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AKSHAR - Akshar Spintex

📊 NSE: AKSHAR 🏢 Textiles - Cotton/Blended 📅 Last Updated: 12/13/2025 18:06

📢 Recent Corporate Announcements

Akshar Spintex Approves Materiality Policy and Authorizes KMPs for SEBI Disclosures

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 24 Feb 2026, 05:58 PM

Akshar Spintex has formally adopted a 'Policy for Determination of Materiality of Events' as per SEBI (LODR) Regulations, 2015. The company has authorized Chairman Harikrushna Shamjibhai Chauhan and Director Ilaben Dineshbhai Paghdar to determine which events require disclosure to stock exchanges. The policy sets specific financial thresholds for materiality, including 2% of turnover or net worth and 5% of average profit after tax. This move enhances corporate governance by providing a clear framework for reporting significant developments.

Board approved the 'Policy for Determination of Materiality of Events' on February 24, 2026.
Materiality threshold set at the lower of 2% of turnover, 2% of net worth, or 5% of average 3-year PAT.
Chairman Harikrushna Shamjibhai Chauhan and Director Ilaben Dineshbhai Paghdar are the authorized KMPs for disclosures.
Policy mandates disclosure of all material events as soon as reasonably possible per Regulation 30 of SEBI LODR.

💡 This is a routine governance update and requires no immediate action. It provides a transparent framework for how the company will report future material events to the market.

Akshar Spintex Approves Materiality Policy and KMP Details for SEBI Compliance

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 24 Feb 2026, 05:19 PM

Akshar Spintex Limited held a board meeting on February 24, 2026, to formalize its compliance with SEBI (LODR) Regulations. The board approved a new policy for determining the materiality of events, which is a standard requirement for listed companies. Additionally, the company designated specific Key Managerial Personnel (KMP) to oversee the determination and disclosure of material events. The meeting was brief, lasting approximately 35 minutes, and no other business or financial matters were discussed.

Board meeting conducted on February 24, 2026, from 04:30 P.M. to 05:05 P.M.
Approved the Policy for Determining Materiality of Events under Regulation 30 of SEBI (LODR) Regulations, 2015.
Finalized details of Key Managerial Personnel (KMP) responsible for materiality assessments.
No other business matters were discussed during the session.

💡 This is a routine regulatory update regarding corporate governance and does not impact the company's financial standing. No immediate action is required from investors based on this announcement.

Akshar Spintex Appoints Bhavin Kothiya and Harry Paghdar as Directors for 5-Year Terms

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 21 Feb 2026, 06:17 PM

Akshar Spintex Limited has officially appointed two new directors following shareholder approval via postal ballot on February 20, 2026. Mr. Bhavin Jayantibhai Kothiya joins as a Non-Executive Independent Director for a five-year term effective from November 24, 2025. Additionally, Mr. Harry Paghdar, who has five years of experience in the cotton industry, has been appointed as an Executive Director for a five-year term starting February 18, 2026. These appointments are intended to bolster the company's technical expertise and independent oversight.

Mr. Bhavin Jayantibhai Kothiya appointed as Independent Director for a 5-year term ending November 2030.
Mr. Harry Paghdar, aged 28, appointed as Executive Director for a 5-year term ending February 2031.
Shareholders approved both appointments via postal ballot with results declared on February 20, 2026.
Mr. Harry Paghdar is related to existing Executive Director Mrs. Ilaben D. Paghdar.
New directors bring combined experience in pharmaceutical quality inspection and cotton industry production operations.

💡 Investors should monitor if these leadership changes lead to improved operational efficiency in textile production. No immediate portfolio action is required as these are routine board appointments.

Akshar Spintex Q3 FY26: Revenue Rises 32% YoY but Net Loss Widens to ₹3.8 Crore

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 13 Feb 2026, 07:46 PM

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.

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.

💡 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

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 13 Feb 2026, 07:05 PM

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.

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.

💡 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

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 13 Feb 2026, 03:18 PM

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.

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.

💡 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.

Akshar Spintex Seeks Approval for Director Appointments and Remuneration Despite Losses

🔵 WATCH ⭐ 6/10

MANAGEMENT 📅 20 Jan 2026, 04:55 PM

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.

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.

💡 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.

