ASAHISONG

Asahi Songwon Colors financials

Market cap
₹429 Cr
Sector
Chemicals
Calls analysed
3
Latest concall · Q4 FY26 · call held 01 Jun 2026

Asahi Songwon Q4 FY26

Revenue ₹144 cr +30%EBITDA ₹23 cr +30%EBITDA Margin 15.6% PAT ₹10.82 cr +57%

What went well

  • Q4 FY26 Revenue from operations stood at ₹144 crores, marking a 19.4% increase over Q3 FY26.
  • EBITDA for Q4 FY26 was ₹23 crores, showing a significant 122% sequential increase and 30.2% year-on-year growth.
  • Profit after tax for Q4 FY26 increased by 467.29% sequentially to ₹10.82 crores, and 57.46% year-on-year.

What to watch

  • Full-year FY26 consolidated revenue from operations declined by 4.78% to ₹535.48 crores compared to FY25.
  • Full-year FY26 EBITDA, including other income, declined by 6.12% to ₹56.53 crores compared to FY25.
Read the full call →

What Asahi Songwon Colors Limited does

Asahi Songwon Colors manufactures phthalocyanine (Blue) pigments — CPC Blue crude, Beta Blue and Alpha Blue — used in printing/packaging inks, paints, plastics and textile coatings, produced at its Padra plant in Gujarat. It has expanded into AZO (red, yellow, orange) pigments made at its Dahej facility through a joint venture with UK-based Tennants Textile Colours Limited, aimed at import substitution from China. Through its wholly-owned subsidiary Atlas Life Sciences, the company also manufactures active pharmaceutical ingredients (APIs) such as Pregabalin, Levosulpiride and Amisulpride at plants in Odhav and Chhatral. It supplies ink, paint, plastics and textile manufacturers domestically and exports to 19 countries.

Segments

  • Phthalocyanine Pigments
  • AZO Pigments
  • API / Pharma Intermediates
Manufacturing plants
4 (Padra, Dahej, Odhav, Chhatral — Gujarat)
Customers served
101
Export countries
19
AZO (Red & Yellow) pigment capacity
2,400 TPA (Dahej plant)
Manufacturing experience
3 decades (operations since 1993)
AZO segment capacity utilization
~65%
Founded 1993Headquarters Ahmedabad, Gujarat Company website

Guidance record · Q4 FY26

what the last two calls moved 15 tracked 2 delivered 4 missed 9 open
  • EBITDA Growth delivered, diluted said Q4 FY25 Promised: 25% EBITDA growth for the next year (implied ~75 cr) Q4 FY26: Achieved FY26 EBITDA of 56.53 cr, exceeding the heavily revised guidance of ~48 cr, but significantly missing the original growth target of ~75 cr.
  • Top Line Growth missed said Q4 FY25 Promised: 15% top line growth for the next year (implied ~650 cr) Q4 FY26: Achieved FY26 revenue of 535.48 cr, missing the revised guidance of 550-570 cr.
  • Debt to Equity / EBITDA to Debt on track said Q4 FY25 Promised: Debt to equity drops below 0.5, EBITDA to debt drops below 2 in coming year Q4 FY26: Management confirmed debt is dropping faster than internal estimates, with interest costs down 14.15% YoY in Q4.

All 15 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 28.3%, net profit up 183.3% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue99 94 107 106 73 −26%74 −21%91 −15%136 +28%
EBITDA11 9 14 9 6 −45%7 −22%13 −7%24 +167%
Net profit6 5 9 6 4 −33%4 −20%10 +11%17 +183%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +26.6% 1Y

₹200₹250₹300₹350₹400Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 13 Nov 2025Q4 FY26 — 1 Jun 2026

1Y: ₹287.45 on 10 Sept 2025 → ₹363.95. High ₹394.9 (31 Jul 2026), low ₹182.78 (13 Mar 2026).

