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Last Updated: April 2, 2026, 2:39 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 540824 | NSE: ASTRON

Astron Paper & Board Mill Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹101.96Undervalued by 2,780.23%vs CMP ₹3.54

P/E (15.0) × ROE (47.6%) × BV (₹17.50) × DY (2.00%)

Defaults: P/E=15

₹39.54Undervalued by 1,016.95%vs CMP ₹3.54
MoS: +91% (Strong)Confidence: 55/100 (Moderate)Models: All 4: Undervalued
ModelCategoryValueWeightSignal
PE-ROEEarnings₹66.5841%Under (+1780.8%)
Net Asset ValueAssets₹17.3824%Under (+391%)
ROCE CapitalReturns₹38.0816%Under (+975.7%)
Revenue MultipleRevenue₹10.3018%Under (+191%)
Consensus (4 models)₹39.54100%Undervalued
Key Drivers: EPS CAGR -34.7% drags value — could be higher if earnings stabilize. | Wide model spread (₹10–₹67) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -34.7% · Defaults: P/E=15

*Investments are subject to market risks

Investment Snapshot

52
Astron Paper & Board Mill Ltd scores 52/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health63/100 · Moderate
ROCE 20.3% ExcellentROE 47.6% ExcellentD/E 0.32 ModerateInterest Coverage 0.0x RiskyProfitable 2/5 years Inconsistent
Smart Money50/100 · Moderate
FII holding stable No changePromoter holding at 25.4% Stable
Earnings Quality50/100 · Moderate
OPM contracting (1% → -17%) DecliningWorking capital: -133 days (improving) Efficient
Quarterly Momentum45/100 · Moderate
Revenue (4Q): -99% YoY DecliningOPM: 0.0% (up 20.7% YoY) Margin expansion
Industry Rank45/100 · Moderate
ROCE 20.3% vs industry 9.3% Above peersROE 47.6% vs industry 134.8% Below peers3Y sales CAGR: -43% Shrinking

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Astron Paper & Board Mill Ltd Investor Signals

Computed from valuation, cash flow, balance sheet, ownership and quarterly trend data already available in this stock page.

Value Trap Score
0/100
Low
Derived from: Cheapness + weak quality + weak cash support
Current data: P/E 0.0 vs Ind 25.3 | ROCE 20.3% | ROE 47.6% | CFO/NP N/A
Balance Sheet Stress
20/100
Comfortable
Derived from: Leverage + debt servicing + liquidity + debt trend
Current data: D/E 0.32x | IntCov 0.0x | Current 1.32x | Borrow/Reserve 2.20x
Cash Flow Reliability
100/100
Strong
Derived from: Cash backing of earnings + working capital pressure
Current data: CFO ₹0 Cr | NP ₹-57 Cr | CFO/NP N/A
Ownership Accumulation
0
Neutral
Derived from: FII + DII + promoter direction, adjusted by crowding
Current data: FII 0.00 pp | DII N/A | Prom 0.00 pp
Business Momentum
+62
Watch closely
Derived from: Latest quarter sales + profit + OPM change
Current data: Q Sales -100.0% | Q NP +9.7% | Q OPM +15.6 pp
Derived FieldValueHow it is derived
Valuation Gap %+1,016.9%((Fair Value - CMP) / CMP) × 100
Borrowings / Reserves2.20xLatest borrowings divided by latest reserves
CFO / Net ProfitN/ALatest operating cash flow divided by latest net profit
FII Change0.00 ppLatest FII% minus previous FII%
DII ChangeN/ALatest DII% minus previous DII%
Promoter Change0.00 ppLatest promoter% minus previous promoter%
Shareholder Count Change+112Latest shareholder count minus previous count
Quarterly Sales Change-100.0%Latest quarter sales vs previous quarter sales
Quarterly Profit Change+9.7%Latest quarter net profit vs previous quarter net profit
Quarterly OPM Change+15.6 ppLatest quarter OPM minus previous quarter OPM

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 2:39 am

Market Cap 16.5 Cr.
Current Price 3.54
Intrinsic Value₹39.54
High / Low 21.0/3.26
Stock P/E
Book Value 17.5
Dividend Yield0.00 %
ROCE20.3 %
ROE47.6 %
Face Value 10.0
PEG Ratio0.00

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Astron Paper & Board Mill Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Mohit Paper Mills Ltd 33.7 Cr. 24.1 38.8/23.85.20 39.00.00 %12.0 %13.6 % 10.0
Gratex Industries Ltd 5.26 Cr. 17.4 26.2/14.258.4 12.20.00 %3.85 %2.52 % 10.0
Ganga Papers India Ltd 74.0 Cr. 68.6 111/68.651.0 29.00.00 %6.44 %5.19 % 10.0
Encode Packaging India Ltd 3.69 Cr. 11.7 14.0/10.6 10.30.00 %2.05 %2.11 % 10.0
Cella Space Ltd 27.1 Cr. 13.4 19.3/9.5528.2 10.30.00 %10.7 %% 10.0
Industry Average694.36 Cr69.4125.25107.280.86%9.32%134.80%6.50

