Astron Paper & Board Mill Ltd

₹ 3.98 1.79%

16 Jun 9:56 a.m.

About

Incorporated in 2010, Astron Paper & Board Mill Ltd manufactures Kraft Paper from waste paper^[1]

Key Points

Business Overview:^[1]^[2]
APBL is an ISO 9001:2015 and ISO 14001:2015 certified, and one of the largest manufacturers of recycled corrugated paper. It manufactures different varieties of kraft paper ranging from 80 to 350 Grams Per Square Meter (GSM) and Bursting Factor (BF) from 16 to 40

Website BSE NSE - BE

Market Cap ₹ 18.5 Cr.
Current Price ₹ 3.98
High / Low ₹ 18.9 / 3.26
Stock P/E
Book Value ₹ 17.3
Dividend Yield 0.00 %
ROCE -4.91 %
ROE -21.6 %
Face Value ₹ 10.0

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Pros

Stock is trading at 0.23 times its book value

Cons

Company has low interest coverage ratio.
The company has delivered a poor sales growth of -63.6% over past five years.
Promoter holding is low: 25.4%
Company has a low return on equity of -21.7% over last 3 years.
Contingent liabilities of Rs.143 Cr.
Company has high debtors of 2,605 days.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

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

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	91.54	78.38	80.67	73.33	78.40	58.15	35.56	1.36	0.88	1.28	0.00	1.45	0.07
	89.64	76.10	78.35	70.72	82.55	67.12	42.85	16.50	2.94	1.45	0.84	0.42	1.97
Operating Profit	1.90	2.28	2.32	2.61	-4.15	-8.97	-7.29	-15.14	-2.06	-0.17	-0.84	1.03	-1.90
OPM %	2.08%	2.91%	2.88%	3.56%	-5.29%	-15.43%	-20.50%	-1,113.24%	-234.09%	-13.28%		71.03%	-2,714.29%
	0.49	0.30	0.45	0.29	0.57	0.71	0.12	0.00	0.09	0.00	0.00	0.00	0.00
Interest	2.91	2.44	2.62	2.69	2.79	2.63	3.44	2.90	3.41	3.13	2.10	3.94	2.15
Depreciation	1.51	1.67	1.56	1.58	1.56	1.68	1.56	1.56	1.52	1.66	1.54	1.54	1.50
Profit before tax	-2.03	-1.53	-1.41	-1.37	-7.93	-12.57	-12.17	-19.60	-6.90	-4.96	-4.48	-4.45	-5.55
Tax %	-25.62%	-22.88%	-31.91%	-28.47%	-37.20%	-29.28%	-23.99%	33.62%	15.36%	0.00%	0.00%	0.00%	0.00%
	-1.52	-1.17	-0.96	-0.98	-4.98	-8.90	-9.26	-26.19	-7.96	-4.96	-4.49	-4.46	-5.55
EPS in Rs	-0.33	-0.25	-0.21	-0.21	-1.07	-1.91	-1.99	-5.63	-1.71	-1.07	-0.97	-0.96	-1.19
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	152	157	182	251	373	358	435	512	395	311	96	3
	133	137	161	219	323	324	407	485	410	308	129	5
Operating Profit	19	20	22	32	50	34	28	27	-15	3	-33	-2
OPM %	13%	12%	12%	13%	13%	10%	6%	5%	-4%	1%	-35%	-68%
	0	0	1	1	1	1	3	1	2	2	0	0
Interest	11	11	11	10	10	10	10	8	10	11	12	11
Depreciation	3	3	3	4	5	5	6	6	6	6	6	6
Profit before tax	6	6	8	19	36	20	15	14	-29	-12	-51	-19
Tax %	31%	4%	-20%	-10%	33%	34%	34%	37%	-29%	-28%	2%	0%
	4	6	10	21	24	13	10	9	-21	-9	-52	-19
EPS in Rs	1.27	1.87	3.08	4.48	5.18	2.87	2.08	1.87	-4.45	-1.89	-11.25	-4.18
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	-33%
5 Years:	-64%
3 Years:	-81%
TTM:	-97%

