Original-Research: INDUS Holding AG (von NuWays AG): HOLD

Original-Research: INDUS Holding AG - from NuWays AG



29.10.2026 / 09:00 CET/CEST
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Classification of NuWays AG to INDUS Holding AG



     Company Name:                INDUS Holding AG
     ISIN:                        DE0006200108



     Reason for the research:     Update
     Recommendation:              HOLD
     Target price:                EUR 41
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Sarah Hellemann



Q3e 26: Tungsten tailwind to persist, M&A the next catalyst



INDUS will report its Q3 figures on November 12th. These should reflect
another strong quarter driven by the tungsten special situation positively
impacting BETEK. Here is what to expect:



Total sales in Q3 to grow 20.2% yoy to EUR 526m (eNuW). Growth should again be
mainly driven by Materials Solutions, supported by continued effects of the
tungsten special situation. Further growth acceleration is seen to come from
Infrastructure, carried by strong order intake in H1 and an improving
environment.



Adj. EBITA is seen to rise by 49.5% yoy in Q3 to EUR 72m (eNuW), mainly driven
by a strong contribution from portfolio company BETEK in Materials Solutions
and to be supported by improved capacity utilization in Engineering. The
adj. EBITA margin is expected to rise by 3pp yoy to 13.7%.



Materials Solutions should remain the key driver. We expect to see 44% yoy
sales growth to EUR 198m (eNuW), mainly driven by pricing while the adj. EBITA
margin should rise 5pp yoy to 17% (eNuW), leading to an adj. EBITA
contribution of EUR 33.6m, doubling yoy.



Infrastructure to deliver strong growth in Q3. With the underlying
environment for construction improving, in particular in Germany (Trading
Economics) and order intake up 23.3% yoy in H1, segment sales are seen to
rise by 9.5% yoy to EUR 177m (eNuW). The adj. EBITA margin is to rise by 0.1pp
yoy to 13.9% and the segment is to contribute EUR 24.6m (eNuW) in adj. EBITA,
up 10.2% yoy.



Engineering to show margin improvements. We expect to see 9.1% yoy sales
growth to EUR 151m (eNuW), driven partially by organic growth reflecting a
mixed, but improved environment (VDMA) and by some EUR 7.8m (eNuW) inorganic
growth from the acquisitions of PRO VIDEO and AMIRA. This compares to a weak
Q3 25 base impacted by end market weakness in mechanical engineering
concerning plant equipment demand. The adj. EBITA margin should improve by
0.8pp yoy to 9.8% (eNuW) with higher capacity utilization and higher margin
contributions from the acquisitions made. This is seen to result in an adj.
EBITA of EUR 14.8m (eNuW).



M&A acceleration in Q4 26e in line with expectations. In October 26, INDUS
sold minor portfolio company MEWESTA in Materials Solutions (c. EUR 5m annual
revenue) as part of its active portfolio management. This was followed by
the add-on acquisition of BNB (70% stake, c. EUR 7m annual revenue) to
portfolio company BETOMAX and INDUS's concrete technology field. With two
months remaining and further deals in pipeline confirmed in the CEO's recent
interview, one additional acquisition in Q4 remains possible.



Adjusting our forecast. To reflect the divestment and acquisition made, we
adjust our estimates. While we expect no material impact on FY26e, we
slightly raise our sales and adj. EBITA estimates from FY27e. For FY26e, we
now project EUR 2.03bn in sales and EUR 247m in adj. EBITA pointing to INDUS
reaching the mid of its FY26e sales guidance of EUR 1.9-2.1bn and the upper
half of its adj. EBITA guidance of EUR 220-260m. Maintaining HOLD with an
unchanged PT of EUR 41, based on FCFY27e.



You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=9339b045fee4d8227d4cd074c6f6a9fe
For additional information visit our website:
https://www.nuways-ag.com/research



Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
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2424282 29.10.2026 CET/CEST