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Nirmal Bang Report
We reiterate our Buy call on Galaxy Surfactants Ltd. post rolling forward valuation to FY26E earnings (price-to-earning 25 times) with a potential upside of 35%.
While India volumes continue to grow in double digits consistently, Africa, Middle East and Turkey should recover in FY25 on an exceptionally low base. We also expect specialty care volume recovery, led by restocking in developed markets.
FY25 could be the only year post IPO wherein overall volume growth (our est. ~11%) should exceed 6%-8% guided range.
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