Archean Chemical Industries reported a significant decline in Q2FY25 revenue and PAT, down 17% and 74% YoY, respectively, primarily due to lower industrial salt volumes and an inventory loss of INR 402 Mn. Despite revising FY25E and FY26E earnings estimates downward by 21% and 10%, the company’s strategic investments in silicon carbide and zinc bromide battery technologies signal a shift towards a more specialty product portfolio. The target price has been adjusted to INR 890, reflecting a potential upside of 32.6% from the current market price.