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Asahi Songwon Colors Limited (ASAHISONG)

₹390.95 +4.34% last close, 16 Oct

📊 NSE: ASAHISONG 🏢 Dyes And Pigments 📢 Latest filing: 10 Oct 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Asahi Songwon's revenue was ₹189 Cr (+26.0% year on year, +31.2% on the previous quarter), and net profit ₹19.0 Cr (+633.3% year on year); the operating margin was 16.8%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹189	+26.0%	+31.2%
Operating profit	₹31.8	+201.6%	+59.0%
Net profit	₹19.0	+633.3%	+73.0%
EPS (₹)	16.32	+509.0%	+77.0%
Operating margin	16.8%	—	—

Full quarterly financials → Results calendar →

ASAHISONG exchange data

NSE end-of-day data for Fri, 16 Oct 2026

It closed at a price band (circuit) on 1 session in about the last 20.

₹390.95NSE close · +4.34%

Circuit stocks →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Asahi Songwon Submits Regulation 74(5) Demat Confirmation for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 10 Oct 2026, 11:05 AM

Asahi Songwon Colors Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from Registrar and Share Transfer Agent MUFG Intime India Private Limited confirms that share certificates received for dematerialisation during the period were processed and listed appropriately. This is a standard quarterly administrative filing with no impact on business operations or financials.

Regulation 74(5) compliance confirmed for the quarter ended September 30, 2026
Confirmation issued by RTA MUFG Intime India Private Limited on October 3, 2026
Company filing completed on October 10, 2026 under scrip code 532853 / ASAHISONG

💡 No action required. Investors should track upcoming Q2 FY27 earnings announcements for operational and financial performance updates.

Asahi Songwon Colors Dispatches AGM Notice Web-Link; 36th AGM Set for Sep 30, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Sep 2026, 08:59 PM

Asahi Songwon Colors Limited has issued a communication to shareholders whose email addresses are not registered, providing web-links to access the Annual Report for FY 2025-26 and the 36th AGM Notice. The 36th Annual General Meeting is scheduled to be held on September 30, 2026, at 3:00 PM IST via video conferencing. The company also reiterated the recommended dividend of Rs. 1.50 per equity share (face value Rs. 10 each) for FY26, subject to shareholder approval at the AGM.

36th Annual General Meeting scheduled for September 30, 2026, at 3:00 PM IST via VC/OAVM
Final dividend of Rs. 1.50 per equity share of Rs. 10 each recommended for FY 2025-26 pending AGM approval
Communication dispatched pursuant to Regulation 36(1)(b) of SEBI LODR Regulations for unregistered email holders
Shareholders holding physical shares advised to complete KYC with RTA to receive dividend electronically

💡 Shareholders holding physical shares should submit mandatory KYC details to RTA to ensure dividend credit. Watch for voting outcomes post the AGM on September 30, 2026.

Asahi Songwon Sets Sep 23, 2026 as Record Date for Rs 1.50/Share Final Dividend

🟡 NEUTRAL ⭐ 3/10

DIVIDEND 📅 05 Sep 2026, 07:16 PM

Asahi Songwon Colors Limited has fixed September 23, 2026, as the record date to determine shareholder eligibility for a final dividend of Rs 1.50 per equity share (15% on face value Rs 10) for FY26. The dividend is subject to shareholder approval at the upcoming Annual General Meeting scheduled for September 30, 2026. At the current share price of Rs 372.6, the dividend corresponds to a modest yield of approximately 0.40%.

Final dividend recommended at Rs 1.50 per equity share (15% on Rs 10 face value)
Record date fixed as Wednesday, September 23, 2026
AGM scheduled for Wednesday, September 30, 2026
Dividend was originally recommended by the Board on May 26, 2026

💡 Investors seeking dividend eligibility must hold shares before the ex-dividend date ahead of September 23, 2026; track AGM voting results on September 30, 2026.

Asahi Songwon Colors Convenes 36th AGM on Sep 30, 2026; Leadership Re-appointments on Agenda

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 05 Sep 2026, 07:14 PM

Asahi Songwon Colors Limited has issued the notice for its 36th Annual General Meeting scheduled for September 30, 2026, via video conferencing. Key resolutions include the adoption of FY26 financial results, declaration of a final dividend, and the appointment of Mr. Sanjay Srivastava as an Independent Director for a 5-year term starting July 29, 2026. Additionally, shareholders will vote on 3-year re-appointments for Chairperson & MD Mrs. Paru M. Jaykrishna and MD Mr. Gokul M. Jaykrishna (with proposed monthly remuneration of ₹6 Lakhs and ₹5 Lakhs, respectively).

