Announcement • 9h
Asahi Songwon Colors Limited to Report Q4, 2026 Results on May 26, 2026 Asahi Songwon Colors Limited announced that they will report Q4, 2026 results on May 26, 2026 Board Change • Apr 18
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 4 independent directors. 5 non-independent directors. Non-Executive Independent Director Maulik Mehta was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹216, the stock trades at a trailing P/E ratio of 16.4x. Average trailing P/E is 20x in the Chemicals industry in India. Total returns to shareholders of 9.0% over the past three years. Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₹189, the stock trades at a trailing P/E ratio of 14.4x. Average trailing P/E is 22x in the Chemicals industry in India. Total returns to shareholders of 6.4% over the past three years. Reported Earnings • Jan 30
Third quarter 2026 earnings released: EPS: ₹2.11 (vs ₹2.63 in 3Q 2025) Third quarter 2026 results: EPS: ₹2.11 (down from ₹2.63 in 3Q 2025). Revenue: ₹1.21b (down 9.8% from 3Q 2025). Net income: ₹24.8m (down 20% from 3Q 2025). Profit margin: 2.1% (down from 2.3% in 3Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Jan 20
Asahi Songwon Colors Limited to Report Q3, 2026 Results on Jan 29, 2026 Asahi Songwon Colors Limited announced that they will report Q3, 2026 results at 9:15 AM, Indian Standard Time on Jan 29, 2026 Buy Or Sell Opportunity • Dec 17
Now 25% undervalued Over the last 90 days, the stock has risen 2.5% to ₹290. The fair value is estimated to be ₹384, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.8% over the last 3 years. Earnings per share has grown by 55%. New Risk • Dec 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.3x net interest cover). Earnings have declined by 16% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.5% average weekly change). Market cap is less than US$100m (₹3.68b market cap, or US$40.4m). Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ₹312, the stock trades at a trailing P/E ratio of 22.7x. Average trailing P/E is 24x in the Chemicals industry in India. Total returns to shareholders of 18% over the past three years. Board Change • Dec 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Independent Director Maulik Mehta was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 12
Second quarter 2026 earnings released: EPS: ₹1.91 (vs ₹3.26 in 2Q 2025) Second quarter 2026 results: EPS: ₹1.91 (down from ₹3.26 in 2Q 2025). Revenue: ₹1.23b (down 14% from 2Q 2025). Net income: ₹22.5m (down 41% from 2Q 2025). Profit margin: 1.8% (down from 2.7% in 2Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Nov 04
Asahi Songwon Colors Limited to Report Q2, 2026 Results on Nov 11, 2025 Asahi Songwon Colors Limited announced that they will report Q2, 2026 results on Nov 11, 2025 Upcoming Dividend • Aug 29
Upcoming dividend of ₹1.50 per share Eligible shareholders must have bought the stock before 05 September 2025. Payment date: 12 October 2025. Payout ratio is a comfortable 8.9% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of Indian dividend payers (1.3%). Lower than average of industry peers (0.7%). Announcement • Aug 20
Asahi Songwon Colors Limited, Annual General Meeting, Sep 12, 2025 Asahi Songwon Colors Limited, Annual General Meeting, Sep 12, 2025, at 11:30 Indian Standard Time. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to ₹318, the stock trades at a trailing P/E ratio of 21.5x. Average trailing P/E is 28x in the Chemicals industry in India. Total returns to shareholders of 7.3% over the past three years. New Risk • Jul 30
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.1% Last year net profit margin: 6.5% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.2x net interest cover). Earnings have declined by 19% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (3.1% net profit margin). Market cap is less than US$100m (₹4.94b market cap, or US$56.6m). Reported Earnings • Jul 30
