ASAHISONG

Asahi Songwon Colors Limited

Specialty chemicals maker of blue pigments and API intermediates

Commodities›Chemicals›Chemicals & Petrochemicals›Dyes And Pigments

asahisongwon.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-19

Stock price
₹385.85
Market cap
455 Cr
Stock P/E
13.1
P/B
1.68
Dividend yield
0.4%
ROE (FY26)
6.3%
ROCE (FY26)
8.6%
Operating margin (FY26)
5.8%
Debt / equity (FY26)
0.52
OCF / EBITDA (FY26)
86.8%
OCF / EBITDA (3Y)
87.7%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Asahi Songwon Colors makes dyes and pigments, led by blue phthalocyanine pigments sold to large multinational customers, and active pharmaceutical ingredients (APIs) and API intermediates.

Company snapshot

8thBy market cap

Ranked among 11 companies in Dyes And Pigments.

Segment mix

Reportable segments as of 2024-09-30 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 82.7% of revenue

SegmentRevenue shareRevenuePBTAssets
API
18.0%
26 Cr0.13 Cr161 Cr
PIGMENTS
82.7%
117 Cr10 Cr603 Cr

What we see

Positives
  • ✓88% of operating profit came in as cash over the last three years — profits are backed by real cash.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales95 Cr102 Cr126 Cr134 Cr142 Cr134 Cr153 Cr150 Cr121 Cr121 Cr144 Cr189 Cr
Operating expenses (approx.)90 Cr97 Cr117 Cr121 Cr128 Cr122 Cr136 Cr139 Cr111 Cr110 Cr125 Cr157 Cr
EBITDA5 Cr5 Cr9 Cr14 Cr13 Cr12 Cr17 Cr11 Cr9 Cr10 Cr20 Cr32 Cr
OPM %5.7%4.9%7.0%10.2%9.5%8.9%11.2%7.0%7.9%8.5%13.6%16.8%
Other income0.76 Cr0.49 Cr0.91 Cr0.78 Cr1 Cr2 Cr0.61 Cr1 Cr2 Cr0.10 Cr3 Cr0.79 Cr
Interest3 Cr3 Cr4 Cr4 Cr4 Cr4 Cr4 Cr3 Cr3 Cr3 Cr3 Cr3 Cr
Depreciation4 Cr4 Cr5 Cr5 Cr5 Cr5 Cr5 Cr5 Cr5 Cr5 Cr5 Cr5 Cr
Profit before tax25 Cr-1 Cr1 Cr6 Cr5 Cr4 Cr9 Cr4 Cr4 Cr3 Cr15 Cr25 Cr
Tax %9.8%-62.3%29.6%27.5%38.7%47.3%25.1%38.6%41.9%14.8%28.2%24.9%
Net profit23 Cr-2 Cr0.91 Cr4 Cr3 Cr2 Cr7 Cr3 Cr2 Cr2 Cr11 Cr19 Cr
EPS (₹)₹20.00₹-0.87₹1.83₹4.39₹3.26₹2.63₹6.48₹2.68₹1.91₹2.11₹9.22₹16.32

