Asahi Songwon vs Primo Chemicals vs Sadhana Nitro: Which Stock Should You Track

Asahi Songwon Colors vs Primo Chemicals vs Sadhana Nitro Chem starts with the core numbers most investors compare within the specialty chemicals segment: market capitalisation, valuation multiples, profitability, dividend yield and the latest quarterly results. Figures below are sourced as of October 2026 and will shift with daily price moves.

All three names sit in the specialty chemicals bucket, which makes them a natural set to place side by side rather than a random trio of unrelated businesses. The sections below cover the company profiles, a valuation table, the latest quarter and a five-quarter trend for revenue and net profit.

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Asahi Songwon Colors, Primo Chemicals and Sadhana Nitro Chem: Company Overview

Asahi Songwon Colors is a listed Indian company in the specialty chemicals space, tracked here on book value, return ratios and valuation alongside its peers in this comparison. It has a market capitalisation of about Rs 428 crore, a return on equity of 6.92% and a book value of Rs 230.24 per share. Its quarterly revenue moved from Rs 151.34 crore in June 2025 to Rs 189.70 crore in June 2026, a change of +25.3%.

Primo Chemicals is a listed Indian company in the specialty chemicals space, tracked here on book value, return ratios and valuation alongside its peers in this comparison. It has a market capitalisation of about Rs 593 crore, a return on equity of 3.78% and a book value of Rs 15.37 per share. Its quarterly revenue moved from Rs 147.21 crore in June 2025 to Rs 145.52 crore in June 2026, a change of -1.1%.

Sadhana Nitro Chem is a listed Indian company in the specialty chemicals space, tracked here on book value, return ratios and valuation alongside its peers in this comparison. It has a market capitalisation of about Rs 728 crore, a return on equity of -19.02% and a book value of Rs 1.52 per share. Its quarterly revenue moved from Rs 32.58 crore in June 2025 to Rs 30.93 crore in June 2026, a change of -5.1%.

Asahi Songwon Colors vs Primo Chemicals vs Sadhana Nitro Chem: Valuation and Profitability Snapshot

Metric	Asahi Songwon Colors	Primo Chemicals	Sadhana Nitro Chem
Market Cap (approx.)	Rs 428 crore	Rs 593 crore	Rs 728 crore
PE Ratio (TTM)	12.50	37.08	NA
PB Ratio	1.58	1.59	1.58
Return on Equity (ROE)	6.92%	3.78%	-19.02%
EPS (TTM, Rs)	29.02	0.66	-0.28
Dividend Yield	0.41%	0.00%	0.00%
Debt to Equity	0.53	0.32	0.25
Book Value per Share (Rs)	230.24	15.37	1.52

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On valuation, Asahi Songwon Colors trades at a PE of 12.50 and a PB of 1.58, Primo Chemicals at a PE of 37.08 and a PB of 1.59, while Sadhana Nitro Chem trades at a PE of NA and a PB of 1.58. On return on equity, the three post 6.92%, 3.78% and -19.02% respectively, and on dividend yield they stand at 0.41%, 0.00% and 0.00%. Sadhana Nitro Chem has the highest market capitalisation of the three at Rs 728 crore, while Asahi Songwon Colors has the lowest at Rs 428 crore. Primo Chemicals has the highest PE ratio of the three at 37.08, while Asahi Songwon Colors has the lowest at 12.50. Asahi Songwon Colors has the highest return on equity of the three at 6.92%, while Sadhana Nitro Chem has the lowest at -19.02%. Asahi Songwon Colors has the highest debt to equity ratio of the three at 0.53, while Sadhana Nitro Chem has the lowest at 0.25. Debt to equity is 0.53, 0.32 and 0.25 for the three respectively.

Asahi Songwon Colors vs Primo Chemicals vs Sadhana Nitro Chem: Latest Quarterly Results

Company	Latest Quarter Revenue	Latest Quarter Net Profit	YoY Change (Revenue)	QoQ Change (Revenue)	YoY Change (Net Profit)
Asahi Songwon Colors	Rs 189.70 crore	Rs 19.03 crore	+25.3%	+28.6%	+634.7%
Primo Chemicals	Rs 145.52 crore	Rs 3.64 crore	-1.1%	-3.3%	+19.0%
Sadhana Nitro Chem	Rs 30.93 crore	-Rs 0.55 crore	-5.1%	+148.4%	NA

Quarterly figures above are the most recent reported quarter for each company (Q1 FY27, quarter ended June 2026), compared with the year-ago and preceding quarter. A percentage change in net profit is shown as NA where the comparison quarter was a loss or the latest quarter is a loss, since the percentage is not meaningful in that case.