First quarter 2026 earnings released: EPS: ₹2.68 (vs ₹4.39 in 1Q 2025) First quarter 2026 results: EPS: ₹2.68 (down from ₹4.39 in 1Q 2025). Revenue: ₹1.51b (up 13% from 1Q 2025). Net income: ₹31.6m (down 39% from 1Q 2025). Profit margin: 2.1% (down from 3.9% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Jul 21
Asahi Songwon Colors Limited to Report Q1, 2026 Results on Jul 29, 2025 Asahi Songwon Colors Limited announced that they will report Q1, 2026 results on Jul 29, 2025 New Risk • May 20
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 9.7% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.3x net interest cover). Share price has been highly volatile over the past 3 months (9.7% average weekly change). Earnings have declined by 21% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₹5.23b market cap, or US$61.2m). New Risk • May 16
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 0.3% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.3x net interest cover). Earnings have declined by 21% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (9.6% average weekly change). Market cap is less than US$100m (₹5.13b market cap, or US$59.9m). Reported Earnings • May 10
Full year 2025 earnings released: EPS: ₹16.76 (vs ₹17.01 in FY 2024) Full year 2025 results: EPS: ₹16.76 (down from ₹17.01 in FY 2024). Revenue: ₹5.66b (up 33% from FY 2024). Net income: ₹197.5m (down 1.5% from FY 2024). Profit margin: 3.5% (down from 4.7% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹402, the stock trades at a trailing P/E ratio of 33.2x. Average trailing P/E is 24x in the Chemicals industry in India. Total returns to shareholders of 37% over the past three years. Announcement • May 01
Asahi Songwon Colors Limited to Report Q4, 2025 Results on May 08, 2025 Asahi Songwon Colors Limited announced that they will report Q4, 2025 results on May 08, 2025 Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ₹362, the stock trades at a trailing P/E ratio of 29.7x. Average trailing P/E is 25x in the Chemicals industry in India. Total returns to shareholders of 26% over the past three years. New Risk • Mar 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 9.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.0x net interest cover). Earnings have declined by 23% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.0% average weekly change). Market cap is less than US$100m (₹3.91b market cap, or US$45.1m). Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹334, the stock trades at a trailing P/E ratio of 27.5x. Average trailing P/E is 25x in the Chemicals industry in India. Total returns to shareholders of 19% over the past three years. Reported Earnings • Feb 01
Third quarter 2025 earnings released: EPS: ₹2.63 (vs ₹0.87 loss in 3Q 2024) Third quarter 2025 results: EPS: ₹2.63 (up from ₹0.87 loss in 3Q 2024). Revenue: ₹1.35b (up 33% from 3Q 2024). Net income: ₹31.0m (up ₹41.2m from 3Q 2024). Profit margin: 2.3% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat and the company’s share price has also remained flat. Announcement • Jan 23
Asahi Songwon Colors Limited to Report Q3, 2025 Results on Jan 30, 2025 Asahi Songwon Colors Limited announced that they will report Q3, 2025 results on Jan 30, 2025 Announcement • Dec 27
Asahi Songwon Colors Limited Announces Board and Committee Changes Asahi Songwon Colors Limited announced that Mr. Munjal Mrugesh Jaykrishna hastendered his resignation as Non-Executive Non Independent Director of the Companywith effect from closure of business hours on December 27, 2024. Consequently, he shall also step down as member of Audit Committee, Nomination and Remuneration Committee and Risk Management Committee of the Company from closure of business hours on December 27, 2024. The Board of Directors have reconstituted various committees as under with immediate effect vide resolution dated December 27, 2024 passed through circulation: Audit Committee: Mr. Anil Jain-Chairman; Independent Director, Mrs. Shivani Revat Lakhia- Member; Independent Director, Mr. Mitesh N. Patel- Member, Executive Director. Nomination and Remuneration Committee: Mrs. Shivani Revat Lakhia- Chairperson; Independent Director, Mr. Anil Jain- Member; Independent Director, Mr. Samvegbhaia. Risk Management Committee: Lalbhai- Member; Independent Director. Mr. Anil Jain- Chairman; Independent Director, Mrs. Shivani Revat Lakhia- Member; Independent director, Mr. Arjun G. Jaykrishna- Member, Executive Director. Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₹370, the stock trades at a trailing P/E ratio of 43.2x. Average trailing P/E is 34x in the Chemicals industry in India. Total returns to shareholders of 30% over the past three years. Reported Earnings • Oct 26
