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ICICI Securities Report
Galaxy Surfactants Ltd. Q1 FY25 Ebitda/kg stood at Rs 19.4, down 6.7% YoY, below its guided range of Rs 20-5- 21.5 for FY25. However, company has retained the guidance with the possibility of achieving higher end of the guidance as traction in premium category and India market remains healthy; AMET is making a comeback.
Freight cost marred the performance in Q1 FY25 which should normalise/ passed-on soon, and may aid in Ebitda/kg improvement. Galaxy Surfactants expects strong H2 FY25 for specialty care products as customers are planning to launch premium products.
It may also surpass volume guidance for FY25. Our earnings estimates remain unchanged but target price has been revised upwards to Rs 2,870 (from Rs 2,520), valuing Galaxy Surfactants at a price to earning multiple of 25 times FY26E earning per share (earlier 22 times).
Maintain 'Hold'.
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