Asahi Songwon Colors vs Primo Chemicals vs Sadhana Nitro Chem: Five-Quarter Revenue and Net Profit Trend

The five-quarter view below shows how revenue and net profit moved from June 2025 to June 2026 for each company in Asahi Songwon Colors vs Primo Chemicals vs Sadhana Nitro Chem, which helps separate a one-quarter move from a steadier pattern.

Quarterly revenue (Rs crore)

Quarter	Asahi Songwon Colors	Primo Chemicals	Sadhana Nitro Chem
June 2025	Rs 151.34 crore	Rs 147.21 crore	Rs 32.58 crore
September 2025	Rs 122.55 crore	Rs 139.20 crore	Rs 2.23 crore
December 2025	Rs 120.75 crore	Rs 144.56 crore	Rs 10.96 crore
March 2026	Rs 147.54 crore	Rs 150.51 crore	Rs 12.45 crore
June 2026	Rs 189.70 crore	Rs 145.52 crore	Rs 30.93 crore

Quarterly net profit (Rs crore)

Quarter	Asahi Songwon Colors	Primo Chemicals	Sadhana Nitro Chem
June 2025	Rs 2.59 crore	Rs 3.06 crore	-Rs 2.12 crore
September 2025	Rs 2.10 crore	Rs 2.75 crore	-Rs 25.55 crore
December 2025	Rs 2.26 crore	-Rs 0.34 crore	-Rs 25.14 crore
March 2026	Rs 10.82 crore	Rs 5.09 crore	-Rs 33.62 crore
June 2026	Rs 19.03 crore	Rs 3.64 crore	-Rs 0.55 crore

Asahi Songwon Colors reported revenue of Rs 151.34 crore in June 2025 and Rs 189.70 crore in June 2026, a change of +25.3% across the period. Its highest quarterly revenue in this window was Rs 189.70 crore in June 2026. Net profit stood at Rs 19.03 crore in June 2026, which is a net profit margin of 10.03%.

Primo Chemicals reported revenue of Rs 147.21 crore in June 2025 and Rs 145.52 crore in June 2026, a change of -1.1% across the period. Its highest quarterly revenue in this window was Rs 150.51 crore in March 2026. Net profit stood at Rs 3.64 crore in June 2026, which is a net profit margin of 2.50%. Primo Chemicals reported a net loss in December 2025.

Sadhana Nitro Chem reported revenue of Rs 32.58 crore in June 2025 and Rs 30.93 crore in June 2026, a change of -5.1% across the period. Its highest quarterly revenue in this window was Rs 32.58 crore in June 2025. Net profit stood at -Rs 0.55 crore in June 2026, which is a net profit margin of -1.78% (a net loss for the quarter). Sadhana Nitro Chem reported a net loss in June 2025, September 2025, December 2025, March 2026 and June 2026.

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What Should Investors Look at Beyond These Numbers?

Beyond the metrics above, investors comparing these three specialty chemicals names should track quarter-on-quarter revenue and margin trends, management commentary on demand and cost drivers, and factors specific to the segment such as raw material costs, customer concentration, export demand and capacity utilisation. A single-quarter snapshot can shift quickly, and smaller companies in particular can show wide swings from one quarter to the next.

It also helps to read the latest quarterly filings and investor presentations of Asahi Songwon Colors, Primo Chemicals and Sadhana Nitro Chem directly, since the figures here come from standardised data and do not capture company-specific context such as one-time items, order timing or promoter actions.

Conclusion

Asahi Songwon Colors vs Primo Chemicals vs Sadhana Nitro Chem highlights how differently three companies in the same specialty chemicals segment can look across valuation, profitability and dividend metrics, even when operating in a similar space. This comparison does not declare a winner; investors should weigh these figures against their own research and risk appetite. Please read the disclaimer below before making any investment decision.

FAQs on Asahi Songwon Colors vs Primo Chemicals vs Sadhana Nitro Chem

What is the market cap difference between Asahi Songwon Colors, Primo Chemicals and Sadhana Nitro Chem?

Ans. As of October 2026, Asahi Songwon Colors has a market cap of approximately Rs 428 crore, Primo Chemicals is at approximately Rs 593 crore, and Sadhana Nitro Chem is at approximately Rs 728 crore. Sadhana Nitro Chem is the largest of the three, and its market capitalisation is about 1.7 times that of Asahi Songwon Colors, the smallest. Market capitalisation reflects the size of a company in the market rather than the quality of its business, so a larger value does not by itself signal a higher quality company. These figures move with the share price every trading day, which is why the table above should be read as a snapshot rather than a fixed ranking in the Asahi Songwon Colors vs Primo Chemicals vs Sadhana Nitro Chem comparison.

