Astron Paper & Board Mill Ltd. (ASTRON) AI Stock Analysis

• Market Cap: ₹221.80M
• Dividend Yield: N/A
• Average Volume (3M): 15.72K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.50
• Revenue Growth: -98.56%
• EPS Growth: -96.41%
• Country: IN
• Employees: 411
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Paper, Lumber & Forest Products
• EPS (TTM): -1.02
• Shares Outstanding: 46,500,000
• 10 Day Avg. Volume: 20,046
• 30 Day Avg. Volume: 15,720
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.56
• Price to Sales (P/S): 0.53
• P/FCF Ratio: 12.84
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 44 Neutral
• Price Target: ₹4.50 ▼(-26.23% Downside)

The overall stock score of 44 reflects significant financial and technical challenges. The company's financial performance is weak, with ongoing losses and increasing leverage. Technical indicators suggest a strong bearish trend, and valuation metrics are unattractive due to negative earnings and lack of dividends. These factors collectively indicate a high-risk investment with limited upside potential in the near term.

Positive Factors

Improving free cash flow

Improved free cash flow over successive years signals strengthening internal liquidity and operational cash discipline. If sustained, it increases the firm's ability to fund working capital and maintenance capex internally, lowering reliance on external funding and supporting longer-term stability.

Positive FCF-to-net income conversion

A positive free cash flow to net income ratio implies reported earnings are translating into real cash, improving earnings quality. Over months this supports better liquidity, enables deleveraging or reinvestment, and reduces refinancing risk—fundamental for recovery and sustainable operations.

Relatively stable equity ratio

A relatively stable equity ratio provides a capital buffer that supports solvency and creditor confidence. While equity has declined, stability in the ratio suggests the company retains some structural capital resilience, aiding access to financing and absorbing shocks during a multi-month turnaround.

Negative Factors

Severe revenue decline

A dramatic, multi-year revenue collapse undermines economies of scale and fixed-cost coverage, pressuring gross margins and cash generation. Structurally lower top line reduces strategic options, making long-term recovery dependent on restoring demand or diversifying revenue streams over the coming months.

Persistent losses and weak margins

Sustained multi-year losses and negative operating margins erode shareholder equity and limit funding for growth or capex. Over a 2-6 month horizon this reduces flexibility to rebuild operations, increases default risk, and complicates efforts to attract partner investment or bank refinancing.

Rising leverage

Increasing debt-to-equity raises interest and principal repayment obligations, constraining free cash flow available for reinvestment. Structurally higher leverage lowers resilience to demand shocks, elevates refinancing risk, and can force asset sales or austerity measures over the medium term.

Astron Paper & Board Mill Ltd. Business Overview & Revenue Model

Company Description

Astron Paper & Board Mill Limited manufactures and sells a range of kraft papers from waste paper for packaging industry in India. The company offers high ring crust test papers, kraft liners, liners, and corrugated medium papers for use in the manufacture of corrugated boxes. It also exports its products. The company was incorporated in 2010 and is based in Ahmedabad, India.

How the Company Makes Money

ASTRON generates revenue primarily through the sale of its paper and board products to a diverse range of customers, including packaging companies, retailers, and wholesalers. The company's revenue model is built around direct sales, long-term contracts, and partnerships with key players in the packaging and retail sectors. Significant revenue streams include the production of corrugated cardboard, containerboard, and specialty papers, which are sold both domestically and internationally. Additionally, ASTRON benefits from strategic alliances with suppliers of raw materials, which helps reduce production costs and improve profitability. The company's commitment to sustainability also opens up new revenue opportunities through green certifications and eco-friendly product lines, appealing to environmentally conscious consumers and businesses.

Astron Paper & Board Mill Ltd. Financial Statement Overview

Summary

Astron Paper & Board Mill Ltd. faces significant challenges in maintaining revenue and profitability, with consistent losses affecting its financial health. The balance sheet shows increasing leverage, which could strain future operations. While there are signs of improvement in cash flow management, the company must address its operational inefficiencies and stabilize its financial performance to ensure long-term sustainability.

