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ICICI Securities Report
Archean Chemical Industries Ltd. is ICICI Securities top pick in the speciality chemicals space and offers a highly favourable risk-reward profile.
Archean is in the advance stages of starting construction on its SiC semiconductor facility and it has partnered with multiple ecosystem players to support its ramp-up. The company will be the sole player with SiC fabrication and ATMP facility in India.
Since SiC semiconductor demand is incredibly strong, it offers a massive import substitution market.
Furthermore, Archean's core business is showing signs of revival with improved bromine production and normalisation of prices after three weak years. Although the salt business is facing transient challenges, it is likely to show improvement in H2 FY27.
Core business has the potential to positively surprise from SOP and bromine derivative biz. More importantly, the brokerage believes current market price does not assign any value to these new businesses. Hence the brokerage has maintained 'Buy' rating on the stock.
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