The quarter's performance represents a significant deterioration from the company's historical standards, with operating margins compressing to their lowest levels in recent quarters. Despite modest revenue growth of 5.06% year-on-year, the company's profitability metrics have come under severe pressure, raising questions about the sustainability of its business model in the current operating environment. The sharp decline in return on capital employed to 11.55% in H1 FY26 – the lowest on record – underscores the challenges facing the specialty chemicals manufacturer.
The stock's technical position has weakened considerably, trading below all key moving averages and exhibiting a mildly bearish trend. With the company's proprietary Mojo Score standing at just 31 out of 100 and carrying a 'SELL' rating, investor sentiment has turned decidedly negative. The combination of deteriorating fundamentals, margin compression, and unfavourable technical indicators presents a challenging outlook for shareholders.
Financial Performance: Revenue Growth Fails to Translate into Profitability
Archean Chemical Industries' Q3 FY26 financial performance reveals a troubling disconnect between top-line growth and bottom-line profitability. Net sales for the quarter stood at ₹254.56 crores, registering a modest increase of 5.06% year-on-year from ₹242.29 crores in Q3 FY25. However, this revenue growth was accompanied by a sequential uptick of 9.17% from Q2 FY26's ₹233.18 crores, suggesting some recovery from the previous quarter's weakness.
The critical concern lies in the severe margin compression that has plagued the company's operations. Operating profit before depreciation, interest, tax, and other income (PBDIT excluding OI) plummeted to ₹54.39 crores in Q3 FY26, representing an operating margin of just 21.37%. This marks a dramatic decline from the 32.99% margin achieved in Q3 FY25, representing a contraction of 1,162 basis points year-on-year. The margin erosion has been relentless, with Q3 FY26 recording the lowest operating margin in the company's recent history.
Net profit after tax collapsed to ₹23.64 crores in Q3 FY26, down 50.72% from ₹47.97 crores in the corresponding quarter of the previous year. The PAT margin contracted sharply to 9.43% from 19.74% year-on-year, reflecting the severe profitability challenges. Even on a sequential basis, net profit declined 18.73% from Q2 FY26's ₹29.09 crores, indicating that the margin pressures are intensifying rather than abating.
The quality of earnings has also deteriorated, with profit before tax less other income falling to just ₹26.38 crores in Q3 FY26 – the lowest level recorded in recent quarters. Interest costs have surged 75.31% over the latest six months, adding to the profitability squeeze. The tax rate remained relatively stable at 27.99% in Q3 FY26, but this provided little cushion against the underlying operational challenges.
| Quarter | Net Sales (₹ Cr) | Sales Growth | Net Profit (₹ Cr) | Profit Growth | Op. Margin (%) | PAT Margin (%) |
|---|---|---|---|---|---|---|
| Dec'25 | 254.56 | +5.06% YoY | 23.64 | -50.72% YoY | 21.37 | 9.43 |
| Sep'25 | 233.18 | -3.03% YoY | 29.09 | +84.35% YoY | 26.85 | 12.45 |
| Jun'25 | 292.36 | +37.46% YoY | 40.19 | -10.41% YoY | 26.71 | 13.73 |
| Mar'25 | 345.58 | — | 53.54 | — | 25.55 | 15.55 |
| Dec'24 | 242.29 | — | 47.97 | — | 32.99 | 19.74 |
| Sep'24 | 240.46 | — | 15.78 | — | 31.07 | 6.55 |
| Jun'24 | 212.69 | — | 44.86 | — | 33.48 | 21.08 |
Operational Challenges: Return Ratios Hit Multi-Quarter Lows
The deterioration in Archean Chemical's operational performance extends beyond headline profitability metrics to fundamental measures of capital efficiency. The company's return on capital employed (ROCE) has collapsed to just 11.55% in H1 FY26, marking the lowest level on record and representing a significant departure from the company's historical average ROCE of 26.51%. This dramatic decline indicates that the company is generating substantially lower returns on the capital deployed in its business operations.
Return on equity (ROE) has similarly weakened to 8.97% in the latest period, down from the five-year average of 16.06%. Whilst higher ROE typically indicates better capital efficiency and profitability, Archean Chemical's current ROE of 8.97% falls well short of the company's historical performance standards. This deterioration in return ratios suggests that the company's competitive advantages may be eroding, or that it faces structural challenges in maintaining profitability in the current market environment.