Akshar Spintex Seeks Approval for Director Appointments and ₹12 Lakh Executive Remuneration

🔵 WATCH ⭐ 6/10

MANAGEMENT 📅 19 Jan 2026, 07:29 PM

Akshar Spintex has issued a postal ballot notice to ratify the appointment of Mr. Bhavin Jayantibhai Kothiya as an Independent Director for a five-year term. Notably, the company is re-seeking approval for Mr. Harry Paghdar as an Executive Director after his previous appointment as Managing Director was rejected by shareholders in August 2025. The company is also requesting approval for Mr. Paghdar's remuneration of ₹12 lakh per annum, which will be treated as minimum pay despite the company incurring losses in FY 2024-25. The e-voting period for these resolutions is scheduled from January 20 to February 18, 2026.

Ratification of Mr. Bhavin Jayantibhai Kothiya as Independent Director for a 5-year term until November 2030.
Re-seeking approval for Mr. Harry Paghdar as Executive Director following a prior shareholder rejection in August 2025.
Proposed annual remuneration of ₹12 lakh for Mr. Harry Paghdar despite the company reporting losses in FY 2024-25.
Remote e-voting window set for January 20, 2026, through February 18, 2026.

💡 Investors should carefully evaluate the governance implications of re-proposing a director previously rejected by shareholders and the impact of executive remuneration on a loss-making entity. Monitor the voting results to assess shareholder confidence in the current management's decisions.

Akshar Spintex Seeks Approval for Director Appointments and ₹12 Lakh Executive Remuneration

🔵 WATCH ⭐ 6/10

MANAGEMENT 📅 19 Jan 2026, 07:11 PM

Akshar Spintex Limited has initiated a postal ballot to seek shareholder approval for key management positions and remuneration. The company is proposing the ratification of Mr. Bhavin Jayantibhai Kothiya as an Independent Director for a five-year term. Notably, it is re-seeking approval for Mr. Harry Paghadar as an Executive Director after shareholders previously rejected his appointment as Managing Director in August 2025. Despite reporting losses or inadequate profits for FY 2024-25, the board has proposed a minimum remuneration of ₹12 lakh per annum for Mr. Paghadar.

Proposed appointment of Mr. Harry Paghadar as Executive Director for a 5-year term from 2026 to 2031.
Proposed annual remuneration of ₹12,00,000 for Mr. Paghadar despite company losses in FY 2024-25.
Ratification of Mr. Bhavin Jayantibhai Kothiya as Independent Director for a term ending November 2030.
Remote e-voting period scheduled from January 20, 2026, to February 18, 2026.
The move follows a prior shareholder rejection of Mr. Paghadar's Managing Director appointment in August 2025.

💡 Investors should scrutinize the justification for re-appointing a director previously rejected by shareholders and the impact of fixed executive pay on a loss-making company. Monitor the voting results on February 20, 2026, to assess institutional and retail shareholder confidence in the board.

Akshar Spintex Board Approves Postal Ballot for Director Appointments and Remuneration

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 19 Jan 2026, 03:29 PM

Akshar Spintex has approved a Postal Ballot to seek shareholder ratification for the appointment of Mr. Bhavin Jayantibhai Kothiya as an Independent Director for a five-year term. Additionally, the company is re-seeking approval for the appointment and remuneration of Mr. Harry Paghadar as an Executive Director for five years starting February 2026. The board also finalized the e-voting agency and scrutinizer for this process. These moves are aimed at formalizing the leadership structure and ensuring regulatory compliance.

Ratification of Mr. Bhavin Kothiya as Independent Director for a 5-year term until Nov 2030.
Re-seeking approval for Mr. Harry Paghadar as Executive Director for a 5-year term from Feb 2026.
Appointment of Bigshare Services Private Limited as the official e-voting agency.
CS Dipali Vora appointed as Scrutinizer to oversee the remote e-voting process.

💡 Investors should review the director profiles and participate in the upcoming e-voting process to approve the leadership appointments.

Akshar Spintex Submits SEBI Regulation 74(5) Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 09 Jan 2026, 10:20 AM

Akshar Spintex Limited has filed its quarterly compliance report under SEBI (Depositories and Participants) Regulations, 2018 for the period ended December 31, 2025. The company's Registrar, Bigshare Services Pvt Ltd, confirmed that no requests for dematerialization or rematerialization were received during this quarter. Furthermore, the registrar noted that the entire shareholding of the company is already held in demat form. This filing is a standard procedural requirement for listed companies in India to ensure shareholding record accuracy.

