ICICI Securities has assigned a buy recommendation to one stock, forecasting that its value could reach 655 rupees, representing a potential growth of 35 percent. Currently, this stock is trading at 485 rupees.
On Wednesday, the stock fell by 1.50 percent, trading at 485.25 rupees. The brokerage firm previously set a target of 640 rupees but has now increased this forecast to 655 rupees. Analysts believe that the company's EBITDA will significantly increase in the 2028 fiscal year.
The company receiving such a high forecast is named Archean Chemical. The broker asserts that the chemical industry is the company's main area of activity, and improvements are observed in both production processes and core business. According to the broker's data, the recovery of bromine production and the stabilization of bromide prices after three weak years may support revenue growth. Furthermore, an improvement is expected in the salt segment in the second half of the 2027 fiscal year, and activities in SOP and bromide derivatives may bring additional profit.
A key part of the brokerage firm's investment proposal is Archean Chemical's planned direction into the semiconductor sector. The company aims to create convenience in silicon carbide semiconductor manufacturing and establish an ATMP facility. ICICI Securities predicts that this will become the only unified service of this kind in India. This project has received approval under the Indian Semiconductor Mission, and its estimated cost is 250 million US dollars. Archean Chemical has entered into partnerships with Class-SIC from the UK for fabrication technology, with Astron for epitaxial silicon carbide deposition equipment, and with IIT Bhubaneswar for silicon carbide crystal growth.
Regarding the company's core business, ICICI Securities expects improvements in bromine production, and the company aims to achieve an annual production volume of 20–24 kilotons by the end of the 2027 fiscal year. The brokerage firm forecasts that bromine revenue will grow at a Compound Annual Growth Rate (CAGR) of 37 percent from 2026 to 2028 fiscal year, and bromine EBITDA will increase by 42.5 percent.