36th AGM scheduled for Wednesday, September 30, 2026, at 3:00 PM IST via VC/OAVM.
Cut-off date for remote e-voting set for September 23, 2026; e-voting window runs from September 27 to September 29, 2026.
Appointment of Mr. Sanjay Srivastava as Independent Director for 5 consecutive years (July 29, 2026, to July 28, 2031).
Re-appointment of Mrs. Paru M. Jaykrishna (Chairperson & MD) and Mr. Gokul M. Jaykrishna (MD) for 3-year tenures effective August 1, 2026.

💡 Eligible shareholders holding shares on the cut-off date of September 23, 2026, can cast votes electronically between September 27 and September 29, 2026, and monitor voting outcomes post-AGM.

Asahi Songwon Colors Shareholders Approve Arjun Jaykrishna as CEO with 99.99% Votes

🟡 NEUTRAL ⭐ 5/10

MANAGEMENT 📅 26 Aug 2026, 07:14 PM

Asahi Songwon Colors Limited has declared the voting results of its Extra-Ordinary General Meeting (EGM) held on August 25, 2026. Shareholders approved the appointment of Mr. Arjun Gokul Jaykrishna as Chief Executive Officer (CEO) and Executive Director with 99.9994% majority. Additionally, a special resolution approving loans, guarantees, or securities under Section 185 of the Companies Act, 2013 was cleared with 99.9988% votes in favour. Out of total outstanding equity of 1.18 crore shares, 79.67 lakh shares (67.59%) participated in the voting process.

Appointment of Mr. Arjun Gokul Jaykrishna as CEO and Executive Director approved with 79,67,054 votes (99.9994%) in favour.
Section 185 approval for loans, guarantees, or securities passed with 79,67,008 votes (99.9988%) in favour.
Total voter turnout stood at 67.5908% (79,67,104 votes polled out of 1,17,87,262 total shares).
Record date for shareholder eligibility was August 18, 2026, across 9,686 total shareholders.

💡 Track leadership commentary in upcoming earnings calls on capacity utilization at the ATC Dahej Azo plant and execution progress in the API business scale-up.

Asahi Songwon Concludes EGM for CEO Appointment and Section 185 Approvals

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 25 Aug 2026, 03:10 PM

Asahi Songwon Colors Limited conducted its Extraordinary General Meeting (EGM) on August 25, 2026, concluding at 12:02 PM. Key agenda items placed for shareholder vote via special resolutions included the appointment of Mr. Arjun Gokul Jaykrishna as Chief Executive Officer (CEO) and Executive Director, along with approval for loans, guarantees, or securities under Section 185 of the Companies Act, 2013. Formal voting results under Regulation 44 will be declared separately.

EGM held on August 25, 2026, starting at 11:30 AM and concluding at 12:02 PM.
Special resolution presented for the appointment of Mr. Arjun Gokul Jaykrishna (DIN: 08548676) as CEO and Executive Director.
Special resolution presented for approval of loans, guarantees, or securities under Section 185 of the Companies Act, 2013.
Detailed voting results to be disclosed separately pursuant to Regulation 44 of SEBI LODR Regulations.

💡 Track the upcoming Regulation 44 disclosure to confirm shareholder approval percentages for the proposed resolutions.

633% YoY PAT Growth: Asahi Songwon Reports Strong Q1FY27 with ₹189.7 Cr Revenue

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 05 Aug 2026, 05:52 PM

Asahi Songwon delivered a robust Q1FY27 with consolidated revenue growing 25.35% YoY to ₹189.70 Cr. Profitability saw a massive surge, with Net Profit rising 633.26% YoY to ₹19.03 Cr, driven by improved realizations and inventory gains in the Phthalocyanine (Blue) segment. While the Azo segment faced volume pressure due to raw material volatility, the API segment showed recovery with its first realization increase in a long period. The company is prioritizing deleveraging with no immediate capex plans, focusing on operational efficiency.

Consolidated Net Profit surged 633.26% YoY to ₹19.03 Cr, exceeding the entire TTM PAT of ₹18 Cr in a single quarter.
EBITDA margins expanded significantly to 17.18% from 7.93% in Q1FY26, aided by inventory gains and higher realizations.
Phthalocyanine (Blue) segment remains the primary driver, contributing ₹138.14 Cr (73%) to total revenue.
API segment revenue reached ₹34.54 Cr, showing steady progress with the first increase in realizations after a prolonged period.
Total Revenue of ₹189.70 Cr represents approximately 35.4% of the total FY26 revenue (₹535.5 Cr).

