GALAXYSURF

Galaxy Surfactants (GALSURF) reported an EBITDA/kg of INR18.4 (est. INR19.3), down 5% YoY, while total volumes increased ~5% YoY to 67.3tmt (vs. est 64.4tmt), supported by robust growth in the RoW region (up 16% YoY) driven by LATAM and APAC. EBITDA remained stable at INR1.2b, while PAT was flat YoY at INR795m (our estimate: INR756m). Overall demand was mixed in 1QFY26. India volumes rose 3% YoY, driven by a growing shift towards re-engineering formulations, while AMET volumes remained flat, hit by subdued market conditions in Egypt and ***** a CAGR of 18%/12%/12% in revenue/EBITDA/adj. PAT over FY25-27. Along with a volume CAGR of 6.6% over FY25-27, the stock is currently trading at ~20.9x FY27E EPS of INR109 and ~13x FY27E EV/EBITDA. We value the stock at 25x FY27E EPS to arrive.