Buy Galaxy Surfactants; target of Rs 2500: Motilal Oswal

Motilal Oswal is bullish on Galaxy Surfactants recommended buy rating on the stock with a target price of Rs 2500 in its research report dated February 16, 2026.

Broker Research

February 17, 2026 / 12:36 IST

Buy

Motilal Oswal's research report on Galaxy Surfactants

Galaxy Surfactants (GALSURF) delivered a healthy quarter, with EBITDA growth of 13% YoY in 3QFY26. EBITDA/kg stood at ~INR20.1, up 15% YoY, driven by strong volume growth from non-tariff-affected customer accounts, improved contribution realization from the master segment in India, and lower logistics costs. Total volumes remained flat YoY, driven by short-term disruptions in both the domestic and Africa, Middle East, and Turkey (AMET) markets. However, this softness was partly offset by strong double-digit growth in Latin America and the Asia-Pacific region.

Outlook

We expect a CAGR of 13%/6%/7% in revenue/EBITDA/adj. PAT, along with a volume CAGR of 5% over FY25-28. We maintain our FY26/FY27/FY28E earnings for GALSURF. Reiterate BUY with a TP of INR2,500 (based on 24x FY28E EPS).

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