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Akshar Spintex Shareholders Reject All 9 Resolutions at AGM, Including Financials and Auditor Appointment
In an extraordinary corporate governance event, Akshar Spintex announced that all 9 resolutions put forth at its 13th Annual General Meeting held on September 28, 2026, failed to pass. Resolutions rejected by public shareholders included the adoption of FY26 financial statements, appointment of statutory auditors (M/s H. Jamnadas and Company), and director remuneration proposals. With promoters holding just 0.27% of shares, non-institutional public shareholders cast ~52-55% of polled votes against each agenda item. The company currently faces severe governance uncertainty alongside existing CARE D default status.
Confidence: HIGH
What changedPublic shareholders voted down all 9 AGM resolutions, blocking the adoption of annual accounts, auditor appointments, and director remuneration.
Why it mattersFailure to adopt audited annual statements and appoint statutory auditors is a major governance crisis that can lead to regulatory scrutiny, stock suspension, and inability to conduct lawful corporate operations.
Total resolutions failed: 9Votes polled on outstanding shares: 7.0156%Votes against financial statement adoption: 51.8676%Promoter shareholding: 0.27%
📅 Short termHeightened legal and regulatory uncertainty as the company must seek legal or NCLT recourse or reconvene an EGM/AGM to adopt financials and appoint auditors.
📈 Long termSevere structural governance breakdown; the micro promoter stake (0.27%) exposes the company to acute activist voting or deadlocks amidst financial distress.
⚠ Risk flags
- Rejection of audited financials and statutory auditor appointment
- Extreme lack of promoter skin-in-the-game (0.27% holding)
- Existing default credit rating (CARE D) and negative ROCE (-9.0%)
Key Highlights
None of the 9 resolutions were passed due to lack of requisite majority votes
Adoption of FY26 Financial Statements rejected with 51.87% of total polled votes against (2,86,54,415 votes against vs 2,65,90,869 in favour)
Appointment of new Statutory Auditor rejected with 51.85% votes against
Turnout was low with 5,52,45,284 total votes polled representing only 7.02% of outstanding shares
Promoter holding stands at an ultra-low 0.27% (21.63 lakh shares held), leaving voting control entirely to public shareholders
👀 What to Watch
Watch for subsequent filings regarding how the Board plans to resolve statutory non-compliance (unadopted financial statements and vacant auditor/directorship positions) and any regulatory intervention by SEBI or ROC.
AksharChem Q1 PAT Surges to ₹15.21 Cr; Revenue Grows 45% YoY with New Solar Plant
AksharChem India reported a significant turnaround in Q1 FY27, with revenue from operations rising 45.3% YoY to ₹140.87 Cr. Net profit surged to ₹15.21 Cr from just ₹0.71 Cr in the year-ago period, resulting in a quarterly EPS of ₹18.94, which already exceeds the previous TTM EPS of ₹12.68. The company also successfully commissioned a 2.40 MWp captive solar power plant in April 2026 to optimize energy costs. This performance marks a sharp recovery from the marginal losses and operational disruptions seen in FY25-26.
Confidence: HIGH
What changedThe company has moved from a period of operational losses and fire-related disruptions to high profitability and revenue growth, supported by new captive power capacity.
Why it mattersThe quarterly revenue is approximately 75% of the total TTM revenue, indicating a major scale-up in business activity. The sharp rise in EPS could lead to a significant valuation re-rating if sustained.
Revenue (Q1 FY27): ₹140.87 CrNet Profit (Q1 FY27): ₹15.21 CrQ1 Revenue vs TTM Revenue: 74.9%Solar Plant Investment: ₹6.97 CrEPS (Q1 FY27): ₹18.94
📅 Short termThe stock is likely to react positively to the massive earnings beat and the turnaround from previous losses.
📈 Long termIf the company maintains this revenue scale and benefits from the captive solar power, it could structurally improve its operating margins and return profile.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Significant impact of inventory valuation swings on quarterly profit
- Volatility in raw material prices
- High sensitivity to power and fuel costs
Key Highlights
Revenue from operations increased 45.3% YoY to ₹140.87 Cr from ₹96.96 Cr.