Second quarter 2025 earnings released: EPS: ₹3.26 (vs ₹20.00 in 2Q 2024) Second quarter 2025 results: EPS: ₹3.26 (down from ₹20.00 in 2Q 2024). Revenue: ₹1.43b (up 50% from 2Q 2024). Net income: ₹38.4m (down 84% from 2Q 2024). Profit margin: 2.7% (down from 25% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • Oct 10
Asahi Songwon Colors Limited to Report Q2, 2025 Results on Oct 24, 2024 Asahi Songwon Colors Limited announced that they will report Q2, 2025 results on Oct 24, 2024 Board Change • Sep 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 4 were independent directors. The company's board is composed of: 4 independent directors. 5 non-independent directors. Non-Executive Independent Director Samvegbhai Lalbhai was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Declared Dividend • Sep 07
Dividend of ₹0.50 announced Dividend of ₹0.50 is the same as last year. Ex-date: 20th September 2024 Payment date: 27th October 2024 Dividend yield will be 0.1%, which is lower than the industry average of 0.8%. Announcement • Sep 05
Asahi Songwon Colors Limited, Annual General Meeting, Sep 27, 2024 Asahi Songwon Colors Limited, Annual General Meeting, Sep 27, 2024, at 11:30 Indian Standard Time. Recent Insider Transactions • Sep 03
Executive Director recently bought ₹838k worth of stock On the 30th of August, Arjun Jaykrishna bought around 2k shares on-market at roughly ₹503 per share. This transaction amounted to 5.0% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₹3.9m more in shares than they have sold in the last 12 months. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ₹518, the stock trades at a trailing P/E ratio of 20.4x. Average trailing P/E is 36x in the Chemicals industry in India. Total returns to shareholders of 40% over the past three years. New Risk • Jul 29
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.2x net interest cover). Earnings have declined by 21% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.8% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (₹5.79b market cap, or US$69.2m). Reported Earnings • Jul 28
First quarter 2025 earnings released: EPS: ₹4.39 (vs ₹3.95 loss in 1Q 2024) First quarter 2025 results: EPS: ₹4.39 (up from ₹3.95 loss in 1Q 2024). Revenue: ₹1.35b (up 31% from 1Q 2024). Net income: ₹51.7m (up ₹98.3m from 1Q 2024). Profit margin: 3.8% (up from net loss in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Jul 27
Asahi Songwon Colors Limited Announces Chief Financial Officer Changes The board of directors of Asahi Songwon Colors Limited at its meeting held on July 27, 2024, approved the Resignation of Mr. Alok Jhawar as Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) of the Company due to his personal reason. His last working day with the Company will be October 4, 2024. Appointment of Mr. Pratik Shah as Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) of the Company of the Company with effect from September 10, 2024. Mr. Pratik Shah is having 20 years of Industry Experience. He is a Chartered Accountant from ICAI (2003) and Company Secretary from ICSI (2000), He graduated from Gujarat University (1999) Mr. Pratik Shah has experience in the field of Finance, Accounts, Taxation (Direct & Indirect), Corporate Laws, Costing and Budgeting, Management Accounts and Information Reports, Treasury, Commercial, Audit, M&A etc. in various industry. Prior to joining Asahi Songwon Colors Limited, he was working as CFO with Advantmed India LLP. He has also worked with FM PBW Bearings Private Limited as Finance Head. He was also associated with ICICI Bank and Reliance Industries Limited and CFO with Marini India Private Limited. He was also associated with Asahi Songwon as CFO from August 2021 to December 2022. Announcement • Jul 22
