Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Galaxy Surfactants Limited (NSE: GALAXYSURF) Q4 2026 Earnings Call dated May. 15, 2026
Corporate Participants:
K Natarajan — Executive Director & Chief Operating Officer
Analysts:
Aditya Khetan — Analyst
Unidentified Participant
Rohit Nagraj — Analyst
Sanjay Jain — Analyst
Arun Prasath — Analyst
Presentation:
Operator
Ladies and Gentlemen, good day and welcome to Galaxy Surfactants Limited Q4NFY 26 earnings conference call. This conference call may contain forward looking statements about the company which are based on the beliefs, opinions and expectations of the company as on the date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes.
Should you need assistance during the conference call, please signal an operator by pressing the zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. K. Natranjan, Managing Director of Galaxy Surfactants Ltd. Thank you. And over to you Sir.
K Natarajan — Executive Director & Chief Operating Officer
Thank you. A very good afternoon ladies and gentlemen. Thank you for joining us today for our fourth quarter and full year FY26 earnings call. Before delving into our performance on the business front and regional updates, it is important for me to set the broader context. The operating environment in the year and particularly the last leg of the final quarter that is Q4 of the last financial year was shaped by series of external disruptions that impacted global supply chains, trade flows and customer auditing behavior.
West Asia War introduced a prolonged period of uncertainty across global supply chains, trade routes and energy markets. What was initially perceived as a short term disruption extended well into and beyond quarter four with visible second order impacts on logistics, feedstock availability, pricing volatility and customer ordering behavior, particularly across our export markets. Disruptions and rerouting of seafreight resulted in delays in inbound raw material as well as outbound export shipments.
For an Egypt facility, port congestion and vessel availability constraints led to extended transit times adversely impacting our dispatches. Over recent weeks. The logistics situation has gradually began to stabilize with shipments being directed through alternate ports. While congestion at ports has reduced, transit times remain elongated and our team continues to be actively managing the situation through tighter planning and close coordination with our customers and vendor partners. On the supply chain front.
Due to the impact of the geopolitical situation, price of feedstocks have increased significantly. This sharp and simultaneous escalation across input raw materials created a highly challenging operating environment, exiting a need for repricing at major customer levels impacting overall Q4 volumes. Coming to our regional performance and key highlights, India remained relatively resilient supported by steady demand across tier 1 and non tier 1 accounts. India volumes grew 8% year on year driven by a 3% growth in performance and more than 27% growth in specialty volumes on a year to date basis.
Despite reformulation pressures from a key tire one customer that impacted performance segment, strong growth in non tire one and diet to consumer accounts fully offset these volume losses in specialty. We are pleased to report a 27% growth on an annual basis delivering consistent progress in line with our Strategy 2030. In contrast, the AMEC region remained challenging for reasons outlined earlier with volumes declining 15% year on year in Q4. This weakness was concentrated in the later part of the quarter and was largely driven by logistics disruptions, raw material availability constraints, customer repricing pressures and more cautious procurement behavior.
Amidst heightened political geopolitical uncertainty, the rest of the world region witnessed mixed Trends with volumes declining 7% year on year in Q4 while delivering a 4% growth on a full year basis. The Q4 volume shortfall was partly influenced by delays in export shipments to Europe and Ladan driven by sudden spike in freight rates and cautious buying behavior at the customer. In contrast, the Americas emerged as a relative bright spot during the quarter following improved clarity and partial reversals on tariff related developments.
Demand momentum strengthened sequentially with volumes improving over Q3. Importantly, our specialty pipeline in the US has been reinitiated post tariff reversals and we are seeing encouraging traction and strong growth potential in premium specialty products. Coming to financial performance for the quarter for Q4FY26 EBITDA stood at 122 crores compared to 135 crores in the earlier year quarter four with EBITDA for metric ton for Q4FY26 at 20,114 per metric ton versus 21,715 per metric ton in Q4FY25.
This performance was largely driven by effective pass through of raw material prices, freight cost increase to customers, improved mix in specialty segment in Q4 post production of reciprocal tariffs in U.S. Consistent better performance of our TRICARE business in the U.S. That is a premium specialty segment and disciplined cost control measures at various operational areas and at our subsidiaries. Moving to an update on innovation in this quarter, we further advanced our innovation agenda with the launch of Gal Soft Lumethic Cosmetics Paris and Next Generation Mild Surfactant which is self thickening amino acid based surfactant that simplifies formulation by seamlessly combining gentleness, clarity, foam and process efficiency into a single system.