What are the PE and PB ratios of Asahi Songwon Colors, Primo Chemicals and Sadhana Nitro Chem?

Ans. As of October 2026, the PE ratios stand at 12.50, 37.08 and NA respectively, and the price to book ratios stand at 1.58, 1.59 and 1.58 respectively. A PE of NA for Sadhana Nitro Chem means trailing twelve month earnings were negative or not available, so the multiple cannot be read in the usual way. The PE ratio shows how much investors pay for each rupee of trailing earnings, while the PB ratio compares the market value with the net assets on the balance sheet. Both multiples should be read against the segment norms for specialty chemicals and against each company's own growth and earnings stability, because a high multiple can reflect expected growth or simply a small earnings base.

Which of the three has the highest ROE?

Ans. Asahi Songwon Colors, Primo Chemicals and Sadhana Nitro Chem post ROE of 6.92%, 3.78% and -19.02% respectively as of October 2026. Asahi Songwon Colors has the highest return on equity of the three at 6.92%, while Sadhana Nitro Chem has the lowest at -19.02%. Return on equity measures how much profit a company generates on the capital contributed by its shareholders, so it is a useful gauge of how efficiently equity is being used. A negative ROE points to losses over the period, and a very high ROE can sometimes result from a small equity base rather than operating performance. It is therefore worth reading ROE together with debt levels and the five-quarter profit trend before drawing any conclusion from the Asahi Songwon Colors vs Primo Chemicals vs Sadhana Nitro Chem figures.

Which of these three stocks pays the highest dividend yield?

Ans. Asahi Songwon Colors, Primo Chemicals and Sadhana Nitro Chem carry dividend yields of 0.41%, 0.00% and 0.00% respectively as of October 2026. Dividend yield is the annual dividend per share expressed as a percentage of the current share price, so it changes whenever the price changes. A low or zero yield is common among companies that retain profits to fund expansion, repay debt or absorb losses, and it does not by itself say anything about business quality. Investors who care about income should also check how consistently each company has paid dividends and what share of profit it distributes.

What is the debt to equity ratio for Asahi Songwon Colors, Primo Chemicals and Sadhana Nitro Chem?

Ans. Asahi Songwon Colors carries a debt to equity of 0.53, Primo Chemicals of 0.32, and Sadhana Nitro Chem of 0.25. Asahi Songwon Colors has the highest debt to equity ratio of the three at 0.53, while Sadhana Nitro Chem has the lowest at 0.25. The debt to equity ratio compares total borrowings with shareholders' funds, and a higher figure means the company relies more on borrowed money to run its business. What counts as a comfortable level differs by segment, since some businesses in specialty chemicals need heavy capital and carry more debt than others. Investors usually read this ratio alongside interest costs and cash generation to judge how well each company can service its borrowings in the Asahi Songwon Colors vs Primo Chemicals vs Sadhana Nitro Chem comparison.

What were the latest quarterly revenue and net profit of Asahi Songwon Colors, Primo Chemicals and Sadhana Nitro Chem?

Ans. For Q1 FY27 (quarter ended June 2026), Asahi Songwon Colors reported revenue of Rs 189.70 crore and net profit of Rs 19.03 crore, Primo Chemicals reported revenue of Rs 145.52 crore and net profit of Rs 3.64 crore, and Sadhana Nitro Chem reported revenue of Rs 30.93 crore and net profit of -Rs 0.55 crore. Compared with the quarter ended June 2025, revenue changed by +25.3% for Asahi Songwon Colors, -1.1% for Primo Chemicals and -5.1% for Sadhana Nitro Chem. A single quarter can be affected by seasonality, one-time items and the timing of orders, so the five-quarter tables above give a clearer sense of direction than any one result. A net loss in a quarter does not always mean a troubled business, but it does call for a closer look at costs, debt and the reasons behind the swing in the Asahi Songwon Colors vs Primo Chemicals vs Sadhana Nitro Chem results.

Does this comparison recommend one of Asahi Songwon Colors, Primo Chemicals and Sadhana Nitro Chem?

Ans. This comparison does not declare one stock ahead of another; each company scores differently across valuation, profitability and dividend metrics, and the right fit depends on an individual investor's own criteria and research. Instead of a verdict, the tables above lay out the figures so that readers can weigh them against their own goals, time horizon and tolerance for risk. For companies in specialty chemicals, it also helps to look at factors such as raw material costs, customer concentration, export demand and capacity utilisation. Reading the latest filings and investor presentations of Asahi Songwon Colors, Primo Chemicals and Sadhana Nitro Chem directly, and speaking to a SEBI registered adviser where needed, is a sensible step before acting on any numbers shown in Asahi Songwon Colors vs Primo Chemicals vs Sadhana Nitro Chem.