💡 Monitor the sustainability of margins in the Phthalocyanine segment, as management cautioned current levels are slightly above long-term sustainable norms. Watch for volume recovery in the Azo segment and continued realization growth in the API business as key performance indicators.

Asahi Songwon Colors Schedules Extraordinary General Meeting for August 25, 2026

🟡 NEUTRAL ⭐ 3/10

BOARD_MEETING 📅 31 Jul 2026, 05:18 PM

Asahi Songwon Colors Limited has announced an Extraordinary General Meeting (EGM) to be held on August 25, 2026, via video conferencing. The company has set August 18, 2026, as the cut-off date to determine shareholder eligibility for voting. The remote e-voting period is scheduled to run for three days, starting August 22 and concluding August 24, 2026. While the specific resolutions were not detailed in the cover letter, EGMs are typically convened for time-sensitive corporate actions requiring shareholder approval.

Extraordinary General Meeting (EGM) scheduled for August 25, 2026, at 11:30 AM IST
Cut-off date for determining voting eligibility is August 18, 2026
Remote e-voting period starts on August 22, 2026 (9:00 AM) and ends on August 24, 2026 (5:00 PM)
Meeting to be conducted through Video Conferencing (VC) or Other Audio Visual Means (OAVM)

💡 Investors should monitor for the full text of the EGM notice to identify the specific resolutions being proposed, as these often involve material changes like fundraises or acquisitions.

206% YoY PAT Surge to ₹16.93 Cr in Q1 FY27; New Independent Director Appointed

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 29 Jul 2026, 01:50 PM

Asahi Songwon reported a robust Q1 FY27 with standalone revenue growing 28% YoY to ₹135.93 Cr. Net profit witnessed a significant surge of 206% YoY to ₹16.93 Cr, driven by improved operational efficiencies as total expenses grew only 15% compared to the 28% revenue jump. The company also strengthened its board by appointing Mr. Sanjay Srivastava, a retired IPS officer, as an Independent Director for a five-year term. Consolidated performance was bolstered by subsidiaries contributing ₹58.06 Cr to the total revenue.

Standalone Revenue from Operations increased 28% YoY to ₹135.93 Cr from ₹106.13 Cr.
Standalone Net Profit surged 206% YoY to ₹16.93 Cr compared to ₹5.53 Cr in the same quarter last year.
Earnings Per Share (EPS) for the quarter rose to ₹14.37 from ₹4.69 YoY.
Subsidiaries contributed a total revenue of ₹5,806.38 lakhs (₹58.06 Cr) for the quarter ended June 30, 2026.
Mr. Sanjay Srivastava appointed as Independent Director for a 5-year term effective July 29, 2026.

💡 Investors should monitor the sustainability of these improved margins in the coming quarters and track the volume ramp-up in the API segment, which is a key driver for the company's growth strategy.

ASAHISONG Q1 Standalone Net Profit Jumps 206% YoY to ₹16.93 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 29 Jul 2026, 01:35 PM

Asahi Songwon Colors reported a robust performance for Q1 FY27, with standalone revenue growing 28% YoY to ₹135.93 Cr. The standalone net profit saw a massive surge of 206% YoY, reaching ₹16.93 Cr compared to ₹5.53 Cr in the same quarter last year. This growth was supported by controlled expenditure, as total expenses rose only 15% YoY. Additionally, the company's three subsidiaries contributed ₹58.06 Cr to the top line, though their combined net profit remained modest at ₹2.06 Cr.

Standalone revenue increased 28% YoY to ₹135.93 Cr from ₹106.13 Cr in Q1 FY26
Standalone Net Profit surged 206% YoY to ₹16.93 Cr, nearly matching the entire TTM PAT of ₹18 Cr
Standalone EPS rose significantly to ₹14.37 from ₹4.69 in the year-ago period
Subsidiaries generated ₹58.06 Cr in revenue with a combined PAT of ₹2.06 Cr for the quarter
Appointed Mr. Sanjay Srivastava (Retired IPS) as an Independent Director for a 5-year term

💡 Investors should monitor the sustainability of these high margins in the standalone pigment business and the profitability ramp-up of the API subsidiaries. Watch for the upcoming consolidated results to see the full impact of the API segment on group-level returns.

Regulation 74(5) Compliance Certificate for Quarter Ended June 30, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 15 Jul 2026, 02:21 PM

Asahi Songwon Colors Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by the Registrar and Share Transfer Agent (RTA) MUFG Intime India Private Limited, confirms that dematerialization requests for the quarter ended June 30, 2026, were processed. It further verifies that the securities comprised in these certificates are listed on the stock exchanges (BSE and NSE). This is a standard procedural filing required for all listed entities in India.

