External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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Equity Bottom-Up

Archean Chemical Industries / Equity Bottom-Up

<ul><li>Archean Chemical Industries Ltd (“ACI”) was incorporated on November 20, 2003.</li><li>Archean is a leading specialty marine chemical manufacturer in India and focused on producing and exporting Bromine, Industrial salt, and Sulphate of Potash to customers around the world.</li><li>Archean is the largest exporter of Bromine and industrial salt by volume in India in FY21 and has amongst the lowest cost of production globally in both Bromine and industrial salt.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Archean Chemical Industries Ltd (“ACI”) was incorporated on November 20, 2003.Archean is a leading specialty marine chemical manufacturer in India and focused on producing and exporting Bromine, Industrial salt, and Sulphate of Potash to customers around the world.Archean is the largest exporter of Bromine and industrial salt by volume in India in FY21 and has amongst the lowest cost of production globally in both Bromine and industrial salt.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pick of the Week - Archean Chemical Industries Ltd - 18 MARCH 2024

<ul><li>Archean Chemical Industries Q3FY24 numbers surprised on all fronts, exceeding our expectations.</li><li>Consolidated Revenue at Rs 413 Cr, up by 13%/42% YoY/QoQ, beat our estimate by 39%.</li><li>EBITDA stood at Rs 145 Cr, higher on a QoQ basis (up -9%/52% YoY/QoQ), also surpassing our estimates by 34%. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Archean Chemical Industries Q3FY24 numbers surprised on all fronts, exceeding our expectations.Consolidated Revenue at Rs 413 Cr, up by 13%/42% YoY/QoQ, beat our estimate by 39%.EBITDA stood at Rs 145 Cr, higher on a QoQ basis (up -9%/52% YoY/QoQ), also surpassing our estimates by 34%. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Archean Chemical Industries Ltd - Strong Volume Beat in Industrial Salt Aided by Recovery in SOP

<ul><li>Archean Chemical Industries Limited (Archean or ACIL) is a leading Marine Chemical manufacturer from India engaged in the production and sale of Bromine (Br), Industrial Salt (NaCL), and Sulphate of Potash (K₂SO₄) from its leased brine reserves located in the Rann of Kutch, Gujarat.</li><li>ACIL has one of the largest integrated production facilitiesat Hajipur (Gujarat), which has a strategic proximity to Jakhau Jetty and Mundra Port, making exports easier and smoother.</li><li>The company plans to forward integrate its business in Bromine derivatives – an established extension followed across global major Bromine producers, into Flame Retardants, Clear Brine Fluids, and PTA Synthesis Catalyst. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Archean Chemical Industries Limited (Archean or ACIL) is a leading Marine Chemical manufacturer from India engaged in the production and sale of Bromine (Br), Industrial Salt (NaCL), and Sulphate of Potash (K₂SO₄) from its leased brine reserves located in the Rann of Kutch, Gujarat.ACIL has one of the largest integrated production facilitiesat Hajipur (Gujarat), which has a strategic proximity to Jakhau Jetty and Mundra Port, making exports easier and smoother.The company plans to forward integrate its business in Bromine derivatives – an established extension followed across global major Bromine producers, into Flame Retardants, Clear Brine Fluids, and PTA Synthesis Catalyst. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Archean Chemical - Specialty or Commodity Business? Our Take – a Special Commodity!

Thematic (Sector/Industry)

<ul><li>Chemicals &amp; Agrochemicals: In Q4FY24, 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.</li><li>The meaningful recovery for chemical companies will likely take another 2 quarters.</li><li>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. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Chemicals &amp; Agrochemicals: In Q4FY24, 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 2 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. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Chemicals - Q4FY2024 - Earnings Preview (Agro-Chem SpChem)

<ul><li>Specialty Chemicals: In Q3FY24, we expect specialty chemical companies under our coverage to give early signs of demand recovery but it is likely to be another subdued quarter.</li><li>This subdued performance would be led by a demand slowdown in key export markets and from an inventory destocking situation coupled with a cyclical slowdown in discretionary spending in certain geographic regions (like Europe).</li><li>Domestic demand remains decent. Demand in textiles and dyes is still bleak, with limited green shoots in discretionary spending such as pigments and polymers as they have started to show signs of improvement. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Specialty Chemicals: In Q3FY24, we expect specialty chemical companies under our coverage to give early signs of demand recovery but it is likely to be another subdued quarter.This subdued performance would be led by a demand slowdown in key export markets and from an inventory destocking situation coupled with a cyclical slowdown in discretionary spending in certain geographic regions (like Europe).Domestic demand remains decent. Demand in textiles and dyes is still bleak, with limited green shoots in discretionary spending such as pigments and polymers as they have started to show signs of improvement. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Chemicals - Q3FY24 - Earnings Preview (Agro-Chem SpChem)

India

Archean Chemical Industries Private Limited operates as a mining company. The Company produces industrial salt, liquid bromine, coal, pavers, and cobbles. Archean Chemical Industries serves customers in India.

Archean Chemical Industries (ACI IN)

Pick of the Week - Archean Chemical Industries Ltd - 18 MARCH 2024

Archean is the largest exporter of Bromine and industrial salt by volume in India in FY21 and has amongst the lowest cost of production globally in...

Axis Direct

Archean Chemical Industries Ltd - Strong Volume Beat in Industrial Salt Aided by Recovery in SOP

Archean Chemical Industries Q3FY24 numbers surprised on all fronts, exceeding our expectations. Consolidated Revenue at Rs 413 Cr, up by 13%/42%...

Axis Direct

Archean Chemical - Specialty or Commodity Business? Our Take – a Special Commodity!

ACIL has one of the largest integrated production facilitiesat Hajipur (Gujarat), which has a strategic proximity to Jakhau Jetty and Mundra Port,...

Axis Direct

Chemicals - Q4FY2024 - Earnings Preview (Agro-Chem SpChem)

Chemical companies with strong brands and a consistent track record are seeing traction in CSM/CDMO business opportunities as China +1 and Euro +1...

Axis Direct

Chemicals - Q3FY24 - Earnings Preview (Agro-Chem SpChem)

Specialty Chemicals: In Q3FY24, we expect specialty chemical companies under our coverage to give early signs of demand recovery but it is likely...

Axis Direct