Net Profit (PAT) jumped to ₹15.21 Cr compared to ₹0.71 Cr in Q1 FY26.
Commissioned a 2.40 MWp (DC) solar power plant on April 24, 2026, involving a ₹6.97 Cr investment.
Quarterly EPS of ₹18.94 is significantly higher than the full-year FY26 EPS of -₹0.55.
Inventory changes provided a positive swing of ₹20.97 Cr (credit) to the P&L this quarter.
👀 What to Watch
Investors should monitor if the current revenue run-rate of ~₹140 Cr per quarter is sustainable, as it represents a massive jump over historical averages. Additionally, track the reduction in 'Power & Fuel' expenses in subsequent quarters following the solar plant commissioning.
₹15.21 Cr Net Profit: AksharChem Reports Massive Q1 Turnaround; Revenue Up 45% YoY
AksharChem India reported a stellar Q1 FY27, with revenue jumping 45.3% YoY to ₹140.87 Cr. Net profit surged to ₹15.21 Cr from just ₹0.71 Cr in the year-ago period, marking a significant operational turnaround. This single quarter's revenue represents approximately 75% of the company's previous TTM revenue of ₹188 Cr, indicating a major scale-up in business activity. Additionally, the company commissioned a 2.40 MWp captive solar plant in April 2026 to optimize power costs.
Confidence: HIGH
What changedThe company has transitioned from a period of low profitability and plant-related disruptions to a high-growth phase with a sharp increase in both top-line and bottom-line performance.
Why it mattersThe massive jump in revenue relative to the company's small market cap (₹197 Cr) and previous annual turnover suggests a potential re-rating if these levels are maintained. The captive solar plant also addresses manufacturing efficiency, a previously noted weakness.
Q1 Revenue vs TTM Revenue: 74.9%Q1 Net Profit: ₹15.21 CrYoY Revenue Growth: 45.3%Solar Plant Capex: ₹6.97 CrEPS (Q1): ₹18.94
📅 Short termThe stock is likely to react very positively in the short term due to the significant earnings beat and the turnaround from the losses seen in recent quarters.
📈 Long termIf the company sustains a quarterly revenue of ₹140 Cr+, it could potentially triple its annual turnover compared to FY26, fundamentally changing its valuation profile.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Volatility in raw material prices
- Sensitivity to global chemical demand cycles
- Sustainability of the sudden revenue spike
Key Highlights
Revenue from operations grew 45.3% YoY to ₹140.87 Cr from ₹96.96 Cr.
Net Profit surged to ₹15.21 Cr, a massive jump from ₹0.71 Cr in Q1 FY26.
Quarterly EPS reached ₹18.94, nearly matching the full-year FY16 EPS of ₹22.74 in just three months.
Commissioned a 2.40 MWp solar power plant for ₹6.97 Cr for captive consumption at the Dahej unit.
Operating margins improved significantly as Profit Before Tax reached ₹15.95 Cr vs a loss of ₹1.00 Cr in the preceding quarter (Mar 2026).
👀 What to Watch
Investors should monitor the sustainability of this high revenue run-rate in upcoming quarters to determine if it represents a structural shift or a one-time volume surge. The impact of the new solar plant on power and fuel expenses (which stood at ₹18.18 Cr this quarter) will be a key metric for margin expansion.
Akshar Spintex Reports Q1 FY27 Net Profit of ₹0.60 Cr; Auditor Flags Inventory Verification Issues
Akshar Spintex has reported a turnaround in Q1 FY27 with a net profit of ₹0.60 Cr, compared to a net loss of ₹1.24 Cr in the same quarter last year. Revenue from operations grew 14.3% YoY to ₹29.93 Cr. However, the statutory auditor issued a modified conclusion, stating they were unable to verify the quantity and condition of inventories due to a lack of physical inspection. The company also reported non-payment of certain statutory dues like professional tax during the period.
Confidence: HIGH
What changedThe company has shifted from a loss-making trajectory to a marginal profit in Q1 FY27, while continuing to struggle with audit-related transparency issues.
Why it mattersWhile the return to profitability is a positive signal, the auditor's inability to verify inventory—a major asset—raises concerns about the reliability of the financial statements and internal governance.
