Company Update : Galaxy Surfactants Ltd by Motilal Oswal Financial Services Ltd
Earnings below our estimate
* Consol. revenue grew 25% YoY to INR13.3b (est. INR12.5).
* Gross margins contracted 850bp YoY to 24.5%, while EBITDA margin stood at 8.3% (est. of 10.6%), down 370bp YoY.
* EBITDA declined 13% YoY to INR1.1b (est. INR1.3b).
* Adj. PAT declined 22% YoY to INR665m (est. INR824m).
* In 1HFY26, GALSURF’s revenue grew 28% YoY to INR26b, while EBITDA/Adj. PAT declined 7%/11% to INR2.3b/INR1.5b.
* Gross debt stood at INR1.9b as of Sept’25 vs INR1.4b as of Mar’25. Further, the company generated a CFO of INR1.7b as of Sep’25 vs. a CFO of INR2.4b as of Sep’24.
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