Asahi Songwon Colors Ltd

₹ 245 -3.19%

29 May - close price

asahisongwon.com BSE: 532853 NSE: ASAHISONG

About

Incorporated in 1990, Asahi Songwon Colors is one of the leading manufacturers of blue (Phthalocyanine) pigments for ink, plastics, paint, textile and paper industry with globally benchmarked manufacturing capabilities. The company has ventured into manufacturing of yellow, red and orange (AZO) pigments and APIs.^[1]

Key Points

Product Portfolio
a) Phthalocyanine Pigments^[1]
Asahi is the world’s largest producer of CPC Blue crude, a key raw material for Beta and Alpha Blue pigments, with strong backward integration. These pigments are used across inks, plastics, paints, textiles, and paper industries.

Website BSE NSE

Market Cap ₹ 291 Cr.
Current Price ₹ 245
High / Low ₹ 463 / 179
Stock P/E 13.0
Book Value ₹ 260
Dividend Yield 0.61 %
ROCE 9.94 %
ROE 7.56 %
Face Value ₹ 10.0

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Pros

Stock is trading at 0.94 times its book value

Cons

The company has delivered a poor sales growth of 3.99% over past five years.
Company has a low return on equity of 6.42% over last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Commodities Chemicals Chemicals & Petrochemicals Dyes And Pigments

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	82.81	67.99	57.91	66.97	83.85	89.83	99.46	93.69	107.24	106.13	72.96	74.31	90.74
	90.84	67.99	53.06	62.93	75.77	79.50	88.70	84.68	92.88	96.82	66.96	67.30	77.91
Operating Profit	-8.03	0.00	4.85	4.04	8.08	10.33	10.76	9.01	14.36	9.31	6.00	7.01	12.83
OPM %	-9.70%	0.00%	8.38%	6.03%	9.64%	11.50%	10.82%	9.62%	13.39%	8.77%	8.22%	9.43%	14.14%
	1.83	1.01	26.81	1.32	1.58	1.68	1.80	2.61	1.83	2.06	2.58	1.24	4.61
Interest	2.20	2.01	1.57	1.38	1.70	1.94	1.82	2.08	1.70	1.09	1.00	1.25	1.29
Depreciation	2.62	2.58	2.59	2.58	2.57	2.54	2.57	2.58	2.48	2.43	2.45	2.49	2.42
Profit before tax	-11.02	-3.58	27.50	1.40	5.39	7.53	8.17	6.96	12.01	7.85	5.13	4.51	13.73
Tax %	-23.05%	-24.86%	10.15%	74.29%	26.53%	24.97%	25.83%	34.48%	23.06%	29.55%	29.43%	21.95%	28.84%
	-8.48	-2.70	24.71	0.37	3.95	5.65	6.06	4.55	9.23	5.53	3.62	3.53	9.77
EPS in Rs	-7.19	-2.29	20.96	0.31	3.35	4.79	5.14	3.86	7.83	4.69	3.07	2.99	8.29
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	240	224	253	293	294	284	283	401	337	277	390	344
	203	185	206	254	253	249	234	363	329	260	345	309
Operating Profit	36	39	47	38	40	34	48	38	8	17	45	35
OPM %	15%	18%	19%	13%	14%	12%	17%	9%	2%	6%	11%	10%
	1	3	3	4	-1	1	7	6	6	31	8	10
Interest	5	4	3	4	5	4	2	3	9	7	8	5
Depreciation	6	7	7	7	8	8	8	9	10	10	10	10
Profit before tax	26	31	40	32	26	23	45	32	-5	31	35	31
Tax %	33%	33%	32%	28%	30%	2%	26%	25%	1%	14%	26%	28%
	18	21	27	23	18	23	33	24	-5	26	25	22
EPS in Rs	14.39	17.06	22.29	18.76	14.88	18.97	27.39	20.11	-4.00	22.34	21.62	19.05
Dividend Payout %	24%	12%	13%	16%	20%	16%	13%	2%	-13%	2%	7%	0%

