ASTRON

Astron Paper & Board Mill Limited

Astron Paper & Board Mill Limited (ASTRON) financial statements and selected valuation metrics through 31 March 2026.

Commodities›Forest Materials›Paper, Forest & Jute Products›Paper & Paper Products

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Key metrics

Price as of 2026-10-16

Stock price
₹2.93
Market cap
14 Cr
Stock P/E
Loss (TTM EPS ₹-4.56)
P/B
0.20
ROE (FY26)
-31.1%
ROCE (FY26)
-6.6%
Operating margin (FY26)
-344.7%
Debt / equity (FY26)
1.13

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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What you need to know

Astron Paper & Board Mill makes recycled kraft paper at factories in Gujarat and is now in a court-ordered corporate insolvency resolution process that began on 11 May 2026.

Company snapshot

21stBy market cap

Ranked among 22 companies in Paper & Paper Products.

What we see

Concerns
  • ✗Net margin is negative — the company is spending more than it earns right now.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricMar 2023Jun 2023Sept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Dec 2025Mar 2026
Sales92 Cr78 Cr81 Cr73 Cr78 Cr58 Cr36 Cr1 Cr0.88 Cr1 Cr1 Cr0.07 Cr
Operating expenses (approx.)90 Cr76 Cr79 Cr71 Cr83 Cr68 Cr43 Cr17 Cr3 Cr1 Cr0.63 Cr2 Cr
EBITDA2 Cr2 Cr2 Cr2 Cr-4 Cr-9 Cr-7 Cr-15 Cr-2 Cr-0.20 Cr0.81 Cr-2 Cr
OPM %1.8%2.6%2.5%3.4%-5.6%-15.5%-20.7%-1107.3%-240.0%-15.4%56.3%-3349.2%
Other income0.30 Cr0.04 Cr0.19 Cr0.03 Cr0.53 Cr0.25 Cr0.11 Cr0.0021 Cr0.11 Cr0.0005 Cr0 Cr0.0025 Cr
Interest3 Cr3 Cr3 Cr3 Cr3 Cr3 Cr3 Cr3 Cr4 Cr3 Cr4 Cr2 Cr
Depreciation2 Cr2 Cr2 Cr2 Cr2 Cr2 Cr2 Cr2 Cr2 Cr2 Cr2 Cr2 Cr
Profit before tax-3 Cr-2 Cr-2 Cr-2 Cr-9 Cr-13 Cr-12 Cr-20 Cr-7 Cr-5 Cr-5 Cr-6 Cr
Tax %54.0%24.3%30.3%28.7%28.7%29.2%34.4%-40.7%-55.6%0.0%0.0%0.0%
Net profit-1 Cr-2 Cr-2 Cr-2 Cr-6 Cr-10 Cr-8 Cr-28 Cr-11 Cr-5 Cr-5 Cr-6 Cr
EPS (₹)₹-0.30₹-0.41₹-0.35₹-0.33₹-1.31₹-2.05₹-1.70₹-6.01₹-2.45₹-1.13₹-1.09₹-1.31

