Axel Polymers Limited has announced its unaudited financial results for the second quarter and half-year ended September 30, 2025, showing a modest profit despite facing an ongoing GST investigation.

Financial Performance

The company reported revenue from operations of Rs. 1071.96 crore for the quarter, with a profit of Rs. 0.72 crore. For the half-year, revenue reached Rs. 2245.29 crore with a profit of Rs. 5.11 crore.

Here's a breakdown of the key financial metrics:

GST Investigation

Axel Polymers faces an ongoing GST investigation by authorities regarding alleged wrongful availment of Input Tax Credit. Search proceedings were conducted at the factory premises in July 2024. While no formal Show Cause Notice has been issued yet, the company has deposited Rs. 1 crore under protest as a penalty during the investigation.

Corporate Governance

The financial results were reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on November 13, 2025. The company's statutory auditors, M/s. Mukund and Rohit, Chartered Accountants, have conducted a limited review of these results.

Balance Sheet Highlights

As of September 30, 2025, Axel Polymers reported:

Cash Flow

The company's cash flow statement shows:

Axel Polymers continues to operate in a challenging environment, balancing its financial performance with regulatory scrutiny. The ongoing GST investigation adds an element of uncertainty to the company's operations, and investors may want to monitor developments closely.

Axel Polymers Limited , a Gujarat-based company, has announced significant changes to its board of directors and key committees, marking a new chapter in its corporate governance structure.

New Independent Director Appointment

The company has appointed Ashokkumar Natwarlal Shah as an Additional Director and Independent Director for a five-year term, effective August 18, 2025. Shah, 71, brings a wealth of experience to the role, with 43 years of corporate expertise in finance, accounts, taxation, legal, and commercial areas.

Professional Background

Shah's impressive career includes:

• A Bachelor of Commerce degree and a Post Graduation Diploma in Tax Practice
• Current role as an Independent Director at Steelco Gujarat Limited
• Position as Finance Controller at Hi-Mak Pvt Ltd
• Previous executive roles at SS Automation Pvt Ltd and Hemant Plastics and Chemicals Limited
• Senior management positions in finance and accounts at various companies

Committee Restructuring

In light of Shah's appointment, Axel Polymers has reconstituted its key committees:

• Audit Committee
• Nomination and Remuneration Committee
• Stakeholders Relationship Committee

Shah has been inducted into all three committees, strengthening the company's governance framework.

Outgoing Director

Simultaneously, the company bid farewell to Haresh Padamshi Kothari, whose tenure as Independent Director concluded at the close of business on August 18, 2025. Kothari completed his second and final term, stepping down from his roles in the aforementioned committees as well.

Board Meeting Details

The board meeting where these decisions were made took place on August 18, 2025, from 2:00 PM to 2:45 PM. The company has duly informed the BSE Limited of these changes, in compliance with SEBI regulations.

These strategic moves reflect Axel Polymers' commitment to maintaining strong corporate governance and bringing fresh perspectives to its leadership team. The appointment of Shah, with his extensive experience in finance and corporate management, is expected to contribute significantly to the company's future growth and strategic direction.