NSE: ACI · BSE: 543657
ARCHEAN CHEMICAL IND LTD
Produces bromine and industrial salt from Kutch-based operations, sitting among the few large-scale bromine makers globally. Around this core franchise, the company runs Acume Chemicals — a wholly-owned bromine derivatives subsidiary that turned EBITDA positive in Q1 FY27 — plus Idealis Mudchemie, a three-plant oilfield/mud chemicals unit, and a sulphate of potash (SOP) plant in early ramp-up. Forward growth platforms include SiCSem, a semiconductor subsidiary that signed a fiscal support agreement with the Government of India, and an 18.14% stake in UK-based Offgrid Energy Labs, which opened a 10 MWh zinc-bromide battery pilot in Hampshire in July 2026. Bromine long-term contracts have been largely renegotiated upward with effect from FY27. Logistics and freight are the dominant swing factor in costs — Kutch road construction has doubled trucking distance, adding ~₹200-220/ton, and the U.S.-Iran conflict pushed global freight and fuel sharply higher. Capex is heavy at 35.4% of revenue, reflecting the semiconductor, SOP and brine-field expansion build-out, while raw materials are a relatively small 8.1% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Bromine, Industrial Salt, Bromine Derivatives, Oilfield/Mud chemicals, Sulphate of Potash (SOP). Capital-intensive specialty chemicals (capex 35.4% of revenue) with multiple growth platforms
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 1,441 | 1,330 | 1,041 | 1,081 |
| EBITDA (ex other income) | 634 | 463 | 274 | 239 |
| margin % | 44.0 | 34.8 | 26.3 | 22.1 |
| Owners' profit | 383 | 319 | 162 | 105 |
| EPS, as reported (₹) | 34.66 | 25.90 | 13.13 | 8.66 |
| ROE % · ROCE % | 26.7 · 38.4 | 18.7 · 22.7 | 8.7 · 10.6 | 5.5 · 7.8 |
| Debt / equity (x) | 0.01 | 0.04 | 0.10 | 0.24 |
| Cash from operations | 496 | 379 | 176 | 140 |
| Capex | (100) | (131) | (264) | (382) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 240 | 242 | 346 | 292 | 233 | 255 | 301 | 327 |
| Profit before tax | 23 | 66 | 75 | 58 | 40 | 33 | 16 | 44 |
| Net profit | 16 | 48 | 54 | 40 | 29 | 24 | 12 | 30 |
| EPS (₹) | 1.28 | 3.89 | 4.33 | 3.25 | 2.36 | 1.92 | 1.13 | 2.48 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PIDILITE INDUSTRIES LTD | 1,47,581 | 55.7 | 13.36 | 39.1 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 69,214 | 32.0 | 4.93 | 21.4 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 46,552 | 76.0 | 5.88 | 37.0 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 42,476 | 53.7 | 10.69 | 38.3 | 16.7 | 16.4 | 23.0 | 37.5 |
| AETHER INDUSTRIES LIMITED | 20,367 | 86.4 | 8.29 | 55.4 | 8.9 | 11.4 | — | 33.8 |
| DEEPAK NITRITE LTD | 19,572 | 25.0 | 3.33 | 20.3 | 9.4 | 10.2 | 12.6 | 21.5 |
| ATUL LTD | 15,853 | 19.9 | 2.52 | 12.9 | 10.9 | 13.3 | 10.9 | 23.1 |
| AARTI INDUSTRIES LTD | 15,833 | 29.8 | 2.66 | 17.1 | 7.0 | 4.4 | 13.0 | 16.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 59.6 | 23.0 | 82 of 99 | 17% |
| P/B | 3.0 | 2.8 | 57 of 99 | 42% |
| ROCE | 6.6 | 10.1 | 68 of 106 | 36% |
| ROE | 5.5 | 8.1 | 64 of 99 | 36% |
| Debt / Equity | 0.2 | 0.2 | 54 of 99 | 46% |
| EBITDA margin | 22.3 | 15.5 | 31 of 99 | 69% |
| Revenue growth | 11.9 | 24.4 | 73 of 94 | 23% |
| Profit growth | (24.4) | 55.1 | 79 of 92 | 14% |
| Market cap | 5803 | 697 | 22 of 108 | 80% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · CRISIL downgrades bank facility rating to A- with stable outlook | credit debt | medium | — | — |
| 22 Oct 2026 · Board meeting to approve September 2026 quarterly results | results | low | — | — |
| 15 Oct 2026 · Promoter Chemikas Speciality LLP pledges additional ACI shares for loans | ownership changes | high | — | — |
| 15 Oct 2026 · Promoter Chemikas Speciality LLP pledges 30,000 Archean Chemical shares | ownership changes | low | — | — |
| 12 Oct 2026 · Compliance certificate for Q2 FY27 dematerialization filed with exchanges | compliance | minimal | — | — |
| 24 Sept 2026 · Trading window closure for Q2 and H1 FY26 results | compliance | minimal | — | — |
| 23 Sept 2026 · Promoter Chemikas LLP pledges 10.87 lakh ACI shares as loan collateral | ownership changes | high | — | — |
| 9 Sept 2026 · Promoter Chemikas Speciality LLP creates small pledge on 30,000 shares | ownership changes | high | — | — |
| 5 Sept 2026 · SBI Mutual Fund trims stake in Archean Chemical via market sale | ownership changes | medium | — | — |
| 7 Aug 2026 · Archean Chemical Q1 FY27 earnings call transcript filed | investor communications | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.