INDUS Holding AG Reports Strong Q1 Performance, Increases FY26 Guidance

INDUS Holding AG has begun its fiscal year 2026 on a strong note, reporting growth across various segments. The company's Q1 revenue increased by 9.4% year-on-year to €442 million, with inorganic growth contributing 2.2%. The adjusted EBITA surged by 70.7% to €42.5 million, attributed to improved margins in the Material Solutions segment.

BETEK, a key player in Material Solutions, managed to raise its EBITA margin by 7.9 percentage points to 16.8%, despite higher tungsten carbide costs. This growth reflects INDUS's strategy to capitalize on the tungsten market while smaller competitors retreat. Engineering and Infrastructure segments also exceeded bottom-line expectations, with cost optimization and organic growth playing crucial roles.

With a 24.5% increase in the order backlog to €826 million, primarily fueled by demand for tungsten-related products, INDUS has raised its FY26 revenue guidance to €1.92 billion, projecting a 10.7% growth. The research update confirms a "BUY" recommendation with a target price of €37, supported by disciplined cost management and strategic acquisitions.