Axel Polymers reported a net loss of ₹11.26 crore for the financial year ended March 31, 2026, compared to a profit of ₹1.74 crore in the previous year. Revenue from operations for the year fell to ₹44.40 crore from ₹78.09 crore in FY25. The board approved the audited financial results for the fourth quarter and financial year ended March 31, 2026, at a meeting held on June 2, 2026.

The statutory auditors, M/s. Mukund and Rohit, issued an Independent Auditor's Report highlighting a material uncertainty related to the company's ability to continue as a going concern. This arises from a Show Cause Notice dated January 19, 2026, issued by the Office of the Commissioner GST, Central Vadodara, pertaining to FY 2021-22 to FY 2024-25. The notice alleges wrongful availment of Input Tax Credit (ITC) amounting to ₹31.57 crore, along with applicable interest and penalties. Based on management's assessment, the matter is treated as a contingent liability, and no provision has been made.

The auditors also drew attention to an ongoing investigation by regulatory authorities, including SEBI and the Income Tax Department, related to the GST matter. Additionally, a vendor has initiated legal proceedings under Section 138 of the Negotiable Instruments Act against the company regarding nine post-dated cheques aggregating to ₹18 crore. The company contends no amount was due at the time of issuance. The auditors noted that inventory ageing and obsolete items have been assessed by management and carried at the same amount, with no provision made for obsolete or slow-moving inventories.

For the quarter ended March 31, 2026, the company reported a net loss of ₹8.23 crore on revenue from operations of ₹13.12 crore. The board also reappointed M/s. Chirag Bhatt & Associates as the Internal Auditor for FY 2026-27. The trading window remains closed until 48 hours after the declaration of the financial results.

Financial Results for FY26

Axel Polymers Limited has submitted its quarterly compliance certificate under SEBI Depositories Regulations for the quarter ended March 31, 2026. The submission was made on April 14, 2026, to BSE Limited as part of mandatory regulatory compliance requirements.

Regulatory Compliance Submission

The company filed the certificate pursuant to Regulation 74(5) of Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018. The certificate was originally dated April 03, 2026, and was received from the company's Registrar and Share Transfer Agent.

Registrar and Transfer Agent Confirmation

MUFG Intime India Private Limited, formerly known as Link Intime India Private Limited, served as the Registrar and Share Transfer Agent for this compliance process. The entity confirmed that securities received from depository participants for dematerialisation during the quarter ended March 31, 2026, were properly processed.

The registrar confirmed several key compliance aspects:

• Securities received for dematerialisation were confirmed to depositories within prescribed timelines
• Security certificates received were mutilated and cancelled after due verification
• Names of depositories were substituted in the register of members as registered owners
• All securities comprised in the certificates have been listed on relevant stock exchanges

Corporate Governance Framework

The submission was signed by Ashish Chaudhary, Company Secretary and Compliance Officer, bearing membership number A72705. The digital signature was authenticated on April 14, 2026, ensuring proper documentation and verification of the regulatory filing.

MUFG Intime India Private Limited, with CIN U67190MH1999PTC118368, operates from its registered address at C-101, Embassy 247, L.B.S. Marg, Vikhroli West, Mumbai. The confirmation was signed by Ashok Shetty, Sr. Vice President-Corporate Registry, demonstrating senior management oversight of the compliance process.

Regulatory Significance

This quarterly certificate represents standard compliance with SEBI's depositories regulations, ensuring transparency in dematerialisation processes and maintaining investor confidence in securities handling. The timely submission demonstrates Axel Polymers Limited's commitment to regulatory compliance and corporate governance standards.