Asahi Songwon Colors Ltd. · NSE:ASAHISONG
Asahi Songwon Colors — Q2 FY2026 Earnings Presentation
31 slides from Asahi Songwon Colors's earnings presentation, Nov 12, 2025
Slide 1: Stock exchange cover letter for investor presentation
® Ref: ASCL/SEC/2025-26/39 November 12, 2025 1. To, 2. To , The General Manager The General Manager (Listing) Department of Corporate Services National Stock Exchange of India Ltd BSE Limited 5th Floor, Exchange Plaza 1 st Floor, New Trading Ring Plot No. C/ 1, G Block Rotunda Building, P. J. Tower
Slide 2: Investor Presentation Q2 & H1FY26
Investor Presentation ASAHI SONGWON COLORS LIMITED Q2 & H1FY26 BSE CODE: ASAHISONG | 532853 NSE CODE: ASAHISONG
Slide 3: Contents
01 About Our 03-09 Company 02 Our Business 10-15 Canvas 03 Strategic Advantages 16-19 and Investment Merits 04 Financial Statement 20-23 Summary 05 Quarterly 24-28 Highlights
Slide 4: About Our Company
About Our Company 01/05 Corporate Portrait 04 Strengthening 05 Business Model Global Footprint 06 Serving Leading Brands 07 Board of Directors 08
Slide 5: Corporate Portrait
Asahi Songwon Colors Limited is one 4 MANUFACTURING 3 DECADES OF 19 EXPORTING of the leading manufacturers of blue FACILITIES MANUFACTURING COUNTRIES (Phthalocyanine) pigments for ink, EXPERTISE plastics, paint, textile and paper industry with globally benchmarked manufacturing capabilities. Recentl
Slide 6: Our Journey
Our Journey 2014 2024 Reducing costs and Ramping up 2019 - 2025 operations Number of Production Facility: 01 Number of Production Facility: 04 Ready for the Multi Product – Blue Pigments, End use industry next leg of growth Single Product – Blue Pigments diversification - Over AZO Pigments, API the
Slide 7: List of countries we export to
List of countries we export to 1. USA 11. Malaysia 16 2. Korea 12. Philippines 3. Japan 13. Singapore 05 4. Spain 14. Taiwan 01 09 03 5. Belgium 15. UAE 04 08 02 6. South Africa 16. UK 18 7. Brazil 17. Vietnam 19 14 15 8. China 18. Bangkok 17 12 9. Italy 19. Thailand 11 10. Indonesia 13 10 07 06 64%
Slide 8: We have not lost a single customer in over 3 decades
WE HAVE COME A LONG WAY FROM OUR HUMBLE BEGINNINGS TO BECOME A PREFERRED SUPPLIER BY ENHANCING OUR PRODUCT PORTFOLIO TO OFFER A FULL RANGE OF ORGANIC PIGMENTS. We have not lost a single customer in over 3 decades of our existence. We have Supply agreement Supply agreement Repeat business for maintai
Slide 9: Board of Directors
Mrs. Paru M. Jaykrishna Mr. Gokul M Jaykrishna Mr. Samveg Lalbhai Mr. Sudhin Choksey CHAIRPERSON & MANAGING JOINT MANAGING DIRECTOR & DIRECTOR DIRECTOR DIRECTOR CEO She holds a Bachelor's degree in Law, A major in Finance with a minor He holds a graduate degree in Commerce He is a finance profession
Slide 10: Board of Directors (continued)