It delivers skin care sorry delivers skin cleansing with a low PH compatibility and is ideally suited for sensitive applications such as baby care, feminine hygiene care, scalp care and anti acne solutions. To conclude, while the recent supply chain disruptions have created near term challenges. They also present an opportunity for us to remain agile and sharpen our focus on timely price pass throughs to our customers. We continue to remain confident in the success strength of our business underpinned by resilient customer relationships, a diversified geographic footprint, a strong India franchise and a disciplined operating approach.
Barring any new unforeseen events, we are confident that performance in the coming quarters will improve sequentially. Thank you ladies and gentlemen for your continued trust and support. I now open the floor for questions.
Operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Aditya Ketan from Smith Institutional Equities. Please go ahead.
Questions and Answers:
Aditya Khetan
Yeah, thank you sir for the opportunity. I have a couple of questions. So first question is specialty side. So you mentioned in your presentation that so tariff reversals we all know and renew traction in the specialty products has led to improvement in your specialty side. But sir, when we look at the numbers on quarter on quarter basis Flat only some 493crore top line last quarter this quarter 498crore. Also sir you’ve mentioned into your Indian business also some strong traction is led by specialty care products.
I believe India is the specialty mix in India is relatively smaller only. So what was the mix earlier? How much mix has changed in India and why this improvement in your Americas business has not led to specialty growth? Quarter on quarter.
K Natarajan
Yeah, first of all quarter on quarter. Okay. The it’s essentially due to the mix of the specialty portfolio in that quarter in quarter four in US So that’s one of the reasons. Okay, so it’s a question of what products that we started moving out post the tariff reversal. So it’s only the mix impact. But as you see moving forward things will start looking better because sequentially that’s what explains as to why it doesn’t reflect the volume growth doesn’t reflect in terms of the contribution growth.
With regard to your next question on India, India as you said it’s because as I said in my opening remarks in terms of the way that we have been able to grow with the D2C franchise direct to consumer brands franchise where you have a good amount of special ingredients. So although the base in India Is small of special ingredients. But then there is a significant momentum that we see that is gathering in terms of the direct to consumer brands increasing their presence significantly.
Aditya Khetan
Got it onto the specialty mixer. When we look the numbers over the last few years and around so 35 to 40% range only over the longer term. Sir, how you see like this mix to improve by 2030. What what could be the mix? And secondly last quarter also you mentioned like some customers in in US has highlighted some demand related problems offsetting that impact and considering the current ramp up in specialty how things will look over the longer term.
K Natarajan
Over the longer term our strategy is to grow both the segments of performance affectants and specialty ingredients. Because we are very clear that skewing towards either of these, skewing only towards specialty ingredients is not going to be making us very relevant for our customers. Because they want they expect that we are able to serve them with the basket of all the ingredients for the HPC segment. But with the way that we are growing a specialty ingredients portfolio I would probably say it’ll keep swinging between the 65, 35, 60, 40, 70, 30 depending on how both these legs start.
You know how both these legs start performing. So even by 2031 I do not see it’s going going say probably in the zone of 60, 40, 65, 35. That’s what I look at it.
Aditya Khetan
So my third question is on to the raw material prices fatty alcohol. So last quarter we had seen a dip of 8% and again some this quarter prices have jumped. So what is the strategy like you also mentioned in your last quarter that with rising raw material prices. Definitely. So there could be a demand destruction which would happen and it would be also difficult for us to pass on the prices. What is the outlooks are going on how much we can pass on with this rising raw material prices and how much the down trading can even happen now further like which you in the last quarters that could continue going ahead?
K Natarajan
Yes, the first correction is I never said that it will be difficult to pass on increased prices. I only said that you can’t pass on prices every week that it increases because customers expect that you have some price stability. So I will have a lag effect. So that can have an implication because if the price increases today I pass it on after one month that will be a lag effect. But saving that. I think there is a very clear way that our relationship with customers ensures that they understand when we go for a price increase that there is a clear rational and transparency.
So that’s not an issue. But you can’t go to them every week. So having clarified that today, if you see you have raw materials across like today, pet chem feedstocks have gone up significantly. Forget about going up, even availability is a challenge. So the question here today is not about whether oleochemical has gone up because that was the fact till say last quarter. Now everything has gone up significantly. In fact, petrochemical based feedstocks have gone up much more than the oleicum prices.
