GALAXYSURF - Galaxy Surfactants Limited Share Price

Chemicals & Petrochemicals

₹2129.60-33.50(-1.55%)

Market Closed as of Apr 28, 2025, 15:30 IST

What does Galaxy Surfactants Limited do?

Specialty Chemicals•Chemicals•Small Cap

Galaxy Surfactants Limited manufactures and markets surfactants and other specialty ingredients in India and internationally. It offers fatty alcohol sulfates and ether sulfates, fatty alcohol ethoxylates and labsa, foam and viscosity boosters, mild surfactants, pearlizers, surfactant blends, syndets and TBB, sunscreens, functional actives, and preservatives and blends for personal care and home care products, including skin care, oral care, hair care, cosmetics, toiletries, and detergent products, as well as baby care, sun care, surface care, dishwash, and hand wash products. Galaxy Surfactants Limited was founded in 1980 and is based in Navi Mumbai, India.

Industry Group:Chemicals & Petrochemicals

Employees:1,762

Website:www.galaxysurfactants.com

Summary of Latest Earnings Report from Galaxy Surfactants

Summary of Galaxy Surfactants's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.

Earnings Outlook

Last updated: Feb 25

The management of Galaxy Surfactants remains optimistic about long-term growth despite short-term challenges in Q3 FY25. Key points include:

Outlook:

Demand Recovery: Weakness in India (40% of business) is attributed to subdued festive demand, rural/urban spending slowdown, and inventory corrections. Recovery is expected from Q1 FY26, supported by government tax incentives, liquidity improvements, and consumption revival.
Regional Performance: AMET (Africa, Middle East, Turkey) shows stability with easing supply chain issues. Rest of the World (RoW) grew 9% (20% YTD), driven by masstige specialties, though premium specialties lagged.
Raw Material Pressures: A 40% spike in fatty alcohol prices (linked to palm oil volatility) impacted margins. Prices are expected to stabilize in 1"“2 quarters, with costs being passed on gradually.
New Products: Strong traction for Galseer DermaGreen (shower oils) in developed markets, expected to drive future growth. Focus on sustainable preservation solutions and mild surfactants.

Major Points:

Guidance Maintained: Volume growth (6"“8%) and EBITDA margins (20.5"“21.5%) targets remain unchanged for FY26, despite FY25 volume growth likely at 4% (EBITDA/ton: ~INR 19,500"“20,000).
Margins: Near-term pressure from lower operating leverage and raw material costs, but structural improvements anticipated via premium product mix and operational efficiency.
Capex & Strategy: INR 150 crore annual capex for debottlenecking and digitalization. Focus on customer/product diversification, specialty ingredients pipeline, and disciplined capital allocation.
Geopolitical Risks: Monitoring tariff wars and supply chain disruptions but no material impact yet.

Management emphasizes navigating cyclical challenges while leveraging controllables (innovation, customer intimacy, cost management) to sustain long-term growth.

Q&A Session

Last updated: Feb 25

Question 1 (Aditya Khetan):
Can you share the volume growth for 9 months?
Answer:
9-month volume growth was 4%, impacted by weaker-than-expected festive demand, rural/urban spending slowdown, and delayed new product scale-ups in India. Export markets (RoW) drove growth with a 20% YTD volume surge, led by masstige specialties.

Question 2 (Aditya Khetan):
What are the market size and margin profile of the new product Galseer DermaGreen?
Answer:
Galseer DermaGreen is a premium specialty product targeting shower oils in developed markets. Margins are higher than average, with strong customer pipeline development post-launch (April 2024). Sampling and formulation testing are underway, indicating significant growth potential.

Question 3 (Aditya Khetan):
Why did EBITDA spreads decline despite earlier guidance, and what is the outlook for lauryl alcohol prices?
Answer:
EBITDA pressure stemmed from lower operating leverage (India volume decline) and delayed specialty product conversions. Lauryl alcohol prices rose 40% in Q3, impacting demand sentiment. Prices are expected to stabilize by Q1 FY26, with gradual pass-through to customers. FY25 EBITDA guidance (20.5"“21.5%) remains unchanged.

