Asahi Songwon Colors Limited (ASAHISONG)

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Asahi Songwon Colors Limited (ASAHISONG) · mywealthgrid

About

Asahi Songwon Colors manufactures dyes and pigments for industrial end-uses including textiles, paints, coatings, and pharmaceuticals. The company operates with a market capitalization of ₹421.26 Cr and achieved quarterly revenues ranging from ₹73–189 Cr in recent periods, with net profit recovery to ₹17–19 Cr in Jun 2026. It competes in the chemicals and petrochemicals sector.

Face value: ₹10

Market cap

₹438 Cr

P/E

12.8×

P/B

1.6×

Dividend yield

0.4%

ROE

7.1%

ROCE

10.4%

Debt / equity

0.52

OPM

9.3%

EPS (TTM)

₹29.0

Book value

₹230.2

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Sharp earnings swings: Net profit fell to ₹2–3.5 Cr (Dec 2025) from ₹17–19 Cr (Jun 2026); verify root cause (raw materials, capacity, demand cycles, customer mix) and whether recovery is durable
Margin compression in downturns: OPM bottomed at 7.86–8.51% in Sep–Dec 2025; verify working capital and fixed-cost burden during soft demand
Low capital returns: ROE of 7.13% is modest; verify if assets are underutilized or sector-constrained
Cyclical industry exposure: Dyes and pigments demand tracks textile, construction, pharma, and automotive cycles; verify order book trends and customer concentration

Generated analysis · source review pending

Growth drivers

Profitability recovery in Jun 2026 (₹17–19 Cr net profit) from Dec 2025 trough (₹2–3.5 Cr) signals improved demand or cost environment; verify if volume-driven, pricing-driven, or structural and likely to sustain
Operating margin expansion to 16.8–17.8% (Jun 2026) from 7.9–8.5% (Sep–Dec 2025) could support earnings per rupee of sales if underpinned by input-cost easing or mix improvement; verify sustainability
Revenue base of ₹135–189 Cr per quarter provides scale to absorb fixed costs if dyes and pigments demand recovers; verify current capacity utilization and market positioning
Dividend continuity (2021–2025) suggests cash availability; growth in dividend would indicate sustained profit improvement

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹371.3-3.4%1Y

Quick read

rule-based

Pros

+High promoter holding of 67% with no pledge

Cons

−Low return on equity of 8% (3-yr avg)
−Profit declined 10.2% a year over the last 5 years
−Low dividend payout of 5.2% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

61/100

Business quality: 26
Growth: 69
Valuation: 88

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	284	283	415	505	426	562	535
COGS	175	159	262	383	305	371	359
Gross profit	108	124	153	122	121	191	176
	74	75	117	117	103	135	127
	34	50	37	5	18	56	50
OPM %	12.1%	17.5%	8.8%	1.1%	4.3%	10%	9.3%
Depreciation	8	9	12	15	16	19	19
Interest	4	2	5	14	13	16	12
	1	5	1	6	28	4	7
Profit before tax	23	44	21	-18	18	25	26
Tax	0	12	6	1	2	8	8
Tax %	1.9%	26.8%	29.8%	4.1%	12.7%	32.5%	30.4%
	23	32	15	-18	16	17	18
PAT margin %	8.1%	11.3%	3.5%	-3.7%	3.7%	3%	3.3%
EPS (₹)	18.6	26.3	16.1	-9.8	17	16.8	15.9
EPS adjusted (₹)	18.6	26.8	16.1	-9.9	17	16.8	15.9
	16.1%	13.3%	3.1%	—	2.9%	8.9%	9.4%
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	12	12	12	12	12	12	12
Reserves	189	215	230	207	224	243	260
Minority interest	14	47	42	41	30	27	26
	16	50	87	180	197	165	141
	46	65	98	107	112	143	164
Total equity & liabilities	278	389	470	547	575	590	603
	109	176	199	275	306	305	292
CWIP	11	9	0	25	11	0	0
Investments	13	2	1	1	1	0	2
	145	203	269	245	257	284	309
Total assets	278	389	470	547	575	590	603

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
PIGMENTS	429.18	33.84	639.29	252.24	387.05	8.74
API	113	3.96

