NuWays keeps BUY on Indus Holding, price target EUR 37

• NuWays reiterated a BUY on Indus Holding, keeping a 12-month target price of EUR 37.
• Previewing H1 results due Aug. 12, NuWays forecast Q2 sales up 12% to EUR 486 million.
• Adj. EBITA seen rising 20.6% to EUR 37.6 million, lifting margin 0.5pp to 7.6% despite higher tungsten-linked input costs.
• FY26 guidance viewed as achievable; NuWays modeled sales of EUR 1.92 billion, adj. EBITA of EUR 179 million, margin of 9.3%.
• Material Solutions flagged as a key upside driver, with Q2 sales seen up 16% and adj. EBITA margin at 12%.

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