So that’s the situation today. But the current challenge is in terms of how well we are able to manage the supply side in terms of ensuring that we have uninterrupted production. Because as of now we see that demand is healthy. And it’s important that we manage supply side very, very judiciously and in a very agile manner, which my team is doing a fantastic job. And I’m sure that that’s going to aid us in terms of the way that we report performance in the coming months.
Aditya Khetan
Okay, so just one last question sir. How much competitive we would be versus Labsa, the crude chain, the current prices of Lapsa versus the oliochemicals prices of two $800 fatty alcohols. Like I just want to know how much difference today could be there and what are the reasons why consumer could shift to the other chain. Second question, sir. Considering the current RM prices, 2, $800 per ton, what could be the volume growth? Is there any change into the volume growth guidance for 2017.
K Natarajan
Today? Forget about prices, they have gone up significantly. They have more than doubled. Okay. And the issue is in terms of availability. Okay. Whereas your aluminum price also have gone up, but not to the same, with the same. To the same extent. So yes. So now when our customers are looking at, I think their requirement is how do they keep their formulations available on the shelves? Okay. So they’re doing various ways to ensure that they are able to have their products. Okay. Finding a space on the shelf they don’t lose on any production.
So essentially we need to ensure that we are able to serve them well. As regards the. You talked about your alcohol prices. Can you repeat that question?
Aditya Khetan
The fatty alcohol. So considering the current prices of fatty alcohol, what could be the volume growth? Yeah.
K Natarajan
So now what we are seeing is that I don’t want to be talking anything specifically moving into the year because it is too premature to be talking about that. But one thing that I am able to see very clearly is that if I look only at say Q1, okay. Because there’s no way that I can look beyond that. But Q1, we are looking that, you know, you’ll be able to. We’ll be delivering close to the higher end of the volume guidance range of 6 to 8%. Okay. And EBITDA as well at the higher end of the range of 90 to 21,000 per metric ton.
Aditya Khetan
So this guidance is for Q1 or for full fiscal. You mentioned for Q1, right?
K Natarajan
Yes, Q1, but then I would like this to continue. If the current scenario continues the way it is. Okay, that’s my rider. If nothing, it need not improve, but it should not worsen. If this is the situation what we have in Q1 continues, I think we’ll also be able to deliver that for the full year. But we all know that the current situation, it doesn’t give us the luxury of looking beyond 1/4. So I would suggest that probably we’ll have a better clarity. Okay. In the next call when we discuss on Q1 results.
Unidentified Participant
Thank you sir. That’s it,
Operator
Thank you. Next question is from the line of Rohit Nagraj from 361 Capital. Please go ahead.
Rohit Nagraj
Thanks for the opportunity. The first question is in terms of the Egyptian facility. So currently, how is the situation out there both in terms of availability of raw material logistics and even on the customer side in terms of the demand which is in Egypt and around Egypt?
K Natarajan
Yeah. So first is I think one thing that I can clarify, one thing I need to clarify is that as far as the Africa, Middle East Turkey market is concerned, we do not see demand as a challenge if you see even last quarter. But the thing that impacted our African Middle East Turkey business and more so our Galaxy Chemical Egypt business was, I think the entire March was disrupted because all the materials that were to be coming in got stuck at various tank shipment points. And the team was essentially working with aggressively to look at how we are able to get those materials released and these to our factory.
It started bearing results, all the efforts only from the first week of April. So I think say post middle of April, I think the Egypt operations have got restored to a significantly superior level and they have started catering to all the pending orders that were there. They couldn’t serve in the month of March. So that’s the situation today. So issue is not about demand side. I think more on the availability of raw materials to take care of supplies that impacted March. But then into April things started improving and we expect that May and June should be significantly superior where we are able to run our operations uninterrupted.
Rohit Nagraj
Sure. The second question is you just spoke about Q1 guidance in terms of volume growth now, is it because that these supplies are constrained and we have the material to supply to the customers? That’s the reason we are confident that 6 to 8% volume growth is possible given that in most of the geographies there are challenges in terms of some challenges in terms of demand and some challenges in terms of availability. So the volume guidance is predominantly based on the supply constraints and availability at our end.
Is that the right way to look at it?
K Natarajan
No, that’s not the only reason or the major reason. If you look at it in our volume growth guidance. I have always been saying that your India should come back to its robust growth of 8 to 10%. If you see that happened in the last in quarter four. So that momentum is continuing and that growth happened because the GST rationalization started showing results in last quarter. And you see all of our customers also have spoken about 4 to 6% growth. Okay. And in line with that we also reported 8% growth.
