Bromine cost-curve leader
Archean Chemical Industries Limited is a leading speciality marine chemical manufacturer in India. It produces and exports bromine, industrial salt, and sulphate of potash globally from its integrated production facility in Gujarat.
Archean Chemical Industries Limited manufactures and sells specialty marine chemicals in India and internationally. It offers bromine for use in pharmaceuticals, agrochemicals, flame retardants, and water treatment products, as well as oil and gas, and energy storage industries; industrial salt for chloralkali chemical, food and beverage, water treatment, and oil and gas industries; and sulphate of potash, an inorganic salt for use as a water-soluble fertiliser in agricultural applications. Archean Chemical Industries Limited was founded in 2003 and is based in Chennai, India.
Key people: Mr. Rampraveen Swaminathan (MD & Director) · Mr. Ranjit Pendurthi (Executive Vice Chairman of the Board) · Mr. Ramamurthy Natarajan (Chief Financial Officer) · Mr. Vijayaraghavan Nemam Echampadi (Company Secretary & Compliance Officer) · Mr. Vijaykumar Vyas (Head of Sales & Marketing) · Mr. Rajeev Kumar (Head of Strategy)
Archean Chem. Inds. major competitors are Neogen Chemicals, Tata Chemicals, Laxmi Organic Inds., Foseco India, Yasho Industries, GHCL. Market Cap of Archean Chem. Inds. is ₹5,747 Crs. While the median market cap of its peers are ₹4,988 Crs.
Archean Chem. Inds. seems to be less financially stable compared to its competitors.Altman Z score of Archean Chem. Inds. is 5.09 and is ranked 4 out of its 7 competitors.
Yahoo profile 23 Sept 2026 · Tijori 23 Sept 2026
Latest reported mix as compiled by Tijori from company disclosures; percentages of revenue.
As the company reports them. They can differ from the ratio table on the Financials tab, which uses Tijori's own definitions (for example NIM on average total assets rather than on interest-earning assets); the Cross-check panel there lines both up.
Archean Chemical is India's largest producer of bromine and industrial salt from brine at Hajipir, Gujarat (Rann of Kutch), with ~78% of revenue exported; FY26 revenue Rs 1,108 cr split industrial salt Rs 729 cr and bromine Rs 308 cr. It is building sulphate of potash (SOP), bromine derivatives (Acume, EBITDA-positive for the first time in Q1FY27), zinc-bromide energy storage, and a USD 250 mn silicon-carbide semiconductor fab/packaging unit (SiCSem, Odisha; 60,000 wafers and 96 mn packaging units/yr; partners Clas-SiC UK, Aixtron, IIT Bhubaneswar) approved under the India Semiconductor Mission.
63.6x TTM PE reflects trough earnings (FY26 PAT Rs 105 cr vs Rs 319 cr in FY24); P/B 3.2x (499/157). Stock -27% over 1 year and 3-yr profit CAGR -35%; Buoyant 34.6x FY28e vs ICICI Sec 16x FY28E EBITDA. EV/EBITDA n.m.; dividend yield 0.5%.
| Tata Chemicals | Tata Chemicals posted a Rs 1,715 cr FY26 loss, ROE 1.3%, Rs 8,001 cr debt and Q1FY27 PAT -81%; soda-ash oversupply from China is structural, whereas Archean's bromine is recovering with a clean balance sheet. |
| GHCL | GHCL is cheap (8.8x, 2.75% yield, ROE 13%, net debt ~nil) but is a soda-ash commodity play with Q1FY27 sales/profit -4% and promoter holding of only 19.8%; Archean offers higher growth (ICICI Sec >50% EBITDA CAGR) and 53% promoter skin-in-the-game. |
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Chemicals — 1.5%: two cyclicals with very different drivers
Our two chemical positions are both small, both Cyclical, and owned for company-specific reasons rather than a sector call. Chambal Fertilisers is India's largest private urea producer, a 20% ROE business at under 10x earnings, whose economics are protected by the subsidy regime (retail urea is fixed at ₹267/bag; the government pays the difference) — the FY27 subsidy budget of ₹1.71 lakh crore was 58% spent by August and will likely be raised after the West Asia gas shock spiked urea from $447/t to $947/t. Its new TAN (technical ammonium nitrate) plant adds a non-subsidy, mining-linked profit pool. Archean is India's largest bromine and industrial-salt producer, with a cost position (solar-evaporation brine at Hajipir) that is second only to Israel and Jordan; bromine prices spiked on the Hormuz disruption and are now normalising ($4,453/t CIF India in July), and the company is adding bromine derivatives and a silicon-carbide fab venture (SiCSem, Odisha). Both are bought below mid-cycle earnings.
We own no specialty-chemical compounder (PI, SRF, Navin, Deepak) at 40–60x — the China-plus-one story has been priced for three years while Chinese dumping and agrochemical destocking hit earnings. Coromandel is the quality fertiliser name but at 25x prices its phosphates diversification. Tata Chemicals is a soda-ash cycle we do not want.