BSE: 513642
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%. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Manufactured industrial plastic products. Small, loss-making industrial plastic products maker facing GST, SEBI and Income Tax scrutiny
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 73 | 85 | 128 | 78 | 44 |
| EBITDA (ex other income) | 4 | 5 | 6 | 4 | 2 |
| margin % | 5.6 | 6.0 | 4.5 | 5.1 | 5.5 |
| Owners' profit | 1 | 1 | 2 | 0 | (1) |
| EPS, as reported (₹) | 1.08 | 1.08 | 1.83 | 0.20 | (1.22) |
| ROE % · ROCE % | 7.4 · 23.9 | 8.8 · 24.0 | 10.4 · 22.9 | 1.1 · 16.2 | (4.5) · 5.6 |
| Debt / equity (x) | 2.10 | 1.86 | 1.71 | 2.25 | 1.18 |
| Cash from operations | 3 | 6 | 3 | (4) | (3) |
| Capex | (0) | (2) | (2) | (1) | (1) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 14 | 11 | 14 | 12 | 11 | 9 | 13 | 16 |
| Profit before tax | (1) | (1) | 2 | 0 | 0 | (1) | (1) | 0 |
| Net profit | (1) | (1) | 2 | 0 | 0 | (1) | (1) | 0 |
| EPS (₹) | (0.95) | (0.89) | 2.62 | 0.05 | 0.01 | (0.06) | (0.75) | 0.02 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUPREME INDUSTRIES LTD | 41,024 | 39.5 | 6.65 | 25.3 | 15.5 | 17.9 | 12.0 | 15.0 |
| ASTRAL LIMITED | 36,600 | 63.5 | 9.02 | 33.0 | 13.2 | 16.9 | 15.6 | 15.5 |
| GARWARE HI-TECH FILMS LTD | 16,621 | 42.9 | 6.26 | 33.0 | 12.7 | 16.4 | 16.5 | 30.3 |
| KINGFA SCI & TEC IND LTD. | 9,296 | 41.2 | 6.64 | — | 13.2 | 17.7 | — | 16.9 |
| FINOLEX INDUSTRIES LTD | 8,740 | 14.2 | 1.41 | 10.3 | 9.6 | 11.8 | 3.5 | 20.6 |
| TIME TECHNOPLAST LTD. | 8,001 | 15.7 | 1.92 | 9.0 | 11.4 | 14.0 | 15.2 | 13.3 |
| PRINCE PIPES FITTINGS LTD | 2,861 | 28.0 | 1.74 | — | 4.5 | 5.6 | — | 13.3 |
| APOLLO PIPES LIMITED | 2,122 | — | 2.38 | 28.1 | 0.5 | 1.0 | — | 1.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 2.0 | 1.6 | 28 of 42 | 34% |
| ROCE | (3.9) | 7.0 | 50 of 56 | 11% |
| ROE | (4.5) | 7.6 | 41 of 45 | 9% |
| Debt / Equity | 1.2 | 0.2 | 43 of 45 | 5% |
| EBITDA margin | 6.6 | 11.6 | 31 of 43 | 29% |
| Revenue growth | 38.5 | 10.6 | 10 of 49 | 81% |
| Profit growth | 302.3 | 20.7 | 7 of 47 | 87% |
| Market cap | 50 | 126 | 38 of 55 | 32% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Routine quarterly certificate from registrar on dematerialisation of shares | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closure ahead of Q2 FY26 results | compliance | minimal | — | — |
| 12 Sept 2026 · AGM approves new independent director and two key reappointments | board shareholder meetings | low | — | — |
| 12 Sept 2026 · Axel Polymers 34th AGM: All 7 resolutions passed with 100 percent approval | compliance | low | — | — |
| 12 Sept 2026 · SEBI Show Cause Notice to Axel Polymers over GST Input Tax Credit matter | regulatory legal | high | — | — |
| 11 Sept 2026 · 34th AGM held; 7 resolutions moved including MD reappointment | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Axel Polymers shifts Corporate Office within Mumbai | general | low | — | — |
| 1 Sept 2026 · Books of Account shifted from Mumbai office to Vadodara registered office | compliance | minimal | — | — |
| 29 Aug 2026 · Book Closure Sep 5 to 11, 2026 for 34th AGM via Video Conference | board shareholder meetings | low | — | — |
| 25 Aug 2026 · Revised Annual Report FY25-26 filed to fix typo on page 27 | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.