Q1 Revenue: ₹29.93 CrQ1 Net Profit: ₹0.60 CrTotal Debt: ₹3.06 CrDebt vs Net Worth: 0.04Rights Issue Amount: ₹48.75 Cr
📅 Short termThe stock may react to the return to profitability, but the auditor's qualifications regarding inventory and statutory dues are likely to weigh on investor sentiment.
📈 Long termThe company's long-term outlook remains pressured by its 'Default' rating status and the need to prove that its business model can generate sustainable cash flows without further dilution.
⚠ Risk flags
- Auditor disclaimer on inventory verification
- Non-payment of statutory dues (Professional Tax)
- Extremely low promoter holding (0.3%)
- History of 'CARE D' (Default) credit rating
Key Highlights
Net Profit of ₹0.60 Cr in Q1 FY27 vs a loss of ₹1.24 Cr in Q1 FY26.
Revenue from operations increased to ₹29.93 Cr from ₹26.19 Cr in the year-ago period.
Auditor unable to obtain assurance on inventories (valued at ₹40.33 Cr in previous filings) due to lack of inspection.
Total financial indebtedness reported at ₹3.06 Cr as of June 30, 2026.
Rights issue proceeds of ₹48.75 Cr utilized primarily for working capital (₹33 Cr) and debt repayment (₹3.20 Cr).
👀 What to Watch
Investors should monitor whether the company can resolve the auditor's concerns regarding inventory verification and internal controls in subsequent quarters. The 'CARE D' rating and low promoter holding (0.3%) remain significant structural risks despite the marginal quarterly profit.
Akshar Spintex Approves Q1 FY27 Unaudited Financial Results
Akshar Spintex Limited approved its unaudited standalone financial results for the quarter ended June 30, 2026, in a board meeting held on August 7, 2026. The company, currently valued at a market cap of Rs 31 Cr, is struggling with a TTM net loss of Rs 7 Cr and a 'CARE D' (Default) credit rating. With promoter holding at a critical low of 0.27%, these results are vital for assessing if the company can stabilize its operations following its 2024 Rights Issue. The filing confirms the completion of the limited review by auditors for the period.
Confidence: HIGH
What changedThe company has finalized and released its financial performance data for the first quarter of the 2026-27 fiscal year.
Why it mattersFor a micro-cap company in default with negative ROCE (-9.0%), quarterly results are the primary indicator of whether the business can avoid insolvency or if liquidity remains at critical levels.
Market Cap: Rs 31 CrTTM Revenue: Rs 117 CrPromoter Holding: 0.27%TTM Net Profit: Rs -7 CrQuarter End Date: June 30, 2026
📅 Short termThe stock is likely to remain volatile and range-bound given its penny stock status (Rs 0.4) and the routine nature of the results filing.
📈 Long termStructural concerns remain high due to the default rating, lack of promoter skin-in-the-game, and historical inability to verify core assets.
⚠ Risk flags
- Default status (CARE D)
- Extremely low promoter holding (0.27%)
- Negative ROCE (-9.0%)
- Auditor disclaimer history on asset verification
Key Highlights
Board approved unaudited standalone financial results for the quarter ended June 30, 2026
Company reported a TTM revenue of Rs 117 Cr against a small market capitalization of Rs 31 Cr
Promoter holding remains exceptionally low at 0.27% as of the latest reporting period
Operating margins (TTM) stood at -4.0%, reflecting ongoing profitability challenges
Board meeting concluded within 45 minutes, starting at 2:45 p.m. and ending at 3:30 p.m.
👀 What to Watch
Investors should scrutinize the full financial notes for any updates on the 'CARE D' rating and check if the auditor has cleared previous disclaimers regarding the verification of Rs 37.79 Cr in fixed assets.
AksharChem Commissions 2.4 MWp Solar Power Plant for Captive Use in Gujarat
AksharChem India Limited has successfully commissioned a 2.4 MWp (DC) / 1.75 MWp (AC) ground-mounted solar power plant in Bharuch, Gujarat. The facility is dedicated to captive consumption for the company's manufacturing unit located at Dahej. Power generation officially commenced on April 24, 2026, following certification from the Gujarat Energy Development Agency (GEDA). This initiative is expected to reduce operational energy costs and strengthen the company's ESG profile.
