Astron Paper & Board Mill Ltd.
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ABOUT
PROS
- Working capital cycle has improved - days down from -6 to -128
- Company generates healthy free cash flow
CONS
- Company is loss-making at the operating / net level
- Company has a low return on equity of -22.9% over last 3 years
- Company has a low return on capital employed of -10.5%
- Interest coverage is weak at -3.3x - earnings barely cover interest
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.29x)
- Company's sales have been declining over the last five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| JKPAPER | 414.75 | 23.19 | 7520.20 | 0.96 | 136.27 | 59.49 | 1887.17 | 12.72 | 7.80 | 15.39 |
| WSTCSTPAPR | 713.10 | 20.51 | 4709.95 | 0.42 | 141.84 | 135.37 | 1051.26 | 10.12 | 7.11 | 19.34 |
| SESHAPAPER | 251.25 | 16.00 | 1584.59 | 0.80 | 31.91 | 106.80 | 492.08 | 27.68 | 5.60 | 8.85 |
| ANDHRAPAP | 73.29 | 52.76 | 1457.37 | 0.68 | 303.16 | 1322.95 | 3937.71 | 900.89 | 1.99 | 12.39 |
| NRAIL | 629.10 | 17.23 | 1070.67 | 0.32 | 34.98 | 111.33 | 646.96 | 43.09 | 8.25 | 11.48 |
| TNPL | 153.15 | 4.06 | 1059.96 | 2.61 | 5.74 | 177.46 | 1146.64 | 1.53 | 5.85 | 10.02 |
| PDMJEPAPER | 97.76 | 10.19 | 928.23 | 0.61 | 337.20 | 830.46 | 2029.20 | 932.93 | 20.10 | 17.53 |
| SATIA | 68.40 | 0.00 | 684.00 | 0.29 | -17.12 | -154.18 | 361.81 | -2.45 | 3.99 | 14.04 |
| KUANTUM | 76.62 | 18.51 | 668.61 | 3.26 | 62.30 | 416.58 | 3037.50 | 1262.60 | 5.24 | 13.20 |
| BBTCL | 227.00 | 13.99 | 465.61 | 0.00 | 14.39 | 727.77 | 180.47 | 18.53 | 3.03 | 18.69 |
| RAMANEWS | 31.08 | 0.00 | 458.50 | 0.00 | -10.50 | -29.46 | 9.72 | 6.02 | 1.87 | -7.68 |
| ASTRON | 2.91 | 0.00 | 13.53 | 0.00 | -6.11 | 46.06 | 0.07 | -92.05 | -20.23 | -3185.71 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 92 | 78 | 81 | 73 | 78 | 58 | 36 | 1 | 1 | 1 | 0 | 1 | 0 | |
| 90 | 76 | 79 | 71 | 83 | 68 | 43 | 17 | 3 | 1 | 1 | 1 | 2 | |
| Operating Profit | 2 | 2 | 2 | 2 | -4 | -9 | -7 | -15 | -2 | -0 | -1 | 1 | -2 |
| OPM % | 1.79% | 2.55% | 2.50% | 3.37% | -5.62% | -15.54% | -20.70% | -1107.30% | -240.91% | -15.62% | — | 56.55% | -3200.00% |
| 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Interest | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 4 | 3 | 2 | 4 | 2 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Profit before Tax | -3 | -2 | -2 | -2 | -9 | -13 | -12 | -20 | -7 | -5 | -5 | -5 | -6 |
| Tax % | 54.15% | 24.50% | 30.25% | 28.84% | 28.72% | 29.24% | 34.44% | -40.74% | -55.63% | -0.00% | -0.00% | -0.00% | -0.00% |
| Net Profit | 0 | 0 | 0 | 0 | 0 | -10 | -8 | -28 | -11 | -5 | -5 | -5 | -6 |
| -0.30 | -0.41 | -0.35 | -0.33 | -1.31 | -2.05 | -1.70 | -6.01 | -2.45 | -1.13 | -1.02 | -1.09 | -1.31 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| 253 | 374 | 359 | 435 | 513 | 395 | 311 | 96 | 3 | |
| 221 | 321 | 323 | 403 | 485 | 412 | 309 | 130 | 5 | |
| Operating Profit | 32 | 53 | 36 | 32 | 28 | -18 | 2 | -34 | -2 |
| OPM % | 12.47% | 14.19% | 9.98% | 7.30% | 5.42% | -4.44% | 0.67% | -35.06% | -88.21% |
| 1 | 1 | 1 | 2 | 1 | 1 | 1 | 0 | 0 | |