Critical Operational Concerns
ROCE Collapse: Return on capital employed has plummeted to 11.55% in H1 FY26, the lowest on record, compared to the historical average of 26.51%. This represents a decline of over 1,500 basis points and signals severe capital efficiency challenges.
Debt-Equity Ratio: The debt-to-equity ratio has climbed to 0.15 times in H1 FY26, the highest level recorded, indicating increased financial leverage at a time when profitability is under pressure.
Interest Burden: Interest costs have surged 75.31% over the latest six months to ₹9.94 crores, adding to the profitability squeeze and raising concerns about the company's ability to service its growing debt obligations.
The company's balance sheet position has also weakened, with long-term debt increasing to ₹151.60 crores as of March 2025 from ₹59.36 crores in the previous year. This represents a substantial increase in financial leverage, with the debt-to-equity ratio reaching 0.15 times in H1 FY26 – the highest level on record. The increased debt burden comes at an inopportune time, coinciding with deteriorating profitability and raising questions about the company's financial flexibility going forward.
Working capital management has also deteriorated, with cash flow from operations declining to ₹176.00 crores in FY25 from ₹379.00 crores in FY24. The company experienced negative working capital changes of ₹57.00 crores in FY25, indicating that more capital is being tied up in operations. Combined with capital expenditure of ₹246.00 crores for investing activities, the company's free cash flow generation has come under pressure.
Margin Dynamics: Cost Pressures Overwhelm Revenue Growth
The most alarming aspect of Archean Chemical's Q3 FY26 performance is the severe margin compression across all profitability metrics. Operating profit before depreciation, interest, and tax (excluding other income) fell to ₹54.39 crores, yielding an operating margin of just 21.37%. This represents a decline of 1,162 basis points from the 32.99% margin recorded in Q3 FY25, and marks the lowest operating margin in the company's recent history.
The margin erosion appears to stem from a combination of factors. Employee costs have increased to ₹17.30 crores in Q3 FY26 from ₹13.90 crores in Q3 FY25, representing a 24.46% year-on-year increase that significantly outpaced revenue growth. Total expenditure as a proportion of sales has risen sharply, indicating that the company is facing either input cost inflation, operational inefficiencies, or competitive pricing pressures that are preventing it from passing through cost increases to customers.
Margin Compression Analysis
Archean Chemical's operating margin (excluding other income) has contracted from 32.99% in Q3 FY25 to just 21.37% in Q3 FY26, representing a severe decline of 1,162 basis points. The PAT margin has similarly collapsed from 19.74% to 9.43%, indicating that cost pressures are overwhelming the company's ability to maintain profitability despite modest revenue growth.
The gross profit margin has also declined substantially to 22.36% in Q3 FY26 from 35.45% in Q3 FY25, suggesting that the company is facing challenges at the fundamental level of its operations. This could indicate pricing pressures in the specialty chemicals market, increased raw material costs, or a shift in product mix towards lower-margin offerings. The PAT margin of 9.43% in Q3 FY26 represents less than half the 19.74% margin achieved in the year-ago quarter, highlighting the severity of the profitability challenge.
On an annual basis, the margin trajectory has been consistently negative. For FY25, the operating margin (excluding other income) stood at 30.2%, down from 34.7% in FY24 and 43.9% in FY23. The PAT margin for FY25 was 15.6%, compared to 23.9% in FY24, indicating that the margin pressures are not merely a quarterly phenomenon but represent a sustained trend of deterioration.
| Metric | Q3 FY26 | Q3 FY25 | Change (bps) |
|---|---|---|---|
| Operating Margin (Excl OI) | 21.37% | 32.99% | -1,162 bps |
| Gross Profit Margin | 22.36% | 35.45% | -1,309 bps |
| PAT Margin | 9.43% | 19.74% | -1,031 bps |
| PBDIT Margin | 24.09% | 36.64% | -1,255 bps |
Industry Leadership: Valuation Premium Difficult to Justify
Within the specialty chemicals sector, Archean Chemical Industries occupies a mid-tier position in terms of market capitalisation at ₹6,711 crores, ranking sixth amongst its peer group. The company's valuation metrics present a mixed picture when compared to industry counterparts, with some metrics appearing relatively attractive whilst others remain elevated given the deteriorating fundamentals.
