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DRChoksey Research Report
Archean Chemical Industries Ltd. demonstrated strong resilience in FY24, maintaining a 35% margin despite revenue and profit growth moderation.
The industrial salt segment's robust performance offset declines in bromine revenue. With Rs 130-140 crore already spent on capex, benefits from the bromine derivative business are expected to materialize starting FY25E.
We project a CAGR of 34% in revenue and 44% in net profit during FY24-FY26E, driven by volume recovery and new product lines.
Valuing the stock at a P/E multiple of 17.5x on FY26E EPS, we recommend a Buy with a target price of Rs 943.
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