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales294 Cr284 Cr283 Cr415 Cr505 Cr426 Cr562 Cr535 CrSign in free for the trailing twelve months
Operating expenses (approx.)254 Cr249 Cr234 Cr379 Cr499 Cr408 Cr506 Cr486 CrSign in free for the trailing twelve months
EBITDA40 Cr34 Cr50 Cr37 Cr5 Cr18 Cr56 Cr50 CrSign in free for the trailing twelve months
OPM %13.5%12.1%17.5%8.8%1.0%4.3%10.0%9.3%Sign in free for the trailing twelve months
Other income0.04 Cr0.78 Cr0.31 Cr0.89 Cr6 Cr3 Cr4 Cr7 CrSign in free for the trailing twelve months
Interest5 Cr4 Cr2 Cr5 Cr14 Cr13 Cr16 Cr12 CrSign in free for the trailing twelve months
Depreciation8 Cr8 Cr9 Cr12 Cr15 Cr16 Cr19 Cr19 CrSign in free for the trailing twelve months
Profit before tax26 Cr23 Cr44 Cr21 Cr-18 Cr18 Cr25 Cr26 CrSign in free for the trailing twelve months
Tax %30.3%1.9%26.8%29.8%-4.1%12.7%32.5%30.4%Sign in free for the trailing twelve months
Net profit18 Cr23 Cr32 Cr15 Cr-18 Cr16 Cr17 Cr18 CrSign in free for the trailing twelve months
EPS (₹)₹14.91₹18.60₹26.29₹16.10₹-9.83₹17.01₹16.76₹15.92Sign in free for the trailing twelve months
Dividend payout %——30.5%28.7%—3.8%3.5%10.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital12 Cr12 Cr12 Cr12 Cr12 Cr12 Cr12 Cr12 Cr
Reserves181 Cr189 Cr215 Cr230 Cr207 Cr224 Cr243 Cr260 Cr
Borrowings57 Cr16 Cr45 Cr87 Cr180 Cr197 Cr165 Cr141 Cr
Other liabilities59 Cr46 Cr70 Cr98 Cr107 Cr112 Cr143 Cr164 Cr
Total liabilities309 Cr278 Cr389 Cr470 Cr547 Cr575 Cr590 Cr603 Cr
Fixed assets (net)150 Cr129 Cr211 Cr233 Cr247 Cr278 Cr277 Cr264 Cr
CWIP1 Cr11 Cr9 Cr0.38 Cr25 Cr11 Cr0.33 Cr0 Cr
Investments14 Cr13 Cr2 Cr1 Cr1 Cr0.57 Cr0.37 Cr2 Cr
Loans & advances—0.05 Cr0.13 Cr0.09 Cr0.08 Cr0.06 Cr0.10 Cr0.09 Cr
Inventories62 Cr29 Cr49 Cr106 Cr86 Cr85 Cr87 Cr125 Cr
Trade receivables55 Cr55 Cr78 Cr91 Cr107 Cr122 Cr148 Cr138 Cr
Cash & bank0.18 Cr2 Cr0.45 Cr0.30 Cr0.71 Cr0.68 Cr4 Cr2 Cr
Other assets26 Cr38 Cr41 Cr38 Cr79 Cr77 Cr74 Cr73 Cr
Total assets309 Cr278 Cr389 Cr470 Cr547 Cr575 Cr590 Cr603 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity27 Cr57 Cr7 Cr9 Cr34 Cr8 Cr58 Cr43 Cr
Cash from investing-3 Cr-16 Cr-59 Cr-38 Cr-81 Cr-12 Cr-5 Cr-7 Cr
Cash from financing-24 Cr-39 Cr50 Cr28 Cr47 Cr4 Cr-49 Cr-38 Cr
Net cash flow-0.0023 Cr2 Cr-2 Cr-0.15 Cr0.25 Cr-0.04 Cr3 Cr-2 Cr
Free cash flow (OCF − Capex)22 Cr45 Cr-89 Cr-19 Cr2 Cr-46 Cr52 Cr38 Cr

Ratios

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %12.5%11.6%14.3%6.9%-0.8%6.6%9.3%8.6%
ROE %9.5%10.6%11.7%6.8%-4.5%7.5%7.0%6.3%
Debtor days687110179771059694
Inventory days114741041279310285119
Days payable576189888896108127
Cash conversion cycle12584116118821117286
OCF / EBITDA %68.5%165.6%14.3%24.8%n.m.42.7%103.1%86.8%
OCF / EBITDA % (3 years)——73.8%60.6%54.4%83.9%124.6%87.7%
Debt / equity0.290.080.200.360.820.840.650.52
Current ratio1.842.821.791.621.121.151.211.25
Net debt / EBITDA1.430.400.902.3833.8810.762.872.78