Indus Holding: Material Solutions surprises in Q1, FY26 guidance up - NuWays AG Research

INDUS published its Q1 prelims on Thursday, surprising with a performance beat in Material Solutions related to the ongoing special situation affecting tungsten-related products of BETEK.

INDUS clearly proves dynamic and resilient amid current special situations. Despite geopolitical developments having raised general macro uncertainty once again, a somewhat soft industry data backdrop in mechanical engineering outlined by VDMA as well as seasonal patterns influencing developments, INDUS performed strong in Q1 26. Net positive effects from volume and pricing provide short-term positive catalysts for Material Solutions. Maintaining BUY while raising PT to € 37.0 (previously € 34.5), based on FCFY 26e.

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