Astron Paper & Board Mill Limited , currently undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016, has released its audited standalone and consolidated financial results for the quarter and year ended March 31, 2026. The Interim Resolution Professional (IRP), Shri Atul Sheth, approved the results at a meeting held on May 30, 2026, commencing at 8:00 p.m. and concluding at 10:30 p.m. The statutory auditors, M/s H K Shah & Co., Chartered Accountants (FRN: 109583W), issued a Disclaimer of Opinion on both the standalone and consolidated financial results, citing multiple material uncertainties including the company's going concern status, unconfirmed bank balances, and significant unresolved liabilities.

Standalone Financial Performance

The company's standalone financials reflect a sharp deterioration in operations. Revenue from operations collapsed to ₹279.28 Lac for the full year, compared to ₹9,594.61 Lac in the prior year, as both manufacturing plants — at Halvad (shut since September 8, 2024) and Bhuj — remained non-operational throughout the period. The following table summarises the key standalone financial results:

Finance costs for the full year stood at ₹1,131.41 Lac, while depreciation and amortisation expenses amounted to ₹624.97 Lac. No current tax, MAT credit, or deferred tax was recognised for FY26 on a standalone basis.

Standalone Balance Sheet Highlights

The standalone balance sheet as at March 31, 2026 reflects a significantly stressed financial position. Total assets declined to ₹20,747.11 Lac from ₹22,018.35 Lac a year earlier, while total equity fell to ₹8,038.38 Lac from ₹9,983.67 Lac. Current liabilities of ₹10,905.33 Lac substantially exceeded current assets of ₹5,741.55 Lac, underscoring the liquidity strain.

Bank loan liabilities outstanding as at March 31, 2026 stood at ₹87.61 crores (including principal of ₹75.34 crores and provision for unpaid interest of ₹12.27 crores), all of which were declared NPA during FY 2024-25. Secured lenders have initiated recovery proceedings under the SARFAESI Act, including symbolic/physical possession of certain secured assets and e-auction proceedings for sale of secured assets.

Consolidated Financial Performance

The consolidated results, which include wholly owned subsidiary Balaram Papers Private Limited, reflect a similar trend. Consolidated revenue from operations for FY26 stood at ₹279.28 Lac against ₹9,622.78 Lac in FY25. The consolidated net loss for the year was ₹2,118.13 Lac.

Consolidated total assets stood at ₹20,334.51 Lac as at March 31, 2026, down from ₹21,703.81 Lac a year ago. Total consolidated equity declined to ₹6,809.81 Lac from ₹9,132.03 Lac, with the consolidated debt-to-equity ratio rising to 1.13 from 0.84.

Auditor's Disclaimer and Key Concerns

M/s H K Shah & Co. issued a Disclaimer of Opinion on both the standalone and consolidated financial results, stating they were unable to obtain sufficient appropriate audit evidence on multiple material matters. Key concerns highlighted by the auditors include:

• Bank loan defaults: Total outstanding dues to banks as at March 31, 2026 were ₹87.61 crores; all bank loan accounts were declared NPA in FY 2024-25.
• Going concern: The auditors concluded that the financial results should have been prepared on a non-going concern basis, given plant shutdowns, substantial cash losses, and inability to resume operations.
• Unrecognised provisions: No provision was made for export trade receivables of ₹1.60 crores outstanding since long, nor for Expected Credit Loss on other receivables as required under Ind-AS 109.
• Subsidiary loans: Loans of ₹28.66 crores extended to wholly owned subsidiary Balaram Papers Private Limited were not recognised as impaired, despite the subsidiary being loss-making with negative net worth and non-operational plants.
• Investments in subsidiary: Investments of ₹4.04 crore in 40,35,000 equity shares of Balaram Papers Private Limited were not impaired, despite the subsidiary's deteriorating financial position.
• Inventory and PPE: No physical verification reports for inventories or Property, Plant and Equipment (PPE) were provided; no impairment test was applied on PPE as required under Ind-AS 36.
• Capital Work-in-Progress: ₹27.89 Lacs carried as Capital Work-in-Progress could not be evaluated for recoverability given suspended manufacturing operations.
• Bank statements: Bank statements and related confirmations for accounts as at March 31, 2026 were not provided, preventing verification of cash and bank balances.
• MAT Credit: Standalone results did not recognise MAT Credit Entitlement of ₹5.18 crore; consolidated results did not de-recognise MAT Credit Entitlement of ₹5.59 crore.
• Board composition: Majority of Independent Directors have resigned, resulting in non-compliance with Regulations 17 and 18 of SEBI LODR.

CIRP Status and Insolvency Proceedings

The Hon'ble National Company Law Tribunal (NCLT), Ahmedabad Bench, Court-II, vide its order dated May 11, 2026, admitted an application filed by an operational creditor under Section 9(5) of the IBC and initiated CIRP in respect of the company. Pursuant to the said order, the powers of the Board of Directors stand suspended and are being exercised by IRP Mr. Atul Jashwantrai Sheth (IBBI Registration No. IBBI/IPA-001/IP-P/02463/2021-22/13854). Since the IRP's appointment, possession of all assets has been taken by the IRP. The trading window for dealing in the company's securities will remain closed in accordance with SEBI (PIT) Regulations and will reopen 48 hours after the financial results are made public. The audited financial results are also available on the company's website at https://astronpaper.com/ .

Astron Paper & Board Mill Limited has fulfilled its regulatory obligations by submitting the mandatory compliance certificate under SEBI (Depository and Participants) Regulations 2018 to stock exchanges. The company filed the certificate for the quarter ended March 31, 2026, demonstrating adherence to securities market regulations.

Regulatory Compliance Details

The compliance certificate was submitted pursuant to Regulation 74(5) of the Securities and Exchange Board of India (Depository and Participants) Regulations 2018. This regulation mandates companies to provide confirmation regarding the proper handling of securities dematerialisation processes during each quarter.

Certificate Issuer and Confirmation

MUFG Intime India Private Limited, formerly known as Link Intime India Private Limited, served as the Registrar and Transfer Agent for issuing the compliance certificate. The certificate confirms that securities received from depository participants for dematerialisation during the quarter were properly processed and confirmed to the depositories within prescribed timelines.

The certificate specifically confirms that:

• Securities received for dematerialisation were accepted or rejected appropriately
• Security certificates were mutilated and cancelled after due verification
• Depository names were substituted in the register of members as registered owners
• All processes were completed within regulatory timelines

Stock Exchange Submission

The compliance certificate was simultaneously submitted to both major Indian stock exchanges where the company's shares are listed.

Company Information

Astron Paper & Board Mill Limited operates from its registered office in Ahmedabad, Gujarat, with CIN L21090GJ2010PLC063428. The company maintains regular compliance with SEBI regulations through its appointed registrar and transfer agent, ensuring transparent securities handling processes for investor protection.