Okay. So we expect that also to continue because we don’t see any demand challenges at least in Q1 as far as India market is concerned. Okay. Second, we also see our the in Americas, you know, we had the implication on because of the tariff in terms of our business, I think that has got dissolved and then we have started reviving okay. Business with our customers. That also will aid and more importantly I think you will have Amit, Africa, Middle East, Turkey through the sort of degrowth that was happening in terms of the supply side, significant supply due to the supply side factors that also will certainly improve significantly in Q1.
Rohit Nagraj
Got that? So just one clarification. Did we recognize any project income during this quarter and if so what was the quantum?
K Natarajan
So we did recognize but nothing significant. That’s the reason why we are not reporting that separately. But yes, the project is progressing well and we do based on completion level we recognize. But that’s not something significant or material as I call it.
Rohit Nagraj
Thanks a lot and all the best, sir.
Operator
Thank you. Before we take the next question, a reminder to all the participants. If you wish to ask a question, please press star N1. We will take our next question from the line of Sanjay Jain from ICICI Security. Please go ahead.
Sanjay Jain
Good afternoon. Thanks for taking. Good afternoon. A couple of questions. First, on the US market. In the previous call you sounded quite bullish post the tariff deal announced. Where are we now? Has this Middle east situation impacted the demand, the supplies which we were planning? Any change in the outlook on the US side?
K Natarajan
See first of all the demand side we just Started getting. We started recouping post the tariff thing getting taken care of. I think that is intact. The supply started very well from January 5th. I think we had a temporary impact in March because of the suddenness with which the West Asia crisis happened. It took us almost two to three weeks in March to be able to resolve that. And I think things have resumed after that. So this West Asia crisis as of now there is no impact we are seeing on the demand side.
And the supply side implication was for a brief period in March which has gotten taken care of.
Sanjay Jain
So from next quarter onwards, is it fair to assume that the US business which we were planning the acceleration that should show up some result because row we have declined in this quarter. So which geography apart from us has voters in row?
K Natarajan
See, the last quarter decline in your row was because as I said, we had a good amount of dispatches, we had orders, but we couldn’t dispatch into Latin America, into Europe because of the sudden increase in freight rates. We also had to be talking to and negotiating with customers for repricing because the rates had gone up so significantly that there’s no way that you could have dispatched the good portion of mass. So they’re all the backlog is getting clear. Okay. The other thing is in terms of our the America business reflecting in terms of results in the coming quarters, I do see that will start happening.
Sanjay Jain
So when we say Q1 guidance in the volume, this all should help us to grow much faster than the normal level. Right. I was just looking at the trajectory till Q3. Our row was growing a double digit. Suddenly in Q4 we saw a decline of high single digit. Now if we assign that entire double digit to a decline, say 15, 20% of volume. Miss. Which happened because of logistical issue repricing, renegotiation and all that will get recouped in Q1. Right. So in Q1 ideally, assuming all other things remaining same and we are able to fulfill the demand which we delayed in the Q4 Q1 on row should look at significantly better.
K Natarajan
Yes, you’re right. But then when I’m giving you the guidance, I’m also looking at certain situations that I may build because I don’t want to be guiding inappropriately. That’s why I said it will be at the higher end of the 6 to 8% growth. Okay. Because I still have 45 days. Okay. So we want things to continue. So you’re right. Okay. It should reflect. But I don’t want to be guiding in beyond that 6 to 8%. Yes. So I’d be Very happy if I’m able to breach that in a positive
Sanjay Jain
Very clearly. But are you seeing any other headwind that you are not able to procure sulfur? Not as
K Natarajan
Of today. Not as of today. See for example, if this is a crisis worsens, see the state of almost blockade. What happened? The freight industry has adjusted to that. We have adjusted the eliminated lead times, we are replanting customers have all planned. If anything new comes up which is going to further aggravate the situation, that’s the only thing that is going to be be impacting. Okay. I don’t see anything else coming and impacting the momentum
Sanjay Jain
Because I see two big raw material which may have got impacted. One is sulphur and ethylene oxide. And these are the two very big raw material for us, right?
Arun Prasath
Yeah.
