Astron Paper & Board Mill Limited (ASTRON)
₹2.93 +1.74% last close, 16 Oct
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, Astron Paper's revenue was ₹0.1 Cr (-92.0% year on year, -95.2% on the previous quarter), and net profit ₹-6.1 Cr (a smaller loss than a year earlier); the operating margin was -3200.0%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹0.1 | -92.0% | -95.2% |
| Operating profit | ₹-2.2 | loss widened | to loss |
| Net profit | ₹-6.1 | loss narrowed | loss widened |
| EPS (₹) | -1.31 | loss narrowed | loss widened |
| Operating margin | -3200.0% | — | — |
ASTRON exchange data
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📢 Recent Corporate Announcements
Astron Paper and Board Mill Limited announced that the 6th meeting of its Committee of Creditors (CoC) is scheduled for October 19, 2026. The company has been under the Corporate Insolvency Resolution Process (CIRP) since May 11, 2026, managed by Deemed Resolution Professional Atul Sheth. Financial context highlights extreme distress, with debt at ₹75 Cr against TTM revenue of just ₹3 Cr and ongoing operational suspension since September 2024.
- 6th meeting of the Committee of Creditors scheduled for October 19, 2026, at 3:00 PM
- Company is under CIRP pursuant to NCLT Ahmedabad Bench order dated May 11, 2026
- Company affairs and powers of the board remain vested in Deemed Resolution Professional Atul Sheth
- Debt stands at ₹75 Cr against a market capitalization of ₹13 Cr and TTM revenue of ₹3 Cr
Astron Paper & Board Mill Limited announced the e-voting results of the Fifth Committee of Creditors (CoC) meeting held on September 18, 2026, which concluded on October 07, 2026. The CoC rejected resolutions proposing the appointment of both Mr. Navin Khandelwal and Mr. Atul Sheth as the Resolution Professional (RP). The company is currently under Corporate Insolvency Resolution Process (CIRP), with core manufacturing suspended since September 2024 and TTM revenue collapsed to Rs 3 Cr with Rs 75 Cr debt. The rejection creates continued procedural delays in formalizing the resolution leadership.
- E-voting for the Fifth Meeting of the Committee of Creditors concluded at 6:00 PM on October 07, 2026.
- Proposal to appoint Mr. Navin Khandelwal as Resolution Professional was rejected by the CoC.
- Proposal to appoint Mr. Atul Sheth as Resolution Professional was rejected by the CoC.
- Fifth meeting of the Committee of Creditors was initially held on Friday, September 18, 2026.
Astron Paper & Board Mill's Committee of Creditors (CoC) has concluded e-voting for its 4th meeting on September 21, 2026. The CoC approved filing an interlocutory application before NCLT Ahmedabad under Section 43 (preferential transactions) and Section 66 (fraudulent trading) of the IBC. Additionally, CIRP expenses amounting to ₹23,10,852 were formally approved alongside administrative IT and data procurement expenditures. The company remains under severe financial stress with core operations suspended and annual revenue plunging to ₹2.8 Cr in FY26.
- CoC approved filing an application under Sections 43 and 66 of IBC at NCLT Ahmedabad
- Approval of CIRP expenses amounting to ₹23,10,852 incurred
- E-voting concluded at 8:00 PM on September 21, 2026, following meeting adjournments on September 2, 8, and 9, 2026
- Procurement of 1 TB Seagate Hard Disk approved for records preservation
Astron Paper and Board Mill Limited announced that the 5th meeting of its Committee of Creditors (CoC) was scheduled for September 18, 2026. The company has been under the Corporate Insolvency Resolution Process (CIRP) since May 11, 2026, by order of the NCLT Ahmedabad Bench. Management powers remain vested in the Deemed Resolution Professional, Atul Sheth, amid severe financial distress including a Rs 21.18 Cr net loss and just Rs 2.8 Cr in FY26 revenue.
- 5th meeting of the Committee of Creditors scheduled for September 18, 2026 at 3:00 PM
- Company placed under CIRP effective May 11, 2026 by NCLT Ahmedabad Bench
- Board powers suspended and vested in Deemed Resolution Professional Atul Sheth
- NCLT order published on May 15, 2026
Astron Paper & Board Mill's Resolution Professional (RP) has replied to exchange notices regarding historical non-compliances under Regulation 33, including delayed results, audit qualification statements, and XBRL discrepancies. The RP stated that CIRP commenced on May 11, 2026, and pre-CIRP defaults are attributable to the suspended management rather than the RP. Additionally, financial results for the quarter ended June 30, 2026, remain pending due to non-availability of records on asset sales and non-cooperation from the suspended management, prompting a Section 19(2) IBC application before NCLT Ahmedabad.