Asahi Songwon Colors Limited to Report Q1, 2025 Results on Jul 27, 2024 Asahi Songwon Colors Limited announced that they will report Q1, 2025 results on Jul 27, 2024 Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹489, the stock trades at a trailing P/E ratio of 28.7x. Average trailing P/E is 34x in the Chemicals industry in India. Total returns to shareholders of 37% over the past three years. Announcement • May 30
Asahi Songwon Colors Limited Recommends Final Dividend for the Financial Year 2023- 2024 Asahi Songwon Colors Limited announced that at its Board of Directors of the Company t its meeting held May 28, 2024, The Board of Directors of the Company has recommended a Final Dividend of INR 0.50 per equity share (5.00%) of face value of INR 10/- for the financial year 2023- 2024, subject to approval of members of the Company at the up coming Annual General Meeting (AGM). Final Dividend, if approved by the shareholders at the up coming Annual General Meeting, will be paid within 30 days of the Annual General Meeting date. Reported Earnings • May 29
Full year 2024 earnings released: EPS: ₹17.01 (vs ₹9.89 loss in FY 2023) Full year 2024 results: EPS: ₹17.01 (up from ₹9.89 loss in FY 2023). Revenue: ₹4.29b (down 15% from FY 2023). Net income: ₹200.5m (up ₹317.0m from FY 2023). Profit margin: 4.7% (up from net loss in FY 2023). Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹363, the stock trades at a trailing P/E ratio of 55.9x. Average trailing P/E is 30x in the Chemicals industry in India. Total returns to shareholders of 9.3% over the past three years. Announcement • Mar 28
Asahi Songwon Colors Limited (BSE:532853) acquired remaining 22% stake in Atlas Life Sciences Private Limited (ALSPL). Asahi Songwon Colors Limited (BSE:532853) agreed to acquire Atlas Life Sciences Private Limited (ALSPL) on April 18, 2022. The acquisition of shares under first tranche i.e. 24,30,000 shares of ALSPL representing 78% stake in of the same; ALSPL is completed on April 18, 2022 for a consideration of INR 480 million. price at which the shares Remaining 6,60,000 shares representing 22% stake in ALSPL will be acquired in two tranches (i.e. 3,30,000 shares of ALSPL control acquired and / or representing 11 % stake in each tranche) for a number of shares acquired consideration determined based on EBITDA prevailing for the period October 01, 2022 to September 30, 2023 and October 01, 2023 to September 30, 2024 respectively, in terms of the agreement. Financial details as per the audited financial statements for the Financial Year 2020-21: Turnover is INR 1.1 billion. Earning before interest, taxes, depreciation and amortization (EBITDA) is INR 69.2 million. The Transaction is expected to be completed on or before March 31, 2025. RBSA acted as sell side valuation advisor in the deal.
Asahi Songwon Colors Limited (BSE:532853) completed the acquisition of remaining 22% stake in Atlas Life Sciences Private Limited (ALSPL) on March 26, 2024. Buy Or Sell Opportunity • Mar 13
Now 23% undervalued Over the last 90 days, the stock has risen 4.6% to ₹305. The fair value is estimated to be ₹395, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has declined by 78%. Buy Or Sell Opportunity • Feb 26
Now 20% undervalued Over the last 90 days, the stock has risen 9.9% to ₹315. The fair value is estimated to be ₹394, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has declined by 78%. Reported Earnings • Jan 31
Third quarter 2024 earnings released: ₹0.87 loss per share (vs ₹6.24 loss in 3Q 2023) Third quarter 2024 results: ₹0.87 loss per share (improved from ₹6.24 loss in 3Q 2023). Revenue: ₹1.03b (up 8.9% from 3Q 2023). Net loss: ₹10.2m (loss narrowed 86% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 92 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Nov 16