Question 4 (Rohit Nagraj):
What were Q3 regional volume trends?
Answer:
Q3 volumes declined -7% in India (inventory destocking), -1.5% in AMET (supply-chain recovery), and grew +9.5% in RoW (Egypt's performance surfactants). Overall quarterly volume dropped -1%.

Question 5 (Sanjesh Jain):
Why have PAT and ROCE stagnated over 5 years?
Answer:
Recent investments in specialty ingredients capacity (70% utilization) and external headwinds (demand slowdown, feedstock volatility) temporarily impacted returns. ROCE improvement hinges on specialty volume recovery and operational efficiency.

Question 6 (Arun Prasath):
How did performance vs. specialty products fare in Q3?
Answer:
Specialty volumes declined -4.5% (geopolitical delays, reformulations), while performance surfactants grew +0.5%. Gross margins per kg were stable, but EBITDA/kg fell due to one-offs like detention costs.

Question 7 (Shalini Gupta):
What drove fatty alcohol price hikes, and when will supply-chain issues ease?
Answer:
Fatty alcohol prices spiked due to palm/palm kernel oil inflation ($1,700/ton vs. $950/ton YoY). Prices are expected to stabilize post-May 2025 harvest season. Supply-chain bottlenecks have eased but require further normalization.

Question 8 (Rohit Nagraj):
Will capex reduce amid muted volumes?
Answer:
Capex (~INR 150 crore annually) will continue for brownfield expansions, digitalization, and specialty ingredient capacity. Investments remain frugal, targeting 80% utilization thresholds.

Question 9 (Archit Joshi):
Is Galaxy shifting focus to smaller customers in India?
Answer:
No change in customer mix strategy. Growth will rely on existing tiered customer base, with D2C brands facing scaling challenges due to urban demand weakness.

Question 10 (Aditya Khetan):
Why hasn't INR 700 crore capex driven EBITDA growth?
Answer:
Capex focused on premium specialty capacity, which faced delayed conversions in Europe/US. Recovery is expected as pipelines mature, with FY26 guidance intact.

The Good, Bad and Ugly

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Category	GALAXYSURF	Chemicals
PE	25.02	54.41
PS	1.89	4.58
Growth	5 %	7.3 %

Share Holdings

Understand Galaxy Surfactants ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.

Holding Pattern

Major Shareholders

Share Holding Details

As of 2025-03-31

Shareholder Name	Holding %
Unnathan Shekhar	11.92%
Shashikant Rayappa Shanbhag	11.56%
Ramakrishnan Gopalkrishnan	6.66%
Siddharth Sudhir Patil	5.79%
Yash Sudhir Patil	5.79%
Galaxy Chemicals, Partner Gopalkrishnan Ramakrishnan	5.47%
Galaxy Chemicals, Partner Late Sandhya Sudhir Patil	5.47%
Galaxy Chemicals, Partner Shashikant Rayappa Shanbhag	5.47%
Galaxy Chemicals, Partner Shekhar Unnathan	5.47%
Jayashree Ramakrishnan	5.2%
Axis Mutual Fund	4.38%
Nippon Life India	3.63%
Kotak Mutual Fund	2.16%
Jayshree Ramesh	1.64%
Galaxy Emulsifiers Pvt Ltd	1.53%
Abu Dhabi Investment Authority	1.35%
ICICI Prudential	1.11%
ICICI Lombard	1.01%
Lakshmy Shekhar	0.36%
Sridhar Unnathan	0.11%

