Axel Polymers Ltd (513642)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Axel Polymers' revenue was ₹16.2 Cr (+38.4% year on year, +23.5% on the previous quarter), and net profit ₹0.2 Cr (+342.5% year on year); the operating margin was 6.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹16.2 | +38.4% | +23.5% |
| Operating profit | ₹1.1 | +5.3% | +338.9% |
| Net profit | ₹0.2 | +342.5% | from loss |
| EPS (₹) | 0.02 | -60.0% | from loss |
| Operating margin | 6.5% | — | — |
📢 Recent Corporate Announcements
Axel Polymers Ltd has scheduled its 34th Annual General Meeting (AGM) for Friday, September 11, 2026, at 11:30 AM IST via Video Conference. The cut-off date to determine shareholder eligibility for remote e-voting has been fixed as Friday, September 04, 2026. The Register of Members and Share Transfer Books will remain closed from September 05, 2026, to September 11, 2026 (both days inclusive).
- 34th Annual General Meeting scheduled for September 11, 2026, at 11:30 AM IST
- Cut-off date for remote e-voting eligibility set as September 04, 2026
- Share transfer books and register of members closed from September 05 to September 11, 2026
- Meeting to be conducted virtually through Video Conference (VC) / OAVM
Axel Polymers Limited has submitted a revised Annual Report for FY 2025-26 to correct a typographical error on Page 27 of the Board's Report. The company also circulated the notice for its 34th Annual General Meeting (AGM) scheduled for September 11, 2026. Key shareholder resolutions include the re-appointment of Managing Director Gaurav Thanky for a five-year term at a monthly salary of Rs 8.50 lakh (Rs 1.02 crore annually) and approval of annual remuneration of Rs 12.00 lakh for Non-Executive Director Aarasp Bejan Bodhanwala.
- Revised FY 2025-26 Annual Report submitted following correction of a typographical error on Page 27
- 34th Annual General Meeting convened for Friday, September 11, 2026, at 11:30 AM via VC/OAVM
- Proposed re-appointment of Gaurav Thanky as Managing Director for 5 years (effective Oct 1, 2026 to Sep 30, 2031) with Rs 8,50,000 monthly salary
- Proposed approval of Rs 12,00,000 per annum remuneration to Non-Executive Director Aarasp Bejan Bodhanwala
Axel Polymers has issued the notice for its 34th Annual General Meeting scheduled for September 11, 2026. Key agenda items include the adoption of FY26 financial statements, appointment of Yogesh Keshariya as Independent Director for a 3-year term, and the re-appointment of Gaurav Thanky as Managing Director for 5 years starting October 1, 2026. The company is proposing an annual salary of ₹1.02 crore (₹8.50 lakh per month) for the MD, despite reporting an annual net loss of ₹1.13 crore in FY26.
- 34th AGM scheduled for Friday, September 11, 2026 at 11:30 AM via Video Conferencing.
- Cut-off date for e-voting eligibility set as Friday, September 04, 2026; remote e-voting runs from Sept 8 to Sept 10, 2026.
- Re-appointment of Gaurav Thanky as Managing Director for a 5-year term from Oct 1, 2026 to Sept 30, 2031.
- Proposed remuneration for MD set at ₹8.50 lakh per month (₹1.02 crore per annum) for a 3-year period starting Oct 1, 2026.
- Appointment of Yogesh Keshariya as Non-Executive Independent Director for a 3-year term effective June 12, 2026.
Axel Polymers has published its 34th Annual Report for FY 2025-26 and convened its AGM for September 11, 2026. Within the notes to financial statements, the company disclosed active investigations by the GST department, the Income Tax Department (Vadodara Investigation Wing), and statements recorded by a SEBI Investigation Officer. Additionally, the AGM notice proposes the re-appointment of Managing Director Gaurav Thanky for a 5-year term from October 1, 2026 to September 30, 2031, along with the appointment of Yogesh Keshariya as an Independent Director.
- 34th Annual General Meeting scheduled for Friday, September 11, 2026 at 11:30 AM via VC/OAVM
- Regulatory investigations ongoing regarding GST matter, with statements recorded by SEBI and ongoing investigation by Income Tax Department (Note 60)
- Proposed re-appointment of Gaurav Thanky as MD for a 5-year tenure ending September 30, 2031
- Appointment of Yogesh Keshariya as Independent Director for a 3-year term from June 12, 2026
Axel Polymers Limited has announced the board approval for the reappointment of Mr. Gaurav Thanky as Managing Director for a 5-year term starting October 1, 2026, subject to shareholder approval. Additionally, the Board approved the reappointment of Mr. A.B. Bodhanwala as a Non-Executive Director effective from the same date. The move maintains operational leadership continuity for the microcap industrial plastics company, which posted TTM revenues of ₹44 Cr and a net loss of ₹1 Cr in FY26. Both appointments remain subject to approval at the upcoming General Meeting.
