Axel Polymers Ltd

Axel Polymers Ltd - Trading Window closed from October 1, 2026 for the Unaudited Financial Results of the second quarter and half year ended September 30, 2026; to reopen 48 hours after declaration of these results.

Key governance actions

• Yogesh Keshariya appointed as Non-Executive Independent Director for 3-year term (12 Jun 2026–11 Jun 2029).
• Gaurav Thanky reappointed as MD for 5 years from 01 Oct 2026 to 30 Sep 2031; remuneration approved.
• A.B. Bodhanwala reappointed as Non-Executive Non-Independent Director from 01 Oct 2026; liable to retire by rotation.

AGM Details

• Date/time/mode: 11 Sep 2026, 11:30 AM–12:06 PM, VC/OAVM.
• Record date for voting: 04 Sep 2026.
• Scrutinizer appointed for remote e-voting and AGM voting.

Key Resolutions and Voting

• Resolution 1: Adopt Audited Financial Statements; passed with full in-favour.
• Resolution 2: Reappoint by rotation Mr. Gaurav Thanky as Director; passed.
• Resolution 3: Appoint Yogesh Kes Hariya as Non-Executive Independent Director; passed.
• Resolution 4: Re-appoint Mr. Gaurav Thanky as Managing Director; passed.
• Resolution 5: Approve remuneration of Mr. Gaurav Thanky as Non-Independent Director; passed.
• Resolution 6: Continue Mr. Aarasp Bodhanwala as Non-Independent Director; passed.
• Resolution 7: Approve remuneration of Mr. Bodhanwala as Non-Executive Independent Director; passed.

Director Changes

• Gaurav Thanky appointed/continued as Managing Director.
• Yogesh Kes Hariya appointed as Non-Executive Independent Director.
• Aarasp Bodhanwala continued as Non-Independent Director.
• Remuneration approvals for MD and for Bodhanwala.

SEBI show cause on GST input tax credit

• SEBI issued a Show Cause Notice initiating adjudication under Section 15I.
• Adjudication against Axel Polymers, non-independent directors, and other persons.
• Alleged wrongful availing of GST input tax credit without inward supplies.
• Recovery of ₹31.57 crore proposed by Central GST & Central Excise.
• Notice received on 11.09.2026; matter covers FY 2021-22 to 2024-25.
• Impact on operations currently not quantifiable; outcome depends on adjudication.
• Company will update the stock exchange on developments.

AGM Details

• AGM held on Friday, 11 September 2026 at 11:30 AM via VC/OAVM.
• Quorum established; all directors present except Chirag Shah, leave of absence granted.
• Voting results to be announced within two working days and posted online.

Key Resolutions

• Ordinary: Adopt audited financial statements for year ended March 31, 2026.
• Ordinary: Reappoint director retiring by rotation.
• Special: Appoint Yogesh Keshariya as Non-executive Independent Director.
• Ordinary: Re-appoint Gaurav Thanky as Managing Director.
• Special: Approve remuneration of Gaurav Thanky as MD.
• Ordinary: Continue Aarasp Bejan Bodhanwala as Non-Executive Non-Independent Director.
• Special: Approve remuneration to A. B. Bodhanwala as Non-Executive Non-Independent Director.
• Voting results pending; will be announced within two working days after AGM.

Director changes

• Yogesh Keshariya appointed as Non-executive Independent Director.
• Gaurav Thanky re-appointed as Managing Director.
• Aarasp Bejan Bodhanwala continued as Non-Executive Non-Independent Director.

Voting status

• Results will be declared within two working days and posted on company and NSDL websites.

Corporate Office Address Change

• Corporate Office relocated within Mumbai to 302, Bhoomi Prarambh, Link Road, Borivali (West), Mumbai 400092, Sep 1, 2026.
• Change is within Mumbai; registered office remains unchanged.
• Contact details remain unchanged unless stated.

Shift of accounting records maintenance

• Books of account moved from Mumbai corporate office to Vadodara registered office, effective 01 September 2026.
• No change to the company’s registered office.

Book closure and AGM details

• Book closure from Sep 5-11, 2026 (inclusive) for AGM.
• Cut-off date for remote e-voting set as Sep 4, 2026.
• AGM on Sep 11, 2026 at 11:30 IST via VC/OAVM.

Filing context

• Revised Annual Report for FY2025-26 filed due to Board's report typographical error.
• Filed revised Annual Report on 25 August 2026 for record dissemination.

AGM & governance

• 34th AGM via VC/OAVM on 11 September 2026 at 11:30 AM.
• Venue: Registered Office, S No 309, Mokshi, Vadodara.
• Attendance via VC/OAVM; 1,000 members access cap.
• Mr. Yogesh Keshariya appointed Independent Director for three-year term.

Financial snapshot FY2025-26

• Revenue from operations: ₹4,439.52 Lakhs.
• Total Income: ₹4,451.27 Lakhs.
• Net loss after tax: ₹112.64 Lakhs.
• Basic EPS: ₹-1.22.
• Borrowings: ₹2,983.95 Lakhs; Share capital: ₹1,100.11 Lakhs.
• Total equity: ₹2,524.40 Lakhs.
• Cash and cash equivalents: ₹330.84 Lakhs.
• Single segment: Engineering polymers in India.

Capital structure & liquidity

• Debt-to-equity ratio: 1.12x; Current ratio: 1.4579x.
• Credit rating IVR B+/Stable.
• Net debt service coverage: 0.7672x.

Dividend & capital raise

• Dividend for FY2025-26 not recommended.
• Preferential issue: 24,84,444 shares at ₹45; ₹11.18 Cr raised.
• Funds used for working capital and capex; some balance unutilised.

Audit & governance

• Auditors: Mukund & Rohit; Secretarial: Devesh Pathak; Internal: Chirag Bhatt.
• Auditors' report: unmodified; Emphasis on GST ITC contingent liability.

Risks & outlook

• GST ITC dispute; SEBI/IT investigations ongoing; contingent liabilities disclosed.
• Inventory ageing concerns; management actions to improve recoverability.
• New Labour Codes being evaluated; financial impact not yet quantified.
• Management remains positive on going concern and profitability improvement.