Sanjay Jain
And a lot of sulfur in India at least was coming from the Middle East. And ethylene oxide, we had only one supplier and ethylene is a gas paste. We know what’s happening on that side. How should we think of raw material in India? Again, Southeast Asia will have the same problem because most of the Southeast Asia sulphur used to come from the
Arun Prasath
Middle
Sanjay Jain
East. How is, how is this situation playing out or there is absolutely no issue in terms of the availability of raw material for us.
K Natarajan
First of all, on both on ethylene oxide and sulphur, there are. It is not a comfortable situation, if you ask me that. You know, you can sleep every day presuming that things will be on a steady state. So it’s all about managing the situation on a daily basis. But we are not seeing any great worries or concern in terms of the supply side not being supportive. The way that my team is able to manage both on ethylene oxide and on sulphur, the price has gone up significantly. That’s when you give up.
But the supply side has to be managed well. And with this sort of huge vendor partnership that we have, I think we are managing it well.
Sanjay Jain
That’s very clear. One on the M AD side, the decline in teens, right. I know we were already struggling in the mat because of the currency and all. What’s further hurting us because we were at 90,000 metric ton per annum at one point of time in M at we have already reached 60 and now we are declining by another teens. What’s really happening in M and how should we think M as a region for us?
K Natarajan
So this we had see if you send that 90 to 60,000. We had talked about local players, backward integrated, taking the market share and all the global Customers who are our customers who are the source of our business have lost market share. So that we explained. Now in fact, if you see last quarter but for the March episode because my Egypt plant couldn’t produce and dispatch, they were actually idle for most part of the month in March because omidils didn’t reach even what was there. They couldn’t ship out material which impacted as I said even earlier, the numbers for the month of March and that significantly impacted.
So you’re talking about degrowth that happened 15% majorly was supply led very clearly, which should start getting taken care from the Q1 of this year. There is nothing new that is happening in terms of the volumes. I don’t have a tailwind to take it to 90,000. But there’s nothing that is going to not allow me to grow at a reasonable rate from this base of 60,000.
Sanjay Jain
If you look at just Chan Fem ignoring March, what could have been the growth rate in the M.
K Natarajan
We could have probably been say 2, 3%.
Sanjay Jain
We’re still not growing materially in a mat. That still remains a geography which is underperforming. Correct?
K Natarajan
Correct.
Sanjay Jain
That’s got it. One on the Middle East. We have a decent exposure on the Middle East, Saudi, UAE and all. We were already a supplier from Amat market plant, which is our Egypt plant. How should we think about those volume? Because if I remember it, we were in probably single digit contribution from this geography. Have the supplies resumed there or how should we think about performance in that market? Or when the war get over, you will see a very big demand from the restocking. And this year actually we can end with say upwards of 10% kind of a volume growth.
K Natarajan
Yeah. So if the whole Amit can have. Yeah, there can be restocking that will happen. But right now, right now what is happening is that people have started exploring land routes now for managing supply chain. The state of warm is getting blocked. Is critical for the managing the supply chain in that part of the world. Okay. And I think we are also found out land routes, different sea routes. Okay. To be able to manage the situation. But yes, you’re right. If the, if the sea. You know, if the war gets resolved, okay, we suddenly there will be restocking.
But the restocking. But what is important, Sanjeev is also with the way that the economies have got impacted in terms of. Of damage to their key facilities. How is the demand going to be intact? I do not know. But if the demand is not impacted, you are right, the restocking will happen which can Lead to a spike in demand for us.
Sanjay Jain
Got it. And second, you talked about your EBITDA per kg in the range of 19 to 21 emphasizing that upper end will be what we are aspiring or probable this quarter. We did what, 20 rupees a kg. Now what will drive this 20 to 21? Is it purely operating leverage now that we are looking at higher volume? Or you still think there is a scope for some gross profit per kg improvement as well?
K Natarajan
No one is. I think it will be driven by one is because the volume growth is there, there is operating leverage, but that’s not the only reason. The second also is the number mix also impact because you will have specialties in America that are picking up. Okay. And also in Europe we are seeing some green shots in terms of sort of project and pipeline maturing. So that will contribute.
Sanjay Jain
Got it. One, one last question from my end. We were looking an alternative product taking some market share in Indian market with this new scenario. Have we seen that thing reversing, stabilizing and we were also looking to produce that product. Where are we in that entire.
K Natarajan
We are already producing and selling the product. Okay. Yeah, we already doing it. Okay. Yes. Obviously the supply side is, has got impacted. Things have changed dramatically. So now you know, the whole thing is about how we are able to use this flexibility that we have to be able to gain back certain volume share. That’s what we’ll be doing.
