Galaxy Surfactants Ltd(GALAXYSURF)

NSE: GALAXYSURFBSE: 540935

₹ 2,170.45-2.45%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 7,695 crWebsite: www.galaxysurfactants.comUpdated: 27 Oct 2026

About

Galaxy Surfactants Ltd manufactures performance surfactants and specialty care ingredients used in home and personal care products, with operations in India, Egypt (AMET region), and the US (TRI-K). It serves Tier-1 FMCG multinationals as well as a growing base of local, niche, and D2C brands across more than 75 countries.^[1][2][3]

Business segments

Performance Surfactants: contributed ₹841.2 cr in Q3FY26 revenue; supplies commodity-adjacent surfactants for rinse-off personal care and home care applications.^[2]
Specialty Care: contributed ₹493.0 cr in Q3FY26 revenue and grew 27% in volume for full-year FY26; supplies mild, functional and active ingredients for premium personal care.^[2][4]
Specialty Care revenues reached ₹1,929.6 cr for FY26, with high single-digit volume growth in Q4FY26 consistent with Strategy 2030 progress.^[4]

Key operating numbers

EBITDA/MT in Q1FY27 reached ₹35,458/MT, up from ₹20,009/MT in Q1FY26, driven by reformulation reversal, specialty mix improvement, and operating leverage.^[3]
EBITDA/MT for full-year FY26 was ₹19,357/MT vs ₹19,862/MT in FY25, compressed by higher raw material costs and logistics disruptions.^[4]
Consolidated volume grew ~5% YoY in Q1FY27; India volumes grew 11% YoY, led by double-digit performance segment and high single-digit specialty growth.^[3]
Fatty alcohol average price was $2,806/MT in Q1FY27, up from $2,723/MT in Q1FY26 and $2,751/MT in Q4FY26.^[3]
Local and niche player share of India revenue rose from 40% in Q3FY25 to 47% in Q3FY26 as Tier-2/3 and D2C engagement deepened.^[2]

Geographic volumes

AMET volumes fell 4% YoY in Q1FY27 after Egypt operations were effectively shut for ~seven weeks (April - early May) due to raw material stuck at regional ports; recovered 19% sequentially from June.^[3]
Rest of World grew 6% YoY in Q1FY27; APAC delivered double-digit growth; Americas recovered following tariff clarity with TRI-K premium specialty momentum including new Everbond product.^[3]
US reciprocal tariff on Indian exports reduced from 50% to 18% in Q3FY26, enabling restart of specialty pipeline projects with US customers that had been suspended.^[2]

Products and innovation

SimpliX platform for body wash, facial cleansers and shampoos - offering mildness and formulation flexibility - was launched in Q1FY27.^[3]
Galaxy Hearth Biosurf received the Innovation Zone Award 2026 at Cosmohome Tech Expo for enzyme-surfactant synergy in laundry care.^[3]
Galsoft Lumithic, an amino acid-based self-thickening mild surfactant targeting baby care, feminine hygiene, scalp care and anti-acne, was launched at Cosmetics Paris in Q4FY26.^[4]
Five new GalSORB/SunBliss second-generation molecules in Sun Care and Leave-on segments were launched at in-cosmetics Bangkok in November 2025, with commercialisation from Q4FY26.^[2]
New products are targeted to contribute more than 5% of revenues and contribution margins by FY30.^[3]

Feedstock and reformulation dynamics

Geopolitical developments reversed the relative economics of oleochemical vs petrochemical feedstocks in Q1FY27, making oleochemical-based solutions more attractive and recovering volumes lost to reformulation in prior quarters.^[3]
Galaxy developed and is already producing and selling an alternate petrochemical-based surfactant to recapture volume share from customers who had reformulated away from oleochemical-based products.^[4]
BASF announced the shutdown of its consumer care sulfation plant in Dahej, India; management is awaiting customer engagement to assess potential demand upside for Galaxy.^[3]

Expansion and capex

EPC contract project for an external party in Mexico is progressing on schedule, contributing EPC service income in Q1FY27, with commercialisation and revenue recognition completion targeted by end of FY27.^[3]
FY27 total capex guidance is approximately ₹150 crores, covering maintenance, debottlenecking and capacity additions in anticipation of new business.^[3]
M&A activity is being evaluated for Beauty and Wellness inorganic growth; management indicated a possible announcement in coming quarters, contingent on strategic fit and profitability accretion.^[3]

Guidance and targets

Full-year FY27 volume growth guidance maintained at 6 - 8%; full-year FY27 EBITDA/MT guidance raised to ₹24,000 - 25,000/MT from a prior range of ₹19,000 - 21,000/MT.^[3]
Q2 - Q4 FY27 EBITDA/MT expected in the ₹21,000 - 22,000/MT range; management noted Q1FY27 level of ₹35,458/MT is not expected to sustain.^[3]
Vision 2030 EBITDA/MT target of ₹25,000/MT is expected to be back-loaded, with meaningful contribution from FY27 - 28 and bulk in FY28 - 30.^[4]

Market Cap

₹7,695 Cr

High / Low

₹2,692 / 1,512

Stock P/E

22.3

Price / Book

2.9

Book Value

₹774

EPS

₹75.4

No. of Shares

3.55 Cr

ROCE

13.5%

ROE

10.5%

OPM

7.1%

Debt / Equity

0.06

Sales

₹5,248 Cr

Net Profit

₹267 Cr

Promoter holding

70.9%

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