GALAXY SURFACTANTS: Demand outlook remains robust; supply chain frail (GALSURF IN, Mkt Cap USD1.5b, CMP INR3078, TP INR3620, 18% Upside, Buy) Galaxy Surfactants (GALSURF) reported a mixed set of numbers - with higher-than-estimated revenue (+36% YoY / +5% QoQ), amid improved realization, in line with higher raw material costs. However, higher RM and international freight costs impacted EBITDA - which came in below estimates (+20% YoY / -8% QoQ), translating to gross margins of INR43.8/kg ...
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