| Interest | 10 | 11 | 11 | 11 | 10 | 11 | 11 | 12 | 12 |
| Depreciation | 4 | 5 | 6 | 7 | 7 | 7 | 7 | 7 | 7 |
| Profit before Tax | 19 | 38 | 20 | 16 | 12 | -35 | -16 | -53 | -21 |
| Tax % | -10.16% | 27.72% | 32.52% | 34.12% | 33.99% | 30.73% | 28.23% | -7.68% | -0.00% |
| Net Profit | 21 | 28 | 13 | 10 | 8 | -24 | -11 | -57 | -21 |
| EPS | 0.00 | 0.00 | 0.00 | 2.19 | 1.74 | -5.15 | -2.41 | -12.20 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- -23%
- 3 Years:
- -43%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- -45%
- 3 Years:
- -56%
- 1 Year:
- -82%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- -12%
- 3 Years:
- -23%
- Last Year:
- -47%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 46 | 46 | 46 | 46 | 46 | 46 | 46 | 46 |
| 80 | 105 | 119 | 129 | 137 | 113 | 102 | 45 | |
| 66 | 60 | 69 | 50 | 71 | 79 | 82 | 77 | |
| Trade Payables | 23 | 68 | 72 | 70 | 75 | 62 | 61 | 41 |
| 17 | 34 | 23 | 28 | 22 | 12 | -1 | 7 | |
| Total Liabilities | 233 | 313 | 330 | 324 | 352 | 312 | 290 | 217 |
| 90 | 138 | 151 | 149 | 144 | 155 | 150 | 142 | |
| Capital Work in Progress | 13 | 2 | 0 | 7 | 8 | 0 | 0 | 0 |
| 0 | 1 | 1 | 2 | 2 | 1 | 1 | 1 | |
| 33 | 59 | 50 | 47 | 50 | 47 | 43 | 18 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 55 | 22 | |
| Cash & Bank | 15 | 0 | 5 | 11 | 9 | 10 | 10 | 0 |
| 81 | 114 | 123 | 110 | 140 | 98 | 31 | 34 | |
| Total Assets | 233 | 313 | 330 | 324 | 352 | 312 | 290 | 217 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|
| 8 | 50 | 36 | 39 | -6 | 13 | 12 | 4 | |
| Cash from Investing | -28 | -28 | -18 | -5 | -3 | -10 | -1 | 2 |
| Cash from Financing | 38 | -33 | -4 | -24 | 11 | -0 | -11 | -16 |
| 15 | -15 | 5 | 6 | -2 | 1 | 0 | -10 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-02 - Astron Paper & Board Mill Limited has informed the Exchange about Corporate Insolvency Resolution Process
2026-09-01 - Astron Paper & Board Mill Limited has informed the Exchange about Corporate Insolvency Resolution Process
2026-08-29 - Astron Paper & Board Mill Limited has informed the Exchange about Corporate Insolvency Resolution Process
2026-08-20 - Astron Paper & Board Mill Limited has informed the Exchange about Corporate Insolvency Resolution Process
2026-07-28 - Astron Paper & Board Mill Limited has informed the Exchange about Corporate Insolvency Resolution Process
2026-07-06 - Kirit Patel, Karshanbhai Hirabhai Patel, Ramakant Kantibhai Patel, Shreerangam Packaging Pvt. Ltd., Haresh Ambalal Patel, has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
2026-06-23 - The Exchange has sought clarification from Astron Paper & Board Mill Limited for the quarter ended 31-Mar-2026 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company is required to clarify the following: -1. The company has not submitted the Statement of Impact of Audit Qualifications in case of modified opinion(s) The response of the Company is awaited.
2026-06-01 - Results For The Financial Year Ended On 31.03.2026
2026-06-01 - Astron Paper & Board Mill Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
News
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