Sanjay Jain
So this year India will be back to 10% kind of a growth. Will that be a fair assumption
K Natarajan
If the end market grows? I think I would not say because I am still not seeing if the monsoon doesn’t impact demand. You know, if the current energy prices doesn’t impact demand because it’s going to be inflationary subject to all that not being there. I see that. That’s what I said. About 8 to 10% should be possible. But we do not know. We are keeping our fingers crossed because the demand can get impacted significantly. If you have all the energy prices going up now and discretionary spending gets impacted, that’s the only concern.
Sanjay Jain
Got it? Got it. Very helpful. Thanks for all those answers and
K Natarajan
Thank you. Thank you.
Operator
Thank you. Ladies and gentlemen. You may please press Star and one to ask a question. We will take our next question from the line of Arun Prasad from Evan Dispark. Please go ahead.
K Natarajan
Thanks Arun.
Arun Prasath
First, during this quarter in India at least what kind of volumes do you think probably would have come because of the, let’s say panic buying or inventory building? And do you see that risk of you Know, reversing out and you may have a couple of quarters of restocking impact on our volume growth.
K Natarajan
No, I don’t think there was any. I don’t think there was a panic buy because I also told you that the feedstock prices went up significantly. So you look at freight rates, incoming freight rates went up. So we are also negotiating with customers for repricing. Okay, you’re talking about sulfur prices going up every day. Talking about ethan oxide prices going up every week. Okay, so that also was an issue. So I would not say there was no panic buy. I think probably the buyers were looking at how do they ensure that they have security of supply and obviously they reached out to us.
But it’s not that because even. It’s not that if someone wants a panic bank, we had enough and more availability because even our supply chain gets impacted in terms of the incoming. So I would not say panic bank. So I do not see a reason as to why there will be a reversal. Okay. But yes, what can be. The issue is based on my customers because these are high season months, Jan to August, September are high season months. Our customers prepared for this high season in terms of ramping up their production.
The only thing that can spoil this growth momentum is if the demand situation gets corrected because of the inflation situation then our customers will start cutting back on their production because they need to reduce their inventory levels. Okay, so that is the only thing that I see. But there cannot be any issue in terms of the panic buying getting reversed and then there being an impact on the volume growth in quarter one.
Arun Prasath
And Natarajanji, one more risk is the grammage cut indirectly that could also be putting pressure on our volume growth because beyond Q1 maybe the grammage cut will also play out. At least in India
K Natarajan
They all reduce prices. Now I’ve seen that they’re increasing prices. Okay, so all of them have started increasing prices. So if they. But the grammage reduction typically yeah, it can happen where there’s one way of passing on a price increase by grammage. Okay, but yes, so that we’ll have to wait and watch. But as of now we’re not saying. That’s why I’m saying that I am looking, I’m able to clearly know about quarter one. Beyond that I think probably the next call will give us more clarity
Arun Prasath
And bit on what we have done in the last three years. This is a very. If I zoom out and look at it, we have done capex in last three years of roughly 480 crores. Do you think Some of. I mean are you seeing some of these facilities which is commissioned in the 480 crores of capex? You can give broadly the breakup between some projects and if any of the idle capacities we are having and any chance of you know, see in terms of this difficult time other supply is not coming. Is there a possibility we can utilize BB because we have put capacity ahead of the time?
Should be. This should be easier time for us to monitor these capacities.
K Natarajan
Yes. So if there is an opportunity we are well prepared to encase the opportunity. The investments that we have done. Okay. Obviously as we are very clear that we need to have and most of it in the specialty ingredient segment. And I also said that the tariff situation in US had created some issues in terms of the pipeline getting built and the pipeline getting converted. We also had the issue in Europe where the inflation had created a lot of significant headwind in terms of conversion. But those things are.
We are seeing that there are. They are getting taken care of first is in terms of the way that we have been able to build the pipeline and convert them in terms of our efforts. And this in the current situation if there are supply side challenges which presents an opportunity. You are right. We are well equipped to encase that opportunity.
Arun Prasath
This entire 480 crores of capex is already kind of reflecting in our volumes and P and L in terms of the extent of monetization.
K Natarajan
We started commission the major port of it only in the last one and half years. Okay. So I they would start. They start. Some of it would start this year and then the momentum would be built upon
Arun Prasath
Any specific projects or groups. You to call out from this.