Archean Chemical trades at a price-to-earnings ratio of 42.58 times trailing twelve-month earnings, which is slightly below the peer group average of approximately 44 times but remains elevated in absolute terms. The company's price-to-book value ratio of 3.82 times is notably lower than the peer average of around 5.9 times, suggesting some relative valuation comfort. However, this valuation discount may be justified given the company's deteriorating return profile and margin pressures.
| Company | Market Cap (₹ Cr) | P/E (TTM) | P/BV | ROE (%) | Div Yield (%) |
|---|---|---|---|---|---|
| Archean Chemical | 6,711 | 42.58 | 3.82 | 16.06 | 0.51 |
| Aether Industries | — | 61.38 | 5.90 | 6.69 | — |
| Privi Speciality | — | 41.49 | 8.93 | 12.36 | 0.17 |
| Jubilant Ingrevia | — | 36.25 | 3.43 | 9.86 | 0.38 |
| Clean Science | — | 34.80 | 5.70 | 22.95 | 0.75 |
| Alkyl Amines | — | 44.59 | 5.58 | 19.46 | — |
Archean Chemical's return on equity of 16.06% (based on the five-year average) is respectable and compares favourably to most peers, with only Clean Science and Alkyl Amines delivering higher ROEs. However, the critical concern is that the company's latest ROE of 8.97% has fallen significantly below this historical average, indicating deteriorating capital efficiency. This declining trend in return ratios suggests that the company's historical ROE advantage may not be sustainable.
The company's dividend yield of 0.51% is modest, with a latest dividend of ₹3 per share declared with an ex-dividend date of May 26, 2025. The dividend payout ratio of 22.84% suggests that the company retains the majority of its earnings for reinvestment, though the declining profitability raises questions about the returns being generated on this retained capital.
From a competitive positioning standpoint, Archean Chemical faces challenges in justifying its valuation premium. Whilst the company has historically demonstrated good quality fundamentals, the recent deterioration in margins, return ratios, and profitability trends suggests that the competitive landscape may be intensifying or that the company is losing its operational edge. The peer comparison indicates that Archean Chemical is trading at a valuation that is not commensurate with its current operational performance.
Valuation Analysis: Premium Valuation Faces Reality Check
Archean Chemical Industries' current valuation metrics present a concerning picture when juxtaposed against the company's deteriorating fundamentals. The stock trades at a price-to-earnings ratio of 42.58 times trailing twelve-month earnings, which appears expensive given the sharp decline in profitability and the negative earnings trajectory. The industry average P/E ratio stands at 40 times, indicating that Archean Chemical commands only a modest premium to its sector peers despite its weakening performance.
The company's enterprise value multiples further highlight the valuation concerns. At an EV/EBITDA of 23.87 times and EV/EBIT of 33.34 times, Archean Chemical is trading at elevated multiples that typically require strong growth prospects and improving margins to justify. However, the company's recent performance suggests the opposite trajectory, with margins compressing and growth remaining tepid. The EV/Sales ratio of 6.62 times indicates that investors are paying a significant premium for each rupee of revenue, which is difficult to rationalise given the declining profitability per unit of sales.
The price-to-book value ratio of 3.82 times suggests that investors are paying nearly four times the company's stated book value per share of ₹151.02. Whilst this is lower than the peer group average of approximately 5.9 times, it still represents a significant premium to book value that requires sustained profitability and healthy return ratios to justify. With the company's ROE declining to 8.97% in the latest period, the valuation appears stretched.
The company's valuation grade has been classified as "Very Expensive" since November 22, 2022, indicating that the stock has consistently traded at premium multiples. This classification has proven prescient, as the stock has delivered negative returns over multiple timeframes whilst trading at elevated valuations. The current price of ₹543.55 represents a 25.32% decline from the 52-week high of ₹727.80, though it remains 32.90% above the 52-week low of ₹409.00.
The absence of a PEG ratio (price-to-earnings growth ratio) in the data suggests that the company's growth profile may not support traditional growth-based valuation methodologies. With five-year sales growth of -6.76% and EBIT growth of -23.20%, the company is actually experiencing negative growth, making traditional growth-based valuation approaches inappropriate. This negative growth trajectory combined with elevated valuation multiples creates an unfavourable risk-reward proposition for investors.
