Galaxy Surfactants (GALAXYSURF) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 saw resilient performance with consolidated volumes stable year-on-year, as high single-digit growth in Specialty Care offset softness in Performance Surfactants.

• EBITDA rose 13% year-on-year to ₹124 crore, driven by Specialty segment strength in India and ROW, with EBITDA per metric ton improving to ₹20,156.

• Domestic volumes grew mid-single digits, led by Non-Tier-1 and D2C customers, while AMET region volumes declined in the high teens due to competition.

• The company launched five new Sun Care products under the GALSORB SunBliss range, with commercialization set for Q4 FY26, and initiated a rebranding to expand into beauty, derma, and wellness.

• Unaudited consolidated and standalone financial results for the quarter and nine months ended 31st December 2025 were approved by the Board on 13th February 2026.

Financial highlights

• Q3FY26 consolidated revenue from operations was ₹1,329.49 crore, up from ₹1,041.69 crore in Q3 FY25; nine-month revenue was ₹3,933.58 crore, up from ₹3,078.74 crore year-over-year.

• Q3FY26 EBITDA grew 13% year-on-year to ₹124 crore; 9MFY26 EBITDA flat at ₹376 crore.

• Q3FY26 PAT declined 8.8% year-on-year to ₹58.97 crore; nine-month PAT was ₹204.95 crore, down from ₹229.04 crore year-over-year.

• Q3FY26 EBITDA margin at 9.3% vs 10.5% YoY; PAT margin at 4.4% vs 6.2% YoY.

• Exceptional item of ₹11.9 crore recognized in Q3FY26 due to new Labour Codes, affecting both consolidated and standalone results.

Outlook and guidance

• Management expects growth momentum to regain in coming quarters, supported by GST reforms, U.S.-India tariff revisions, and continued premiumization of the Specialty portfolio.

• India volumes expected to increase incrementally in both tier one and non-tier one accounts; double-digit Specialty segment growth anticipated.

• AMET region expected to recover volumes from Q4 onwards, though not to previous peak levels due to structural market changes.

• Rest of the world to maintain growth momentum, with North America benefiting from tariff reduction starting late Q4 and Q1 next year.

• Management continues to monitor regulatory developments regarding Labour Codes and will assess further accounting implications as guidance emerges.