Galaxy Surfactants – Uncertainty Prevails Over Demand: Nirmal Bang

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We recently interacted with the management of Galaxy Surfactants Ltd. to understand the demand environment across geographies and get an update on supply-related challenges.

While the supply situation has improved QoQ, it is still not back to pre-Covid levels. On the other hand, demand pressure across key geographies is the key concern from the short term perspective.

Galaxy Surfactants has not lost any market share as the volume pressure has been seen across industry. Structurally, we continue to like this space considering the long runway for growth in Oleochemicals, and the company’s strong client relationships and incremental focus on specialty products.

However, considering the near term uncertainties in demand and on the supply side, we see limited upside from one-year standpoint.

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