Insider recently bought ₹1.5m worth of stock On the 12th of November, Radhika Jaykrishna bought around 5k shares on-market at roughly ₹303 per share. This transaction increased Radhika Jaykrishna's direct individual holding by 5x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₹3.0m more in shares than they have sold in the last 12 months. Reported Earnings • Oct 26
Second quarter 2024 earnings released: EPS: ₹20.00 (vs ₹1.00 in 2Q 2023) Second quarter 2024 results: EPS: ₹20.00 (up from ₹1.00 in 2Q 2023). Revenue: ₹960.9m (down 25% from 2Q 2023). Net income: ₹235.7m (up ₹223.8m from 2Q 2023). Profit margin: 25% (up from 0.9% in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. Announcement • Oct 18
Asahi Songwon Colors Limited to Report Q2, 2024 Results on Oct 25, 2023 Asahi Songwon Colors Limited announced that they will report Q2, 2024 results on Oct 25, 2023 Announcement • Oct 12
Asahi Songwon Colors Limited Appoints Mr. Alok Jhawar as Chief Financial Officer Asahi Songwon Colors Limited informed that the Board of Directors of the Company at its meeting held on October 11, 2023 has appointed Mr. Alok Jhawar as Chief Financial Officer (CFO) of the Company with effect from October 11, 2023. Brief Profile: Mr. Alok Jhawar is a qualified Chartered Accountant and has over 20+ years of multi- disciplinary & diversified experience in leading the financial functions. Mr. Alok Jhawar has valuable experience in Financial and Strategic Planning, Accounting and Assurance, Treasury, Taxation, Corporate Governance and Risk Management. Prior to joining Asahi Songwon Colors Limited as V.P.-Finance, he has worked with pharma majors (Sun Pharmaceuticals Industries Limited and Glenmark Pharmaceuticals Limited) and Oil and Gas leaders (Reliance Industries Limited, BG Group, and Pipeline Infrastructure Limited) in various capacities. In his last assignment, he was designated as Chief Financial Officer with "Darwin Platform Group". Upcoming Dividend • Sep 14
Upcoming dividend of ₹0.50 per share at 0.2% yield Eligible shareholders must have bought the stock before 21 September 2023. Payment date: 28 October 2023. The company is not currently making a profit and is not cash flow positive. Trailing yield: 0.2%. Lower than top quartile of Indian dividend payers (1.3%). Lower than average of industry peers (0.8%). Reported Earnings • Aug 11
First quarter 2024 earnings released: ₹3.95 loss per share (vs ₹3.96 profit in 1Q 2023) First quarter 2024 results: ₹3.95 loss per share (down from ₹3.96 profit in 1Q 2023). Revenue: ₹1.03b (down 37% from 1Q 2023). Net loss: ₹46.6m (down 198% from profit in 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Announcement • Aug 03
Asahi Songwon Colors Limited to Report Q1, 2024 Results on Aug 10, 2023 Asahi Songwon Colors Limited announced that they will report Q1, 2024 results on Aug 10, 2023 New Risk • Jun 09
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 17% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Earnings have declined by 12% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Market cap is less than US$100m (₹2.79b market cap, or US$33.8m). Reported Earnings • May 31
Full year 2023 earnings released: ₹9.83 loss per share (vs ₹16.10 profit in FY 2022) Full year 2023 results: ₹9.83 loss per share (down from ₹16.10 profit in FY 2022). Revenue: ₹5.10b (up 23% from FY 2022). Net loss: ₹116.5m (down 160% from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Announcement • May 19
Asahi Songwon Colors Limited to Report Q4, 2023 Results on May 23, 2023 Asahi Songwon Colors Limited announced that they will report Q4, 2023 results at 12:15 PM, Indian Standard Time on May 23, 2023 Board Change • May 15
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 2 experienced directors. 6 highly experienced directors. 4 independent directors (5 non-independent directors). Non-Executive Independent Director Jayprakash Patel was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Feb 15
Asahi Songwon Colors Limited Announces Resume of Production of Blue Pigment Plant At Padra, Vadodara Asahi Songwon Colors Limited has resumed the production of Blue Pigment plant at Padra, Vadodara. Announcement • Feb 14
