Axel Polymers Ltd Approves Financial Results and Reappoints Internal Auditor
Axel Polymers Limited announced key corporate approvals following its Board of Directors meeting held on June 2, 2026. The Board reviewed and approved the audited financial results for the fourth quarter and the year ended March 31, 2026. Additionally, the company confirmed the reappointment of M/s. Chirag Bhatt & Associates as the Internal Auditor for the financial year 2026-27.Audited Financial Results and Audit Opinions
The company's audited financial results for the quarter and year ended March 31, 2026, provide a comprehensive view of the company's financial performance. The results are reported in lakhs (Rs. in Lacs).The annual audited financial results indicate a total revenue (net) of 4,451.27 in the year ended March 31, 2026, compared to 7,822.42 in the previous year.
The financial statements show the following summarized data points:
| Particulars | 31.03.2026 (Audited) | 31.03.2025 (Audited) |
|---|---|---|
| Revenue from Operations | 1,311.98 | 1,433.16 |
| Total Revenue (Net) | 1,317.25 | 1,441.69 |
| Total Expenses (Net) | 1,385.80 | 1,204.87 |
| Profit/Loss for the period from continuing operations | 8,233 | 223.03 |
The company's balance sheet reveals total assets of 7,025.04 and total equity and liabilities of 6,741.57 as of March 31, 2025.
Internal Auditor Reappointment
M/s. Chirag Bhatt & Associates, a Chartered Accountants firm with Firm Registration No. 148286W, was formally reappointed as the Internal Auditor of the Company. This reappointment is effective for the Financial Year 2026-27.M/s Chirag Bhatt & Associates, located in Vadodara, has approximately 8 years of experience in Accounts, Audit, Direct & Indirect Taxation, and related fields.
Financial Statements Overview
The full audited financial statements for the quarter and year ended March 31, 2026, and the corresponding cash flow details are provided below.Audited Assets and Liabilities (Rs. in Lacs)
| Particulars | As at 31.03.2026 (Audited) | As at 31.03.2025 (Audited) |
|---|---|---|
| Total Assets | 7,025.04 | 6,741.57 |
| Non-current Assets | 1,519.23 | 1,332.16 |
| Current Assets | 5,505.81 | 5,409.41 |
| Total Equity | 2,524.40 | 1,513.84 |
| Total Liabilities | 4,500.64 | 5,227.73 |
Cash Flow from Operating Activities (Rs. in Lacs)
| Particulars | As at 31.03.2026 | As at 31.03.2025 |
|---|---|---|
| Net Cash From Operating Activities | 26,153 | 366.44 |
| Net Cash From Investing Activities | -5a.45 | 9,851.10 |
| Net Cash From Financing Activities | 112.54 | 569.21 |
| Closing balance of Cash and Cash Equivalents | 330.84 | 218.30 |
Notes on Material Uncertainty and Contingent Liabilities
The Independent Auditor’s Report highlighted several critical matters for the company:- GST Show Cause Notice: The Company received Show Cause Notice No. V/CGST/AXEL/PREV/GRP5/JC/245/2025-26 dated 19.01.2026 from the Commissioner GST, Central Vadodara, on February 3, 2026. This notice relates to the financial years 2021-22 to 2024-25 and alleges wrongful availment of Input Tax Credit (ITC) amounting to Rs. 31.57 crores, along with applicable interest and penalties.
- Going Concern: The auditor noted that this potential liability raises a material uncertainty that may significantly cast doubt on the Company's ability to continue as a going concern.
- Pending Litigation: One of the company's vendors has initiated legal proceedings under Section 138 of the Negotiable Instruments Act. This matter involves nine post-dated cheques aggregating to Rs. 18 crore. The company contends that no amount was due and payable at the time of issuance or presentation of these cheques.
- Provisioning: Based on legal advice, the auditors concluded that the GST matter and the vendor litigation are presently considered as contingent liabilities, and no provision has been made in the financial statements for these amounts.
Fund Utilization Statement
Regarding funds raised through a preferential issue of Rs. 11,17,99,980 on December 13, 2025, the Utilization of funds is as follows:| Original Object | Original Allocation | Funds Utilised till 31 March 2026 | Deviation/Variation |
|---|---|---|---|
| Working Capital requirements | 6,70,79,988 | 6.70,79,988 | - |
| Capital Expenditure | 2,23,59,996 | 42,84,731 | - |
| General Purpose | 2,23,59,996 | 2,23,59,996 | - |
The company stated that the funds are fully utilized as per allocation, and there was no deviation or variation in use of the funds raised.
Stock Price Movement
Axel Polymers Ltd shares settled at ₹47.13 today, posting a notable gain of 7.06% for the day. Throughout the trading session, the stock moved actively, riding between an intraday low of ₹45.00 and a high of ₹48.00.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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