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Axis Securities Report
In Q4 FY24, we expect chemical companies under our coverage to declare sequential revenue improvement, except for commodity player Archean Chemical, as soft demand from end-user industries has led to a drop in prices.
The meaningful recovery for chemical companies will likely take another two quarters. Agrochemicals demand continues to be under pressure, but there are green shoots in certain end-user industries such as dyes, pigments, and polymers, which have witnessed growth in demand and minor improvement in prices of final products.
Chemical companies with strong brands and a consistent track record are seeing traction in custom synthesis manufacturing/contract development manufacturing organisation business opportunities as China +1 and Euro +1 play out.
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