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Nirmal Bang Report
We recently interacted with the management of Galaxy Surfactants Ltd. to understand the region-wise growth outlook, competitive intensity and margin delivery.
Rising consumer confidence in Egypt and Turkey is encouraging for AMET. USA and Europe growth should be strong led by restocking.
FY25 could be the only year post IPO wherein overall volume growth (our est. ~11%) should exceed 6%-8% guided range. Maintain Buy.
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