About Asahi Songwon Colors Limited

Asahi Songwon Colors Limited is an Indian specialty chemicals manufacturer with over three decades of expertise in pigments, now diversified into active pharmaceutical ingredients (APIs). The Company serves printing inks, packaging, paints, plastics, and textiles, leveraging a reputation for consistent quality and dependable supply.  Over time, Asahi has deliberately broadened its portfolio from a single-product focus to three verticals—phthalocyanine pigments, Azo pigments, and APIs—strengthening resilience and reducing reliance on any one market.

Asahi Songwon Colors Limited Geographic Presence 

The Company’s manufacturing footprint spans Gujarat: Padra (established 2004), Dahej (2020), Odhav in Ahmedabad (2020) and Chhatral (2024). Padra focuses on phthalocyanine pigments; Dahej manufactures Azo pigments; Odhav produces APIs such as Pregabalin, Levosulpiride and Gliclazide; and Chhatral has commenced commercial production of API intermediates.  Asahi exports to multiple markets, including the USA, Spain, Brazil, Indonesia, Singapore, the UK, Korea, Belgium, China, Malaysia, Taiwan, Vietnam and Japan.  As on March 31, 2025, the Company has three subsidiaries.

Key milestones of Asahi Songwon Colors Limited

Key milestones in its journey include: a technical collaboration with Clariant for CPC Blue crude (2003); a technical collaboration and supply agreement with DIC Japan and a public listing that raised Rs 33.50 crore (2007); capacity expansions in CPC Blue and Beta Blue (2008–2010); demerger of the green pigment segment (2014); a joint venture with Tennants Textile Colors for Red and Yellow (Azo) pigments at Dahej (2019–2021); acquisition of Atlas Life Sciences Private Limited (APIs) in 2022 and subsequent full ownership in FY24; and commercial production of API intermediates at Chhatral.  The business model has also matured: the customer base expanded from 19 to over 100, while revenue concentration from inks reduced from over 90% to about 55%.

Our offerings span phthalocyanine pigments—used widely for their durability and colour strength—and Azo pigments for inks, paints, plastics and textile coatings. The API portfolio augments capabilities through backward integration and in-house intermediates, supporting cost efficiency and supply reliability.

Asahi Songwon Colors Limited Business Segments

Domestic vs. international: In FY25, revenue from sale of products was 52.16% domestic and 47.84% exports.

Asahi Songwon Colors Limited Key Management

• Paru M. Jaykrishna – Chairperson & Managing Director
• Gokul M. Jaykrishna – Joint Managing Director & CEO
• Arjun G. Jaykrishna – Executive Director
• Mitesh Patel – Executive Director
• Pratik Shah – Chief Financial Officer
• Saji Varghese Joseph – Company Secretary & Compliance Officer

Latest Updates on Asahi Songwon Colors Limited

• In FY25, the Company maintained high capacity utilisation in its cornerstone phthalocyanine pigments business, aided by process optimisation and a stabilising demand environment.  The Azo pigments segment showed clear operational recovery, with an ongoing debottlenecking project to add roughly 40 tonnes of annual yellow pigment capacity, targeted to come online in early FY26.  In APIs, Asahi completed backward integration for key intermediates and commenced commercial production at Chhatral, bolstering cost competitiveness and supply reliability.
• The Company reported an improvement in operating profitability, with EBITDA margin at 10%, reflecting efficiencies, better throughput and an improved product mix.  Exports rose significantly year-on-year on a standalone basis, underscoring deeper engagement in global markets.  Working-capital and operational measures supported deleveraging, with net debt reducing during the year.
• Governance developments included the appointment of three Independent Directors—Mr. Anil Jain, Mr. Sudhin B. Choksey and Mr. Samvegbhai A. Lalbhai—during 2024, and the re-appointment of Mr. Arjun G. Jaykrishna as Executive Director effective October 14, 2024.  The Company also named Mr. Pratik Shah as Chief Financial Officer in FY25.