Key Highlights
Commissioned a 2.4 MWp (DC) / 1.75 MWp (AC) ground-mounted solar power plant at Village Sardarpura, Bharuch.
The plant provides captive power to the company's factory located at Dahej, Gujarat.
Power generation started effective April 24, 2026, as per GEDA certification received on June 20, 2026.
The project aims to enhance the renewable energy portfolio and contribute to sustainable power generation.
👀 What to Watch
Investors should monitor the impact on power and fuel costs in upcoming quarterly results, as captive solar power typically improves operating margins. This move also strengthens the company's long-term sustainability and ESG standing.
AksharChem FY26 Revenue Rises to ₹372 Cr; Board Recommends ₹0.50 Dividend
AksharChem India Limited reported a 7.5% year-on-year increase in annual revenue to ₹37,243 lakhs for FY26. While the company faced a net loss of ₹43.86 lakhs for the full year compared to a profit of ₹477.04 lakhs in FY25, the fourth quarter showed a strong recovery with a net profit of ₹483.50 lakhs. The board has recommended a final dividend of ₹0.50 per share (5%) for FY26. Additionally, the company announced a leadership transition with the appointment of Mr. Devalkumar Indrabal Suthar as a Whole Time Director following the resignation of Mr. Ashok Barot.
Key Highlights
Annual revenue from operations grew to ₹37,243 lakhs in FY26 from ₹34,626 lakhs in FY25.
Q4 FY26 net profit surged to ₹483.50 lakhs compared to ₹138.71 lakhs in the same quarter last year.
Recommended a final dividend of ₹0.50 per equity share of face value ₹10 each.
Full-year performance was impacted by an exceptional item of ₹169.61 lakhs related to fire insurance claims.
Management transition: Mr. Devalkumar Indrabal Suthar appointed as Additional Director (Whole Time) for 3 years.
👀 What to Watch
Investors should focus on the strong Q4 recovery which suggests an operational turnaround despite the marginal annual loss. Monitor the impact of the leadership change and the stabilization of margins in the upcoming quarters.
AksharChem Reports FY26 Revenue of ₹372 Cr, Recommends ₹0.50 Dividend Amidst Annual Net Loss
AksharChem India reported a 7.5% year-on-year growth in annual revenue to ₹37,243 lakhs for FY26. However, the company shifted from a net profit of ₹477.04 lakhs in FY25 to a net loss of ₹43.86 lakhs in FY26, primarily due to higher operational costs and finance charges. Despite the annual loss, the Board has recommended a final dividend of ₹0.50 per share. Management changes were also announced, with Mr. Devalkumar Indrabal Suthar appointed as a Whole Time Director.
Key Highlights
Annual revenue from operations increased to ₹37,243 lakhs in FY26 from ₹34,626.52 lakhs in FY25.
Reported a consolidated net loss of ₹43.86 lakhs for FY26 compared to a profit of ₹477.04 lakhs in the previous year.
Recommended a final dividend of ₹0.50 per equity share (5% of face value of ₹10).
Finance costs rose significantly to ₹681.62 lakhs in FY26 from ₹526.04 lakhs in FY25.
Appointed Mr. Devalkumar Indrabal Suthar as Whole Time Director for a three-year term effective May 21, 2026.
👀 What to Watch
Investors should monitor the company's margins as rising finance and operational costs have led to an annual loss despite revenue growth. The impact of the newly commissioned solar power plant on future power costs should be watched closely.
AksharChem Q4 Profit Jumps to ₹4.83 Cr; FY26 Loss at ₹0.44 Cr; ₹0.50 Dividend Declared
AksharChem India reported a strong Q4 FY26 with a net profit of ₹4.83 crore, a significant increase from ₹1.39 crore in the previous year's corresponding quarter. Total revenue for Q4 grew to ₹105.79 crore compared to ₹90.74 crore YoY. However, the company ended the full financial year 2025-26 with a net loss of ₹0.44 crore, largely due to an exceptional fire-related loss of ₹1.70 crore. The board has recommended a final dividend of ₹0.50 per share and announced the appointment of Mr. Devalkumar Indrabal Suthar as Executive Director.
