NSE: GALAXYSURF · BSE: 540935
GALAXY SURFACTANTS LTD
Manufactures surfactants — surface-active ingredients used in personal care products such as shampoos, soaps, baby care items, feminine hygiene, scalp care and anti-acne formulations. Sells a mix of Performance Surfactants (commodity-grade) and Specialty Surfactants (premium, differentiated), with India specialty volumes growing over 27% in FY26. Operates manufacturing facilities in India (Taloja and Jhagadia) and Egypt, and serves customers across India, AMET (Africa, Middle East and Turkey), Americas and Europe, with exports at 38.3% of sales across 68 countries. Recent launches include Galsoft Lumithic, an amino-acid-based mild surfactant, and specialty capex of INR480 crore has been deployed over three years. Raw materials dominate the cost structure at 73.6% of revenue — primarily oleochemicals such as fatty alcohols, plus petrochemical inputs like ethylene oxide and sulfur — and feedstock prices rose sharply through FY26. Per-tonne profitability was INR20,114 in Q4 FY26 versus INR21,715 a year earlier, reflecting feedstock inflation and supply-chain disruption from the West Asia conflict. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Performance Surfactants, Specialty Surfactants, India, AMET (Africa, Middle East, Turkey), Americas, Europe. Multi-region, asset-heavy specialty chemicals (surfactants) manufacturer exposed to feedstock price swings.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,686 | 4,445 | 3,794 | 4,224 | 5,248 |
| EBITDA (ex other income) | 401 | 568 | 462 | 484 | 463 |
| margin % | 10.9 | 12.8 | 12.2 | 11.5 | 8.8 |
| Owners' profit | 263 | 381 | 301 | 305 | 267 |
| EPS, as reported (₹) | 74.12 | 107.46 | 85.03 | 86.00 | 75.41 |
| ROE % · ROCE % | 16.7 · 19.7 | 20.2 · 24.1 | 13.8 · 17.2 | 12.9 · 16.1 | 9.7 · 12.7 |
| Debt / equity (x) | 0.23 | 0.14 | 0.06 | 0.06 | 0.06 |
| Cash from operations | 5 | 573 | 518 | 421 | 333 |
| Capex | (155) | (146) | (158) | (219) | (137) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,063 | 1,042 | 1,145 | 1,278 | 1,326 | 1,329 | 1,315 | 1,782 |
| Profit before tax | 104 | 77 | 100 | 99 | 79 | 73 | 80 | 207 |
| Net profit | 85 | 65 | 76 | 79 | 66 | 59 | 62 | 166 |
| EPS (₹) | 23.90 | 18.22 | 21.40 | 22.42 | 18.75 | 16.63 | 17.60 | 46.80 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PIDILITE INDUSTRIES LTD | 1,42,095 | 53.6 | 12.86 | 37.6 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 69,659 | 32.2 | 4.96 | 21.6 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 47,075 | 76.8 | 5.95 | 37.4 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 43,610 | 55.1 | 10.97 | 39.3 | 16.7 | 16.4 | 23.0 | 37.5 |
| AETHER INDUSTRIES LIMITED | 20,905 | 88.6 | 8.51 | 56.8 | 8.9 | 11.4 | — | 33.8 |
| DEEPAK NITRITE LTD | 20,257 | 25.9 | 3.45 | 21.0 | 9.4 | 10.2 | 12.6 | 21.5 |
| AARTI INDUSTRIES LTD | 15,871 | 29.9 | 2.67 | 17.1 | 7.0 | 4.4 | 13.0 | 16.2 |
| FINE ORGANIC IND. LTD. | 15,604 | 35.6 | 5.86 | 25.5 | 15.7 | 20.0 | 15.9 | 28.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 21.7 | 23.1 | 46 of 99 | 54% |
| P/B | 2.8 | 2.8 | 51 of 99 | 49% |
| ROCE | 11.6 | 10.1 | 46 of 106 | 57% |
| ROE | 9.7 | 8.1 | 44 of 99 | 56% |
| Debt / Equity | 0.1 | 0.2 | 37 of 99 | 63% |
| EBITDA margin | 14.2 | 15.5 | 55 of 99 | 45% |
| Revenue growth | 39.4 | 24.4 | 24 of 94 | 75% |
| Profit growth | 108.7 | 55.1 | 25 of 92 | 74% |
| Market cap | 7682 | 699 | 19 of 108 | 83% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Investor call set for November 5 to discuss Q2 and H1 FY27 | board shareholder meetings | low | — | — |
| 28 Oct 2026 · Board to review half-year results and possible interim dividend | corporate actions | medium | — | — |
| 28 Oct 2026 · Board meeting set for Q2 FY27 results and possible dividend | results | low | — | — |
| 16 Oct 2026 · Galaxy Surfactants postal ballot notice - e-voting Oct 19 to Nov 17 | compliance | minimal | — | — |
| 15 Oct 2026 · Routine quarterly compliance certificate for share dematerialisation Q2 FY27 | compliance | minimal | — | — |
| 15 Oct 2026 · Postal Ballot: US subsidiary appointment and new director | board shareholder meetings | low | — | — |
| 3 Oct 2026 · Galaxy Surfactants appoints Uday K Kamat as additional non-executive director | management changes | medium | — | — |
| 29 Sept 2026 · Trading window closed for Q2 and H1 FY26 results | compliance | minimal | — | — |
| 15 Sept 2026 · Galaxy Surfactants to attend Anand Rathi investor conference on Sept 21 | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Galaxy Surfactants to meet analysts and investors on Sep 8 and 10 | general | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.