Astron Paper & Board Mill Limited: Audited Financial Results for FY Ended March 31, 2026, Approved Amidst CIRP
Astron Paper & Board Mill Limited reported a net loss of ₹1,945.30 Lac for the year ended March 31, 2026. The company is undergoing CIRP, and its auditors issued a Disclaimer of Opinion due to significant financial uncertainties and operational issues. The auditors expressed doubt about the company's ability to continue as a going concern.
The company's ongoing insolvency resolution process, the auditors' disclaimer of opinion, and the severe doubts about its going concern status indicate a very high impact on the company's operations and future prospects.
The company is undergoing CIRP, auditors have issued a disclaimer of opinion, and there are significant doubts about its ability to continue as a going concern. The financial results show substantial losses.
Astron Paper & Board Mill Limited, currently undergoing Corporate Insolvency Resolution Process (CIRP), has announced its audited financial results for the quarter and year ended March 31, 2026. The approval was granted by the Insolvency Resolution Professional (IRP), Shri Atul Sheth, in a meeting held on May 30, 2026. The company reported a total revenue of ₹6.94 Lac for the quarter ended March 31, 2026, and ₹279.66 Lac for the full year. The net loss after other comprehensive income for the quarter stood at ₹555.24 Lac, while for the full year, it was ₹1,945.30 Lac. The financial statements were prepared on a going concern basis, despite significant doubts raised by the statutory auditors, M/s. H K Shah & Co. The auditors issued a Disclaimer of Opinion due to various unresolved issues, including substantial bank loan dues amounting to ₹87.61 Crores, non-provision for export and domestic trade receivables, non-recognition of MAT Credit Entitlement, and the company's inability to continue as a going concern due to eroded net worth and operational non-viability. The auditors also highlighted that the company has shut down its plants since September 8, 2024, and has not resumed production. Furthermore, a significant number of independent directors have resigned, leading to non-compliance with SEBI LODR regulations. The company's ability to continue as a going concern is dependent on the successful outcome of the CIRP and the implementation of a resolution plan.
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