Shareholding: Institutional Confidence Shows Signs of Strain
The shareholding pattern of Archean Chemical Industries reveals a relatively stable promoter base but mixed signals from institutional investors. Promoter holding stands at 53.43% as of December 2025, showing a marginal decline of 0.01% from the previous quarter. This high and stable promoter holding typically indicates strong management commitment, though the presence of 13.92% pledged shares raises some concerns about promoter liquidity needs or potential financial stress.
Foreign institutional investors (FIIs) hold 11.08% of the company as of December 2025, showing a slight sequential decline of 0.07% from 11.15% in September 2025. Whilst FII holding has increased from 10.65% in December 2024, the recent quarter-on-quarter decline suggests some caution amongst foreign investors. The presence of 80 different FII entities indicates reasonably broad-based international interest, though the recent selling pressure is noteworthy.
| Investor Category | Dec'25 | Sep'25 | Jun'25 | QoQ Change |
|---|---|---|---|---|
| Promoter Holding | 53.43% | 53.44% | 53.44% | -0.01% |
| FII Holding | 11.08% | 11.15% | 11.05% | -0.07% |
| Mutual Fund Holding | 16.97% | 16.97% | 16.73% | 0.00% |
| Insurance Holdings | 2.99% | 3.25% | 3.42% | -0.26% |
| Other DII Holdings | 5.30% | 5.29% | 4.54% | +0.01% |
| Non-Institutional | 10.25% | 9.89% | 10.83% | +0.36% |
Mutual fund holding remains stable at 16.97% in December 2025, unchanged from the previous quarter. However, this represents an increase from 15.56% in March 2025, indicating that domestic mutual funds have been gradually building positions over the past year. With 12 different mutual fund schemes holding stakes in the company, there is reasonable diversification amongst domestic institutional investors. The stable mutual fund holding despite deteriorating fundamentals suggests that some domestic institutions may be maintaining their positions in anticipation of a turnaround.
Insurance companies have been reducing their exposure, with holdings declining from 3.42% in June 2025 to 2.99% in December 2025. This represents a sequential decline of 0.26% in the latest quarter and a more significant reduction of 1.77 percentage points from the 4.76% held in December 2024. The consistent reduction in insurance company holdings over multiple quarters suggests growing concern amongst these typically long-term investors about the company's prospects.
Other domestic institutional investors (DIIs) have increased their stake to 5.30% in December 2025 from 3.25% in December 2024, though the sequential change from September 2025 was minimal at just 0.01%. Non-institutional investors have increased their holdings to 10.25% from 9.89% in the previous quarter, indicating some retail or other non-institutional buying interest despite the weak fundamentals. Overall institutional holding stands at 36.33%, which is reasonably healthy but shows signs of strain given the recent selling by insurance companies and FIIs.
Stock Performance: Severe Underperformance Across All Timeframes
Archean Chemical Industries' stock price performance has been dismal across virtually all meaningful timeframes, significantly underperforming both the benchmark Sensex and its specialty chemicals sector peers. The stock closed at ₹543.55 on February 05, 2026, down 8.23% on the day following the quarterly results announcement, compared to a modest 0.51% decline in the Sensex. This resulted in a negative alpha of 7.72 percentage points for the day, highlighting the market's severe disappointment with the company's performance.
Over the past week, the stock has declined 3.69% whilst the Sensex has gained 1.00%, resulting in a negative alpha of 4.69 percentage points. The one-month performance shows a decline of 5.30% against the Sensex's fall of 2.40%, indicating continued underperformance. The three-month returns paint an even more concerning picture, with the stock down 16.36% compared to a virtually flat Sensex (down just 0.08%), resulting in a massive negative alpha of 16.28 percentage points.
| Period | Stock Return | Sensex Return | Alpha | Sector Return |
|---|---|---|---|---|
| 1 Day | -8.23% | -0.51% | -7.72% | — |
| 1 Week | -3.69% | +1.00% | -4.69% | — |
| 1 Month | -5.30% | -2.40% | -2.90% | — |
| 3 Months | -16.36% | -0.08% | -16.28% | — |
| 6 Months | -15.01% | +3.32% | -18.33% | — |
| YTD | -2.28% | -2.15% | -0.13% | — |
| 1 Year | -4.14% | +6.54% | -10.68% | +5.44% |
| 2 Years | -13.30% | +16.25% | -29.55% | — |
| 3 Years | -16.81% | +37.06% | -53.87% | — |
The longer-term performance metrics are equally troubling. Over the past year, Archean Chemical has delivered a negative return of 4.14% whilst the Sensex has gained 6.54%, resulting in a negative alpha of 10.68 percentage points. The stock has also underperformed its specialty chemicals sector, which posted a return of 5.44% over the same period, indicating sector-specific challenges rather than broader market weakness. This 9.58 percentage point underperformance versus the sector suggests that company-specific issues are weighing on the stock.