Key Highlights
Q4 FY26 revenue increased by 16.6% YoY to ₹105.79 crore.
Net profit for Q4 FY26 rose to ₹4.83 crore vs ₹1.39 crore in Q4 FY25.
Full-year FY26 recorded a net loss of ₹0.44 crore compared to a profit of ₹4.77 crore in FY25.
Recommended a final dividend of ₹0.50 per equity share (5% of face value).
Appointment of Mr. Devalkumar Indrabal Suthar as Executive Director for 3 years effective May 21, 2026.
👀 What to Watch
Investors should note the strong recovery in Q4 margins but remain cautious regarding the full-year loss and the impact of exceptional items like the fire incident. Monitor if the revenue growth and profitability seen in Q4 can be sustained in the upcoming quarters.
AksharChem Recommends Rs 0.50 Dividend; Q4 Profit Recovers to Rs 4.83 Cr
AksharChem India Limited has recommended a final dividend of Rs. 0.50 per share for FY26. While the company's annual revenue rose 7.5% to Rs. 37,243 lakhs, it reported a net loss of Rs. 43.86 lakhs for the full year compared to a profit of Rs. 477.04 lakhs in FY25. However, the fourth quarter showed a strong recovery with a net profit of Rs. 483.50 lakhs, reversing a significant loss in the preceding quarter. The board also announced the appointment of a new Whole Time Director to lead future operations.
Key Highlights
Recommended a final dividend of Rs. 0.50 per equity share (5% of face value).
Annual revenue from operations grew to Rs. 37,243 lakhs from Rs. 34,626 lakhs YoY.
Q4 FY26 net profit stood at Rs. 483.50 lakhs, a sharp recovery from the Q3 loss of Rs. 461.56 lakhs.
Full-year performance resulted in a net loss of Rs. 43.86 lakhs due to increased material and finance costs.
Commissioned a new solar power plant to potentially reduce future energy expenses.
👀 What to Watch
Investors should monitor if the Q4 profitability turnaround is sustainable and how the new solar plant impacts operating margins. The dividend recommendation despite an annual loss suggests management's confidence in the company's cash flow and recovery.
AksharChem FY26 Revenue Up 7.5% to ₹372 Cr; Posts Annual Net Loss of ₹43.86 Lakhs
AksharChem India Limited reported a 7.5% year-on-year growth in annual revenue to ₹37,243 lakhs for FY26. However, the company swung to a net loss of ₹43.86 lakhs for the full year compared to a profit of ₹477.04 lakhs in FY25, primarily due to higher raw material costs and an exceptional fire-related loss of ₹169.61 lakhs. The Q4 FY26 performance showed a net profit of ₹483.50 lakhs, though this was heavily supported by a deferred tax credit of ₹583.58 lakhs. The board has recommended a final dividend of ₹0.50 per share.
Key Highlights
Annual revenue from operations increased to ₹37,243 lakhs in FY26 from ₹34,626.52 lakhs in FY25.
Reported a consolidated net loss of ₹43.86 lakhs for FY26 versus a profit of ₹477.04 lakhs in the previous year.
Q4 FY26 net profit stood at ₹483.50 lakhs, significantly aided by a deferred tax credit of ₹583.58 lakhs.
Recommended a final dividend of ₹0.50 per equity share (5% of face value) for FY25-26.
Appointed Mr. Devalkumar Indrabal Suthar as Whole Time Director following the resignation of Mr. Ashok Dolatsinh Barot.
👀 What to Watch
Investors should look past the tax-aided Q4 profit and focus on the operational margin pressure seen throughout FY26. Monitor the cost-saving impact of the newly commissioned solar power plant and the stabilization of raw material costs in upcoming quarters before making new entries.
