Asahi Songwon Colors Limited — Investor Meet, 12-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Asahi Songwon's Q2FY26 revenue declined 14.62% YoY to ₹120.90 Cr, with PAT dropping 36.49% to ₹2.10 Cr, primarily due to weak demand in its blue pigment business. Management cited US tariff uncertainty and European slowdown for the blue segment's subdued performance, anticipating recovery from Q4FY26. The API business faced significant realization pressure but shows strong cash flow generation and expected improvements. The Azo pigments segment is progressing well, with improved capacity utilization and projected PAT-positive performance next quarter. Diversification into API and Azo is enhancing operating cash flows and strengthening the balance sheet amidst challenges in the core pigment business.