K Natarajan
I can’t call out but I as I told you it’s the major cost of the investment was on the specialty ingredients
Arun Prasath
And then on this EPC revenue. What are the milestones post which will be booking the revenues and in RP and
K Natarajan
Have you
Arun Prasath
Reached those milestones?
K Natarajan
No, no. So we have started booking but those milestones are what is mandated as per the international accounting standards. So that’s what our team does. So the project is making good progress and we have started recognizing a port portion of the revenues based on the milestones as mandated with the international accounting standards.
Arun Prasath
The whole FY26. What will be that contribution to the revenue from this ecc? So
K Natarajan
We because we have borne the condition of the customer we are not able to reveal. But it is enough to say that it’s not material in FY 2526.
Arun Prasath
Okay. And. And this revenue will be recognized what for how many years, sir? And bulk of it will be in this year or next year. And if in this year it is 27 of it
K Natarajan
Will be bulk of it will be in this financial year.
Arun Prasath
Okay. And and finally one thing we last year we had a capital day event where we had a specified our 2030 target. What are the initiatives we have already done on to achieve those targets? Anything in terms of product approvals or in terms of you know, discussion with the
K Natarajan
We have launched products. If you see I talked about Lumitik, we have launched the products in line with what we had in the five year, you know, period. What was the phase one in terms of launch we have done that we started building in production pipeline. We also talked about how we are going to be leveraging on what capacities we already have in terms of the specialty ingredients. We also talked about how we are going to be looking at coming up with the livon the ingredients for the livon formulations.
So that’s all been done. Well, it’s only on the wellness segment that what we have to progress. We haven’t made the progress that we should have made but that again it’s something work in progress. But only thing that I am not too satisfied is what we should have worked on the wellness segment which was a new segment we introduced. Other than that I think there are the work is happening as per schedule. I don’t think there’s anything different that’s happening there
Arun Prasath
In terms of revenue and margin when we should start expecting these things will be reflecting in our in our numbers.
K Natarajan
Yes. Besides what we talked about, we talked about an analyst day talking to going about 25,000 rupees per metric ton. Correct. And I also said during the analyst day that it’ll all be backloaded. Okay. So it’s not that it’s going to be. So it will be a situation where it will start happening towards the later portion of the next the five year period that we have had. Okay. So I think it will start probably you will start seeing this reflecting say from it. Will you see some in 26, 27 then a good portion in 28, 29, 29, 30, 27, 28 also will start reflecting.
Arun Prasath
Thanks for.
K Natarajan
Yeah, thank you.
Operator
Thank you. Next question is from the line of Akshay Hatiskar from Kanjalurjuna Femcis. Please go ahead.
Unidentified Participant
Good afternoon sir. Am I audible?
K Natarajan
Yes
Unidentified Participant
Sir. Can you just tell us like what kind of capex has been occurred? Like was it regarding maintenance or is there any new facilities was coming up. Can you just shed Some light on that?
K Natarajan
No. So the capexes that we do, we do, we do have maintenance capexes. Okay. But they’re not more than 2030 crores per year imbalance. Whatever Arun was talking about has all been on growth capex and they as I said it is all bulk of it is on the specialty ingredient space.
Unidentified Participant
Okay sir, so there won’t be any capex for FY27 also. Right. Like
K Natarajan
We will have. I don’t see any growth capex given what there may be some in work in progress that will get capitalized but nothing new commitments that we are seeing in this year other than certain brownfield that may do or we may do some routine capex replacement capex.
Unidentified Participant
Okay sir. And apart from this like as this current geopolitics crisis which are going on. So can you just give us revenue guidance for FY27 and 28 like what kind of growth do you expect?
K Natarajan
I don’t want to mislead because there’s no way that I can. Because the way things are, I’m just looking at the quarter one now based on the current situation. That’s the sort of visibility that I have. It doesn’t. I’m looking towards the future with a lot of optimism but I don’t want it to be translating into guidance where it seems misleading for each of you. Okay. So As I said quarter one I’m looking at hitting the higher end of the 6 to 8% volume growth and on the EBITDA metric trend 21,000 by metric trend 19 21,000 I look at hitting the higher end of the band.
Okay. When we meet next time, when we have a call next time for Q1 results hopefully things will have settled down and we have more clarity.
Unidentified Participant
Okay. Okay sir, got it. Thank you.
Operator
Thank you. Next question is from the line of Rohit Nagraj from 361 Capital. Please go ahead.
