ASTRON
Astron Paper & Board Mill financials
- Market cap
- ₹14 Cr
- Sector
- Forest Materials
What Astron Paper & Board Mill Limited does
Astron Paper & Board Mill Limited manufactures kraft paper (including High RCT paper, Kraft Liner and Corrugated Medium Paper) used by the corrugation industry to make packaging boxes, using imported waste paper as the primary raw material. It operates through manufacturing units at Halvad and Bhuj in Gujarat, plus a Mehsana unit via wholly owned subsidiary Balaram Papers Private Limited. As of the FY2024-25 annual report, the company has shut down its Halvad plant since 8th September 2024 and its Bhuj plant has also gone non-operational, and it faces a pending NCLT petition for admission into Corporate Insolvency Resolution Process (CIRP).
Segments
- Kraft paper manufacturing
- Manufacturing plants
- 3 units (Halvad, Bhuj — both Gujarat; Mehsana via subsidiary Balaram Papers)
- Plant operating status
- All plants non-operational since 8 Sep 2024 (Halvad shut down; Bhuj also non-operational)
- Insolvency status
- NCLT petition pending for admission into Corporate Insolvency Resolution Process (CIRP)
- Wholly owned subsidiary
- Balaram Papers Private Limited (Mehsana, Gujarat; acquired July 2018)
- Paid-up equity shares
- 4,65,00,000 shares of INR 10 each
- Listed since
- 29 Dec 2017 (BSE: 540824, NSE: ASTRON)
Quarterly results
Q4 FY26: revenue down 92.0%, net profit up 46.1% against the same quarter last year.
| Line item | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 58 | 36 | 1 | 1 | 1 −98% | 0 −100% | 1 +6% | 0 −92% |
| EBITDA | -9 | -7 | -15 | -2 | -0 +98% | -1 +88% | 1 +105% | -2 −6% |
| Net profit | -10 | -8 | -28 | -11 | -5 +45% | -5 +40% | -5 +82% | -6 +46% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −82.9% 1Y
1Y: ₹17.17 on 10 Sept 2025 → ₹2.94. High ₹17.17 (10 Sept 2025), low ₹2.94 (11 Sept 2026).
Financials, as filed
Revenue fell 90.5% a year over 2 years, FY24 to FY26. Operating margin narrowed to -88.9%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹311 Cr | ₹96 Cr | ₹3 Cr |
| Operating profit | ₹2 Cr | ₹-34 Cr | ₹-2 Cr |
| Operating margin | 0.7% | -35.0% | -88.9% |
| Interest | ₹11 Cr | ₹12 Cr | ₹12 Cr |
| Depreciation | ₹7 Cr | ₹7 Cr | ₹7 Cr |
| Net profit | ₹-11 Cr | ₹-57 Cr | ₹-21 Cr |
| Net margin | -3.6% | -58.9% | -756.4% |
| Cash from operations | ₹12 Cr | ₹4 Cr | ₹14 Cr |
| Free cash flow | ₹10 Cr | ₹5 Cr | ₹14 Cr |
| ROCE | -2.0% | -20.0% | -6.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹46 Cr | ₹46 Cr | ₹46 Cr | ₹46 Cr | ₹46 Cr | ₹46 Cr |
| Reserves | ₹129 Cr | ₹137 Cr | ₹113 Cr | ₹102 Cr | ₹35 Cr | ₹22 Cr |
| Borrowings | ₹58 Cr | ₹76 Cr | ₹84 Cr | ₹83 Cr | ₹77 Cr | ₹77 Cr |
| Other liabilities | ₹90 Cr | ₹90 Cr | ₹68 Cr | ₹63 Cr | ₹49 Cr | ₹58 Cr |
| Total liabilities | ₹323 Cr | ₹350 Cr | ₹312 Cr | ₹294 Cr | ₹207 Cr | ₹203 Cr |
| Fixed assets | ₹149 Cr | ₹144 Cr | ₹155 Cr | ₹150 Cr | ₹139 Cr | ₹135 Cr |
| Capital work in progress | ₹7 Cr | ₹8 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹2 Cr | ₹2 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr |
| Other assets | ₹166 Cr | ₹197 Cr | ₹155 Cr | ₹143 Cr | ₹68 Cr | ₹67 Cr |
| Total assets | ₹323 Cr | ₹350 Cr | ₹312 Cr | ₹294 Cr | ₹207 Cr | ₹203 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Mar 2026
The ownership split has held steady since Mar 2025. The shareholder count shrank 1% to 21,441.
- Promoters
- 25.4%
- Public
- 74.6%
Since Mar 2025
- Public +0.01 pp
- Promoters 0.00 pp
- FIIs 0.00 pp
How it drifted, 12 quarters
Over this window the public went from 72.9% to 74.6% — +1.7 pp.
Ownership split by quarter, oldest first. Jun '23: Promoters 27.1%, Public 72.9%.Sep '23: Promoters 27.1%, Public 72.9%.Dec '23: Promoters 27.1%, Public 72.9%.Mar '24: Promoters 27.1%, Public 72.9%.Jun '24: Promoters 27.1%, FIIs 0.1%, Public 72.9%.Sep '24: Promoters 27.1%, Public 72.9%.Dec '24: Promoters 25.4%, Public 74.6%.Mar '25: Promoters 25.4%, Public 74.6%.Jun '25: Promoters 25.4%, Public 74.6%.Sep '25: Promoters 25.4%, Public 74.6%.Dec '25: Promoters 25.4%, Public 74.6%.Mar '26: Promoters 25.4%, Public 74.6%.
Who is on the register
Named in the Mar 2026 filing
Every holder of Astron Paper & Board Mill Limited above SEBI's 1% disclosure line, and what changed since Dec 2025.
| Holder | Stake | Change |
|---|---|---|
| Kiritbhai Ghanshyambhai Patel | 15.21% | unchanged |
| Dwarkesh Finance Limited | 11.29% | −2.82 pp |
| Karshanbhai Hirabhai Patel | 7.67% | unchanged |
| Betarstep Trading Pvt Ltd | 5.94% | unchanged |
| Govind Maheshwari | 5.11% | unchanged |
| Ramakant Kantibhai Patel | 2.22% | unchanged |
| Sanket D Shah | 1.40% | unchanged |
| Prakashkumar Chaturbhai Patel | 1.32% | unchanged |
| Miteshkumar Rameshchandra Shah | 1.01% | unchanged |
| Manojkumar Ravjibhai Patel | 1.01% | unchanged |
| Shreerangam Packaging Private Limited | 0.27% | unchanged |
| Haresh Ambalal Patel | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
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