Compounded Sales Growth
10 Years:	4%
5 Years:	4%
3 Years:	1%
TTM:	-12%

Compounded Profit Growth
10 Years:	1%
5 Years:	-6%
3 Years:	89%
TTM:	-13%

Stock Price CAGR
10 Years:	5%
5 Years:	-7%
3 Years:	8%
1 Year:	-43%

Return on Equity
10 Years:	9%
5 Years:	6%
3 Years:	6%
Last Year:	8%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	12	12	12	12	12	12	12	12	12	12	12	12
Reserves	106	124	146	169	181	189	221	240	224	250	275	295
	49	44	35	77	62	22	44	52	97	89	57	71
	46	40	53	61	54	53	61	85	70	65	95	103
Total Liabilities	212	220	247	319	309	276	338	390	402	416	439	480
	94	93	94	141	150	129	138	154	151	122	112	104
CWIP	1	6	10	15	1	2	0	0	0	0	0	0
Investments	18	26	30	19	14	27	51	50	98	107	107	108
	99	95	113	144	143	118	149	185	154	186	220	268
Total Assets	212	220	247	319	309	276	338	390	402	416	439	480

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	25	32	28	6	27	74	5	25	46	-4	51	15
	-9	-15	-12	-44	-3	-21	-16	-25	-70	19	-7	-26
	-16	-17	-17	38	-24	-53	11	1	24	-15	-40	7
Net Cash Flow	0	-0	0	-0	0	0	-0	0	0	-0	3	-3
Free Cash Flow	18	21	16	-53	23	72	14	0	39	40	50	13
CFO/OP	86%	98%	81%	40%	85%	224%	29%	90%	604%	-27%	131%	69%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	65	83	67	99	68	71	101	79	75	103	90	92
Inventory Days	78	58	119	76	132	62	108	116	71	99	78	134
Days Payable	58	57	82	76	66	51	96	91	77	84	106	127
Cash Conversion Cycle	85	85	104	100	134	82	113	105	69	118	62	99
Working Capital Days	32	50	62	52	77	82	82	68	15	35	36	37
ROCE %	16%	19%	23%	15%	13%	11%	17%	12%	1%	3%	12%	10%

Insights

In beta

Mar 2014

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Installed Capacity - Blue Pigments (Phthalocyanine)
MTPA

	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx
xx			xx	xx	xx		xx	xx	xx	xxx	xxx
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	x			x	x	x	x	x
						x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx
x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx
							xx			xx	xx
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Number of Customers Served
Count

Export - Global Footprint
Countries

Global Market Share - Organic Pigments
%

Installed Capacity - AZO Pigments (Red & Yellow)
MTPA

Total Production Volume
MT

Capacity Utilization - AZO Pigments
%

Capacity Utilization - API (Odhav Facility)
%

Capacity Utilization - Blue Pigments
%

Capacity Utilization - API (Chhatral Facility)
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	66.73%	66.73%	66.77%	66.77%	66.77%	66.83%	66.83%	66.83%	66.83%	67.00%	67.00%	67.00%
	0.00%	0.00%	0.17%	0.10%	0.07%	0.07%	0.00%	0.00%	0.00%	0.08%	0.00%	0.05%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.21%	0.00%	0.00%	0.00%	0.03%	0.30%	0.31%
	33.28%	33.27%	33.05%	33.13%	33.16%	32.89%	33.17%	33.17%	33.16%	32.90%	32.71%	32.64%
No. of Shareholders	10,353	10,391	10,394	9,030	9,053	10,070	9,852	9,772	9,764	9,764	10,141	9,731

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	65.28%	65.41%	65.81%	66.42%	66.64%	66.64%	66.73%	66.77%	66.83%	67.00%
	0.04%	0.33%	0.39%	0.24%	0.24%	0.33%	0.02%	0.10%	0.00%	0.05%
	0.07%	0.03%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.31%
	34.62%	34.23%	33.77%	33.34%	33.12%	33.04%	33.25%	33.13%	33.17%	32.64%
No. of Shareholders	6,437	6,412	6,696	6,405	7,286	13,406	11,071	9,030	9,772	9,731

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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