NSE: ASTRON · BSE: 540824
ASTRON PAPER BORD MIL LTD
Makes recycled Kraft Paper with a stated manufacturing capacity of 500 tons per day. Operations have effectively collapsed: 9M FY26 revenue of Rs. 272.59 lakhs was roughly 97% lower than Rs. 9,506.28 lakhs in 9M FY25, with full-year FY26 revenue at Rs. 2.79 crore. The company posted a standalone loss of Rs. 445.64 lakhs in Q3 FY26, while finance costs of Rs. 393.83 lakhs in that quarter alone dwarfed revenue. Cost of materials accounted for 55.1% of revenue and depreciation for 256% of revenue in FY26, reflecting the mismatch between the fixed cost base and the shrunken top line. The business is under Corporate Insolvency Resolution Process, admitted by NCLT Ahmedabad on 11 May 2026 after a petition by Australian operational creditor Empire Sony PTY Limited claiming Rs. 1.78 crore of unpaid invoices. An Interim Resolution Professional has been appointed in place of the Board, a moratorium is in force, secured lenders have taken symbolic possession of certain assets under the SARFAESI Act, and resolution plans were due by 17 September 2026. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Recycled Kraft Paper. Cyclical, asset-heavy paper manufacturer currently in IBC insolvency proceedings
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 513 | 395 | 311 | 96 | 3 |
| EBITDA (ex other income) | 28 | (18) | 2 | (34) | (2) |
| margin % | 5.4 | (4.4) | 0.7 | (35.1) | (88.7) |
| Owners' profit | 0 | (24) | 0 | 0 | 0 |
| EPS, as reported (₹) | 1.77 | (5.14) | (2.41) | 24.40 | (4.56) |
| ROE % · ROCE % | 4.5 · 10.8 | (15.0) · (14.5) | (7.6) · (2.9) | (62.1) · (37.0) | (31.1) · (10.9) |
| Debt / equity (x) | 0.42 | 0.53 | 0.56 | 0.84 | 1.13 |
| Cash from operations | (10) | 11 | 12 | 4 | 14 |
| Capex | (4) | (11) | (2) | (0) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 58 | 36 | 1 | 1 | 1 | 1 | 1 | 0 |
| Profit before tax | (13) | (12) | (20) | (7) | (5) | (10) | (5) | (6) |
| Net profit | (10) | (8) | (28) | (11) | (5) | (10) | (5) | (6) |
| EPS (₹) | (2.05) | (1.70) | (6.01) | 4.90 | (2.26) | (2.15) | (2.18) | (1.31) |
Exhibit 3: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 19 Sept 2026 · 5th Committee of Creditors meeting notice under CIRP | regulatory legal | high | — | — |
| 17 Sept 2026 · Astron Paper under CIRP replies to SEBI non-compliance notices | regulatory legal | high | — | — |
| 16 Sept 2026 · Contempt proceedings initiated against operational creditor for NCLT order non-compliance | regulatory legal | high | — | — |
| 16 Sept 2026 · E-voting commenced for 4th CoC meeting under CIRP | regulatory legal | medium | — | — |
| 16 Sept 2026 · AGM delayed due to ongoing insolvency resolution process | regulatory legal | high | — | — |
| 16 Sept 2026 · Section 19(2) IBC application filed at NCLT against non-cooperating personnel | regulatory legal | high | — | — |
| 2 Sept 2026 · 4th CoC Meeting Adjourned to September 8, 2026 | regulatory legal | medium | — | — |
| 1 Sept 2026 · Astron Paper invites bids for resolution under insolvency process | regulatory legal | high | — | — |
| 29 Aug 2026 · Astron Paper: Third CoC meeting e-voting results under CIRP | regulatory legal | high | — | — |
| 20 Aug 2026 · Astron Paper fails to file Q1 results; management non-cooperation under CIRP | regulatory legal | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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| 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.