Akshar Spintex FY26 Revenue flat at ₹117.28 Cr; Annual Net Loss widens to ₹7.39 Cr
Akshar Spintex reported a stagnant top-line for FY26 with revenue of ₹117.28 crore, nearly unchanged from the previous year. The company's annual net loss widened significantly to ₹7.39 crore from ₹4.45 crore in FY25, primarily due to higher depreciation and purchase costs. However, Q4 FY26 showed a narrowing of losses to ₹38.97 lakhs compared to a loss of ₹1.14 crore in the same quarter last year, alongside a significant improvement in operating cash flow.
Key Highlights
Annual revenue from operations remained flat at ₹11,728.12 lakhs compared to ₹11,676.91 lakhs in FY25.
Net loss for the full year FY26 widened to ₹738.94 lakhs from ₹444.81 lakhs YoY.
Q4 FY26 net loss narrowed to ₹38.97 lakhs from ₹114.26 lakhs in Q4 FY25.
Finance costs decreased significantly by 62% to ₹41.17 lakhs from ₹108.95 lakhs in the previous year.
Net cash flow from operating activities turned positive at ₹767.51 lakhs vs a deficit of ₹2,957.16 lakhs in FY25.
👀 What to Watch
Investors should remain cautious as the company continues to report annual losses and stagnant revenue. While the narrowing quarterly loss and positive operating cash flow are encouraging, a clear path to profitability is needed for a positive outlook.
AksharChem India Credit Rating Outlook Revised to Negative; Long-term Rating Reaffirmed at CARE A-
CARE Ratings has reaffirmed AksharChem's long-term rating at 'CARE A-' but revised the outlook to 'Negative' due to sustained weak financial performance. The company reported a net loss of ₹5.24 crore in 9MFY26, with operating margins dropping to 4.43% from 7.39% YoY. Debt coverage metrics have deteriorated significantly, with Total Debt/PBILDT rising to 8.46x, though overall gearing remains comfortable at 0.25x. Recovery depends on the stabilization of the new PPT silica plant and mitigation of the 50% US export tariff impact.
Key Highlights
Outlook revised to Negative from Stable; Long-term rating reaffirmed at CARE A-.
Reported a net loss of ₹5.24 crore in 9MFY26 compared to a profit of ₹3.33 crore in 9MFY25.
Operating margins compressed to 4.43% in 9MFY26 due to 50% US export tariffs and high input costs.
Total Debt/PBILDT ratio weakened significantly to 8.46x in 9MFY26 from 2.69x in FY25.
PPT silica segment yet to achieve break-even, impacting overall overhead absorption and profitability.
👀 What to Watch
Investors should exercise caution as the negative outlook indicates a risk of a future rating downgrade if margins remain suppressed. Monitor the silica segment's utilization and potential reduction in US tariffs as primary indicators for a turnaround.
Akshar Spintex Q3 FY26: Revenue Rises 32% YoY but Net Loss Widens to ₹3.8 Crore
Akshar Spintex reported a 32% year-on-year increase in revenue from operations to ₹34.35 crore for the quarter ended December 31, 2025. However, the company's net loss widened significantly to ₹3.80 crore compared to a loss of ₹2.33 crore in the same quarter last year, primarily due to higher raw material and purchase costs. For the nine-month period, the net loss has more than doubled to ₹7.00 crore. Critically, the statutory auditors highlighted significant internal control weaknesses, noting that the company failed to inspect fixed assets or inventories during the period.
Key Highlights
Revenue from operations grew 32.2% YoY to ₹3,435.12 lakhs in Q3 FY26.
Net loss widened to ₹379.50 lakhs from ₹233.35 lakhs in the year-ago period.
Total expenses surged to ₹4,134.39 lakhs, exceeding total income of ₹3,597.28 lakhs.
Auditors issued a disclaimer regarding the inability to verify the existence and condition of fixed assets and inventories.
Nine-month net loss stands at ₹699.97 lakhs compared to ₹330.55 lakhs in the previous year.
👀 What to Watch
Investors should exercise extreme caution as widening losses are compounded by serious auditor concerns regarding the lack of fixed asset registers and inventory verification. Avoid fresh positions until internal controls and profitability show clear signs of improvement.