Mr. Maulik Mehta Mr. Anil Jain Mr. Arjun G Jaykrishna Mrs. Shivani Revat Lakhia Mr. Mitesh Patel DIRECTOR DIRECTOR EXECUTIVE DIRECTOR DIRECTOR EXECUTIVE DIRECTOR Mr. Maulik Mehta holds a Master’s He is a veteran of the chemical A Bachelor of Science in Chemical She is an advocate with With over 18 y
Slide 11: Our Business Canvas
Our Business Canvas 02/05 Phthalocyanine Pigments – 11 Our Mainstay Manufacturing Facility – 12 Padra Unit Azo Pigments – 13 Growth Driver Manufacturing Facility – 14 Dahej Unit Acquisition of Atlas 15 Life Sciences
Slide 12: Phthalocyanine Pigments – Our Mainstay
AT ASAHI, WE LEVERAGE OUR EXPERIENCE AND EXPERTISE TO MANUFACTURE PHTHALOCYANINE PIGMENTS FOR THE PRINTING INK, PACKAGING INK, PAINT, PLASTIC, AND TEXTILE INDUSTRIES. Product Category Characteristics In the last 15 years, the competitive landscape in phthalocyanine pigments has changed. India has no
Slide 13: Manufacturing Facility – Padra Unit
2004 AVAILABLE AREA PRODUCTS WASTE AND FOR FURTHER MANUFACTURED: EFFLUENT EXPANSION – PHTHALOCYANINE TREATMENT 25,000 SETUP IN PIGMENTS FACILITIES AVAILABLE • CPC Blue crude SQ. MT. • Beta Blue • Alpha Blue NO FORCED POLLUTION SHUTDOWNS SITUATED ON IN THE LAST DECADE 98,000 SQ. MT. PLOT GREEN COVER
Slide 14: Azo Pigments – Growth Driver
Why AZO Pigments? China +1: A Strong Asahi Songwon has Tailwind entered into a joint High demand that is largely met through The global organic and specialty venture with the UK's imports from China pigment market is estimated at leading colour $5 billion and Azo is the largest manufacturer, in volu
Slide 15: Manufacturing Facility – Dahej Unit
2020 AVAILABLE CAPACITIES • 2,400 TPA SETUP IN Red & Yellow Pigments SITUATED ON WASTE AND 60,000 EFFLUENT TREATMENT FACILITIES SQ. MT. PLOT AVAILABLE CAPACITIES AVAILABLE AREA EXPANDABLE UPTO FOR FURTHER 40,000 EXPANSION TO MEET FUTURE DEMAND REQUIREMENTS SQ. MT ASAHI SONGWON COLORS LIMITED 14 INVE
Slide 16: Acquisition of Atlas Life Sciences
2004 10 PRODUCTS UNDER RESEARCH AND DEVELOPMENT, Financial Highlights INCORPORATED IN INCLUDING 6 NEW FY25 (₹ IN CRORE) MOLECULES AND AUDITED FIGURES INTERMEDIATES FOR EXISTING PRODUCTS REVENUE KEY PRODUCTS INCLUDE • Pergabalin ODHAV PLANT CURRENTLY RUNNING AT OPTIMUM 93.48 CAPACITY UTILIZATIONS • R
Slide 17: Strategic Advantages and Investment Merits
Strategic Advantages and Investment Merits 03/05 Strategic Advantages 17 Investment Merits 18 Atlas Growth Strategy 19
Slide 18: Strategic Advantages
HIGH LEAD TIME REALIGNMENT OF STRATEGIC LOCATION Customer approvals take long time. GLOBAL SUPPLY CHAIN The new plant at Dahej brings However, once the relationship is The Chinese government's Asahi in the cluster of chemical established, it becomes difficult for crackdown a few years ago companies.
