NSE: ASAHISONG · BSE: 532853
ASAHI SONGWON COLOR LTD
Manufactures organic pigments and active pharmaceutical ingredients. The Pigments segment, contributing 79.2% of FY26 segment revenue at ₹429.18 crore, is split between phthalocyanine (blue) pigments, which alone generated ₹354.63 crore, and AZO pigments at ₹74.55 crore. The API segment contributed the remaining 20.8% at ₹113.00 crore of revenue. Exports account for 69% of total sales, making the business heavily oriented to overseas markets. Raw materials are the largest cost at 71.4% of revenue, reflecting the chemicals-based manufacturing model. The API business has grown volumes at 18% CAGR over three years, and the Azo and API businesses reached cash break-even by FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. PIGMENTS (79%), API (21%). Cyclical, chemicals-based manufacturer split between pigments and API, with 69% export exposure
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 415 | 505 | 426 | 562 | 535 |
| EBITDA (ex other income) | 37 | 5 | 44 | 56 | 50 |
| margin % | 8.8 | 1.0 | 10.3 | 10.0 | 9.3 |
| Owners' profit | 19 | (12) | 20 | 20 | 19 |
| EPS, as reported (₹) | 16.10 | (9.83) | 17.01 | 16.76 | 15.92 |
| ROE % · ROCE % | 5.2 · 7.8 | (7.1) · (1.1) | 5.9 · 8.5 | 6.0 · 11.4 | 6.0 · 10.4 |
| Debt / equity (x) | 0.31 | 0.69 | 0.74 | 0.58 | 0.47 |
| Cash from operations | 9 | 34 | 8 | 58 | 43 |
| Capex | (28) | (31) | (53) | (6) | (6) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 142 | 134 | 153 | 150 | 121 | 121 | 144 | 189 |
| Profit before tax | 5 | 4 | 9 | 4 | 4 | 3 | 15 | 25 |
| Net profit | 3 | 2 | 7 | 3 | 2 | 2 | 11 | 19 |
| EPS (₹) | 3.26 | 2.63 | 6.48 | 2.68 | 1.91 | 2.11 | 9.22 | 16.32 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| PIGMENTS | 209 | 38.6 |
| API | 113 | 20.8 |
| Pigments | 220 | 40.5 |
| Total, before eliminations | 542 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUDARSHAN CHEMICAL INDS L | 8,220 | 113.6 | 2.13 | 14.7 | 1.1 | 1.9 | 39.3 | 10.5 |
| KIRI INDUSTRIES LIMITED | 3,129 | 0.5 | 0.49 | 0.5 | 86.4 | 86.1 | (2.6) | 96.6 |
| SHRE PUSH CHEM & FERT LTD | 1,636 | 22.7 | 2.68 | 15.6 | 11.5 | 12.5 | 22.4 | 13.1 |
| BHAGERIA INDUSTRIES LTD | 1,563 | 22.7 | 2.63 | 16.9 | 7.5 | 8.6 | 16.8 | 20.1 |
| ULTRAMARINE & PIGMENTS L | 1,059 | 13.1 | 1.22 | 8.2 | 9.3 | 11.1 | 20.2 | 13.8 |
| SUDARSHAN COLORNT IND LTD | 852 | 17.8 | 1.49 | — | 7.8 | 9.6 | — | 14.8 |
| ASAHI SONGWON COLOR LTD ◆ | 428 | 12.3 | 1.44 | 10.0 | 6.0 | 7.0 | 13.6 | 17.3 |
| AKSHARCHEM INDIA LIMITED | 306 | 21.8 | 1.17 | — | (0.2) | (1.5) | — | 16.1 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 12.3 | 19.8 | 2 of 10 | 89% |
| P/B | 1.4 | 1.5 | 5 of 10 | 56% |
| ROCE | 7.0 | 7.8 | 6 of 10 | 44% |
| ROE | 6.0 | 6.7 | 6 of 10 | 44% |
| Debt / Equity | 0.5 | 0.2 | 9 of 10 | 11% |
| EBITDA margin | 17.3 | 14.3 | 3 of 10 | 78% |
| Revenue growth | 26.0 | 7.8 | 4 of 10 | 67% |
| Profit growth | 633.3 | 53.6 | 3 of 10 | 78% |
| Market cap | 428 | 956 | 7 of 10 | 33% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 10 Oct 2026 · Routine quarterly compliance filing on share dematerialisation | compliance | minimal | — | — |
| 2 Oct 2026 · Asahi Songwon Colors 36th AGM: All 8 Resolutions Passed; Dividend Declared | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 36th AGM held; final dividend declared, key directors re-appointed | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading Window Closed from Oct 1 Ahead of Q2 Results | compliance | minimal | — | — |
| 8 Sept 2026 · Newspaper ad published for AGM notice and e-voting details | compliance | minimal | — | — |
| 7 Sept 2026 · Newspaper ad for AGM notice, e-voting and record date | compliance | minimal | — | — |
| 5 Sept 2026 · FY26 Annual Report filed; revenue down 4.78% to Rs 535.48 cr | results | high | — | — |
| 5 Sept 2026 · 36th AGM notice and dividend of Rs 1.50 per share declared | compliance | minimal | — | — |
| 5 Sept 2026 · Record date fixed for final dividend of Rs 1.50 per share | corporate actions | medium | — | — |
| 5 Sept 2026 · 36th AGM on Sep 30, 2026 via video conferencing; final dividend, director re-appointments on agenda | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.