Galaxy Surfactants (GALSURF IN) – Visit Update – Specialty & performance segments drive growth – NOT RATED
Published on 21 Jan 2026
We recently visited Galaxy Surfactants’ Jhagadia plant, which contributes ~30% of the company’s revenues and operates a diversified product portfolio including ethoxylates, phenoxyethanol, acid chlorides, mild surfactants, and SLES across ~40 acres. CWIP stands at Rs2.7bn on a consolidated basis (Rs2.2bn standalone), largely focused on scaling existing products, with most projects to be commissioning from Q3FY26–Q1FY27. Management reiterated its continued strategic focus on the specialty segment, which caters to global markets but is currently impacted by tariff-related uncertainties, particularly in the US. Despite near-term demand and cost headwinds, management remains confident in a 2x volume growth and an EBITDA/mt target of Rs25,000 by CY30, driven by an improving product mix. Over FY22–25, Galaxy Surfactants’ revenue/EBITDA have registered a CAGR of 5% and 7%, respectively. The stock trades at 20x based on FY27E consensus EPS. Not Rated.