Overall Distribution

Distribution across major stakeholders

Ownership Distribution

Distribution across major institutional holders

Balance Sheet for Galaxy Surfactants

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	-80.1%	5.18	22	35	22	6.38	8.15
Current investments	273.9%	87	24	0	0	0	0
Loans, current	4.8%	0.6	0.58	0.52	0.43	0.27	0.39
Total current financial assets	12.2%	597	532	518	506	544	497
Inventories	9.5%	359	328	301	339	404	409
Current tax assets	36.1%	12	9.08	8.01	8.01	8.59	8.53
Total current assets	11.8%	1,062	950	894	914	1,000	976
Property, plant and equipment	4.6%	657	628	617	625	560	482
Capital work-in-progress	37%	212	155	104	84	130	178
Non-current investments	-49.7%	99	196	185	200	203	208
Loans, non-current	121.6%	1.82	1.37	1.03	0.8	0.47	0.43
Total non-current financial assets	-46.4%	112	208	195	209	211	215
Total non-current assets	-1.4%	1,025	1,040	959	949	928	903
Total assets	4.9%	2,087	1,990	1,853	1,863	1,928	1,880
Borrowings, non-current	-51.1%	23	46	63	80	91	63
Total non-current financial liabilities	-45.3%	30	54	66	84	96	68
Provisions, non-current	-3.9%	7.47	7.73	6.68	6.07	6.13	7.61
Total non-current liabilities	-27.6%	72	99	108	122	133	105
Borrowings, current	-17.6%	62	75	80	103	169	187
Total current financial liabilities	4.6%	477	456	401	487	599	613
Provisions, current	-29.2%	3.77	4.91	5.59	5.59	5.28	5.28
Current tax liabilities	-	0	0	7.48	5.52	3.06	2.24
Total current liabilities	20.6%	586	486	431	517	629	637
Total liabilities	12.5%	658	585	538	639	762	742
Equity share capital	0%	35	35	35	35	35	35
Total equity	1.6%	1,428	1,406	1,315	1,224	1,166	1,138
Total equity and liabilities	4.9%	2,087	1,990	1,853	1,863	1,928	1,880

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	-31.5%	151	220	167	232	69	64
Current investments	28.4%	254	198	116	0	0	0.47
Loans, current	5.1%	0.63	0.61	0.63	0.51	0.37	0.45
Total current financial assets	2.2%	1,065	1,042	957	872	860	717
Inventories	12.8%	627	556	539	646	776	712
Current tax assets	53.1%	14	9.49	14	9.98	15	8.54
Total current assets	7.1%	1,833	1,711	1,600	1,612	1,736	1,579
Property, plant and equipment	2%	985	966	938	915	858	752
Capital work-in-progress	36.3%	215	158	130	139	166	205
Goodwill	0.5%	3.04	3.03	3.01	2.98	2.95	2.75
Loans, non-current	121.6%	1.82	1.37	1.03	0.8	0.47	0.43
Total non-current financial assets	7.1%	16	15	16	14	13	12
Total non-current assets	6.3%	1,279	1,203	1,145	1,123	1,091	1,022
Total assets	6.7%	3,111	2,915	2,745	2,734	2,827	2,601
Borrowings, non-current	-51.1%	23	46	65	89	100	80
Total non-current financial liabilities	-27.2%	68	93	109	137	149	128
Provisions, non-current	-3.9%	7.47	7.73	6.68	6.07	6.13	7.61
Total non-current liabilities	-17.6%	109	132	149	172	183	161
Borrowings, current	-14.1%	74	86	125	183	314	286
Total current financial liabilities	6.9%	591	553	513	629	851	817
Provisions, current	-23.4%	4.7	5.83	6.26	6.16	5.97	7.71
Current tax liabilities	-	0.86	0	8.23	5.52	3.06	7.78
Total current liabilities	21.6%	733	603	567	680	897	865
Total liabilities	14.6%	842	735	716	852	1,080	1,026
Equity share capital	0%	35	35	35	35	35	35
Total equity	4.2%	2,270	2,179	2,029	1,883	1,747	1,574
Total equity and liabilities	6.7%	3,111	2,915	2,745	2,734	2,827	2,601