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales374 Cr359 Cr435 Cr513 Cr395 Cr311 Cr96 Cr3 CrSign in free for the trailing twelve months
Operating expenses (approx.)320 Cr323 Cr403 Cr485 Cr412 Cr309 Cr130 Cr5 CrSign in free for the trailing twelve months
EBITDA54 Cr36 Cr32 Cr28 Cr-18 Cr2 Cr-34 Cr-2 CrSign in free for the trailing twelve months
OPM %14.3%10.0%7.3%5.4%-4.4%0.7%-35.1%-88.7%Sign in free for the trailing twelve months
Other income1 Cr1 Cr2 Cr1 Cr0.76 Cr0.80 Cr0.47 Cr0.0038 CrSign in free for the trailing twelve months
Interest11 Cr11 Cr11 Cr10 Cr11 Cr11 Cr12 Cr12 CrSign in free for the trailing twelve months
Depreciation5 Cr6 Cr7 Cr7 Cr7 Cr7 Cr7 Cr7 CrSign in free for the trailing twelve months
Profit before tax39 Cr20 Cr16 Cr12 Cr-35 Cr-16 Cr-53 Cr-21 CrSign in free for the trailing twelve months
Tax %26.8%32.2%34.0%33.6%30.7%28.2%-7.7%0.0%Sign in free for the trailing twelve months
Net profit28 Cr13 Cr10 Cr8 Cr-24 Cr-11 Cr-57 Cr-21 CrSign in free for the trailing twelve months
EPS (₹)₹6.11₹2.89₹2.20₹1.77₹-5.14₹-2.41₹-12.20₹-4.56Sign in free for the trailing twelve months
Dividend payout %——0.0%0.0%————Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital47 Cr47 Cr47 Cr47 Cr47 Cr47 Cr47 Cr47 Cr
Reserves106 Cr119 Cr129 Cr137 Cr113 Cr102 Cr45 Cr22 Cr
Borrowings60 Cr73 Cr58 Cr76 Cr84 Cr83 Cr77 Cr77 Cr
Other liabilities99 Cr90 Cr90 Cr90 Cr68 Cr63 Cr49 Cr58 Cr
Total liabilities312 Cr329 Cr323 Cr350 Cr312 Cr294 Cr217 Cr203 Cr
Fixed assets (net)138 Cr151 Cr148 Cr144 Cr155 Cr150 Cr142 Cr135 Cr
CWIP2 Cr0.14 Cr7 Cr8 Cr0.27 Cr0.28 Cr0.28 Cr0.28 Cr
Investments0.89 Cr1 Cr2 Cr2 Cr2 Cr1 Cr0.51 Cr0.51 Cr
Loans & advances3 Cr5 Cr11 Cr0 Cr21 Cr19 Cr19 Cr16 Cr
Inventories59 Cr50 Cr47 Cr50 Cr47 Cr43 Cr18 Cr16 Cr
Trade receivables86 Cr95 Cr80 Cr99 Cr65 Cr55 Cr22 Cr21 Cr
Cash & bank0.40 Cr5 Cr11 Cr9 Cr10 Cr10 Cr0.28 Cr0.11 Cr
Other assets24 Cr22 Cr17 Cr40 Cr12 Cr16 Cr15 Cr14 Cr
Total assets312 Cr329 Cr323 Cr350 Cr312 Cr294 Cr217 Cr203 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity46 Cr28 Cr35 Cr-10 Cr11 Cr12 Cr4 Cr14 Cr
Cash from investing-28 Cr-18 Cr-5 Cr-3 Cr-10 Cr-1 Cr2 Cr0.0038 Cr
Cash from financing-33 Cr-4 Cr-24 Cr11 Cr-0.22 Cr-11 Cr-16 Cr-14 Cr
Net cash flow-15 Cr5 Cr6 Cr-2 Cr1 Cr0.11 Cr-10 Cr-0.17 Cr
Free cash flow (OCF − Capex)17 Cr10 Cr24 Cr-14 Cr0.54 Cr10 Cr4 Cr14 Cr

Ratios

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %23.4%13.1%11.5%8.5%-9.7%-1.9%-24.0%-6.6%
ROE %18.6%8.1%5.8%4.5%-15.0%-7.6%-62.1%-31.1%
Debtor days839667706064832790
Inventory days1028561505871773751
Days payable1161249275761001748244
Cash conversion cycle705836454135-14-1703
OCF / EBITDA %85.9%76.4%109.5%-35.5%—n.m.——
OCF / EBITDA % (3 years)——89.3%54.8%85.5%n.m.——
Debt / equity0.390.440.330.420.530.560.841.13
Current ratio1.161.191.321.331.030.960.680.58
Net debt / EBITDA1.111.891.482.42—34.71——