Galaxy Surfactants Q3 Review: Nirmal Bang Maintains 'Hold' On The Stock, Lowers Target Price — Here's Why

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Nirmal Bang Report

Galaxy Surfactants Ltd.’s Q3 FY25 Ebitda came ~9% below our estimates; however, region-wise performance was a mixed bag. Only Rest of world markets did the major lifting for growth as other regions were muted. Gross profit/kg improved both on YoY and QoQ basis; however, higher raw material cost and other expenses led to a slightly lower than expected Ebitda/kg (Rs 16.9) during the quarter.

The management maintained volume growth guidance of 6%-8% for FY26 wherein it is building in recovery in India and AMET markets with continued momentum in RoW markets.

We maintain Hold after earnings revision and rolling forward valuation to Dec’26E with a revised target price of Rs 2,500 (earlier Rs 3,000) valued at 25xPE.

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