The two-year and three-year returns are even more concerning, with the stock down 13.30% and 16.81% respectively, whilst the Sensex has delivered positive returns of 16.25% and 37.06% over the same periods. This results in negative alpha of 29.55 percentage points over two years and a staggering 53.87 percentage points over three years, highlighting the severe wealth destruction experienced by long-term shareholders.
From a technical perspective, the stock is currently trading below all major moving averages, including the 5-day (₹576.27), 20-day (₹546.35), 50-day (₹529.56), 100-day (₹590.41), and 200-day (₹617.24) moving averages. This configuration indicates a clear downtrend with multiple levels of resistance overhead. The stock's current price of ₹543.55 represents a 25.32% decline from its 52-week high of ₹727.80, whilst remaining 32.90% above the 52-week low of ₹409.00.
The stock's beta of 1.35 indicates high volatility relative to the broader market, with the stock typically moving 35% more than the Sensex in either direction. The annualised volatility of 38.56% is significantly higher than the Sensex's volatility of 11.52%, classifying Archean Chemical as a high-risk stock. The risk-adjusted return of -0.11 over the past year indicates that investors have received negative returns after adjusting for the high level of risk taken, whilst the Sensex delivered a positive risk-adjusted return of 0.57.
Investment Thesis: Quality Credentials Under Severe Pressure
Archean Chemical Industries' investment thesis has deteriorated significantly over the past year, with the company's proprietary Mojo Score standing at just 31 out of 100 – firmly in 'SELL' territory. This represents a downgrade from the 'STRONG SELL' category as recently as January 27, 2026, though the improvement is marginal and the overall assessment remains decidedly negative. The company's quality grade of "GOOD" provides some comfort, but this rating is based on long-term historical performance that may not reflect the current operational challenges.
The four-pillar Mojo analysis reveals significant weaknesses across multiple dimensions. Near-term drivers are classified as "NEGATIVE," with both the quarterly financial trend and technical indicators showing bearish signals. The financial trend has been categorised as "NEGATIVE" since the latest results, with nine specific negative factors identified, including deteriorating ROCE, falling PAT, declining margins, and rising interest costs. The technical trend is classified as "MILDLY BEARISH," having changed from bearish on January 27, 2026, though this represents only a marginal improvement.
The quality assessment, whilst rated "GOOD," is based primarily on historical metrics that are now deteriorating. The company's five-year sales growth of -6.76% and EBIT growth of -23.20% indicate a sustained period of decline rather than growth. The average ROCE of 26.51% and average ROE of 16.06% are respectable, but the latest figures of 11.02% and 8.97% respectively show a dramatic deterioration. The company's balance sheet remains relatively strong with low leverage (average net debt-to-equity of 0.05), though debt levels have been increasing recently.
The valuation pillar is classified as "VERY EXPENSIVE," a designation that has been in place since November 2022. At a P/E ratio of 42.58 times and EV/EBITDA of 23.87 times, the stock trades at premium multiples that are difficult to justify given the negative growth trajectory and deteriorating margins. The combination of expensive valuation and deteriorating fundamentals creates an unfavourable risk-reward profile for investors.
Key Strengths & Risk Factors
KEY STRENGTHS
- Strong Institutional Backing: Total institutional holding of 36.33% indicates confidence from professional investors, with 12 mutual funds and 80 FII entities holding stakes.
- Stable Promoter Base: Promoter holding of 53.43% demonstrates strong management commitment and alignment with shareholder interests.
- Healthy Balance Sheet: Average net debt-to-equity ratio of 0.05 indicates low financial leverage and adequate financial flexibility, though this has been increasing recently.
- Historical Quality Credentials: Five-year average ROCE of 26.51% and ROE of 16.06% demonstrate the company's historical ability to generate strong returns on capital.
- Adequate Interest Coverage: Average EBIT-to-interest ratio of 18.33 times indicates comfortable debt servicing capability, though this has weakened in recent quarters.
