08 Oct 2026, 14:15 IST
Galaxy Surfactants Limited
HDFC Securities (HSIE Research) · ADD (upgraded from REDUCE) · target INR 2,775
The note says Galaxy Surfactants is entering a structurally stronger growth phase, with HSIE forecasting revenue/EBITDA/APAT CAGR of 10/14/20% over FY26-FY29E and RoE improving 306bps to 13.5% in FY29, aided by the Unilever strategic framework agreement and volumes freed up by BASF's Dahej sulfation plant closure, with the stock trading at 21.7/21.2/18.9x FY27/28/29E EPS versus an 8-year average 1-year forward PE of ~27x.
From Galaxy Surfactants Update Oct26 HSIE, written by HDFC Securities (HSIE Research) and hosted by HDFC Securities. Orivam summarised it; the view is HDFC Securities (HSIE Research)'s, not Orivam's.
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