Financial Results Approval

The IRP approved the Audited Financial Results for the quarter and year ended 31st March 2026 as per Ind AS, based on Audit Committee recommendation. The results are available on company website https://astronpaper.com/.

Financial Performance (Standalone)

For the year ended 31-Mar-26:

  • Total Revenue: ₹6.94 lakh
  • Total Expenses: ₹2,224.95 crore
  • Profit Before Tax: -₹1,945.30 lakh
  • Net Profit: -₹1,945.30 lakh
  • EPS: -₹4.18 (Basic & Diluted)
  • Paid-up Equity Capital: ₹4,650.00 lakh

For the quarter ended 31-Mar-26:

  • Total Revenue: ₹0.25 lakh
  • Total Expenses: ₹562.17 lakh
  • Profit Before Tax: -₹555.24 lakh
  • Net Profit: -₹555.24 lakh
  • EPS: -₹1.19 (Basic & Diluted)

Balance Sheet Position (Standalone as at 31-Mar-26)

  • Total Assets: ₹20,747.11 lakh
  • Total Equity: ₹8,038.38 lakh
  • Total Liabilities: ₹12,708.73 lakh
  • Bank Borrowings: ₹7,534.40 lakh (Current + Non-current)
  • Debt/Equity Ratio: 0.94

Audit Report Disclaimer

The Statutory Auditors, M/s. H K Shah & Co. (FRN: 109583W), issued a Disclaimer of Opinion citing 19 material uncertainties:

1. Bank Loans & Defaults: Total bank dues of ₹87.61 crore (₹75.34 crore principal + ₹12.27 crore interest) as of 31-Mar-26. All accounts declared NPA in FY25. Lenders initiated SARFAESI proceedings with symbolic possession of assets. IRP took possession of all assets from 11-May-26.

2. Going Concern Issues: Plants at Halvad (shut since 8-Sep-24) and Bhuj non-operational. No production activities during Q4 FY26. Substantial cash losses, negative net worth, and liabilities exceeding assets cast significant doubt on going concern assumption.

3. Provisioning Deficiencies:

  • No provision for doubtful trade receivables (₹1.60 crore export + domestic)
  • No Expected Credit Loss provision per Ind AS 109
  • No interest charged on loans to subsidiary Balaram Papers (₹28.66 crore)
  • No impairment provision for investments in subsidiary (₹4.04 crore for 40.35 lakh shares)
  • No gratuity provision per Ind AS 19

4. Inventory Issues: Inventories of ₹9.74 crore written down in FY25 but potential further deterioration not accounted. No physical verification report provided.

5. Fixed Assets: No impairment test conducted on PPE despite non-operation. Carrying value may not reflect recoverable amount.

6. Unaccounted Liabilities: Imported raw materials with filed Bill of Entries not accounted. Custom duty paid classified as recoverable without corresponding liabilities.

7. Confirmation Issues: Bank balances, loans, receivables, payables not confirmed by counterparties.

8. MAT Credit: Not recognized ₹5.18 crore entitlement due to insufficient future taxable profits.

9. Capital Work-in-Progress: ₹27.89 lakh carried without assessment of recoverability.

10. Opening Balances: Unable to verify opening balances as of 1-Apr-25.

11. Bank Statements: Not provided for verification despite auditor requests.

12. Governance: Majority of independent directors resigned, resulting in non-compliance with SEBI LODR Regulations 17 & 18.

Consolidated Results

The consolidated financial results show:

  • FY26 Net Loss: ₹567.10 lakh
  • Q4 FY26 Net Loss: ₹611.12 lakh
  • EPS: -₹12.20 (FY26), -₹1.31 (Q4 FY26)

The auditors similarly disclaimed opinion on consolidated results, noting additional issues with subsidiary Balaram Papers Private Limited.

Cash Flow Statements

Standalone cash flows for FY26:

  • Net Cash from Operating Activities: ₹119.14 lakh
  • Net Cash from Investing Activities: ₹0.38 lakh
  • Net Cash from Financing Activities: -₹1,203.89 lakh
  • Net Decrease in Cash: -₹11.95 lakh

Other Matters

  • Auditors appointed on 23-Jan-26 to fill casual vacancy caused by predecessor's resignation
  • Predecessor auditor also issued disclaimer opinion for FY25
  • CIRP initiation creates material uncertainty about company's ability to continue as going concern