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	38.2%	43.9%	36.9%	24.2%	28.5%	34%	32.9%
EBITDA margin %	12.1%	17.5%	8.8%	1.1%	4.3%	10%	9.3%
EBIT margin %	9.2%	14.4%	6%	-1.9%	0.5%	6.7%	5.8%
PAT margin %	8.1%	11.3%	3.5%	-3.7%	3.7%	3%	3.3%
Working capital
Receivable days	71	101	80	77	105	96	94
Inventory days	61	112	148	82	102	85	127
Payable days	1	6	11	78	95	109	135
NWC days	131	207	216	82	111	73	85
Leverage
Current ratio	2.82	1.79	1.62	1.12	1.15	1.21	1.25
Debt to EBITDA	0.47	1.01	2.38	34.03	10.8	2.93	2.83
Debt to equity	0.08	0.22	0.36	0.82	0.84	0.65	0.52
Interest coverage	7.5	21.2	5.4	-0.3	0.4	2.5	3.1
Asset turnover	1.02	0.73	0.88	0.92	0.74	0.95	0.89
Return ratios
Return on assets %	8.2%	8.2%	3.1%	-3.4%	2.7%	2.9%	2.9%
Return on capital employed %	11.1%	15.2%	8.2%	-1.1%	1.4%	11.5%	10.4%
Return on equity %	11.3%	14%	6%	-8.4%	6.6%	6.6%	6.6%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	66.73%	66.77%	66.77%	66.77%	66.83%	66.83%	66.83%	66.83%	67%	67%	67%	67%
	0%	0.17%	0.1%	0.07%	0.07%	0%	0%	0%	0.08%	0%	0.05%	0.01%
	0%	0%	0%	0%	0.21%	0%	0%	0%	0.03%	0.3%	0.31%	0.32%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	33.27%	33.06%	33.13%	33.16%	32.89%	33.17%	33.17%	33.17%	32.89%	32.7%	32.64%	32.67%
No. of shareholders	—	—	—	—	—	—	—	—	9,764	10,141	9,731	9,792

Promoter holding up 0.27 percentage points since Sep 2023.

4 deals · 18 Sept 2023 – 30 Jul 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
30 Jul 2024	MAGPRO SECURITIES PVT LTD	Bulk	NSE	Buy	1,31,956	₹569.32	₹7.51 Cr
30 Jul 2024	MAGPRO SECURITIES PVT LTD	Bulk	NSE	Sell	1,23,956	₹568.22	₹7.04 Cr
18 Sept 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	81,438	₹278.77	₹2.27 Cr
18 Sept 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	81,438	₹278.67	₹2.27 Cr

1–4 of 4

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mrs. Paru Mrugesh JaykrsihnaExecutive Director-Chairperson related to Promoter-MD
Mr. Gokul Mrugesh JaykrishnaExecutive Director-MD
Mr. Samvegbhai Arvindbhai LalbhaiNon-Executive - Non Independent Director
Mr. Maulik Deepak MehtaNon-Executive - Independent Director
Mr. Anil JainNon-Executive - Independent Director
Mr. Arjun Gokul JaykrishnaExecutive Director-CEO
Mrs. Shivani Revat LakhiaNon-Executive - Independent Director
Mr. Miteshkumar Nandubhai PatelExecutive Director
Mr. Rupesh Chandrakant ShahNon-Executive - Independent Director
Mr. Sanjay SrivastavaNon - Executive Independent Director
Mr. Maulik P. ShahChief Financial Officer

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Asahi Songwon Colors Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Asahi Songwon Colors Limited has informed the Exchange that the Care Ratings Limited (CARE) has reviewed the ratings on the banking facilities of the Company and reaffirmed their ratings.8 Apr 2026 from CARE

Investor Presentation and earnings call

Jun 2026Transcript AI Summary PPT REC
Nov 2025Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

23

Final dividend23 Sept 2026 · ex-date₹1.5
Final dividend4 Sept 2025 · ex-date₹1.5
Final dividend20 Sept 2024 · ex-date₹0.5
Final dividend21 Sept 2023 · ex-date₹0.5
Final dividend22 Sept 2022 · ex-date₹0.5
Final dividend21 Sept 2021 · ex-date₹3.5
Interim dividend4 Mar 2020 · ex-date₹3
Final dividend19 Sept 2019 · ex-date₹3
Final dividend19 Sept 2018 · ex-date₹3
Interim dividend23 Mar 2017 · ex-date₹3
Interim dividend22 Mar 2016 · ex-date₹2
Final dividend23 Sept 2015 · ex-date₹3.5
Final dividend16 Sept 2014 · ex-date₹3.5
Final dividend17 Sept 2013 · ex-date₹3.5
Final dividend18 Sept 2012 · ex-date₹2.25
Interim dividend16 Nov 2011 · ex-date₹1.25
Final dividend12 Aug 2011 · ex-date₹2
Interim dividend1 Nov 2010 · ex-date₹1
Final dividend9 Jul 2010 · ex-date₹1
Interim dividend28 Jan 2010 · ex-date₹0.7
Dividend dividend24 Sept 2009 · ex-date₹1
Dividend dividend19 Sept 2008 · ex-date₹1.2
Dividend dividend9 Aug 2007 · ex-date₹1

1

Board meeting to consider results29 Jul 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

18 announcementsExport CSV

30 Sept 2026, 5:00 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

28 Sept 2026, 6:18 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

7 Sept 2026, 5:45 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

5 Sept 2026, 10:41 pmOthers

Reg. 34 (1) Annual Report.