Slide 19: Investment Merits
The ramp-up of Strong Strong technical Consolidation in Foray into API capacity Balance Sheet capabilities the global utilisation in Azo backed pigment industry and the addition by technological positions the of new capacity tie up with company in the API industry leaders advantageously. business ar
Slide 20: Atlas Growth Strategy: R&D and Pipeline
Investment in Capacity Further Brand Product Expand Export R&D and Pipeline Utilization Development Pipeline Business • Investment in R&D • Upgrade • Leverage strong • Transitioning from • Over the next few to improve our manufacturing brand and a single-product years, we aim to production standards
Slide 21: Financial Statement Summary
Financial Statement Summary 04/05 Summary of P&L 21 Summary of Balance Sheet 22 Summary of Cash Flow 23 Statement
Slide 22: Summary of P&L
PARTICULARS FY21 FY22 FY23 FY24 FY25 Revenue from Operations 283.08 410.82 504.55 426.24 562.36 Other Income 0.31 5.61 5.86 2.81 4.04 Total Income 283.39 416.43 510.41 429.05 566.40 Total Operating Expenses 233.57 378.87 499.27 410.79 510.23 EBITDA 49.51 31.95 5.28 18.26 56.17 EBITDA Margins 17% 8%
Slide 23: Summary of Balance Sheet
PARTICULARS FY21 FY22 FY23 FY24 FY25 Total Equity (Net Worth) 274.31 284.43 260.05 265.95 282.50 Non-Current Liabilities 24.32 44.68 75.77 91.18 80.89 Current Liabilities 90.84 140.56 210.88 217.62 226.57 Total Equity and Liability 389.47 469.67 546.70 574.74 589.96 Non-Current Assets 226.72 241.43
Slide 24: Summary of Cash Flow Statement
PARTICULARS FY21 FY22 FY23 FY24 FY25 Cash Flow from Operating Activities 8.05 (0.38) 29.97 8.73 57.92 Cash Flow from Investing Activities (60.07) (28.16) (77.21) (13.14) (5.39) Cash Flow from Financing Activities 49.98 28.38 47.49 4.37 (49.49) Net increase/(decrease) in cash and cash equivalents (2.
Slide 25: Quarterly Highlights
Quarterly Highlights 05/05 Key Highlights 25 Management Commentary 26 Financial Statement 28 Summary
Slide 26: Key Highlights: Q2FY26 Revenue, EBITDA, PAT
Exports Vs Domestic Consolidated Revenue Break-up - Standalone REVENUE FROM OPERATIONS ₹120.90 Cr. 14.62% 19.34% 36% EBITDA ₹11.14 Cr. EXPORTS 23.17% 7.16% 64% DOMESTIC PAT ₹2.10 Cr. 36.49% 19.18% v/s Q2FY25 v/s Q1FY26 ASAHI SONGWON COLORS LIMITED 25 INVESTOR PRESENTATION 2025
Slide 27: Management Commentary: API and Azo business
The API business continued to operate During September 2025, our operating in a challenging environment during cash flows more than doubled compared the quarter. Since its acquisition, we to the same period last year, rising from have successfully scaled up volumes; ₹14.88 crore to ₹36.46 crore. Imp
Slide 28: Management Commentary: Blue business
In line with our stated guidance, the Secondly, the persistent slowdown across quarter under review was subdued for Europe has further compounded the the blue business. While the financial demand weakness. Given that the US and year commenced on a strong trajectory, Europe are our two key demand reg
Slide 29: Financial Statement Summary Q2 & H1FY26
Q-o-Q Y-o-Y Y-o-Y PARTICULARS Q2FY25 Q1FY26 Q2FY26 H1FY25 H1FY26 Change Change Change Revenue from Operations 141.61 149.88 120.90 (19.34)% (14.62)% 275.88 270.78 (1.85)% Other Income 1.02 1.46 1.65 13.25% 62.43% 1.79 3.11 73.43% Total Income 142.62 151.34 122.55 (19.02)% (14.07)% 277.68 273.89 (1.3
Slide 30: Disclaimer
Disclaimer This investor presentation has been prepared by Asahi Songwon Colors Limited and does not constitute a prospectus or placement memorandum or an offer to acquire any securities. This presentation or any other documentation or information (or any part thereof) delivered or supplied should n
Slide 31: Thank You
Thank You “Asahi House” Contact Us 20, Times Corporate Park, Thaltej - Shilaj Road, Thaltej, Mr. Saji Joseph Mr. Diwakar Pingle cs@asahisongwon.com Diwakar.pingle@in.ey.com Ahmedabad - 380059. Tel: 079 4832 9999 Mr. Abhishek Mehra abhishek@theinvestmentlab.in
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