📉 The Financial Deep Dive
The Numbers:
Astron Paper & Board Mill Limited reported its un-audited financial results for the quarter and nine months ended December 31, 2025.
Standalone Results:
- For Q3 FY26, Revenue From Operations stood at ₹1.45 Cr, a YoY increase of 6.36% from ₹1.36 Cr in Q3 FY25.
- Total Expenses surged by 31.50% YoY to ₹5.90 Cr in Q3 FY26 from ₹4.49 Cr in Q3 FY25.
- The company reported a Net Loss After Tax of ₹4.46 Cr for Q3 FY26, a marginal YoY improvement from a loss of ₹4.49 Cr in Q3 FY25.
- Basic EPS for Q3 FY26 was ₹-0.96, compared to ₹-0.97 in Q3 FY25.
- For the nine months ended December 31, 2025 (9M FY26), Revenue From Operations plummeted by 97.13% YoY to ₹2.73 Cr from ₹95.06 Cr in 9M FY25.
- The Net Loss After Tax for 9M FY26 was ₹13.90 Cr, an improvement from ₹44.34 Cr in 9M FY25.
- Basic EPS for 9M FY26 was ₹-2.99, improved from ₹-9.52 in 9M FY25.
- For Q3 FY26, Revenue From Operations was ₹1.45 Cr, a YoY increase of 5.63% from ₹1.37 Cr in Q3 FY25.
- Total Expenses increased by 36.74% YoY to ₹6.50 Cr in Q3 FY26 from ₹4.76 Cr in Q3 FY25.
- The company reported a Net Loss After Tax of ₹5.06 Cr for Q3 FY26, a YoY deterioration from a loss of ₹4.75 Cr in Q3 FY25.
- Basic EPS for Q3 FY26 was ₹-1.09, compared to ₹-1.02 in Q3 FY25.
- For 9M FY26, Revenue From Operations decreased by 97.14% YoY to ₹2.73 Cr from ₹95.34 Cr in 9M FY25.
- The Net Loss After Tax for 9M FY26 was ₹15.07 Cr, an improvement from ₹45.38 Cr in 9M FY25.
- Basic EPS for 9M FY26 was ₹-3.24, improved from ₹-9.75 in 9M FY25.
The quarterly results show a marginal uptick in revenue, but expenses grew at a far higher rate (31.50% standalone, 36.74% consolidated), leading to continued substantial net losses. For the nine-month period, the company's revenue has collapsed by over 97% YoY on both standalone and consolidated bases. While net losses have improved year-on-year for the 9M period, this is primarily due to the significantly higher losses incurred in the previous year (₹44.34 Cr standalone, ₹45.38 Cr consolidated) rather than an improvement in current operational performance. The basic EPS reflects this dire situation, remaining deeply negative.
The Grill:
The financial health of Astron Paper is under severe strain, evidenced by multiple critical indicators. The company is actively involved in insolvency proceedings under the Insolvency and Bankruptcy Code, 2016 (IBC), and faces enforcement actions under the SARFAESI Act, 2002. These legal battles suggest deep-seated financial distress and potential default. Furthermore, secured lenders have taken symbolic possession of certain company assets, indicating a precarious liquidity position and loss of control over key resources. A significant governance red flag is the vacant position of Company Secretary, which constitutes a non-compliance with Section 203 of the Companies Act, 2013, and erodes investor confidence in corporate governance standards.
🚩 Risks & Outlook:
- Existential Legal & Financial Risks: The ongoing IBC and SARFAESI proceedings represent the most immediate and severe threat. Resolution under these frameworks could lead to a significant restructuring, asset sale, or even liquidation.
- Operational Viability: The drastic YoY revenue decline over nine months points to fundamental operational challenges or a collapse in demand for its products, raising questions about the company's long-term viability as a going concern.
- Compliance & Governance Deficiencies: The failure to maintain a Company Secretary is a direct violation of corporate law and signals potential weaknesses in internal controls and oversight.
- Outlook: The forward-looking prospects for Astron Paper are exceptionally bleak. The company's ability to overcome its current financial distress, legal entanglements, and operational slump remains highly uncertain. Investors should approach this stock with extreme caution, as the risk of substantial capital loss is high.