- CIRP commenced on May 11, 2026, pursuant to NCLT Ahmedabad Bench orders
- Section 19(2) application under IBC filed against suspended management alleging non-cooperation and missing records
- Q1 FY27 (quarter ended June 30, 2026) results remain delayed due to missing financial information on asset sales
- Exchange notices cite Regulation 33 non-compliance, XBRL discrepancies, and non-submission of Statement of Impact of Audit Qualifications
Astron Paper & Board Mill Limited informed the exchanges about a delay in holding its Annual General Meeting (AGM) due to the non-finalization of annual records and financial statements. The company was admitted into Corporate Insolvency Resolution Process (CIRP) by the NCLT Ahmedabad bench on May 11, 2026, pursuant to order C.P.(IB)/316(AHM)2025. Company affairs and management are currently supervised by Resolution Professional CA Atul J Sheth under the Insolvency and Bankruptcy Code. The financial distress is severe, with FY26 revenue plunging to Rs 2.8 Cr against outstanding debt of Rs 75 Cr.
- CIRP commenced on May 11, 2026, pursuant to NCLT Ahmedabad order under C.P.(IB)/316(AHM)2025
- AGM delayed due to pending finalization of annual records and statutory compliances
- Company affairs now run by Resolution Professional CA Atul J Sheth
- Debt burden stands at Rs 75 Cr against TTM revenue of merely Rs 3 Cr
Astron Paper & Board Mill has informed exchanges regarding a delay in holding its Annual General Meeting (AGM) due to incomplete annual records and statutory compliances. The company entered Corporate Insolvency Resolution Process (CIRP) on May 11, 2026, via an NCLT Ahmedabad order in C.P.(IB)/316(AHM)2025. Company operations and management remain under the supervision of the Resolution Professional. This comes as the financially distressed firm reported TTM revenue of just ₹3 Cr against ₹75 Cr of debt.
- CIRP commenced on May 11, 2026, following an order by NCLT Ahmedabad in C.P.(IB)/316(AHM)2025
- AGM delayed beyond prescribed timelines due to non-finalization of annual records and statutory accounts
- Company affairs continue to be managed by Resolution Professional Atul J Sheth
- Company debt stands at ₹75 Cr against a market capitalization of just ₹14 Cr
Astron Paper & Board Mill has informed exchanges regarding a delay in conducting its Annual General Meeting (AGM). The company was admitted into the Corporate Insolvency Resolution Process (CIRP) on May 11, 2026, by the NCLT Ahmedabad bench under case C.P.(IB)/316(AHM)2025. The delay in convening the AGM stems from the non-finalization of annual records and the takeover of management by Resolution Professional Atul J. Sheth. The company operates under severe distress, with TTM revenue down to Rs 3 Cr against a debt of Rs 75 Cr.
- CIRP commenced on 11.05.2026 pursuant to NCLT Ahmedabad order under C.P.(IB)/316(AHM)2025
- AGM delayed due to pending finalization of annual financial records and ongoing insolvency proceedings
- Company affairs and management are currently supervised by Resolution Professional Atul J. Sheth
- Severe financial distress reflected in company debt of Rs 75 Cr versus market cap of Rs 14 Cr
Astron Paper & Board Mill Limited has notified stock exchanges of a delay in convening its Annual General Meeting (AGM). The company stated that the delay is due to the non-finalization of annual records and financial statements, compounded by the initiation of the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated by the NCLT Ahmedabad bench on May 11, 2026, under petition C.P.(IB)/316(AHM)2025. Company operations and compliances remain under the supervision of the Resolution Professional, CA Atul J Sheth.
- CIRP commenced on May 11, 2026, pursuant to an NCLT Ahmedabad order under C.P.(IB)/316(AHM)2025
- AGM postponed due to pending finalization of annual financial records and CIRP proceedings
- Company affairs and statutory compliances are currently managed by Resolution Professional CA Atul J Sheth
Astron Paper & Board Mill Limited announced that the 4th meeting of its Committee of Creditors (CoC) scheduled for September 02, 2026, has been adjourned to September 08, 2026, upon request from CoC members. The company is currently under Corporate Insolvency Resolution Process (CIRP) overseen by Resolution Professional Atul Sheth. Astron carries a total debt of ₹75 Cr against a market cap of ₹14 Cr and TTM revenue of just ₹3 Cr, with core operations suspended since September 2024. The CoC proceedings remain critical in deciding whether a revival plan or liquidation is pursued.
- 4th meeting of the Committee of Creditors adjourned from September 02, 2026 (4:00 PM) to September 08, 2026
- Adjournment initiated based on formal requests received from CoC members
- Company remains under active CIRP with Resolution Professional authorization valid till June 30, 2027
Astron Paper & Board Mill Limited's Resolution Professional has issued a revised Form G inviting Expressions of Interest (EOI) under the Corporate Insolvency Resolution Process (CIRP). The last date for receipt of EOIs has been extended to September 19, 2026, while the final submission date for resolution plans is set for November 16, 2026. The filing reveals the extent of operational distress: sales plunged from 29,800 tons (Rs 95.74 cr) in FY25 to just 280 tons (Rs 72.47 lakhs) in FY26, with active employee count down to nil. The company holds an installed capacity of 500 tons per day of recycled Kraft paper across its Halwad and Bhuj units.
