India · Delayed Price · Currency is INR Galaxy Surfactants Earnings Call Transcripts
Fiscal Year 2027
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Quarterly EBITDA nearly doubled year-over-year to INR 252.5 crores, with volume growth of 5% and strong performance across India, APAC, and Americas. Full-year EBITDA per metric ton guidance was raised to INR 24,000–25,000, with demand outlook remaining positive despite ongoing supply chain and geopolitical risks.
Fiscal Year 2026
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Q4 and FY 2026 saw strong India growth and Specialty Care Products momentum, but global supply chain disruptions and raw material inflation weighed on AMET and export markets. Management guides for 6%-8% volume growth and robust EBITDA per ton in Q1 FY 2027, with cautious optimism for the year.
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Q3 FY 2026 saw stable volumes overall, with strong Specialty growth offsetting Performance Surfactant declines. EBITDA rose 13% year-on-year, and tariff normalization with the U.S. is expected to drive future growth, especially in North America.
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Q2 FY26 saw flat volumes amid US tariffs, high fatty alcohol prices, and GST-driven disruptions. Specialty Care grew outside the US, but EBITDA declined 5% year-on-year. Near-term outlook is muted, with recovery in India expected from Q4 as GST effects normalize.
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Volumes grew 5% year-on-year and 9% sequentially, with EBITDA up 4.5% to INR 135 crore. India and rest of world segments showed growth, while North America faced tariff-driven caution. Management remains cautiously optimistic, focusing on innovation and risk management.
Fiscal Year 2025
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Q4 FY25 delivered strong sequential EBITDA growth and margin expansion, driven by robust rest of world performance and operational efficiencies, while India and AMET remained flat due to high raw material costs. FY26 guidance remains cautious, with volume growth expected at the lower end of the 6%-8% range and continued focus on specialty innovation.
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Q3 saw a 1% YoY volume decline, mainly due to weak demand in India and high fatty alcohol prices, while ROW grew 9%. Guidance for 6%-8% volume growth and INR 20,500–21,500 EBITDA/ton remains unchanged, with recovery expected from Q1 FY26.
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Sequential volume growth was achieved despite supply and demand headwinds, with strong performance in Rest of World markets and Specialty Care. EBITDA per metric ton is expected to improve in H2, supported by premium specialties, while supply chain and raw material volatility remain key risks.
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Volume growth reached 8% year-over-year, with strong gains in Rest of World and Speciality Care segments. EBITDA per metric ton was slightly below guidance due to higher supply chain costs, but demand for premium products is reviving and expected to boost profitability in H2.