Valuation
Market Cap	7.55 kCr
Price/Earnings (Trailing)	24.63
Price/Sales (Trailing)	1.86
EV/EBITDA	15.07
Price/Free Cashflow	27.26
MarketCap/EBT	20.17

Fundamentals
Revenue (TTM)	4.05 kCr
Rev. Growth (Yr)	10.43%
Rev. Growth (Qtr)	-2.43%
Earnings (TTM)	306.54 Cr
Earnings Growth (Yr)	-9.47%
Earnings Growth (Qtr)	-23.73%

Profitability
Operating Margin	9.24%
EBT Margin	9.24%
Return on Equity	13.51%
Return on Assets	9.85%
Free Cashflow Yield	3.67%

Income Statement for Galaxy Surfactants

Standalone figures (in Rs. Crores) / View Consolidated Data

QuarterlyAnnual

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	-7%	727	782	678	706	673	713
Other Income	-62.2%	5.54	13	1.01	4.36	8.72	3.89
Total Income	-7.8%	733	795	679	710	682	717
Cost of Materials	-0.5%	559	562	450	505	496	504
Purchases of stock-in-trade	13%	5.86	5.3	7.39	5.3	4.73	6.75
Employee Expense	-2.3%	43	44	44	39	39	37
Finance costs	45.6%	4.45	3.37	3.43	2.88	3.47	2.7
Depreciation and Amortization	0%	17	17	16	16	16	16
Other expenses	-5.9%	97	103	88	89	74	73
Total Expenses	-3.2%	694	717	631	654	614	644
Profit Before exceptional items and Tax	-51.3%	39	79	47	56	69	73
Total profit before tax	-51.3%	39	79	47	56	69	73
Current tax	-45.1%	9.78	17	12	12	16	17
Deferred tax	72.9%	-0.02	-2.76	-0.44	1.81	0.79	1.05
Total tax	-32.6%	9.76	14	12	14	17	18
Total profit (loss) for period	-56.2%	29	65	36	42	52	55
Other comp. income net of taxes	1.2%	0.19	0.18	0.19	-2.2	-0.8	-1.31
Total Comprehensive Income	-54.7%	30	65	36	40	51	54
Earnings Per Share, Basic	-57.8%	8.3	18.29	10.02	11.86	14.55	15.51
Earnings Per Share, Diluted	-57.8%	8.3	18.29	10.02	11.86	14.55	15.51

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	-13.1%	2,745	3,159	2,629	1,830	1,793	1,996
Other Income	429.5%	24	-5.98	-1.21	4.4	5.36	36
Total Income	-12.2%	2,769	3,153	2,627	1,835	1,798	2,032
Cost of Materials	-12.9%	1,969	2,261	2,000	1,248	1,167	1,422
Purchases of stock-in-trade	21.1%	24	20	18	10	9.83	11
Employee Expense	10%	155	141	114	106	94	87
Finance costs	0%	12	12	7.75	8.37	17	20
Depreciation and Amortization	19.2%	63	53	44	50	40	29
Other expenses	-10.6%	306	342	332	224	219	209
Total Expenses	-12.7%	2,502	2,866	2,446	1,596	1,569	1,778
Profit Before exceptional items and Tax	-7.3%	267	288	181	239	230	254
Total profit before tax	-7.3%	267	288	181	239	230	254
Current tax	-16.9%	60	72	48	62	58	74
Deferred tax	794.9%	6.28	1.59	-0.66	-0.77	-10.6	12
Total tax	-9.6%	67	74	47	61	48	86
Total profit (loss) for period	-6.6%	200	214	134	178	182	168
Other comp. income net of taxes	-403.6%	-4.59	-0.11	1.18	-1.24	-2.18	-0.52
Total Comprehensive Income	-8.5%	196	214	135	177	180	168
Earnings Per Share, Basic	-6.5%	56.51	60.36	37.76	50.17	51.38	47.51
Earnings Per Share, Diluted	-6.5%	56.51	60.36	37.76	50.17	51.38	47.51