Income Statement

The company has experienced significant revenue decline over the years, with a substantial reduction from 2021 to 2025. Gross profit margins have been weak, and net income has been in the negative for the past four years, indicating ongoing profitability issues. The negative EBIT and EBITDA margins highlight operational struggles.

Balance Sheet

The debt-to-equity ratio has increased over the years, suggesting rising leverage, which poses financial risk. The equity ratio is relatively stable, but the declining stockholders' equity indicates potential vulnerability. The shrinking asset base since 2022 reflects potential asset divestment or impairment.

Cash Flow

The company shows improvements in free cash flow from 2024 to 2025, indicating better cash management. However, the operating cash flow has been inconsistent, with years of negative figures, which raises concerns about sustainability. The free cash flow to net income ratio has been positive recently, suggesting efficient cash conversion.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	390.78M	962.28M	3.11B	3.95B	5.02B	4.34B
Gross Profit	-65.13M	7.46M	891.35M	81.47M	463.00M	662.00M
EBITDA	-246.24M	-332.60M	28.87M	-167.66M	267.86M	318.97M
Net Income	-524.61M	-567.10M	-112.07M	-239.47M	81.11M	102.14M
Balance Sheet
Total Assets	0.00	2.17B	2.94B	3.12B	3.50B	3.23B
Cash, Cash Equivalents and Short-Term Investments	2.79M	2.79M	103.39M	102.30M	89.31M	4.91M
Total Debt	0.00	779.87M	828.53M	844.37M	764.63M	577.17M
Total Liabilities	-913.20M	1.26B	1.46B	1.53B	1.67B	1.47B
Stockholders Equity	913.20M	913.20M	1.48B	1.59B	1.84B	1.76B
Cash Flow
Free Cash Flow	0.00	39.63M	99.46M	5.42M	-136.01M	235.31M
Operating Cash Flow	0.00	39.71M	118.97M	111.49M	-99.07M	348.52M
Investing Cash Flow	0.00	15.99M	-10.71M	-96.35M	-30.77M	-50.04M
Financing Cash Flow	0.00	-156.29M	-107.17M	-2.16M	112.59M	-242.70M

Astron Paper & Board Mill Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 6.10
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ASTRON, the sentiment is Negative. The current price of 6.1 is above the 20-day moving average (MA) of 5.30, above the 50-day MA of 5.95, and below the 200-day MA of 12.56, indicating a bearish trend. The MACD of -0.45 indicates Positive momentum. The RSI at 27.42 is Positive, neither overbought nor oversold. The STOCH value of 18.07 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:ASTRON.

Astron Paper & Board Mill Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
STARPAPER	74 Outperform	₹2.24B	5.80	―	2.15%	-5.21%	-32.96%
RUCHIRA	68 Neutral	₹3.46B	5.12	―	4.14%	2.56%	36.81%
NRAIL	67 Neutral	₹7.50B	35.75	―	0.41%	36.98%	-64.34%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
EMAMIPAP	57 Neutral	₹5.08B	27.46	―	1.84%	-6.94%	-78.40%
ASTRON	44 Neutral	₹221.80M	-0.42	―	―	-98.56%	-96.41%
RAMANEWS	44 Neutral	₹4.47B	-4.23	―	―	―	―

Astron Paper & Board Mill Ltd. Corporate Events

Astron Paper & Board Mill Cleared of Fraud Classification by ICICI Bank

Astron Paper & Board Mill Ltd. has announced that ICICI Bank, after reviewing the company’s submissions, has confirmed the company’s account will not be classified as fraud. The clarification removes a significant overhang of potential reputational and operational risk, offering reassurance to investors and other stakeholders about the company’s banking relationship and regulatory standing.