- Revised last date for receipt of Expressions of Interest (EOI) extended to September 19, 2026 (originally July 25, 2026)
- Last date for submission of resolution plans scheduled for November 16, 2026
- Kraft paper sales collapsed to 280 tons (Rs 72.47 lakhs) in FY26 from 29,800 tons (Rs 95.74 cr) in FY25
- Installed capacity stands at 500 tons per day of recycled Kraft paper, with employee count currently at NIL
Astron Paper & Board Mill's Committee of Creditors (CoC) concluded e-voting on August 26, 2026, approving key resolutions in its ongoing Corporate Insolvency Resolution Process (CIRP). The CoC approved the fresh publication of Form-G to invite expressions of interest from prospective resolution applicants, along with finalizing the evaluation matrix parameters. Additionally, VCAN & Co. was appointed as Transaction Auditor for a fee of Rs. 2,50,000 plus taxes. The company, which has been under CIRP since May 11, 2026, is attempting to find a resolution plan amid suspended operations and debt of Rs 75 Cr.
- CoC approved fresh publication of Form-G to invite resolution applicants under IBC.
- VCAN & Co. appointed as Transaction Auditor for Rs. 2,50,000 plus GST and out-of-pocket expenses.
- Approved filing of an application before NCLT against an Operational Creditor for non-compliance with Rs. 2,00,000 deposit order.
- E-voting concluded at 7:00 PM on August 26, 2026, following the 3rd CoC meeting held on August 5, 2026.
Astron Paper & Board Mill informed exchanges that it could not finalize its financial results for the quarter ended June 30, 2026 within prescribed timelines. The Resolution Professional (RP) cited non-availability of books, non-cooperation from suspended management, and unsupported prior transactions under audit review. Consequently, an application under Section 19(2) of the Insolvency and Bankruptcy Code (IBC) has been filed before the NCLT Ahmedabad Bench.
- Q1 FY27 results (quarter ended June 30, 2026) delayed beyond regulatory timelines
- Section 19(2) application filed under IBC at NCLT Ahmedabad Bench against suspended management
- Unsupported transactions from prior periods identified and currently under auditor examination
- Company placed under CIRP with RP appointed effective May 11, 2026
Astron Paper & Board Mill, currently under Corporate Insolvency Resolution Process (CIRP), has initiated the formal process of seeking a buyer. The company's revenue has collapsed from ‡95.74 Cr in FY25 to just ‡72.47 Lakhs in FY26, with operations largely suspended since September 2024. With a debt of ‡75 Cr against a market cap of only ‡18 Cr, the Resolution Professional has set September 17, 2026, as the final deadline for submitting resolution plans. The outcome will determine if the company can revive its 500 TPD capacity or face liquidation.
- Last date for submission of formal Resolution Plans is set for September 17, 2026
- Revenue plummeted to ‡72.47 Lakhs in FY 2025-26 from ‡95.74 Cr in the previous year
- Total debt stands at ‡75 Cr, which is approximately 4.17x the current market capitalization
- Installed capacity remains at 500 Tons per day across units in Halwad and Bhuj, though currently unutilized
- Provisional list of prospective resolution applicants to be issued by August 4, 2026
Astron Paper & Board Mill is currently undergoing Corporate Insolvency Resolution Process (CIRP) with its board powers suspended and management vested in an Interim Resolution Professional. The statutory auditors have issued a 'Disclaimer of Opinion' for the FY26 results, stating they cannot verify bank liabilities totaling •87.61 crores or the company's ability to continue as a 'going concern'. Both manufacturing plants at Halvad and Bhuj remain non-operational, and the company has failed to provide for significant bad debts and impaired subsidiary investments.
- Total outstanding bank dues stand at •87.61 crores, including •12.27 crores in unpaid interest, with all accounts classified as NPA.
- Manufacturing plants at Halvad and Bhuj are non-operational; the Halvad unit has been shut since September 2024.
- Statutory auditors issued a Disclaimer of Opinion due to lack of evidence regarding bank liabilities, inventory auctions, and going concern status.
- The company has not impaired loans of •28.66 crores or equity investments of •4.04 crores in its loss-making subsidiary, Balaram Papers.
- Lenders have initiated recovery proceedings under the SARFAESI Act and have taken symbolic possession of key assets.
