The Board of Directors of the Company at their meeting held on Tuesday, June 02, 2026, inter alia, considered & approved Audited Financial Results of the Company for the fourth quarter ....
RESULTS
▼ Concern Flagged
HIGH RISK
📅 Filed on BSE: 02 Jun 2026, 07:57 PM IST · BSE ID: 5c2b0456-5578-45a9-9385-08ed3668559b
View Original BSE Filing (PDF)
⚡ Quick Answer
Axel Polymers Ltd's Board approved Audited Financial Results for FY26 on June 02, 2026. A significant issue highlighted was a Material Uncertainty Related to Going Concern due to a GST notice alleging Rs. 31.57 crores in wrongful Input Tax Credit. The Board also approved the reappointment of M/s. Chirag Bhatt & Associates as Internal Auditor for FY 2026-27.
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In Simple Terms
The company reported its annual financial results, but its auditors flagged a major issue regarding a Rs. 31.57 crore tax dispute.
🤖 AI Summary
- Axel Polymers Board approved Audited Financial Results for Q4 and year ended March 31, 2026.
- Auditor noted 'Material Uncertainty Related to Going Concern' due to Rs. 31.57 crores GST notice.
- Show Cause Notice alleges wrongful Input Tax Credit (ITC) availment from FY 2021-22 to FY 2024-25.
- M/s. Chirag Bhatt & Associates reappointed as Internal Auditor for Financial Year 2026-27.
- Additional contingent liabilities include Rs. 18 crore cheques and ongoing Income Tax investigation.
🏢 How This Affects the Company
The Company faces a contingent liability of Rs. 31.57 crores related to alleged wrongful Input Tax Credit, and Rs. 18 crore from legal proceedings initiated by a vendor, neither of which has been provisioned.
The GST show cause notice, the ongoing Income Tax investigation, and legal proceedings for Rs. 18 crore in cheques significantly increase the company's financial and regulatory risks.
👥 What This Means For Shareholders
✅
Action Required
No immediate action is required by shareholders based on this filing.
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Who Is Affected
All shareholders are indirectly affected by the auditor's concerns regarding the company's ability to continue as a going concern, stemming from Rs. 31.57 crores in alleged GST liabilities and Rs. 18 crore in vendor claims.
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Management Signal
Management is assessing the Rs. 31.57 crores GST matter and Rs. 18 crore vendor claim as contingent liabilities, choosing not to make provisions in the financial statements.
For information only. Not investment advice. ForgeUp is not SEBI-registered.
👁 Watch List — track these upcoming events
Outcome of GST Show Cause Notice No. V/CGST/AXEL/PREV/GRP5/JC/245/2025-26
Updates on the ongoing Income Tax Department investigation against the company
Resolution of legal proceedings initiated by the vendor for Rs. 18 crore cheques
HIGH RISK
The auditor's 'Material Uncertainty Related to Going Concern' and significant unprovisioned contingent liabilities pose high financial risk.
💡 Investor Takeaway
Axel Polymers' Board approved FY26 results, but auditors highlighted a 'Material Uncertainty Related to Going Concern' due to a Rs. 31.57 crores GST show cause notice for alleged wrongful ITC. An Income Tax investigation and Rs. 18 crore vendor legal claim also represent unprovisioned contingent liabilities.
⚖️ Strengths & Concerns
⚠️ Concerns
- Auditor's report flags 'Material Uncertainty Related to Going Concern' due to Rs. 31.57 crores alleged wrongful ITC.
- Company faces unquantifiable contingent liability from ongoing Income Tax investigation and Rs. 18 crore vendor legal proceedings.
📅 Company Track Record
Axel Polymers Ltd was incorporated in 1992, suggesting a long operational history, but no specific past financial performance or significant event data was provided in the context.
Based on publicly available historical data. For context only.
❓ Frequently Asked Questions
What is the amount of alleged wrongful Input Tax Credit for Axel Polymers?
The GST Show Cause Notice alleges wrongful availment of Input Tax Credit (ITC) amounting to Rs. 31.57 crores for Axel Polymers.
What significant risk did the auditor highlight in Axel Polymers' FY26 financial results?
The auditor's report for Axel Polymers' FY26 results highlighted a 'Material Uncertainty Related to Going Concern' due to a GST show cause notice.
Who has been reappointed as the Internal Auditor for Axel Polymers for FY 2026-27?
M/s. Chirag Bhatt & Associates has been reappointed as the Internal Auditor for Axel Polymers for the financial year 2026-27.
When were Axel Polymers' Audited Financial Results for FY26 approved?
Axel Polymers' Audited Financial Results for FY26 were approved by the Board of Directors on Tuesday, June 02, 2026.
Questions based on this BSE filing only. For information purposes.