All Competitor Stocks of Astron Paper & Board Mill Ltd

Quarterly Result

MetricSep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Sales 100.1387.2091.5478.3880.6773.3378.4058.4335.551.370.881.280.00
Expenses 113.4291.9989.8976.3778.6570.8682.8167.5142.9116.533.001.480.86
Operating Profit -13.29-4.791.652.012.022.47-4.41-9.08-7.36-15.16-2.12-0.20-0.86
OPM % -13.27%-5.49%1.80%2.56%2.50%3.37%-5.62%-15.54%-20.70%-1,106.57%-240.91%-15.62%
Other Income 0.290.120.300.040.190.030.530.250.110.000.110.000.00
Interest 2.662.573.222.652.802.852.932.703.052.913.533.182.13
Depreciation 1.641.731.741.891.791.801.781.911.791.791.741.891.77
Profit before tax -17.30-8.97-3.01-2.49-2.38-2.15-8.59-13.44-12.09-19.86-7.28-5.27-4.76
Tax % -30.17%-26.76%-54.15%-24.50%-30.25%-28.84%-28.75%-29.24%-34.41%40.74%55.63%0.00%0.00%
Net Profit -12.07-6.58-1.39-1.89-1.66-1.54-6.13-9.51-7.92-27.95-11.33-5.26-4.75
EPS in Rs -2.60-1.42-0.30-0.41-0.36-0.33-1.32-2.05-1.70-6.01-2.44-1.13-1.02

Last Updated: January 2, 2026, 9:31 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: March 20, 2026, 4:00 am

MetricMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 251373358434512395311964
Expenses 2193203224034844123091306
Operating Profit 3253363228-182-34-2
OPM % 13%14%10%7%5%-4%1%-35%-66%
Other Income 111211100
Interest 101111111011111213
Depreciation 456777777
Profit before tax 1938201612-35-16-53-22
Tax % -10%28%33%34%34%-31%-28%8%
Net Profit 212813108-24-11-57-26
EPS in Rs 4.485.942.852.201.74-5.15-2.41-12.20-5.68
Dividend Payout % -0%-0%-0%-0%-0%-0%-0%-0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)33.33%-53.57%-23.08%-20.00%-400.00%54.17%-418.18%
Change in YoY Net Profit Growth (%)0.00%-86.90%30.49%3.08%-380.00%454.17%-472.35%

Astron Paper & Board Mill Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 7 years from 2018-2019 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:%
5 Years:-23%
3 Years:-43%
TTM:-87%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:%
TTM:-178%
Stock Price CAGR
10 Years:%
5 Years:-16%
3 Years:-23%
1 Year:-26%
Return on Equity
10 Years:%
5 Years:-9%
3 Years:-21%
Last Year:-47%

Last Updated: September 5, 2025, 12:00 am

Balance Sheet

Last Updated: December 4, 2025, 12:59 am

MonthMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 464646464646464646
Reserves 801051191291371131024535
Borrowings 756873587684837877
Other Liabilities 319290909068634849
Total Liabilities 232313329323350312294217207
Fixed Assets 90138151149144155150142139
CWIP 1320780000
Investments 011221111
Other Assets 1281721761661971551437468
Total Assets 232313329323350312294217207

Reserves and Borrowings Chart

Cash Flow

MonthMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 5462835-1011124
Cash from Investing Activity + -28-28-18-5-3-10-12
Cash from Financing Activity + 38-33-4-2411-0-11-16
Net Cash Flow 15-1556-210-10
Free Cash Flow -22171024-131105
CFO/OP 26%94%101%122%-22%-74%582%-12%

Free Cash Flow

MonthMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-43.00-15.00-37.00-26.00-48.00-102.00-81.00-112.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 8684966770606483
Inventory Days 7595886150587269
Days Payable 53110127927576100156
Cash Conversion Cycle 108695736454235-4
Working Capital Days 2021222528-5-18-133
ROCE %23%14%11%9%-9%-2%-20%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 27.06%27.06%27.06%27.06%27.06%27.06%27.06%25.37%25.37%25.37%25.37%25.37%
FIIs 0.00%0.00%0.00%0.00%0.00%0.06%0.00%0.00%0.00%0.00%0.00%0.00%
Public 72.94%72.93%72.93%72.94%72.94%72.89%72.94%74.63%74.63%74.62%74.63%74.63%
No. of Shareholders 21,33620,82421,85321,07521,04920,96521,18721,83921,75521,26721,21521,327