KEY CONCERNS
- Severe Margin Compression: Operating margin has collapsed from 32.99% to 21.37% year-on-year, with PAT margin declining from 19.74% to 9.43%, indicating fundamental profitability challenges.
- Deteriorating Return Ratios: ROCE has plummeted to 11.55% in H1 FY26 from historical average of 26.51%, whilst ROE has declined to 8.97% from 16.06%, signalling eroding capital efficiency.
- Negative Long-term Growth: Five-year sales growth of -6.76% and EBIT growth of -23.20% indicate sustained business decline rather than expansion.
- Expensive Valuation: Trading at 42.58 times earnings and classified as "VERY EXPENSIVE" since November 2022, the valuation appears disconnected from deteriorating fundamentals.
- Rising Debt Burden: Long-term debt has increased to ₹151.60 crores from ₹59.36 crores year-on-year, with interest costs surging 75.31% over the latest six months.
- Weak Technical Position: Stock trading below all major moving averages with mildly bearish trend, indicating continued selling pressure and lack of investor confidence.
- Pledged Promoter Shares: 13.92% of shares are pledged, raising concerns about promoter liquidity and potential overhang on the stock.
Outlook: Critical Monitoring Points for Investors
The outlook for Archean Chemical Industries remains challenging, with the company facing multiple headwinds that require careful monitoring. The immediate focus for investors should be on whether the company can stabilise and reverse the severe margin compression that has plagued recent quarters. Any signs of margin recovery or stabilisation would be viewed positively, whilst continued deterioration would reinforce the negative thesis.
POSITIVE CATALYSTS
- Margin Stabilisation: Any quarter showing operating margin improvement or stabilisation above 25% would indicate that cost pressures are being addressed.
- Revenue Growth Acceleration: Quarterly revenue growth exceeding 15% year-on-year would suggest improving demand conditions and market share gains.
- ROCE Recovery: Return on capital employed recovering above 20% would indicate improving capital efficiency and operational performance.
- Debt Reduction: Any meaningful reduction in debt levels or interest costs would improve financial flexibility and profitability.
- Institutional Buying: Increased FII or mutual fund holdings would signal renewed confidence from professional investors in the company's turnaround prospects.
RED FLAGS
- Further Margin Erosion: Operating margins declining below 20% or PAT margins falling below 8% would indicate accelerating deterioration.
- ROCE Below 10%: Return on capital employed falling below double digits would signal severe capital efficiency issues and potential value destruction.
- Revenue Decline: Any quarter showing negative year-on-year revenue growth would indicate loss of market share or demand weakness.
- Increased Debt Levels: Further increases in debt-to-equity ratio above 0.20 times would raise concerns about financial stability.
- Promoter Stake Reduction: Any decline in promoter holding or increase in pledged shares would signal reduced management confidence or financial stress.
- Institutional Exodus: Continued selling by insurance companies or FIIs would indicate waning confidence amongst professional investors.
The company's ability to navigate the current challenges will depend heavily on management's execution capabilities and the broader operating environment in the specialty chemicals sector. Investors should closely monitor quarterly results for any signs of inflection, whilst remaining cognisant that the current negative trends may persist for several quarters before any meaningful improvement materialises.
Investment Verdict
Score: 31/100
For Fresh Investors: Avoid initiating positions at current levels. The combination of deteriorating fundamentals, severe margin compression, declining return ratios, and expensive valuation creates an unfavourable risk-reward profile. Wait for clear signs of operational turnaround and margin stabilisation before considering entry.
For Existing Holders: Consider reducing positions or exiting on any relief rallies. The negative financial trend, collapsing ROCE, and sustained margin pressures suggest that further downside is likely. With the stock trading at elevated valuations despite deteriorating fundamentals, the risk of continued underperformance remains high. Only long-term investors with high risk tolerance should consider holding through the current downturn.
Fair Value Estimate: ₹420-450 (23-28% downside from current levels), based on normalised earnings of ₹13-14 per share and a target P/E of 32-35 times, reflecting the deteriorating quality and negative growth trajectory.
Note— ROCE = (EBIT - Other income)/(Capital Employed - Cash - Current Investments)
⚠️ Investment Disclaimer
This article is for educational and informational purposes only and should not be construed as financial advice. Investors should conduct their own due diligence, consider their risk tolerance and investment objectives, and consult with a qualified financial advisor before making any investment decisions. Past performance is not indicative of future results, and all investments carry risk of loss.