How the price took the results

close before → close after

Q4 FY26
+5.7%
1 Jun
Q2 FY26
−0.8%
13 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue fell 12.1% a year over 3 years, FY23 to FY26. Operating margin widened to 10.2%.

Year endingFY23FY24FY25FY26
Revenue₹507 Cr₹277 Cr₹390 Cr₹344 Cr
Operating profit₹8 Cr₹17 Cr₹44 Cr₹35 Cr
Operating margin1.5%6.1%11.3%10.2%
Interest₹14 Cr₹7 Cr₹8 Cr₹4 Cr
Depreciation₹15 Cr₹12 Cr₹11 Cr₹8 Cr
Net profit₹-19 Cr₹26 Cr₹26 Cr₹24 Cr
Net margin-3.7%9.4%6.7%7.0%
Cash from operations₹46 Cr₹-4 Cr₹51 Cr₹15 Cr
Free cash flow₹39 Cr₹40 Cr₹50 Cr₹13 Cr
ROCE1.0%3.0%12.0%10.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹12 Cr₹12 Cr₹12 Cr₹12 Cr₹12 Cr₹12 Cr
Reserves₹221 Cr₹240 Cr₹224 Cr₹250 Cr₹246 Cr₹295 Cr
Borrowings₹44 Cr₹52 Cr₹97 Cr₹89 Cr₹141 Cr₹71 Cr
Other liabilities₹61 Cr₹85 Cr₹70 Cr₹65 Cr₹168 Cr₹103 Cr
Total liabilities₹338 Cr₹390 Cr₹402 Cr₹416 Cr₹567 Cr₹480 Cr
Fixed assets₹138 Cr₹154 Cr₹151 Cr₹122 Cr₹299 Cr₹104 Cr
Capital work in progress₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Investments₹51 Cr₹50 Cr₹98 Cr₹107 Cr₹0 Cr₹108 Cr
Other assets₹149 Cr₹185 Cr₹154 Cr₹186 Cr₹267 Cr₹268 Cr
Total assets₹338 Cr₹390 Cr₹402 Cr₹416 Cr₹567 Cr₹480 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public trimmed −0.49 pp while DIIs added +0.32 pp.

Promoters
67.0%
FIIs
0.0%
DIIs
0.3%
Public
32.7%

Since Jun 2025

  • Public −0.49 pp
  • DIIs +0.32 pp
  • Promoters +0.17 pp

How it drifted, 12 quarters

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 66.7%, Public 33.3%.Dec '23: Promoters 66.8%, FIIs 0.2%, Public 33.0%.Mar '24: Promoters 66.8%, FIIs 0.1%, Public 33.1%.Jun '24: Promoters 66.8%, FIIs 0.1%, Public 33.2%.Sep '24: Promoters 66.8%, FIIs 0.1%, DIIs 0.2%, Public 32.9%.Dec '24: Promoters 66.8%, Public 33.2%.Mar '25: Promoters 66.8%, Public 33.2%.Jun '25: Promoters 66.8%, Public 33.2%.Sep '25: Promoters 67.0%, FIIs 0.1%, DIIs 0.0%, Public 32.9%.Dec '25: Promoters 67.0%, DIIs 0.3%, Public 32.7%.Mar '26: Promoters 67.0%, FIIs 0.1%, DIIs 0.3%, Public 32.6%.Jun '26: Promoters 67.0%, FIIs 0.0%, DIIs 0.3%, Public 32.7%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Asahi Songwon Colors Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Mrugesh Jaykrishna Family Trust - I 43.93%unchanged
Gokul M. Jaykrishna Family Trust 22.47%unchanged
DIC Corporation 7.34%unchanged
Arjun Gokul Jaykrishna 0.34%unchanged
Gokul M. Jaykrishna Huf 0.17%unchanged
Gokul Mrugesh Jaykrishna 0.08%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

All earnings calls (3)

Read the Q4 FY26 call →

Learn to analyse Asahi Songwon Colors Limited

Guides on how to read this kind of business and the numbers that matter.