Asahi Songwon Colors Limited (ASAHISONG) share price
₹363.95 on NSE as of 2026-09-11. -3.11% on the day. market cap ₹429 Cr. P/E 12.3. 52-week range ₹182.78 to ₹394.90. Chemicals.
What the company does
Jaykrishnafamilybased out of Ahmedabad (Gujarat).The companyis mainly engaged in manufacturing and salesof Copper Phthalocyanine(CPC) pigments includingCPC Blue Crude, Beta Blue and Alpha Blue.As on September30, 2024, ASCLhad aninstalled capacityof 13,200 MetricTons PerAnnum (MTPA)for manufacturing Blue Pigment (CPC Blue Crude, Beta Blue and Alpha Blue) at itsPadra (Vadodara) plant(ISO 9001:2008 and ISO 14001:2004 certified).ASCL has long-standingrelationship (technicalcollaboration/equityparticipation/sourcingarrangement) with some of the world’slargestcolorantcompanies. Underits JV/subsidiary,ASCLis alsoengaged inmanufacturing Azo pigments (comprising of red & yellow pigments) with manufacturing capacityof 2,400 MTPA at Dahej (Bharuch) and API intermediates/bulkdrugs with APIcapacity of 50 tonne per month acrossOdhav (Ahmedabad) and Chattral(Gandhinagar). ratingincomeTotal 508.30 275.88 PBILDT PAT Overall gearing(times: Interestcoverage(times) 9.03 -18.47 0.77 0.64 27.23 7.68 0.
Filed by CARE Ratings, page 5.
Asahi Songwon Colors Q1 FY27: ₹189 Cr Revenue, ₹19.2 Cr Profit, and a Quarter That Doesn't Look Like the Three Before It
At a glance
Asahi Songwon Colors reported consolidated revenue of ₹188.91 crore for the quarter ended June 2026, against ₹149.88 crore in the year-ago quarter — a rise of 26.0%. Sequentially, revenue moved up 31.1% from ₹144.05 crore in March 2026.
Operating profit came in at ₹31.80 crore versus ₹10.54 crore a year earlier, taking operating margin to 16.8% from 7.0%. Net profit was ₹19.23 crore against ₹3.16 crore, an increase of 508%. EPS for the quarter was ₹16.31.
The segment split in the filing shows Pigments revenue of ₹155.16 crore and API revenue of ₹34.54 crore. Pigment segment results were ₹23.08 crore against ₹7.81 crore a year earlier; API segment results were ₹4.85 crore against a loss of ₹0.44 crore.
Interest cost for the quarter was ₹2.58 crore, down from ₹3.14 crore. Borrowings on the balance sheet stood at ₹143.21 crore as of March 2026, against ₹197.20 crore two years earlier.
This single quarter's profit of ₹19.23 crore compares with a full-year FY26 profit of ₹17.78 crore. One quarter has already cleared twelve months of the year that preceded it — and the twelve months before that saw revenue fall 4.78%. What happened between those two facts is the rest of this entry.
Introduction
Asahi Songwon Colors was incorporated in December 1990, promoted by the Jaykrishna family out of Ahmedabad. For most of its life it made one thing: blue. Specifically Copper Phthalocyanine — CPC Blue Crude, Beta Blue, Alpha Blue — from a plant at Padra near Vadodara. In 2014 the company had one production facility, one product line, and nineteen customers.
The company now lists four manufacturing facilities and 101 customers. Blue pigments remain the mainstay at Padra. Red and yellow Azo pigments come out of Dahej, made through Asahi Tennants Color Private Limited, a joint venture with UK-based Tennants Textiles Colours. APIs and intermediates come from Odhav and Chhatral, through Atlas Life Sciences, in which the company acquired the remaining 22% stake in FY24 for ₹9.65 crore, taking it to a wholly owned subsidiary.
The last twelve months have been busy in the corner office. Sudhin Bhagwandas Choksey resigned as independent director effective April 4, 2026. CFO Pratik Shah resigned effective April 9, 2026 for personal reasons. On May 26, 2026 the board approved FY26 audited results, recommended a final dividend of ₹1.50, reappointed the Managing Directors and appointed Arjun Gokul Jaykrishna as CEO — Gokul M. Jaykrishna stepping down from that role while remaining Managing Director. Maulik P. Shah was appointed CFO effective July 7, 2026. And on July 29, 2026, alongside the Q1 results, the board appointed Sanjay Srivastava as independent director for five years.
CARE Ratings reaffirmed its facilities in April 2026 at CARE A; Positive and CARE A1, citing an established operating track record, experienced management, and secured supply arrangements for phthalic anhydride, a key raw material.
Business model
They make colour. Then they sell colour to the people who put colour in your printing ink, your paint bucket, your plastic chair, and your textile dye bath. Somewhere in a warehouse in Ohio there is a can of blue that started life as crude oil derivatives in Gujarat, and Asahi is the reason it is that particular blue.
The blue business is the crown. The company describes itself as one of the largest manufacturers of CPC Blue crude globally, backward-integrated: making one tonne of Beta or Alpha Blue requires one tonne of CPC Blue crude, and Asahi makes its own crude. Padra sits on 98,000 sq mt with 25,000 sq mt still empty and waiting. Installed blue capacity is 13,200 MTPA as of December 2025.
The moat, as the company tells it, is boredom. Customer approval takes years. Switching costs are high. The presentation notes no customer lost in over three decades and 80% of business from repeat customers. This is not a business that wins on marketing flair; it wins by never once shipping the wrong shade of blue to DIC Corporation for twenty-one consecutive years.
Azo — red, yellow, orange — is the newer act, run from a 60,000 sq mt Dahej plot at 2,400 TPA capacity, with 40,000 sq mt expandable area sitting there like an unopened room. The pitch is China+1: China accounts for over 50% of global pigment production, Azo is the largest pigment category by volume, and India would quite like some of that.
Then there is API. Pregabalin, R-Compound, Levosulpiride, Amisulpride, Glicazide, Phenylephrine — an anti-convulsant and anti-psychotic portfolio, plus ten products in R&D including six new molecules. A blue-pigment company from Padra now also makes bulk drugs in Chhatral. The Ind AS segment note handles this by calling them "Chemicals" and "Life Science Chemicals," which is the accounting equivalent of shrugging politely.
Exports were 69% of revenue in FY26, across nineteen countries.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Asahi Songwon Colors Limited.
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