Q1FY27 EBITDA down 13.9% YoY but up 53.9% QoQ; bromine guidance 20-25kte at INR 300/kg; Acume break-even; salts recovery Q3FY27; Sicsem capex acceleration; TP Rs 640 at 16x FY28E EV/EBITDA; Buy rating.

Consolidated net sales rose to Rs 327.20 crore, up 11.92% YoY from Rs 292.36 crore. Net profit fell 23.67% to Rs 30.68 crore from Rs 40.19 crore. EBITDA declined 15.59% to Rs 72.87 crore from Rs 86.33 crore. EPS decreased to Rs 2.48 from Rs 3.25. Shares closed at Rs 535.60 on NSE on July 31, 2026. Detailed results include raw materials consumption Rs 38.50 crore, employees cost Rs 19.30 crore, depreciation Rs 23.20 crore, other expenses Rs 210.03 crore, other income Rs 5.61 crore, interest Rs 5.45 crore, and tax Rs 13.86 crore.

Standalone Jun'26 results: Net sales Rs 315.93 crore (+13.39% YoY from Rs 278.63 crore), net profit Rs 40.53 crore (-21.83% YoY from Rs 51.85 crore), EBITDA Rs 83.87 crore (-12.44% YoY), EPS Rs 3.28 (from Rs 4.20). Shares closed at Rs 525.65 (NSE, Jul 30, 2026).