Akshar Spintex Q3 FY26: Net Loss Widens to ₹3.80 Cr; Auditor Raises Asset & Inventory Concerns
Akshar Spintex reported a widening net loss of ₹3.80 crore for the quarter ended December 31, 2025, compared to a loss of ₹2.33 crore in the same period last year. Although revenue from operations grew 32% YoY to ₹34.35 crore, total expenses surged to ₹41.34 crore, leading to operational losses. A significant concern was raised by the statutory auditors, who noted that the company has not maintained a fixed asset register or conducted physical inspections of its assets and inventories. For the nine-month period, the net loss has more than doubled to ₹7.00 crore from ₹3.31 crore in the previous year.
Key Highlights
Revenue from operations increased 32.2% YoY to ₹34.35 crore in Q3 FY26.
Net loss widened to ₹3.80 crore in Q3 FY26 from a loss of ₹2.33 crore in Q3 FY25.
Total expenses for the quarter stood at ₹41.34 crore, significantly exceeding total income of ₹35.97 crore.
Statutory auditors flagged the absence of a fixed asset register and lack of physical inventory verification.
9M FY26 net loss reached ₹7.00 crore, a sharp increase from the ₹3.31 crore loss in 9M FY25.
👀 What to Watch
Investors should exercise extreme caution as the company is facing both deteriorating financial health and serious internal control lapses regarding asset and inventory verification. The auditor's inability to verify physical assets is a major governance red flag.
Akshar Spintex Q3 FY26: Revenue Rises to ₹34.35 Cr, Net Loss Widens to ₹3.80 Cr
Akshar Spintex reported a 32% YoY increase in revenue from operations to ₹3,435.12 lakhs for the quarter ended December 31, 2025. Despite the revenue growth, the company's net loss widened to ₹379.50 lakhs from a loss of ₹233.35 lakhs in the same period last year. Total expenses surged to ₹4,134.39 lakhs, significantly outpacing total income. A major concern for investors is the auditor's note regarding the lack of fixed asset registers and physical inventory verification during the period.
Key Highlights
Revenue from operations grew 32.2% YoY to ₹3,435.12 lakhs from ₹2,597.41 lakhs.
Net loss widened significantly to ₹379.50 lakhs in Q3 FY26 compared to a loss of ₹233.35 lakhs in Q3 FY25.
Total expenses rose to ₹4,134.39 lakhs, driven by higher raw material costs and purchases of stock-in-trade.
Auditors highlighted that the company failed to maintain a fixed asset register or conduct physical inventory inspections.
Earnings Per Share (EPS) declined to ₹(0.05) for the quarter from ₹(0.03) in the previous year.
👀 What to Watch
Investors should exercise extreme caution as the company is reporting widening losses despite higher revenues. The auditor's inability to verify fixed assets and inventory points to significant internal control and governance risks.
AksharChem Credit Outlook Revised to Negative by CARE Ratings; Ratings Reaffirmed at 'A-'
CARE Ratings has reaffirmed AksharChem India's long-term rating at 'CARE A-' but revised the outlook from 'Stable' to 'Negative'. This revision follows a sharp decline in operating margins to 4.43% in 9MFY26 and a net loss of ₹5.24 crore compared to a profit in the previous year. The company's debt coverage metrics have also weakened significantly, with Total Debt to PBILDT rising to 8.46x. Investors should note the impact of a 50% US tariff on exports and the ongoing stabilization risks of the new PPT silica plant.
Key Highlights
Outlook revised to 'Negative' from 'Stable' for long-term facilities totaling ₹108.41 crore.
Operating margin compressed by 296 bps to 4.43% in 9MFY26 due to weak realisations and US tariffs.
Reported a net loss of ₹5.24 crore in 9MFY26 against a profit of ₹3.33 crore in 9MFY25.
Total Debt to PBILDT ratio deteriorated sharply to 8.46x in 9MFY26 from 2.69x in FY25.
Overall gearing remains comfortable at 0.25x as of March 31, 2025, despite recent performance pressure.
👀 What to Watch
Investors should exercise caution as the negative outlook reflects sustained pressure on profitability and debt serviceability. Monitor the stabilization of the PPT silica segment and any relief in US export tariffs as key triggers for a potential recovery.