Compliance certificate for the quarter ended June 30, 2026
Confirmation of adherence to SEBI Regulation 74(5)
RTA MUFG Intime India Private Limited (formerly Link Intime) issued the confirmation
Filing submitted to exchanges on July 15, 2026

💡 This is a routine administrative filing. Investors should focus on the company's upcoming quarterly financial results for material performance updates.

Asahi Songwon Appoints Mr. Maulik Shah as CFO with 20+ Years of Experience

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 07 Jul 2026, 12:27 PM

Asahi Songwon Colors Limited has appointed Mr. Maulik P. Shah as Chief Financial Officer (CFO) and Key Managerial Personnel, effective July 07, 2026. Mr. Shah, a Chartered Accountant, brings over 20 years of experience in financial planning, M&A, and treasury management, having previously held senior roles at AIA Engineering and Johnson Controls-Hitachi. This leadership transition occurs as the company manages a TTM revenue of ₹536 Cr and targets a 15% growth rate through its API and Azo pigment segments.

Appointment of Mr. Maulik P. Shah as CFO effective July 07, 2026
Mr. Shah possesses over 20 years of experience in financial planning, M&A, and internal controls
Previously served as General Manager - Accounts at AIA Engineering Limited (Jan 2023 - June 2026)
Spent nearly 16 years at Johnson Controls-Hitachi Air Conditioning India Limited in senior finance roles
Board meeting for the appointment concluded within 40 minutes (11:30 AM to 12:10 PM)

💡 Investors should monitor if the new CFO's expertise in M&A and financial planning leads to improved operating margins (currently 9.5%) or more efficient capital allocation for the planned API segment expansion.

Asahi Songwon Appoints Mr. Maulik P. Shah as CFO; Brings 20+ Years of Experience

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 07 Jul 2026, 12:20 PM

Asahi Songwon Colors Limited has appointed Mr. Maulik P. Shah as its Chief Financial Officer (CFO) and Key Managerial Personnel, effective July 07, 2026. Mr. Shah is a Chartered Accountant with over 20 years of experience in financial planning, treasury, and M&A, having previously served at AIA Engineering and Johnson Controls-Hitachi. This leadership transition occurs as the company manages a TTM revenue of ₹536 Cr and targets a 15% growth rate through its API and Azo pigment segments. The board has also updated its authorized personnel for determining material disclosures under SEBI regulations.

Appointment of Mr. Maulik P. Shah as CFO effective July 07, 2026
New CFO brings over 20 years of experience in financial planning, treasury, and M&A
Mr. Shah previously served as General Manager - Accounts at AIA Engineering from Jan 2023 to June 2026
Board meeting concluded within 40 minutes (11:30 AM to 12:10 PM)
Authorized three KMPs (MD, CFO, and CS) for determining materiality of events

💡 Investors should monitor if the new CFO's experience in financial planning and internal controls leads to improvements in the company's operating profit margin, which stood at 9.5% for the TTM period.

Asahi Songwon Appoints Rupesh Chandrakant Shah as Independent Director via Postal Ballot

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 30 Jun 2026, 01:55 PM

Asahi Songwon Colors Limited has announced the successful passage of a special resolution to appoint Mr. Rupesh Chandrakant Shah as an Independent Director. The resolution was passed with the requisite majority through a remote e-voting postal ballot process. This move ensures the company remains compliant with corporate governance requirements regarding board composition. The company continues to focus on its TTM revenue of Rs 536 Cr and scaling its API business.

Appointment of Mr. Rupesh Chandrakant Shah (DIN: 00277687) as an Independent Director approved.
The postal ballot notice was originally dated March 31, 2026.
Voting results were officially finalized and reported on June 30, 2026.
The resolution was passed as a 'Special Item' with the requisite majority.

💡 Investors should treat this as a routine corporate governance update. Focus remains on the company's ability to ramp up capacity at the ATC Dahej Azo plant and the scaling of the recently acquired API business.

Asahi Songwon Appoints Mr. Rupesh Chandrakant Shah as Independent Director

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 30 Jun 2026, 01:54 PM

Asahi Songwon Colors Limited has announced the successful appointment of Mr. Rupesh Chandrakant Shah as an Independent Director. The special resolution was passed with the requisite majority through a postal ballot process that concluded on June 30, 2026. This move is a routine governance update to the company's board. The company continues to focus on its pigment leadership and scaling its API segment, which contributed to a TTM revenue of ₹536 Cr.