Compliance certificate submitted for the quarter ended December 31, 2025
Registrar confirms 100% of company shares are already in dematerialized form
Zero requests for dematerialization or rematerialization received during the quarter
Confirmation provided by Bigshare Services Pvt Ltd, the appointed Registrar and Share Transfer Agent

💡 No action is required as this is a routine regulatory filing. Investors should continue to monitor the company's operational performance and upcoming financial results.

Akshar Spintex to Close Trading Window from Jan 1, 2026 for Q3 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Dec 2025, 11:36 AM

Akshar Spintex Limited has announced the closure of its trading window starting January 1, 2026, in compliance with SEBI (Prohibition of Insider Trading) Regulations. This closure is ahead of the declaration of the company's unaudited financial results for the quarter ending December 31, 2025. The restriction applies to promoters, directors, and designated employees, preventing them from trading in the company's securities. The window will reopen 48 hours after the financial results are officially published.

Trading window closure starts on Thursday, January 1, 2026.
Closure is for the purpose of considering Q3 unaudited financial results for the period ending December 31, 2025.
The window will remain closed until 48 hours after the results are declared to the exchanges.
The specific date for the Board Meeting to approve the results will be communicated separately.

💡 This is a routine regulatory announcement and does not require any immediate action from retail investors. Investors should monitor for the upcoming board meeting date to see the actual financial performance for Q3.

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💰 Financial Performance

Revenue Growth by Segment

The company operates in a single segment, 'Spinning of Cotton Yarn', which generated INR 48.53 Cr in H1 FY26, representing a decline of 19.4% compared to INR 60.21 Cr in H1 FY25.

Geographic Revenue Split

100% of revenue is derived from domestic operations in India, with the sole manufacturing facility located in Haripar, Jamnagar, Gujarat.

Profitability Margins

Net Profit Margin worsened from -1.6% in H1 FY25 to -6.6% in H1 FY26. The company reported a net loss of INR 3.20 Cr for H1 FY26, a 229.7% increase in loss compared to INR 0.97 Cr in H1 FY25.

EBITDA Margin

EBITDA margin (PBILDT) was negative 2.4% (INR -2.08 Cr) for 9MFY25. Core profitability remains negative as total expenses of INR 52.83 Cr exceeded total income of INR 49.50 Cr in H1 FY26.

Capital Expenditure

Historical capital expenditure for H1 FY26 was INR 1.02 Cr for Property, Plant & Equipment. No future planned capex was disclosed.

Credit Rating & Borrowing

The company is rated CARE D (Default) as of April 2025. Total bank facilities are INR 18.27 Cr, including INR 16.92 Cr long-term and INR 1.35 Cr short-term. Borrowing costs are high due to default status and poor liquidity.

⚙️ Operational Drivers

Raw Materials

Cotton (86.3% of total cost).

Import Sources

Gujarat, India.

Capacity Expansion

Current installed capacity is 24,480 spindles (6,000 MTPA). No expansion plans were disclosed.

Raw Material Costs

Raw material costs were INR 41.89 Cr in H1 FY26, representing 86.3% of revenue, compared to INR 51.02 Cr in H1 FY25.

📈 Strategic Growth

Growth Strategy

The company raised INR 48.75 Cr via a Rights Issue in October 2024, allocating INR 33 Cr for working capital and INR 3.45 Cr for debt repayment to stabilize operations and reduce finance costs, which fell 66% YoY in H1 FY26.

Products & Services

Carded, combed, and compact cotton yarn (16s to 44s counts).

🌍 External Factors

Industry Trends

The cotton textile industry is facing demand headwinds. ASL is struggling with a 19.4% revenue decline and a 'Default' rating, positioning it as a high-risk entity compared to solvent peers.

Competitive Landscape

Fragmented industry with significant competition from larger, more liquid spinning mills.

Competitive Moat

No durable moat. The company lacks internal controls, as evidenced by the auditor's inability to verify fixed assets (INR 37.79 Cr) and inventories (INR 40.33 Cr).