Currently, the stock is flat (vs. the Nifty FMCG Index that has delivered +16% since then) despite the 29.1/24.3% jump in EBITDA/PAT. Given the secular growth opportunity and its capability to generate 20%+ returns on reinvested profits, GSL's current PER of 19.0/16.6x FY21/22E looks contextually low Galaxy Surfactants (GSL) is a preferred global supplier of surfactants and other specialty chemicals to leading FMCG MNCs, and caters exclusively to their home and personal care (HPC) segment. Long and intimate relations with its customers drive GSLs steady volume growth, steady margins. It has a diversified portfolio of 200+ products selling across 80 countries to 1,700+ customers. Backed by an experienced management, GSL went public in Feb-18 at Rs 1,480/sh.