Asahi Songwon Colors Ltd(ASAHISONG)

NSE: ASAHISONGBSE: 532853

₹ 351.45-4.82%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 414 crWebsite: www.asahisongwon.comUpdated: 24 Oct 2026

About

Asahi Songwon Colors manufactures chemical products, and has done so since 1990. It has two reported segments: pigments, made up of phthalocyanine (Blue) and AZO pigments, and pharmaceutical APIs made through its Atlas subsidiary. It reported FY26 revenue of Rs 535.48 crore, with pigments contributing 79.2% of segment revenue.^[1][2][3][4]

Business segments

Pigments: Rs 429.18 crore revenue, 79.2% of segment revenue, in FY26; EBIT margin 7.9%.^[3]
API: Rs 113.0 crore revenue, 20.8% of segment revenue, in FY26; EBIT margin 3.5%.^[3]
Pigments' share of revenue rose 4.1 percentage points over FY2023-FY2026, while API's share fell by the same amount.^[3]
AZO pigment revenue was Rs 78 crores in FY26, up from about Rs 70 cr in FY25; the AZO segment reported a PBT loss of Rs 2.42 crores in FY26.^[4][5]

Products

The core pigments are phthalocyanine (CPC) Blue and AZO pigments, including a yellow pigment line.^[6][5]
Pregabalin made up about 60-70% of API revenue in Q4 FY26. Etoricoxib has been commercialised, and further molecules, including Amisulpride, are in development.^[4]

Capacity utilisation

Blue (standalone) utilisation was about 80-85% in FY26, compared with 85-87% in Q4 FY25.^[4][5]
AZO utilisation was about 65% in FY26, compared with about 64% in FY25.^[4][5]
At the Chattral API site in Q4 FY26, intermediates utilisation was about 70% and finished-product utilisation about 30%.^[4]

Key operating numbers

Blue gross margin was about 34% in Q4 FY26, up from about 29% in Q3 FY26.^[4]
API volumes grew at an 18% CAGR over FY24-FY26.^[4]
Pregabalin prices have fallen about 40-45% since the Atlas acquisition. They had recovered about 15% from the trough by Q4 FY26.^[4]
Q4 FY26 API revenue of about Rs 30 crores was the company's highest quarterly API revenue ever.^[4]
Chinese competitors raised prices by about 30-40% in the months before the Q4 FY26 call.^[4]

Exports and customers

Exports were 64% of revenue in H1 FY26, sold across 19 countries; exports were also 64% of consolidated revenue in FY25.^[6][5]
US shipments were virtually absent in Q2 FY26 because tariff uncertainty led buyers to defer purchases, although CPC Blue is exempt from the tariffs.^[6]
AZO sales were about 90% domestic and 10% export as of FY25.^[5]
AZO qualification talks with prospective US customers restarted around the Q4 FY26 call; commercial volumes are expected over the next year.^[4]

Expansion and capex

No capex is planned to expand Blue capacity; any gains are to come from de-bottlenecking and efficiencies (stated in Q4 FY26).^[4]
Planned AZO capex of Rs 10-15 crores would raise capacity to 1.5x the current level, to be triggered once utilisation reaches 75-85%.^[4]
A new yellow pigment line adding about 40 tons, at a capex of about Rs 5 crore, was expected to be operational 3-4 months after May 2025.^[5]
CEP certification for Pregabalin is expected by the end of FY27.^[4]
Management targets Rs 250-280 crores of peak revenue from Atlas and Chattral over 2-3 years with no additional capex (stated in Q4 FY26).^[4]

Recent developments

Q4 FY26: Gokul Jaykrishna stepped down as CEO and remains Managing Director; Arjun Jaykrishna took over as CEO.^[4]
Total debt fell to Rs 140.78 crores in FY26 from Rs 164.77 crores in FY25, against a peak of Rs 220 crores.^[4]
The AZO segment was EBITDA-positive and reached cash break-even in FY26.^[4]

Market Cap

₹414 Cr

High / Low

₹415 / 179

Stock P/E

12.0

Price / Book

1.5

Book Value

₹230

EPS

₹15.9

No. of Shares

1.18 Cr

ROCE

8.5%

ROE

7.1%

OPM

7.0%

Debt / Equity

0.52

Sales

₹535 Cr

Net Profit

₹18 Cr

Promoter holding

67.1%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials

Asahi Songwon Colors Ltd(ASAHISONG)

About

Business segments

Products

Capacity utilisation

Key operating numbers

Exports and customers

Expansion and capex

Recent developments

Signal history

The analysis Screener can't give you

AI Deep Dive

Verdict

Company data

Product Segments

Corporate Actions