Appointment of Mr. Rupesh Chandrakant Shah (DIN: 00277687) as an Independent Director approved.
The resolution was passed via remote e-voting following a notice dated March 31, 2026.
The outcome of the postal ballot was officially recorded on June 30, 2026.
Company maintains a high promoter holding of 67.0% as of March 2026.

💡 Investors should monitor the composition of board committees (Audit, Nomination, and Remuneration) to see if the new director brings specific expertise to the company's expanding API or export segments.

View All ASAHISONG Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue from operations grew 31.9% YoY to INR 562.36 Cr in FY25. Q2 FY26 revenue reached INR 120.90 Cr, a 14.62% YoY increase, driven by scaling volumes in the API business and improved utilization in Azo pigments.

Geographic Revenue Split

Exports contributed 64% (INR 77.38 Cr) and Domestic sales contributed 36% (INR 43.52 Cr) to the total revenue in Q2 FY26.

Profitability Margins

Operating profit (PBIT) margin improved significantly from 1% in FY24 to 7% in FY25. Net profit margin stood at 3% in FY25 compared to 4% in FY24, impacted by higher interest and depreciation costs.

EBITDA Margin

EBITDA margin improved to 10% in FY25 (INR 56.17 Cr) from 4% in FY24 (INR 18.26 Cr). Q2 FY26 EBITDA was INR 11.14 Cr, up 23.17% YoY.

Capital Expenditure

Cash flow from investing activities was an outflow of INR 5.39 Cr in FY25, compared to an outflow of INR 13.14 Cr in FY24, primarily for de-bottlenecking and engineering optimization.

Credit Rating & Borrowing

Credit rating revised to CARE A-; Stable (Long-term) and CARE A2+ (Short-term) in April 2024. Interest costs rose 31.2% YoY to INR 16.47 Cr in FY25 due to increased debt coverage requirements.

⚙️ Operational Drivers

Raw Materials

Specific raw material names not disclosed; however, pigment intermediates and API raw materials are the primary inputs, with cost-saving exercises focused on engineering standpoints.

Capacity Expansion

The ATC Dahej plant (Azo pigments) has turned cash positive and is expected to reach PAT neutrality. New capacity additions in the API business are planned to support the growth path.

Raw Material Costs

Total operating expenses, including raw materials, were INR 510.23 Cr in FY25, representing 90.7% of revenue, up from 96.3% in FY24.

Manufacturing Efficiency

Capacity utilization in the Azo segment has improved steadily. Inventory turnover ratio improved from 4.97 times in FY24 to 6.51 times in FY25.

📈 Strategic Growth

Expected Growth Rate

15%

Growth Strategy

Growth will be achieved through ramping up capacity utilization at the ATC Dahej Azo plant, new product launches in the API segment, backward integration to enhance margins, and applying for CEP accreditations to expand the export business.

Products & Services

Phthalocyanine Blue pigments, Azo pigments (Yellow and Red), and Active Pharmaceutical Ingredients (APIs) and their intermediates.

Brand Portfolio

Asahi Songwon Colors Limited.

New Products/Services

New product development is focused on the Azo segment and API business, with new product launches expected to drive sustainable profitability.

Market Expansion

Aims to grow the export business over the next few years by applying for international accreditations like CEP.

Market Share & Ranking

Maintains a leadership position in the Phthalocyanine Blue pigment segment.

Strategic Alliances

Maintains technological tie-ups with industry leaders to back strong technical capabilities.

🌍 External Factors

Industry Trends

The industry is seeing consolidation in global pigments and a shift toward Indian manufacturers due to favorable government policies and supply chain diversification.

Competitive Landscape

The company faces competition in the global pigment and API markets, but consolidation in the pigment industry is viewed as a strategic advantage.

Competitive Moat

Moat is built on leadership in the blue pigment segment, technological tie-ups with industry leaders, and a strong balance sheet with a debt-equity ratio of 0.58.

Macro Economic Sensitivity

Highly sensitive to global economic conditions and trade policies due to the 64% export revenue contribution.

Geopolitical Risks

The global shift to diversify supply chains away from China (China+1) positions the company advantageously in the global pigment industry.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to pollution norms, government regulations, and international manufacturing standards for APIs and pigments.

Environmental Compliance

Sustainability is placed at the core of the business strategy to achieve leadership across operations.

⚠️ Risk Analysis

Key Uncertainties

Key risks include the challenging environment for the API business and the benign business environment for pigments, which could impact the goal of turning Azo PAT-positive.