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.

Axel Polymers Limited announced its unaudited financial results for the third quarter ended December 31, 2025, showing mixed performance with reduced losses despite declining revenue. The Board of Directors approved these results in their meeting held on February 13, 2026, following review and recommendation by the Audit Committee.

Financial Performance Overview

The company's financial performance for Q3FY26 showed improvement in loss reduction compared to the previous year, though revenue declined significantly.

Nine-Month Performance Analysis

For the nine-month period ended December 31, 2025, Axel Polymers demonstrated significant improvement in operational performance compared to the corresponding period in the previous year.

Cost Structure and Operational Metrics

The company's cost management showed mixed results during Q3FY26. Cost of material consumed decreased to ₹645.35 lacs from ₹888.56 lacs in Q3FY25, representing a 27.38% reduction. Employee benefits expense increased to ₹101.99 lacs from ₹95.03 lacs, while finance costs decreased marginally to ₹77.30 lacs from ₹80.86 lacs in the corresponding quarter last year.

Regulatory Challenges

The company faces significant regulatory scrutiny from GST authorities. Following search proceedings conducted at the factory premises on July 3, 2024, the Commissioner of Central GST & Central Excise, Vadodara II, issued a show cause notice to Axel Polymers Limited. The notice pertains to alleged irregularities in Input Tax Credit (ITC) availment and passing through issuance and receipt of invoices without actual movement of goods during FY2021-22 to FY2024-25. The authorities propose ITC reversal of approximately ₹31.57 crore, along with recovery of interest and penalty.

Capital Structure Updates

The company's paid-up equity share capital increased to ₹1,101.11 lacs as of December 31, 2025, compared to ₹851.67 lacs in the previous year, indicating a capital expansion during the period. This increase in share capital contributed to the improved earnings per share performance despite the operational losses.

Compliance and Governance

The unaudited financial results were prepared in accordance with Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013. The results have been posted on the company's website and stock exchange platforms as required under Regulation 33 of SEBI (LODR) Regulations, 2015. The company operates in a single business segment, focusing on polymer-related activities.