Consolidated figures (in Rs. Crores) / View Standalone Data

QuarterlyAnnual

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	-2%	1,042	1,063	974	929	940	983
Other Income	-61.4%	3.97	8.69	5.4	24	6.38	2.68
Total Income	-2.4%	1,046	1,072	979	953	947	986
Cost of Materials	4.9%	744	709	618	633	620	634
Purchases of stock-in-trade	0%	21	21	19	13	12	13
Employee Expense	-2.7%	74	76	77	72	68	65
Finance costs	28.2%	4.96	4.09	3.98	5.39	5.9	5.41
Depreciation and Amortization	0%	28	28	27	26	25	25
Other expenses	-1.4%	145	147	126	129	119	120
Total Expenses	0.2%	969	967	881	859	859	888
Profit Before exceptional items and Tax	-26.2%	77	104	99	94	88	98
Total profit before tax	-26.2%	77	104	99	94	88	98
Current tax	-31.6%	14	20	21	17	18	21
Deferred tax	-133.7%	-1.22	0.05	-1.37	-0.63	-1.84	-0.6
Total tax	-42.1%	12	20	19	16	16	20
Total profit (loss) for period	-23.8%	65	85	80	78	71	77
Other comp. income net of taxes	648.3%	23	3.94	0.17	0.97	-0.01	10
Total Comprehensive Income	-1.1%	88	89	80	78	71	88
Earnings Per Share, Basic	-24.8%	18.22	23.9	22.48	21.86	20.13	21.84
Earnings Per Share, Diluted	-24.8%	18.22	23.9	22.48	21.86	20.13	21.84

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	-14.6%	3,794	4,445	3,686	2,784	2,596	2,763
Other Income	284.2%	35	9.85	13	11	5.92	4.68
Total Income	-14%	3,830	4,455	3,698	2,795	2,602	2,768
Cost of Materials	-16%	2,495	2,971	2,668	1,793	1,635	1,918
Purchases of stock-in-trade	-30.1%	52	74	66	58	46	38
Employee Expense	10.9%	275	248	212	204	178	165
Finance costs	0%	22	22	13	13	24	30
Depreciation and Amortization	20.7%	100	83	71	74	62	51
Other expenses	-9.5%	479	529	485	357	334	297
Total Expenses	-13.3%	3,454	3,982	3,369	2,423	2,313	2,491
Profit Before exceptional items and Tax	-20.8%	375	473	329	372	289	277
Total profit before tax	-20.8%	375	473	329	372	289	277
Current tax	-20%	73	91	69	71	61	83
Deferred tax	75.9%	0.93	0.71	-2.03	-0.9	-2.91	3.32
Total tax	-19.8%	74	92	67	70	58	86
Total profit (loss) for period	-21.1%	301	381	263	302	230	191
Other comp. income net of taxes	-84.4%	9.41	55	24	-18.84	33	18
Total Comprehensive Income	-28.7%	311	436	287	283	264	209
Earnings Per Share, Basic	-21.1%	85.03	107.46	74.12	85.22	64.99	53.87
Earnings Per Share, Diluted	-21.1%	85.03	107.46	74.12	85.22	64.99	53.87

Investor Care
Dividend Yield	1.88%
Dividend/Share (TTM)	40
Shares Dilution (1Y)	0.00%
Diluted EPS (TTM)	86.46