AksharChem Q3 Results: Revenue Drops 11% YoY, Reports Net Loss of ₹4.62 Cr
AksharChem India reported a weak set of numbers for Q3 FY26, with revenue from operations declining 11.4% YoY to ₹80.38 crore. The company swung to a net loss of ₹4.62 crore for the quarter, compared to a profit of ₹1.19 crore in the same period last year. Total expenses at ₹83.49 crore exceeded total income, primarily driven by higher material costs. A positive development is the commissioning of a 5.19 MWp solar power plant in November 2025, which is expected to reduce captive power costs going forward.
Key Highlights
Revenue from operations fell 11.4% YoY to ₹80.38 crore from ₹90.69 crore.
Reported a net loss of ₹4.62 crore in Q3 FY26 versus a net profit of ₹1.19 crore in Q3 FY25.
Cost of materials consumed rose to ₹54.74 crore from ₹44.78 crore in the preceding quarter.
Commissioned a 5.19 MWp solar power plant on November 12, 2025, for captive consumption.
Earnings Per Share (EPS) declined to negative ₹5.75 from ₹1.48 YoY.
👀 What to Watch
Investors should remain cautious as the company has turned loss-making due to margin pressure and declining sales. Monitor the impact of the new solar plant on operating margins in the coming quarters to see if cost efficiencies materialize.
AksharChem Q3 FY26 Revenue Falls 11% YoY to ₹80.38 Cr; Swings to Net Loss of ₹4.62 Cr
AksharChem India reported a weak performance for Q3 FY26, with revenue from operations declining 11.4% YoY to ₹80.38 crore. The company posted a net loss of ₹4.62 crore, a significant downturn from the ₹1.19 crore profit recorded in the same quarter last year. Operational efficiency was pressured as total expenses of ₹83.49 crore exceeded total income, leading to a loss before tax of ₹3.07 crore. A potential positive for future quarters is the commissioning of a 5.19 MWp solar power plant in November 2025 for captive consumption.
Key Highlights
Revenue from operations decreased to ₹80.38 crore in Q3 FY26 from ₹90.69 crore in Q3 FY25.
Reported a net loss of ₹4.62 crore for the quarter compared to a net profit of ₹1.19 crore YoY.
Total expenses stood at ₹83.49 crore, resulting in an operational loss as revenue failed to cover costs.
EPS for the quarter turned negative at ₹(5.75) versus ₹1.48 in the previous year's corresponding quarter.
Successfully commissioned a 5.19 MWp ground-mounted solar power plant on November 12, 2025, for captive use.
👀 What to Watch
Investors should exercise caution as the company has entered a loss-making phase with declining revenues. Monitor the next two quarters to see if the new solar plant effectively reduces power costs and improves operational margins.
Akshar Spintex Seeks Approval for Director Appointments and Remuneration Despite Losses
Akshar Spintex Limited has issued a postal ballot notice to ratify the appointment of Bhavin Jayantibhai Kothiya as an Independent Director for a five-year term. Notably, the company is re-seeking approval for Harry Paghdar as an Executive Director after shareholders previously rejected his appointment as Managing Director in August 2025. The company is also proposing a remuneration of ₹12 lakh per annum for Mr. Paghdar, which is being sought as minimum remuneration due to losses or inadequate profits in FY 2024-25. The e-voting period for these resolutions is scheduled from January 20 to February 18, 2026.
Key Highlights
Proposed appointment of Bhavin Jayantibhai Kothiya as Independent Director for a 5-year term ending November 2030.
Re-seeking approval for Harry Paghdar as Executive Director following a prior shareholder rejection in August 2025.
Proposed remuneration for Harry Paghdar is ₹1,00,000 per month, totaling ₹12,00,000 per annum.
Remuneration is sought as 'minimum remuneration' under Section 197 due to company losses in FY 2024-25.
E-voting period for shareholders is set from January 20, 2026, to February 18, 2026.
👀 What to Watch
Investors should scrutinize the reasons for the previous shareholder rejection of Harry Paghdar and evaluate if the proposed remuneration is appropriate given the company's recent financial losses. Monitor the voting results as they will reflect shareholder confidence in the current management's governance.