Asahi Songwon Colors Limited Announces Management Changes Asahi Songwon Colors Limited announced that at the board meeting held on February 13, 2023, the company approved the resignation of Mr. Pratik Shah as Chief Financial Officer (CFO) of the Company with effect from closing hours of December 12, 2022 due to his personal reasons. Mr. Narendra Rathi was appointed as Chief Financial Officer (CFO) of the Company with effect from February 13, 2022. Mr. Narendra Rathi is having 12 year of Industry Experience. He is a Chartered Accountant from ICAI(2011). Mr. Narendra Rathi has valuable experience in accounting, finance, taxation & strategic planning in various industries. Prior to joining Asahi Songwon Colors Limited, he was working as Group Finance Controller with Rishi FIBC Solutions Private Limited. He was also associated with Pentech Business Management Private Limited and Pantaloon Retail (India) Limited. Reported Earnings • Feb 14
Third quarter 2023 earnings released: ₹6.24 loss per share (vs ₹2.76 profit in 3Q 2022) Third quarter 2023 results: ₹6.24 loss per share (down from ₹2.76 profit in 3Q 2022). Revenue: ₹942.3m (down 6.1% from 3Q 2022). Net loss: ₹73.6m (down 322% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Announcement • Feb 07
Asahi Songwon Colors Limited to Report Q3, 2023 Results on Feb 13, 2023 Asahi Songwon Colors Limited announced that they will report Q3, 2023 results on Feb 13, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: ₹1.00 (vs ₹4.73 in 2Q 2022) Second quarter 2023 results: EPS: ₹1.00 (down from ₹4.73 in 2Q 2022). Revenue: ₹1.28b (up 34% from 2Q 2022). Net income: ₹11.9m (down 79% from 2Q 2022). Profit margin: 0.9% (down from 6.0% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 2 experienced directors. 6 highly experienced directors. 4 independent directors (5 non-independent directors). Non-Executive Independent Director Jayprakash Patel was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 12
Second quarter 2023 earnings released: EPS: ₹1.00 (vs ₹4.73 in 2Q 2022) Second quarter 2023 results: EPS: ₹1.00 (down from ₹4.73 in 2Q 2022). Revenue: ₹1.28b (up 34% from 2Q 2022). Net income: ₹11.9m (down 79% from 2Q 2022). Profit margin: 0.9% (down from 6.0% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 15
Upcoming dividend of ₹0.50 per share Eligible shareholders must have bought the stock before 22 September 2022. Payment date: 30 October 2022. Payout ratio is a comfortable 3.1% but the company is not cash flow positive. Trailing yield: 0.2%. Lower than top quartile of Indian dividend payers (1.5%). Lower than average of industry peers (0.7%). Board Change • Aug 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Non-Executive Independent Director Jayprakash Patel was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 05
First quarter 2023 earnings released: EPS: ₹3.96 (vs ₹3.79 in 1Q 2022) First quarter 2023 results: EPS: ₹3.96. Revenue: ₹1.63b (up 68% from 1Q 2022). Net income: ₹47.6m (down 16% from 1Q 2022). Profit margin: 2.9% (down from 5.8% in 1Q 2022). The decrease in margin was driven by higher expenses. Reported Earnings • May 24
Full year 2022 earnings released: EPS: ₹16.10 (vs ₹26.78 in FY 2021) Full year 2022 results: EPS: ₹16.10 (down from ₹26.78 in FY 2021). Revenue: ₹4.16b (up 47% from FY 2021). Net income: ₹193.6m (down 40% from FY 2021). Profit margin: 4.7% (down from 11% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 04
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹2.76 (down from ₹6.95 in 3Q 2021). Revenue: ₹1.00b (up 37% from 3Q 2021). Net income: ₹33.2m (down 61% from 3Q 2021). Profit margin: 3.3% (down from 12% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Dec 14
Investor sentiment improved over the past week After last week's 18% share price gain to ₹319, the stock trades at a trailing P/E ratio of 14.4x. Average trailing P/E is 18x in the Chemicals industry in India. Total returns to shareholders of 56% over the past three years. 