Financial Health
Current Ratio	2.5
Debt/Equity	0.04
Debt/Cashflow	3.94

Cash Flow for Galaxy Surfactants

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	0%	12	12	7.75
Change in inventories	-85.7%	11	71	-139.27
Depreciation	19.2%	63	53	44
Impairment loss / reversal	-91%	-1.33	-0.22	0
Unrealised forex losses/gains	-2320%	-0.11	1.05	-0.66
Adjustments for interest income	-16.2%	2.29	2.54	0.56
Net Cashflows from Operations	-23.6%	305	399	94
Income taxes paid (refund)	-1.5%	67	68	47
Net Cashflows From Operating Activities	-28.2%	238	331	46
Proceeds from sales of PPE	180.8%	1.73	1.26	0.43
Purchase of property, plant and equipment	45.8%	141	97	117
Interest received	35.3%	2.8	2.33	0.9
Other inflows (outflows) of cash	256.1%	18	-9.89	7.1
Net Cashflows From Investing Activities	-37.2%	-142.4	-103.54	-108.71
Proceeds from borrowings	-102.6%	0	40	117
Repayments of borrowings	-42.5%	62	107	31
Payments of lease liabilities	47.3%	5.39	3.98	3.36
Dividends paid	-89.8%	14	128	14
Interest paid	-7.1%	14	15	9.46
Net Cashflows from Financing Activities	54.9%	-95.77	-213.57	59
Effect of exchange rate on cash eq.	-5.1%	-0.03	0.02	0.03
Net change in cash and cash eq.	-106.1%	0.21	14	-3.78

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	0%	22	22	13
Change in inventories	2.2%	94	92	-275.43
Depreciation	20.7%	100	83	71
Impairment loss / reversal	-91%	-1.33	-0.22	0
Unrealised forex losses/gains	110.7%	1.22	-1.06	1.69
Dividend income	-	4.56	0	0
Adjustments for interest income	579.7%	9.02	2.18	3.07
Net Cashflows from Operations	-10.8%	596	668	64
Income taxes paid (refund)	-18.1%	78	95	59
Net Cashflows From Operating Activities	-9.6%	518	573	4.93
Proceeds from sales of PPE	-22.1%	1.95	2.22	0.45
Purchase of property, plant and equipment	8.3%	158	146	155
Dividends received	-	4.56	0	0
Interest received	311.7%	9.44	3.05	3.91
Other inflows (outflows) of cash	32.9%	-4.87	-7.75	67
Net Cashflows From Investing Activities	-130.6%	-343.91	-148.56	-84.12
Proceeds from borrowings	-102.6%	0	40	134
Repayments of borrowings	-2.8%	140	144	40
Payments of lease liabilities	29%	11	8.75	7.67
Dividends paid	-89.8%	14	128	14
Interest paid	-4.3%	23	24	13
Net Cashflows from Financing Activities	28.4%	-188.92	-264.26	59
Effect of exchange rate on cash eq.	-71.3%	3	7.98	2.29
Net change in cash and cash eq.	-107.4%	-11.41	168	-17.75

Ticker	Name	Mkt Cap	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
VINATIORGA	Vinati OrganicsSpecialty Chemicals	17.42 kCr	2.2 kCr	+6.29%	+2.40%	45.09	7.93	+16.41%	+7.41%
FINEORG	Fine Organic IndustriesSpecialty Chemicals	12.8 kCr	2.3 kCr	+4.20%	-6.84%	29.92	5.56	+3.10%	-4.22%
BALAMINES	Balaji AminesSpecialty Chemicals	4.17 kCr	1.49 kCr	+6.57%	-42.09%	21.86	2.79	-13.51%	-11.35%

GALAXYSURF - Galaxy Surfactants Limited Share Price

What does Galaxy Surfactants Limited do?

Summary of Latest Earnings Report from Galaxy Surfactants

Sector Comparison: GALAXYSURF vs Chemicals & Petrochemicals

Comparative Metrics

Performance Comparison

Share Holdings

Holding Pattern

Share Holding Details

Overall Distribution

Ownership Distribution

Balance Sheet for Galaxy Surfactants

Valuation

Fundamentals

Profitability

Income Statement for Galaxy Surfactants

Investor Care

Financial Health

Cash Flow for Galaxy Surfactants

Is Galaxy Surfactants Better than it's peers?

Price to Sales Ratio

Revenue (Last 12 mths)

Net Income (Last 12 mths)