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Revenue
₹1,326 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
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Actual signal trajectory
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Quarter read
What the record says.
Galaxy Surfactants reported a challenging Q2 FY26 with consolidated volumes flat YoY and QoQ, as multiple headwinds converged. US reciprocal tariffs (50% on Indian exports) disrupted specialty care demand and delayed project pipelines, with a full-year EBITDA impact of 3-5% of FY25 EBITDA. Elevated fatty alcohol prices triggered reformulation in India, costing an estimated 3,000-4,000 tons of volume in the quarter. GST rate rationalization caused inventory destocking by FMCG clients, further pressuring domestic volumes. Management expects Q3 to remain similar to Q2, with recovery likely only from Q4 FY26, contingent on tariff resolution, fatty alcohol price correction, and GST normalization. The company is mitigating via market share gains with non-Tier 1 customers, shifting US-bound production to Egypt, and launching new sunscreen ingredients. Volumes flat, EBITDA per metric ton at ₹17,300, reformulation impact of 3,000-4,000 tons, and tariff EBITDA impact of 3-5% are key figures. Risk: prolonged reformulation or tariff persistence could structurally erode market position.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects Q3 volumes to remain at similar levels as Q2, with recovery only from Q4 FY26.
- Cumulative impact of US reciprocal tariffs on EBITDA for FY26 is estimated at 3-5% of FY25 EBITDA.
- Company expects to have commercial capability for petrochemical-based surfactants by end of Q3, with business commercialization from Q4 FY26.
Risks flagged
- High fatty alcohol prices may persist, leading to continued reformulation by customers and volume loss beyond Q2.
- US reciprocal tariffs (50%) are causing project delays and demand weakness; if sustained, could lead to permanent loss of business.
- Intensified competition from backward-integrated local players in Egypt is causing continued volume decline in the AMET region.
- Inventory adjustments from GST rate rationalization may continue into Q3, delaying volume recovery in India.
Key quotes
- This is one of the rare quarters where perhaps all the risks that we had envisaged have played out and continue to do so even into Q3.
- If I look at Q3, I would like to restrict my listening to Q3 as I even responded earlier to Sanjay. I think I'd be happy if I end Q3 on the same lines as Q2.
- We are in touch with the customers or they're going slow in terms of their commercializing the projects and pipeline because they too are weary of the impacts that the inflation there would have on their demand.
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