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Nirmal Bang Report
We recently interacted with the management of Galaxy Surfactants Ltd. to discuss the demand outlook, update on supply chain issues and future expansion.
While the management has maintained its overall volume guidance for FY25, the commentary on premium speciality portfolio was very encouraging. Also, it expects improvement in AMET and India regions in H2.
We believe FY25 could be the first year post IPO, where all regions should contribute to growth (refer to our note).
Galaxy Surfactants remains our top Buy idea. Maintain Buy (25 times PE) after rolling forward valuation to Sep’26E with a revised target price of Rs 3,500 (earlier Rs 3,400).
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