- Reappointment of Mr. Gaurav Thanky as MD for a term of 5 (Five) years
- Reappointment of Mr. A.B. Bodhanwala as Non-Executive Director
- Both reappointments are effective from 01st October, 2026
- Approval granted at the Board meeting held on 14th August, 2026 (concluded at 04:20 PM)
Axel Polymers submitted its quarterly statement under Regulation 32 for the quarter ended June 30, 2026, reporting zero deviation in the deployment of preferential issue proceeds. Out of the total ₹11.18 Cr raised on December 13, 2025, the company has fully deployed ₹6.71 Cr towards working capital and ₹2.24 Cr towards general corporate purposes. For capital expenditure, ₹75.59 lakh has been utilized out of the ₹2.24 Cr allocated as of June 30, 2026.
- Total preferential issue proceeds raised: ₹11,17,99,980 allotted on December 13, 2025
- Working capital allocation of ₹6,70,79,988 is 100% utilized
- General corporate purpose funds of ₹2,23,59,996 are 100% utilized
- Capex allocation of ₹2,23,59,996 has seen ₹75,59,444 utilized till June 30, 2026 with nil deviation
Axel Polymers reported Q1 FY27 revenue from operations of Rs 16.20 Cr, up 38.5% YoY compared to Rs 11.70 Cr in Q1 FY26. Net profit stood at Rs 0.18 Cr compared to Rs 0.04 Cr in the year-ago period and a net loss of Rs 0.82 Cr in Q4 FY26. However, statutory auditors highlighted critical ongoing legal and regulatory matters, including a Rs 31.57 Cr GST Show Cause Notice on alleged wrongful ITC, an Income Tax investigation, SEBI officer statements recorded, and an unprovided Rs 18.00 Cr Section 138 dispute from a vendor.
- Revenue from operations grew 38.5% YoY to Rs 1,619.84 lacs in Q1 FY27 from Rs 1,169.89 lacs in Q1 FY26
- Net profit turned positive to Rs 17.70 lacs in Q1 FY27 versus a net loss of Rs 82.33 lacs in the preceding quarter
- Auditors flagged a GST Show Cause Notice demanding Rs 31.57 Cr for alleged wrongful ITC availment (FY22-FY25), against which Rs 1.00 Cr was paid under protest
- Vendor initiated legal proceedings under Section 138 NI Act for Rs 18.00 Cr pending before Tirupati court, for which no provision has been made
- SEBI and Income Tax Investigation Wings have initiated probes into the company connected to the GST matter
Axel Polymers approved Q1 FY27 results and the reappointment of Managing Director Gaurav Thanky for a 5-year term starting October 1, 2026. However, the auditor's limited review report highlighted significant legal and regulatory overhangs, including a ₹31.57 crore GST Show Cause Notice for alleged wrongful ITC claims (against which ₹1 crore was deposited under protest). Regulatory inquiries from SEBI and the Income Tax department are ongoing, alongside an ₹18 crore vendor dispute under Section 138 of the NI Act without provisions made.
- Auditor disclosed a ₹31.57 crore GST Show Cause Notice for alleged wrongful ITC utilization across FY22 to FY25 (₹1.00 crore paid under protest)
- Ongoing investigations by SEBI and Income Tax department linked to the GST proceedings, with director statements recorded
- Pending legal proceeding from a vendor for ₹18.00 crore under Section 138 of the NI Act at Tirupati court without financial provisioning
- Reappointment of Mr. Gaurav Thanky as Managing Director for 5 years effective October 1, 2026, subject to shareholder approval
- ₹11.18 crore raised via preferential issue is largely utilized (₹6.71 crore working capital, ₹2.24 crore general purpose, ₹0.76 crore capex)
Axel Polymers has scheduled a board meeting for August 14, 2026, to consider and approve the unaudited financial results for the quarter ended June 30, 2026. The company is entering this period following a challenging FY26, where it reported a net loss of ₹1.13 crore on revenue of ₹44.4 crore. Investors will be monitoring for signs of recovery after two consecutive quarters of net losses (Mar 2026: -₹0.82 Cr; Dec 2025: -₹0.62 Cr). The trading window for insiders remains closed until 48 hours after the results are announced.
- Board meeting scheduled for August 14, 2026, to approve Q1 FY2027 results.
- Company reported a net loss of ₹1.13 crore for the full year FY26.
- Promoter holding saw a significant reduction from 60.26% in Dec 2025 to 46.65% in Mar 2026.
- Debt-to-equity ratio stands at 1.18, reflecting a leveraged balance sheet for a ₹53 Cr market cap company.
- Trading window remains closed for insiders until 48 hours post-result declaration.
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