Bromine cost-curve leader
| Peer | Status | P/E | ROE | Mkt cap | Why we do not hold it (approved text) | Links |
|---|---|---|---|---|---|---|
| Archean Chemical Industries | Held | 59.06 | 5.52% | 5,719 Cr | Bromine cost-curve leader | |
| Tata Chemicals | Not held | n/a | n/a | n/a | 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. | Screener · Tijori |
| GHCL | Not held | n/a | n/a | n/a | 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. | Screener · Tijori |
Peer numbers are shown only where the peer is in the security master (fundamentals pulled); "n/a" otherwise — a peer is not added to the data pull without a research request. Reasons are quoted from the one-pager (8 Sep 2026).
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.
All sectors we avoid or underweight →Chambal Fertilisers (0.9%, Cyclical): a 10x P/E, 20% ROE, near-net-cash urea franchise with a TAN growth leg. Archean Chemical (0.6%, Cyclical): a cost-curve leader in bromine and salt at 35x FY28E on depressed pricing, with derivative capex adding value.