NuWays keeps Buy on Indus, raises price target to EUR 41

• NuWays reiterated a BUY on Indus Holding, raising its 12-month target price to EUR 41 from EUR 37.
• Call followed a sharp FY26 outlook upgrade tied to a tungsten-driven surge at portfolio company BETEK in the Material Solutions segment.
• Preliminary Q2 revenue rose 20.6% to EUR 523.7 million; adjusted EBITA jumped 160.5% to EUR 81 million; margin reached 15.3%.
• New FY26 guidance: revenue EUR 1.9-2.1 billion; adjusted EBITA EUR 220-260 million; margin 11-13%.
• NuWays projected EPS of EUR 5.5, flagging the tungsten boost as largely one-off rather than a sustainable margin reset.

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