Shivalik Rasayan vs Asahi Songwon vs Aarti Surfactants: Which Stock Should You Track

Shivalik Rasayan vs Asahi Songwon Colors vs Aarti Surfactants 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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Shivalik Rasayan, Asahi Songwon Colors and Aarti Surfactants: Company Overview

Shivalik Rasayan 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 562 crore, a return on equity of 2.03% and a book value of Rs 378.08 per share. Its quarterly revenue moved from Rs 89.91 crore in June 2025 to Rs 97.31 crore in June 2026, a change of +8.2%.

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%.

Aarti Surfactants 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 412 crore, a return on equity of 5.04% and a book value of Rs 289.14 per share. Its quarterly revenue moved from Rs 215.94 crore in June 2025 to Rs 273.04 crore in June 2026, a change of +26.4%.

Shivalik Rasayan vs Asahi Songwon Colors vs Aarti Surfactants: Valuation and Profitability Snapshot

Metric	Shivalik Rasayan	Asahi Songwon Colors	Aarti Surfactants
Market Cap (approx.)	Rs 562 crore	Rs 428 crore	Rs 412 crore
PE Ratio (TTM)	28.57	12.50	22.38
PB Ratio	0.93	1.58	1.68
Return on Equity (ROE)	2.03%	6.92%	5.04%
EPS (TTM, Rs)	12.26	29.02	21.72
Dividend Yield	0.14%	0.41%	0.21%
Debt to Equity	0.19	0.53	0.43
Book Value per Share (Rs)	378.08	230.24	289.14

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On valuation, Shivalik Rasayan trades at a PE of 28.57 and a PB of 0.93, Asahi Songwon Colors at a PE of 12.50 and a PB of 1.58, while Aarti Surfactants trades at a PE of 22.38 and a PB of 1.68. On return on equity, the three post 2.03%, 6.92% and 5.04% respectively, and on dividend yield they stand at 0.14%, 0.41% and 0.21%. Shivalik Rasayan has the highest market capitalisation of the three at Rs 562 crore, while Aarti Surfactants has the lowest at Rs 412 crore. Shivalik Rasayan has the highest PE ratio of the three at 28.57, 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 Shivalik Rasayan has the lowest at 2.03%. Asahi Songwon Colors has the highest debt to equity ratio of the three at 0.53, while Shivalik Rasayan has the lowest at 0.19. Debt to equity is 0.19, 0.53 and 0.43 for the three respectively.

Shivalik Rasayan vs Asahi Songwon Colors vs Aarti Surfactants: Latest Quarterly Results

Company	Latest Quarter Revenue	Latest Quarter Net Profit	YoY Change (Revenue)	QoQ Change (Revenue)	YoY Change (Net Profit)
Shivalik Rasayan	Rs 97.31 crore	Rs 4.50 crore	+8.2%	-7.1%	+59.6%
Asahi Songwon Colors	Rs 189.70 crore	Rs 19.03 crore	+25.3%	+28.6%	+634.7%
Aarti Surfactants	Rs 273.04 crore	Rs 9.00 crore	+26.4%	+6.5%	+206.1%

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.

Shivalik Rasayan vs Asahi Songwon Colors vs Aarti Surfactants: 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 Shivalik Rasayan vs Asahi Songwon Colors vs Aarti Surfactants, which helps separate a one-quarter move from a steadier pattern.

Quarterly revenue (Rs crore)

Quarter	Shivalik Rasayan	Asahi Songwon Colors	Aarti Surfactants
June 2025	Rs 89.91 crore	Rs 151.34 crore	Rs 215.94 crore
September 2025	Rs 94.23 crore	Rs 122.55 crore	Rs 179.23 crore
December 2025	Rs 83.22 crore	Rs 120.75 crore	Rs 207.83 crore
March 2026	Rs 104.74 crore	Rs 147.54 crore	Rs 256.47 crore
June 2026	Rs 97.31 crore	Rs 189.70 crore	Rs 273.04 crore

Quarterly net profit (Rs crore)

Quarter	Shivalik Rasayan	Asahi Songwon Colors	Aarti Surfactants
June 2025	Rs 2.82 crore	Rs 2.59 crore	Rs 2.94 crore
September 2025	Rs 4.30 crore	Rs 2.10 crore	Rs 1.56 crore
December 2025	Rs 3.67 crore	Rs 2.26 crore	Rs 3.66 crore
March 2026	Rs 7.17 crore	Rs 10.82 crore	Rs 4.19 crore
June 2026	Rs 4.50 crore	Rs 19.03 crore	Rs 9.00 crore

Shivalik Rasayan reported revenue of Rs 89.91 crore in June 2025 and Rs 97.31 crore in June 2026, a change of +8.2% across the period. Its highest quarterly revenue in this window was Rs 104.74 crore in March 2026. Net profit stood at Rs 4.50 crore in June 2026, which is a net profit margin of 4.62%.

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%.

Aarti Surfactants reported revenue of Rs 215.94 crore in June 2025 and Rs 273.04 crore in June 2026, a change of +26.4% across the period. Its highest quarterly revenue in this window was Rs 273.04 crore in June 2026. Net profit stood at Rs 9.00 crore in June 2026, which is a net profit margin of 3.30%.

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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 Shivalik Rasayan, Asahi Songwon Colors and Aarti Surfactants 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

Shivalik Rasayan vs Asahi Songwon Colors vs Aarti Surfactants 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 Shivalik Rasayan vs Asahi Songwon Colors vs Aarti Surfactants

What is the market cap difference between Shivalik Rasayan, Asahi Songwon Colors and Aarti Surfactants?

Ans. As of October 2026, Shivalik Rasayan has a market cap of approximately Rs 562 crore, Asahi Songwon Colors is at approximately Rs 428 crore, and Aarti Surfactants is at approximately Rs 412 crore.

What are the PE and PB ratios of Shivalik Rasayan, Asahi Songwon Colors and Aarti Surfactants?

Ans. As of October 2026, the PE ratios stand at 28.57, 12.50 and 22.38 respectively, and the price to book ratios stand at 0.93, 1.58 and 1.68 respectively.

Which of the three has the highest ROE?

Ans. Shivalik Rasayan, Asahi Songwon Colors and Aarti Surfactants post ROE of 2.03%, 6.92% and 5.04% respectively as of October 2026. Asahi Songwon Colors has the highest return on equity of the three at 6.92%, while Shivalik Rasayan has the lowest at 2.03%.

Which of these three stocks pays the highest dividend yield?

Ans. Shivalik Rasayan, Asahi Songwon Colors and Aarti Surfactants carry dividend yields of 0.14%, 0.41% and 0.21% respectively.

What is the debt to equity ratio for Shivalik Rasayan, Asahi Songwon Colors and Aarti Surfactants?

Ans. Shivalik Rasayan carries a debt to equity of 0.19, Asahi Songwon Colors of 0.53, and Aarti Surfactants of 0.43.

What were the latest quarterly revenue and net profit of Shivalik Rasayan, Asahi Songwon Colors and Aarti Surfactants?

Ans. For Q1 FY27 (quarter ended June 2026), Shivalik Rasayan reported revenue of Rs 97.31 crore and net profit of Rs 4.50 crore, Asahi Songwon Colors reported revenue of Rs 189.70 crore and net profit of Rs 19.03 crore, and Aarti Surfactants reported revenue of Rs 273.04 crore and net profit of Rs 9.00 crore.

Does this comparison recommend one of Shivalik Rasayan, Asahi Songwon Colors and Aarti Surfactants?

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.