Financial Performance
Revenue Growth by Segment
The company operates in a single segment (Kraft Paper). Revenue witnessed a 39% degrowth over two years, falling from INR 512.84 Cr in FY2022 to INR 310.79 Cr in FY2024. For the full year ended March 31, 2025, revenue plummeted to INR 95.95 Cr, a 69% YoY decline. In H1 FY2026 (ended Sept 30, 2025), revenue was just INR 1.28 Cr compared to INR 93.70 Cr in H1 FY2025, representing a 98.6% decline.
Geographic Revenue Split
Not specifically disclosed by percentage, but the company notes that local market dynamics and container non-availability for exports significantly impacted the 39% revenue decline in previous cycles.
Profitability Margins
Profitability has collapsed due to operational suspension. H1 FY2026 reported a Loss Before Tax of INR 10.01 Cr on revenue of INR 1.28 Cr. In H1 FY2025, the loss was INR 25.52 Cr. Net margins are deeply negative as fixed costs and finance charges continue despite minimal revenue.
EBITDA Margin
Operating profit before working capital changes for H1 FY2026 was a loss of INR 1.13 Cr. Core profitability is non-existent due to the suspension of core activities effective September 2024.
Capital Expenditure
Property, Plant and Equipment (PPE) stood at INR 119.26 Cr as of September 30, 2025, a decrease from INR 122.45 Cr in March 2025 due to depreciation. Capital Work-in-Progress is stagnant at INR 0.27 Cr with no new planned expenditure disclosed.
Credit Rating & Borrowing
Ratings were downgraded to 'IVR D' (Default) on November 14, 2024, for bank facilities totaling INR 127.00 Cr (INR 62.00 Cr Long Term and INR 65.00 Cr Short Term) due to delays in debt servicing and liquidity issues.
Operational Drivers
Raw Materials
Waste paper and Kraft paper scrap (implied by industry). Volatile raw material prices are cited as a key risk factor impacting operating margins.
Capacity Expansion
Current capacity is effectively 0% utilized as core operations have been suspended since September 2024. No expansion is planned; the company is exploring strategic options for revival or asset monetization.
Raw Material Costs
Cost of materials consumed was INR 0 in H1 FY2026 due to the operational halt, compared to INR 75.71 Cr in H1 FY2025, which represented 80.8% of that period's revenue.
Manufacturing Efficiency
Manufacturing efficiency is currently nil as core activities are suspended. Previously, the group maintained an operating cycle of 58 days (as of March 2023).
Logistics & Distribution
Increased logistic costs and container non-availability were primary drivers for the initial revenue decline before the total operational halt.
Strategic Growth
Expected Growth Rate
-98.60%
Growth Strategy
The company is pursuing a revival plan through strategic investor participation, asset monetization, and operational realignment. A monitoring committee is overseeing these efforts to address the threat to going concern status.
Products & Services
Kraft paper of various quality grades used for packaging.
Brand Portfolio
Astron.
New Products/Services
No new products are planned; the current focus is entirely on the revival of existing Kraft paper operations.
Market Expansion
Market expansion is currently halted; the company is focused on maintaining its 'going concern' status through strategic options.
Market Share & Ranking
The company operates in a highly fragmented industry and currently holds negligible market share due to the operational shutdown.
Strategic Alliances
The company is actively seeking strategic investors to participate in its revival plan.
External Factors
Industry Trends
The Kraft paper industry is characterized by high fragmentation and volatile input costs. The industry is currently seeing a shift where distressed players like Astron require strategic realignment to survive.
Competitive Landscape
The industry is highly fragmented with numerous small and medium-sized players, leading to intense price competition.
Competitive Moat
The primary moat is the 50-year experience of promoters Mr. Kirit Patel and Mr. Ramakant Patel in the Kraft paper industry, though this is currently offset by severe financial distress.
Macro Economic Sensitivity
Highly sensitive to logistics costs and global container availability, which previously impacted export capabilities.
Consumer Behavior
Demand for Kraft paper is linked to the packaging industry, but the company has lost customer confidence due to its inability to supply products.
Geopolitical Risks
Global supply chain disruptions and container shortages have historically impacted the business risk profile.
Regulatory & Governance
Industry Regulations
The company is subject to pollution control norms and manufacturing standards typical for the paper and board industry.
Legal Contingencies
The company faces pending Income Tax Litigations for which legal counsel has been engaged. Auditors issued a disclaimer of opinion for FY2025 due to lack of sufficient audit evidence.
Risk Analysis
Key Uncertainties
There is a significant threat to the 'going concern' status of the company. Liquidity is poor, and the company's accounts are classified as NPA.
Third Party Dependencies
High dependency on banks for debt restructuring and potential strategic investors for the revival plan.
Credit & Counterparty Risk
Trade receivables stood at INR 21.01 Cr as of September 30, 2025, down from INR 25.48 Cr in March 2025, indicating some recovery of old dues but overall high credit risk.
