Astron Paper & Board Mill
- Market cap
- ₹ 12 Cr.
- P/E
- 18.2x
- P/B
- 0.19x
- 52-week range
- 2.52 – 11.36
- ROE
- −22%
- ROCE
- −5%
- Dividend yield
- 0%
- Debt / equity
- 1.13
- Sector
- Paper, Forest & Jute Products
- Industry
- Paper & Paper Products
- Listed on
- NSE, BSE
About
Astron Paper & Board Mill Limited is an India-based holding company. The Company and its wholly owned subsidiary company, Balaram Papers Private Limited, are engaged in the business of the manufacturing of kraft paper from wastepaper. The Company offers various types of kraft paper, such as, Fluting Medium, Test Liner, Kraft Liner, VTL (VIRGIN TOP LINER), H-RCT KRAFT LINER, and Liner. Fluting medium is a type of kraft paper used in the production of corrugated cardboard, mainly from 90 to 180 GSM and 16,18, and 20 BF. Recycled Kraft liner is a type of paperboard used in packaging applications with 140 to 350 GSM and 28-35 BF. Virgin Kraft liner is a type of paperboard used in packaging and industrial applications. The Company has three manufacturing units with four paper machines at three different and strategic locations in Gujarat, India with an industrial capacity of approximately 175 thousand tons annually.
Quick check
The five things to look at first. Open one for more.
Compared with its industry
Paper & Paper Products: 54 companies →Astron Paper & Board Mill against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.
- Valuation (P/E)18.2 against a typical 16.6: pricier than most peers (1st = cheapest).30th of 52
- Sales growth−92% against a typical +10% from a year earlier.42nd of 44
- Share price, 3 months−30.4% against a typical −4.7%.49th of 50
- Size₹ 12.3 Cr. market value against a typical ₹ 86.8 Cr. (1st = largest).41st of 49
Latest announcements
Exchange filings and their impact on the company.
- CoC rejected both Resolution Professional candidates, prolonging CIRP and liquidation risk for the near-shutdown paper mill.
Astron Paper & Board Mill, which is under insolvency (CIRP), said voting on its 5th Committee of Creditors meeting concluded on 7 Oct 2026. Both resolutions to appoint a Resolution Professional – Mr. Navin Khandelwal and Mr. Atul Sheth – were rejected by creditors. The rejection prolongs the insolvency process for the company, whose sales have collapsed to about Rs 3 crore with continuing losses, increasing uncertainty over revival versus liquidation.
Credit ratings
Every rating action on file, newest first, including reaffirmations. Open a row for the agency's reasoning. All credit rating updates
Look closer
Rated D by Infomerics- The company stopped sharing information with CARE.
| Agency | Current rating | Outlook | As of |
|---|---|---|---|
| CARE | CARE D / CARE D; ISSUER NOT COOPERATING* | — | 21 Jan 2026 |
| Infomerics | IVR D/INC | — | 14 Jan 2026 |
| Rating | Details | |||||
|---|---|---|---|---|---|---|
| 21 Jan 2026 | Reaffirmed | CARE D / CARE D | — | CARE | ₹ 128.88 Cr. | |
| 14 Jan 2026 | Reaffirmed | IVR D/INC | — | Infomerics | ₹ 127 Cr. |
Board meetings
Results dates and other board meetings. Full calendar
| Details | ||
|---|---|---|
| 30 May 2026 | Financial Results | To consider and approve the Audited Standalone and Consolidated Financial Results of the Company for the Financial Year ended 3lst March, 2026 together with the Audit Report thereon as issued by the Statutory Auditors of the Company. |
| 13 Feb 2026 | Financial Results/Other business matters | To consider and approve the financial results for the period ended December 31, 2025 and other business matters |
| 23 Dec 2025 | Other business matters | Board Meeting Intimation for Appointment Of Auditor And Independent Director |
| 14 Nov 2025 | Financial Results | To consider and approve the financial results for the period ended September 30, 2025 |
| 13 Aug 2025 | Financial Results | To consider and approve the Standalone and Consolidated Un-audited financial results for the period ended Jun 30, 2025 |
| 29 May 2025 | Financial Results | To consider and approve the financial results for the period ended March 31, 2025 |
Financials
Consolidated figures in ₹ crore.
| ₹ Cr. | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 78 | 81 | 73 | 78 | 58 | 36 | 1 | 1 | 1 | 0 | 1 | 0 |
| Expenses | 76 | 78 | 71 | 83 | 67 | 43 | 17 | 3 | 1 | 1 | 0 | 2 |
| Operating Profit | 2 | 2 | 3 | −4 | −9 | −7 | −15 | −2 | −0 | −1 | 1 | −2 |
| OPM % | 2.9% | 2.9% | 3.6% | −5.3% | −15.4% | −20.5% | −1,113.2% | −234.1% | −13.3% | — | 71% | −2,714.3% |
| Other Income | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest | 2 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 2 | 4 | 2 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Profit before tax | −2 | −1 | −1 | −8 | −13 | −12 | −20 | −7 | −5 | −4 | −4 | −6 |
| Tax % | −22.9% | −31.9% | −28.5% | −37.2% | −29.3% | −24% | 33.6% | 15.4% | 0% | 0% | 0% | 0% |
| Net Profit | −1 | −1 | −1 | −5 | −9 | −9 | −26 | −8 | −5 | −4 | −4 | −6 |
| EPS in Rs | −0.25 | −0.21 | −0.21 | −1.07 | −1.91 | −1.99 | −5.63 | −1.71 | −1.07 | −0.97 | −0.96 | −1.19 |
Growth and returns
Compounded yearly rates over each period.
- 10 Years
- −33%
- 5 Years
- −64%
- 3 Years
- −81%
- TTM
- −97%
- 10 Years
- —
- 5 Years
- —
- 3 Years
- 2%
- TTM
- 63%
- 10 Years
- —
- 5 Years
- −45%
- 3 Years
- −56%
- TTM
- —
- 10 Years
- −1%
- 5 Years
- −13%
- 3 Years
- −22%
- TTM
- —
P/E and EPS over time
Daily P/E and trailing 12-month EPS. EPS updates with each result.
Peers
Listed companies in the same business.
| Astron Paper & Board Mill | ₹ 2.68 | ₹ 12 Cr. | 18.2x | 0.2x | −22% | — |
| Aditya Birla Real Estate | ₹ 1,043.35 | ₹ 11,654 Cr. | — | 4.3x | −8.7% | −83% |
| JK Paper | ₹ 356.65 | ₹ 6,450 Cr. | 24x | 1.2x | 5.1% | 3.9% |
| KS Smart Technologies Ltd | ₹ 77.34 | ₹ 1,269 Cr. | 14.6x | 7.5x | 49.9% | 7.4% |
| GHV Infra Projects | ₹ 244.90 | ₹ 1,937 Cr. | 34.4x | 12.4x | 55.9% | 7.9% |
| Seshasayee Paper and Boards | ₹ 199.05 | ₹ 1,259 Cr. | 16.2x | 0.7x | 4.1% | 4.8% |
Management
- Kirit Ghanshyambhai Patel
- Executive Chairman of the Board, Managing Director
- Swapnil Madiyar
- Chief Financial Officer
- Karshanbhai Hirabhai Patel
- Executive Director
- Ramakant Kantibhai Patel
- Whole Time Director
Prices are delayed and for information only. Nothing on this page is investment advice.