Rohit Nagraj
Thanks for the follow up. What was the EBITDA per metric ton for FY26 for the full year?
K Natarajan
On a full year we were at around 19,000.
Rohit Nagraj
Sure. And just second on the broader macro aspect. So we had in FY23 a situation when the raw material prices went up and at the same time we had a beneficial impact on the EBITDA per metric fund. So given the current situation which is probably more or less similar in FY27 can we see a similar kind of modality barring the Q1 that you have already talked about and confidently guided for that volume growth may be in question but we’ll have the ability to make it up through the higher EBITDA parametric run.
Thank you.
K Natarajan
Yeah, Rohit, so that’s my desire also. But only one change within 2023 and now. So in 2023 we had a supply side constraint but the demand actually was an uptick. Whereas now you have a supply side impacted but the demand side as of now is intact. But with the way that the energy situation across the world is happening, I am only concern is that should not end up impacting consumer spending or discussion items. That’s the only thing that we need to watch out for. Probably will have better clarity in the coming months.
Rohit Nagraj
Perfect, sir, thank you. And all the best.
K Natarajan
Thank you.
Operator
Thank you. Next question is from the line of Aditya Ketan from Smith Institutional Equities. Please go ahead.
Aditya Khetan
Yeah, thank you sir, for the follow up. So my question broadly onto the AMIT market, sir, we being a local player were impacted by currency related headwinds and demand related disruptions. So versus a player who is exporting into these markets out of these two, like who would be better placed, a local player or an export oriented player like who is importing into all these markets?
K Natarajan
No, the better place is the local player.
Aditya Khetan
Okay, but sir, like we have not seen any sort of an uptick. So if, if you can help us. So what was the market growth into this AMIT market for the last two years? Like what was the affected market growth? And across categories, like we have seen a decline or there are some categories we have gone down, others have gone up. Any sort of,
K Natarajan
You know, the only problem is this is old market. Africa, Middle East, Turkey is a combination like we had a year in which Turkey because of inflation got impacted. Okay. And then our exports into Turkey were impacted. Egypt had its own issues in terms of currency availability and inflation that impacted volume. So when due to inflation and currency unavailability you have a significant, what I can say, destruction of consumption, it takes time to come back. That’s typically what is happening there.
And our ability to be able to place those significant volumes in Egypt and Turkey, which gets impacted due to the currency situation and inflation into other markets. Markets, okay, is not happening that easily the way that we would want it because all the markets there are very different. So some markets, you know, you have to be very careful in terms of credit risk. Okay. Some markets you need to be. There are some markets you just can’t even approach because of sanctions and all that. So that’s the only thing that we have.
So these markets have to, if they get into a situation of demand restriction it takes time for it to come back. That’s what the only situation that we are into as far as Africa, Middle East, Turkey is concerned.
Aditya Khetan
And sir, onto the categories part, are we present in most of the categories which the end user or the OEMs use over there? Like we are present only in some categories?
K Natarajan
No, no, we have, we have other than fragrance and color, I think we can serve them with the entire basket of ingredients both on the performance performance of active side and the specialty ingredients side.
Aditya Khetan
And sir, on to the market demand growth for the last two years. Any ideas on how this market has grown? AMIT Market
K Natarajan
AMIT Market I do not have it right now with me. But I mean whatever I see in terms of the business at presentation that was doing it wasn’t reflecting any. There was growth but then it was typically a little bit touchy because the countries were also going through their own struggle. So in my view, I think if I’m able to recall it’s about say 3 to 4%.
Aditya Khetan
3 to 4% in terms of the volume declines like whatever we have seen over the last two, three years. Volume dip in AMIC market. You see largely that to be bottoming out over the coming year. Considering all these macroeconomic uncertainties, we will resolve into this market. Are you some sort of a change or like this will continue even for the one to two years?
K Natarajan
No, I think probably it has bottomed out now. So from here we should only improve. Yes. And we’ll probably start seeing it from the coming quarters.
Rohit Nagraj
Okay, thank
Operator
You. Thank you. That was the last question for today. I would now like to hand the call back to the management for closing comments.
K Natarajan
Thank you so much ladies and gentlemen for coming into this Earnings call for Q4 and full year FY25 26. Looking forward to talking to all of you. Okay in our when we announce our Q1 results for FY 2627. Thank you and have a good day. Bye bye.
Operator
Thank you very much on behalf of Galaxy Surfactants limited that concludes this conference. Thank you all for joining us today and you may now disconnect your lines.