Galaxy Surfactants Limited (Galaxy) is one of India’s leading manufacturers of surfactants and other specialty ingredients for the personal care and home care industries. Its products find application in a host of consumer-centric personal care and home care products, including skin care, oral care, hair care, cosmetics and detergent products.
Outlook & Valuation: At the upper end of the price band, the P/E multiple works out be 36x (pre issue equity base) of FY17 EPS. The company has seen 25% CAGR in the last 3 years in earnings. We expect the company to maintain a 20%+ growth trajectory in the coming few years, considering growing personal care markets, its increasing product offerings and geographies. We recommend ‘SUBSCRIBE’ on the issue for a mid-to-long term period.

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