AXEL POLYMERS LTD.

Manufactures industrial plastic products, classified in the Plastic Products - Industrial industry. FY26 revenue was Rs. 44.40 crore, down roughly 43% from Rs. 78.09 crore in FY25, with the company swinging to a net loss of Rs. 1.13 crore from a small profit the prior year. Raw materials form the bulk of the cost base at Rs. 33.29 crore, or 75% of revenue, while employee costs account for 8.7% and other operating expenses 8.8% of revenue; depreciation and capex together account for less than 3% of revenue. The statutory auditor flagged a Material Uncertainty Related to Going Concern driven by a GST show-cause notice alleging wrongful input tax credit claims of Rs. 31.57 crore plus interest and penalties covering FY 2021-22 to FY 2024-25. The auditor also separately noted an ongoing SEBI investigation, an Income Tax probe, and Rs. 18 crore in legal proceedings by a vendor under Section 138 of the Negotiable Instruments Act. Capital was reinforced via a Rs. 11.18 crore preferential issue in December 2025 allotted to 53 public-category allottees at Rs. 45 per share, raising paid-up equity to Rs. 11.00 crore and diluting promoter holding from 60.28% to 46.67%.