Galaxy Surfactants believes volume growth would be at the lower end of its FY26 guidance of 6–8% due to challenges persisting in India; however, it has retained Ebitda/kg guidance at Rs 20.5–21.5. The company has been realigning its sales organisation structure to drive higher volumes from RoW; it hopes to grab better market share in India for better volumes.
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ICICI Securities Report
Galaxy Surfactants Ltd.'s Q4 FY25 Ebitda/kg showed a credible jump on better mix within specialty product on the back of stronger RoW performance and lower other expenses.
Galaxy Surfactants believes volume growth would be at the lower end of its FY26 guidance of 6–8% due to challenges persisting in India; however, it has retained Ebitda/kg guidance at Rs 20.5–21.5. The company has been realigning its sales organisation structure to drive higher volumes from RoW; it hopes to grab better market share in India for better volumes.
The worst for AMET is likely behind, and volume growth may resume from FY26.
Our EPS estimate for FY26 is now 4% lower and 2% higher for FY27. Our target price is revised to Rs 2,580 (vs Rs 2,420 earlier), valuing Galaxy Surfactants at 22x FY27E EPS (21x earlier). Upgrade rating to Add (from Hold).
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