projects. ## 2. Infra & Water: a proprietary meter for the country's pipes **The segment is built around an in-house-developed electromagnetic flow meter, the MAG200, which measures water and wastewater flow with no moving parts and is aimed squarely at India's large public-water and smart-city projects.** - **A meter born in the company's own lab** - the MAG200 was developed at the DSIR-approved R&D centre and is calibrated to international standards including ISO 6817 and ISO 4064, with accuracy down to ±0.3% for high-precision applications. - **Designed for Indian infrastructure schemes** - the intended applications include Jal Jeevan Mission, Smart City Projects and state water-board (PHED and Jal Nigam) contracts, which are large, multi-year government programmes. - **Solar-ready and field-flexible** - the meter runs on AC, DC or solar power and carries HART communication compatibility, so it can be deployed in remote locations where grid power is unreliable. - **Faster delivery as the selling point** - in-house manufacturing promises shorter lead times, the ability to handle multiple line sizes, and better quality consistency compared to imported alternatives. ## 3. Automation & Digitalisation: the software and connectivity layer **This segment wraps industrial equipment in a digital skin - IIoT platforms, data analytics, cybersecurity and now smart EV charging - often by partnering with over a dozen global technology brands and adapting their hardware to Indian industrial conditions.** - **Partners, then builds** - the company collaborates with more than 14 global brands including Knick, ADFWeb, Seneca and Stego, using their components to assemble communication, networking and remote-monitoring solutions that fit specific industries. - **IIoT with an AI brain** - a dedicated data-analytics and AI team extracts insights from the data that IIoT devices collect, helping factories predict maintenance needs and optimise processes rather than just react to breakdowns. - **EV charging as a new limb** - the company has developed Smart EV Charging Firmware with dynamic load sharing that supports chargers from 3.3 kW to 360 kW, covering everything from a home AC charger to a highway DC fast-charger, with UPI payment built in. - **Security baked in, not bolted on** - the IIoT offering includes encryption, access controls and regular security audits, which matters because industrial customers are wary of connecting their plants to the internet. ## 4. Green Hydrogen & Energy Transition: a solid-state bet on the fuel of the future **The company has acquired patents and technology from a UK-based hydrogen firm to store hydrogen in solid form at low pressure - a safer, more compact alternative to high-pressure tanks - and is now working to commercialise it for defence, space and energy customers.** - **Bought the intellectual property, not just a licence** - the technology platform came through the acquisition of IP from H2GO Power Limited, including 13 patents registered across Germany, France, Great Britain and the United States, plus three hydrogen-related trademarks. - **Hydrogen stored like a sponge** - the solid-state storage technology holds hydrogen in engineered solid materials at comparatively low pressure, which removes the safety and space problems of compressing hydrogen to extremely high pressures. - **Built for places where failure is not an option** - the target sectors are defence, space and other mission-critical industries, where the combination of low-pressure safety, compact size and AI-enabled predictive monitoring is especially valuable. - **Still pre-revenue, with tie-ups being explored** - the company is actively looking for commercial partners in India and abroad to introduce the technology, and has approved the incorporation of two wholly owned subsidiaries in India to manufacture hydrogen energy generation related equipment and other engineering products. # Group structure and partners **The listed company sits atop a growing family of subsidiaries - each carved out for a specific technology or geography - while the core industrial business leans on a network of European technology partners and a post-merger credit rating of BBB-.** - The parent entity, Axis Solutions Limited, was created when the original operating company (Axis Solutions Private Limited) was merged into the listed shell Asya Infosoft Limited, with the combined entity renamed in March 2025. - The predecessor operating company carried a BBB- credit rating, which provides a baseline for the listed entity's borrowing profile post-merger.