Astron Paper & Board Mill Limited (ASTRON)

Forest Materials · Paper Forest & Jute Products · NSE · Updated 15 July 2026

₹4.63 ↓ 71.08% (1Y)

🎯 Key Takeaways

Astron Paper & Board Mill Limited is in a severe distress phase marked by prolonged financial deterioration, operational shutdowns, and ongoing insolvency proceedings under the NCLT. The company has not achieved profitability in recent quarters, with mounting losses and a disclaimer of audit opinion underscoring material uncertainties about its viability as a going concern.
Revenue declined 96.1% QoQ to ₹1 in Q3FY25.
⚠️ Ongoing insolvency proceedings under NCLT with board powers suspended and IRP in control, posing extreme governance and ownership risk.

Market Cap

₹22

P/E Ratio

-0.4

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Astron Paper & Board Mill Limited is in a severe distress phase marked by prolonged financial deterioration, operational shutdowns, and ongoing insolvency proceedings under the NCLT. The company has not achieved profitability in recent quarters, with mounting losses and a disclaimer of audit opinion underscoring material uncertainties about its viability as a going concern.

📰 What's Happening

The most critical development was the NCLT admitting an insolvency petition from operational creditor Empire Sony PTY Limited on 11 May 2026, initiating a Corporate Insolvency Resolution Process (CIRP) effective immediately. This suspended board powers and appointed IRP Atul Jashwantrai Sheth to manage the company. The board had previously approved audited financial results for Q4 FY26 showing a net loss of ₹5,230.44 crores, with the auditor issuing a disclaimer of opinion due to material uncertainties including ₹87.61 crores in overdue bank loans, asset seizures, impaired intercompany loans of ₹28.66 crores, and unrecorded customs duties. Additionally, an independent director resigned on 25 March 2026, creating a gap in audit committee oversight.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	92	78	81	73	78	58	36	1
Operating Profit	2	2	2	3	-4	-9	-7	-15
OPM %	1.8%	2.5%	2.5%	3.4%	-5.6%	-15.5%	-20.7%	-1106.6%
Net Profit	-1	-2	-2	-2	-6	-10	-8	-28
EPS	₹-0.30	₹-0.41	₹-0.35	₹-0.33	₹-1.31	₹-2.05	₹-1.70	₹-6.01

Financial performance has shown a consistent downward trend over the past eight quarters, with revenue collapsing from a peak of ₹92 crore in Q4FY23 to just ₹1 crore in Q3FY25. Operating losses have widened dramatically, turning deeply negative at -1106.6% OPM in Q3FY25, while net losses surged to ₹-27.95 crore in the same quarter from ₹-6.13 crore in Q4FY24. This operational collapse aligns with management's disclosures of plant shutdowns, suspended operations, and asset impairments, confirming that deteriorating fundamentals are driven by both market and structural challenges rather than temporary fluctuations.

🔮 Management Outlook & What's Next

Management has not provided forward-looking guidance or strategic outlook in the latest filings. The absence of any recovery plan, capital-raising initiative, or operational revival strategy in the approved financial results or board communications suggests a lack of credible path forward. The company's disclosures are limited to reporting distress and complying with regulatory requirements, with no indication of proactive measures to stabilize operations or restore liquidity.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Paper Forest & Jute Products

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
JK Paper Limited	6,920	10.6	—	—	—
West Coast Paper Mills Limited	3,085	8.0	—	—	—
Seshasayee Paper and Boards Limited	1,462	10.1	—	—	—
ANDHRA PAPER LIMITED	1,296	69.6	—	—	—
Tamil Nadu Newsprint & Papers Limited	1,028	4.2	—	—	—
N R Agarwal Industries Limited	780	17.9	—	—	—
Pudumjee Paper Products Limited	763	8.2	—	—	—
Gloster Limited	737	-220.0	—	—	—
Cheviot Company Limited	698	10.0	—	—	—
Kuantum Papers Limited	683	12.7	—	—	—

🔗 Peer Stock Analyses

JKPAPER WSTCSTPAPR SESHAPAPER ANDHRAPAP TNPL

⚠️ Risk Factors

1. Ongoing insolvency proceedings under NCLT with board powers suspended and IRP in control, posing extreme governance and ownership risk. 2. Auditor's disclaimer of opinion due to material uncertainties, including unrecorded liabilities, asset seizures, and lack of reliable financial documentation, undermining credibility of financial statements. 3. Persistent operational shutdowns and zero revenue generation in recent quarters, indicating potential permanent loss of business viability. 4. Material audit adjustments required for MAT credit recognition and inventory valuation, suggesting systemic accounting weaknesses.

📋 Recent Filings

🧠 Analyst's Read

Astron Paper & Board Mill is in a terminal decline with no visible recovery trajectory, making it a high-risk exposure for investors. The priority should be monitoring developments in the CIRP process, particularly any resolution plan or asset sale that could alter the company's capital structure or provide recovery value. Until concrete restructuring steps are disclosed, the stock remains highly speculative and subject to further downside.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-15.

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