Compounded Profit Growth
10 Years:	%
5 Years:	%
3 Years:	2%
TTM:	63%

Stock Price CAGR
10 Years:	%
5 Years:	-41%
3 Years:	-46%
1 Year:	-78%

Return on Equity
10 Years:	-1%
5 Years:	-13%
3 Years:	-22%
Last Year:	-22%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	32	32	32	46	46	46	46	46	46	46	46	46
Reserves	-3	3	13	80	104	117	127	135	114	106	53	34
	72	78	89	75	57	61	45	66	76	80	76	75
	36	45	38	31	87	86	87	85	67	61	44	52
Total Liabilities	137	158	173	232	294	310	305	332	304	293	220	207
	66	75	79	90	121	129	126	122	134	129	123	116
CWIP	1	0	1	13	2	0	7	8	0	0	0	0
Investments	0	0	0	0	4	4	6	6	5	5	5	5
	70	84	92	128	167	177	166	197	165	158	93	86
Total Assets	137	158	173	232	294	310	305	332	304	293	220	207

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	11	16	16	5	37	19	33	-14	7	5	3	12
	-2	-10	-10	-28	-27	-11	-4	-1	-9	-0	2	0
	-8	-3	-7	38	-26	-3	-24	14	4	-5	-14	-12
Net Cash Flow	1	2	-1	15	-15	4	6	-2	1	0	-10	-0
Free Cash Flow	9	5	7	-22	13	8	22	-17	-4	3	3	12
CFO/OP	56%	86%	80%	26%	81%	80%	133%	-41%	-59%	173%	-9%	-631%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	69	86	70	86	82	95	66	69	59	62	78	2,605
Inventory Days	129	129	132	75	94	86	59	47	53	66	56	1,921
Days Payable	20	27	79	53	107	125	92	71	73	96	145	5,030
Cash Conversion Cycle	178	188	123	108	68	55	33	45	39	33	-11	-504
Working Capital Days	12	17	12	20	23	23	24	28	3	-16	-150	-6,766
ROCE %	17%	16%	16%	17%	22%	14%	11%	10%	-8%	-1%	-19%	-5%

Insights

In beta

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Total Installed Capacity
MTPA

xx,xxx	xx,xxx	xx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx
xx,xxx	xx,xxx	xx,xxx	xx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx			x
xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx				x.xx
		xx.xx	xx.xx		xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx
			xxx		xxx	xxx	xxx	xxx	xxx	xx
			x	x	x	x	x

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Production Volume
MT

Capacity Utilization
%

Raw Material Mix - Imported Waste Paper
%

Permanent Employee Count
Number

Captive Power Plant Capacity
MW

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Shareholding Pattern

Numbers in percentages

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	27.06%	27.06%	27.06%	27.06%	27.06%	27.06%	25.37%	25.37%	25.37%	25.37%	25.37%	25.37%
	0.00%	0.00%	0.00%	0.00%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	72.93%	72.93%	72.94%	72.94%	72.89%	72.94%	74.63%	74.63%	74.62%	74.63%	74.63%	74.64%
No. of Shareholders	20,824	21,853	21,075	21,049	20,965	21,187	21,839	21,755	21,267	21,215	21,327	21,441

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	43.78%	43.78%	43.78%	45.93%	27.06%	27.06%	27.06%	25.37%	25.37%
	0.00%	0.20%	0.26%	0.26%	0.05%	0.00%	0.00%	0.00%	0.00%
	0.00%	1.68%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	56.22%	54.34%	55.96%	53.81%	72.89%	72.94%	72.94%	74.63%	74.64%
No. of Shareholders	25,266	18,970	17,866	17,536	20,870	21,336	21,049	21,755	21,441

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Astron Paper & Board Mill Ltd

Astron Paper & Board Mill Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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