Shareholding Pattern Chart

No. of Shareholders

Astron Paper & Board Mill Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) -12.20-2.41-5.151.772.20
Diluted EPS (Rs.) -12.20-2.41-5.151.772.20
Cash EPS (Rs.) -10.64-0.84-3.683.283.70
Book Value[Excl.RevalReserv]/Share (Rs.) 19.6431.8434.2439.5337.79
Book Value[Incl.RevalReserv]/Share (Rs.) 19.6431.8434.2439.5337.79
Revenue From Operations / Share (Rs.) 20.6966.8484.89110.2993.58
PBDIT / Share (Rs.) -7.150.62-3.606.257.26
PBIT / Share (Rs.) -8.71-0.94-5.084.755.77
PBT / Share (Rs.) -11.32-3.36-7.432.673.35
Net Profit / Share (Rs.) -12.20-2.41-5.151.772.21
NP After MI And SOA / Share (Rs.) -12.20-2.41-5.151.772.21
PBDIT Margin (%) -34.560.92-4.245.677.75
PBIT Margin (%) -42.06-1.41-5.984.306.16
PBT Margin (%) -54.72-5.02-8.752.423.57
Net Profit Margin (%) -58.93-3.60-6.061.602.36
NP After MI And SOA Margin (%) -58.93-3.60-6.061.602.36
Return on Networth / Equity (%) -62.10-7.57-15.044.485.84
Return on Capital Employeed (%) -36.91-2.90-14.4910.8413.48
Return On Assets (%) -26.12-3.80-7.672.353.17
Long Term Debt / Equity (X) 0.190.010.010.040.07
Total Debt / Equity (X) 0.850.550.530.410.32
Asset Turnover Ratio (%) 0.371.031.211.571.37
Current Ratio (X) 0.670.961.031.331.32
Quick Ratio (X) 0.510.660.710.990.94
Inventory Turnover Ratio (X) 3.134.916.347.775.85
Interest Coverage Ratio (X) -2.730.25-1.533.013.00
Interest Coverage Ratio (Post Tax) (X) -3.660.00-1.181.851.91
Enterprise Value (Cr.) 126.53161.75169.21266.55237.71
EV / Net Operating Revenue (X) 1.310.520.420.510.54
EV / EBITDA (X) -3.8056.02-10.099.177.04
MarketCap / Net Operating Revenue (X) 0.500.280.240.380.43
Price / BV (X) 0.530.600.591.081.08
Price / Net Operating Revenue (X) 0.500.280.240.380.43
EarningsYield -1.16-0.12-0.250.040.05

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Astron Paper & Board Mill Ltd. is a Public Limited Listed company incorporated on 29/12/2010 and has its registered office in the State of Gujarat, India. Company's Corporate Identification Number(CIN) is L21090GJ2010PLC063428 and registration number is 063428. Currently Company is involved in the business activities of Manufacture of corrugated paper and paperboard. Company's Total Operating Revenue is Rs. 95.95 Cr. and Equity Capital is Rs. 46.50 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Paper & Paper ProductsD-702, Seventh Floor, Ganesh Meridian, Ahmedabad Gujarat 380060Contact not found
Management
NamePosition Held
Mr. Kirit Ghanshyambhai PatelChairman & Managing Director
Mr. Sudhir Omprakash MaheshwariIndependent Director
Mr. Karshanbhai Hirabhai PatelDirector
Mr. Ramakant Kantibhai PatelWhole Time Director
Mr. Dhyanam S VyasIndependent Director

FAQ

What is the intrinsic value of Astron Paper & Board Mill Ltd and is it undervalued?

As of 05 April 2026, Astron Paper & Board Mill Ltd's intrinsic value is ₹39.54, which is 1016.95% higher than the current market price of ₹3.54, suggesting the stock is undervalued. This is calculated using the PE ratio method factoring in ROE (47.6 %), book value (₹17.5), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Astron Paper & Board Mill Ltd?

Astron Paper & Board Mill Ltd is trading at ₹3.54 as of 05 April 2026, with a FY2026-2027 high of ₹21.0 and low of ₹3.26. The stock is currently near its 52-week low. Market cap stands at ₹16.5 Cr..

How does Astron Paper & Board Mill Ltd's P/E ratio compare to its industry?

Astron Paper & Board Mill Ltd has a P/E ratio of , which is below the industry average of 25.25. This is broadly in line with or below the industry average.

Is Astron Paper & Board Mill Ltd financially healthy?

Key indicators for Astron Paper & Board Mill Ltd: ROCE of 20.3 % indicates efficient capital utilization; ROE of 47.6 % shows strong shareholder returns. Dividend yield is 0.00 %.

Is Astron Paper & Board Mill Ltd profitable and how is the profit trend?

Astron Paper & Board Mill Ltd reported a net profit of ₹-57 Cr in Mar 2025 on revenue of ₹96 Cr. Compared to ₹8 Cr in Mar 2022, the net profit shows a declining trend.

Does Astron Paper & Board Mill Ltd pay dividends?

Astron Paper & Board Mill Ltd has a dividend yield of 0.00 % at the current price of ₹3.54. The company is currently not paying meaningful dividends.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Astron Paper & Board Mill Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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