Reg. 34 (1) Annual Report PDF

5 Sept 2026, 8:37 pmAGM/EGM

Intimation Regarding Dispatch Of Letter To Those Shareholders Whose E-Mail Address Are Not Registered For Annual Report Of FY 2025-2026

AGM PDF

5 Sept 2026, 6:55 pmCorp. Action

Intimation Of Record Date For Final Dividend

Record Date PDF

5 Sept 2026, 6:50 pmAGM/EGM

Notice Of 36Th Annual General Meeting

AGM PDF

26 Aug 2026, 7:11 pmAGM/EGM

Voting Results Of Extra-Ordinary General Meeting

EGM PDF

Date	Category	Subject	Filing
30 Sept 2026, 5:00 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
28 Sept 2026, 6:18 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	38.2%	43.9%	36.9%	24.2%	28.5%	34%	32.9%
EBITDA margin %	12.1%	17.5%	8.8%	1.1%	4.3%	10%	9.3%
EBIT margin %	9.2%	14.4%	6%	-1.9%	0.5%	6.7%	5.8%
PAT margin %	8.1%	11.3%	3.5%	-3.7%	3.7%	3%	3.3%
Working capital
Receivable days	71	101	80	77	105	96	94
Inventory days	61	112	148	82	102	85	127
Payable days	1	6	11	78	95	109	135
NWC days	131	207	216	82	111	73	85
Leverage
Current ratio	2.82	1.79	1.62	1.12	1.15	1.21	1.25
Debt to EBITDA	0.47	1.01	2.38	34.03	10.8	2.93	2.83
Debt to equity	0.08	0.22	0.36	0.82	0.84	0.65	0.52
Interest coverage	7.5	21.2	5.4	-0.3	0.4	2.5	3.1
Asset turnover	1.02	0.73	0.88	0.92	0.74	0.95	0.89
Return ratios
Return on assets %	8.2%	8.2%	3.1%	-3.4%	2.7%	2.9%	2.9%
Return on capital employed %	11.1%	15.2%	8.2%	-1.1%	1.4%	11.5%	10.4%
Return on equity %	11.3%	14%	6%	-8.4%	6.6%	6.6%	6.6%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Sudarshan Chemical Industries LimitedSUDARSCHEMSUDARSCHEM	₹9,758 Cr	₹11,877 Cr	₹9,922 Cr	₹656 Cr	6%	₹72 Cr	0.4%	4.7%	0.6%	129
Kiri Industries LimitedKIRIINDUSKIRIINDUS	₹3,551 Cr	₹3,591 Cr	₹950 Cr	₹-189 Cr	-26.3%	₹5,847 Cr	663%	-1.7%	115%	-62
Bodal Chemicals LimitedBODALCHEMBODALCHEM	₹2,389 Cr	₹3,189 Cr	₹2,267 Cr	₹183 Cr	8%	₹69 Cr	2.4%	8.4%	4.2%	105
Bhageria Industries LimitedBHAGERIABHAGERIA	₹1,666 Cr	₹1,767 Cr	₹1,003 Cr	₹116 Cr	10.4%	₹69 Cr	5.1%	9.9%	8%	56
Shree Pushkar Chemicals & Fertilisers LimitedSHREEPUSHKSHREEPUSHK	₹1,588 Cr	₹1,715 Cr	₹1,002 Cr	₹102 Cr	10.2%	₹72 Cr	7.2%	14.2%	12.2%	53
Ultramarine & Pigments LimitedULTRAMARULTRAMAR	₹1,186 Cr	₹1,265 Cr	₹775 Cr	₹124 Cr	16%	₹81 Cr	10.4%	10.7%	8.8%	—
Sudarshan Colorants India LimitedSUDARCOLORSUDARCOLOR	₹850 Cr	₹850 Cr	₹791 Cr	₹72 Cr	9.1%	₹41 Cr	5.2%	12.2%	9.1%	—
Asahi Songwon Colors LimitedASAHISONGASAHISONG	₹438 Cr	₹579 Cr	₹575 Cr	₹71 Cr	9.3%	₹34 Cr	3.3%	10.4%	7.1%	85
Aksharchem India LimitedAKSHARCHEMAKSHARCHEM	₹303 Cr	₹412 Cr	₹416 Cr	₹33 Cr	4.6%	₹14 Cr	-0.1%	0.2%	-0.2%	92
Poddar Pigments LimitedPODDARMENTPODDARMENT	₹269 Cr	₹275 Cr	₹374 Cr	₹22 Cr	6.3%	₹15 Cr	3.9%	5.7%	4.1%	137
Hindprakash Industries LimitedHPILHPIL	₹130 Cr	₹161 Cr	₹100 Cr	₹4 Cr	2.6%	₹2 Cr	1.6%	8.2%	3.2%	—

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	7	9	34	8	58	43
	-59	-38	-81	-12	-5	-7
	50	28	47	4	-49	-38
Net cash flow	-2	-0	0	-0	3	-2
Free cash flow	-89	-19	2	-46	52	38
CFO / Operating profit %	14.3%	24.8%	636.6%	42.7%	103.1%	86.8%

Asahi Songwon Colors Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Dividends23

Board meetings1

Announcements

Dividends23

Board meetings1

Ratio timeline

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

API · revenue

23

1

23

1