Original-Research: INDUS Holding AG (von Parmantier & Cie. GmbH): Buy

Original-Research: INDUS Holding AG – from Parmantier & Cie. GmbH

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31.03.2026 / 15:00 CET/CEST

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Classification of Parmantier & Cie. GmbH to INDUS Holding AG

Company Name: INDUS Holding AG

ISIN: DE0006200108

Reason for the research: Update

Recommendation: Buy

from: 30.03.2026

Target price: EUR 35.00

Target price on sight of: 12 months

Last rating change: none

Analyst: Daniel Großjohann & Thomas Schießle

Strong Q4 and record order book – despite a challenging environment, INDUS

will be able to increase revenue and adjusted EBITA in 2026

Revenue (EUR1.735 billion; +0.8%) and adjusted EBITA (EUR147.8 million; -3.8%)

for 2025 had already been provisionally reported. EAT (EUR69.8 million; +28%)

and EPS (2.77; +34%) increased disproportionately. However, this success was

aided by one-off effects that had a positive impact on the tax rate. The

overall economic environment in 2026 remains challenging and difficult to

predict (war in Iran). We expect INDUS to succeed in expanding revenue in

2026 and also increasing adjusted EBITA. Q1, however, could be weaker than

the same quarter last year. Based on our estimates, the INDUS share remains

attractively valued with a 2026 P/E ratio of 9.4 and a dividend yield of

just under 5%.

All three segments are expected to contribute to revenue growth in 2026. In

the Infrastructure segment, INDUS anticipates a moderate rise in revenue,

accompanied by a sharp increase in earnings. For the Engineering segment, a

slight rise in revenue is expected alongside a moderate increase in

earnings; the record-high segment order book will only have an impact in the

medium term (large-scale plant construction projects in the US). In

Materials Solutions in particular, rising raw material prices (which are

largely passed on to customers) play a key role in the expected moderate

rise in revenue, although margins here will decline.

As rising raw material prices (particularly metals) will lead to higher

working capital (inventories), free cash flow in 2026 is expected to be

lower than in 2025. However, this challenge also presents an opportunity for

INDUS, as smaller competitors unable to bear these costs could consequently

exit the market.

Group outlook: For the 2026 financial year, INDUS is forecasting revenue of

between EUR1.8 billion and EUR1.95 billion, with adjusted EBITA expected to be

between EUR150 million and EUR170 million. This corresponds to an adjusted EBITA

margin of between 7.5% and 9.5%. FCF is expected to exceed EUR70 million.

DISCLAIMER

LEGAL NOTICE

This research report (‚Investment Recommendation‘) was prepared by

Parmantier & Cie. Research,

with contributions from Mr. Grossjohann, and is distributed solely by

Parmantier & Cie. Research.

It is intended only for the recipient and may not be shared with other

entities, even if they are part

of the same corporate group, without prior written consent. The report

contains selected information

and makes no claim to completeness. The investment recommendation is based

on publicly available

information (‚Information‘), which is considered correct and complete.

However, Parmantier & Cie.

Research does not verify or guarantee the accuracy or completeness of this

information. Any potential

errors or omissions do not create liability for Parmantier & Cie. Research,

which assumes no liability for

direct, indirect, or consequential damages.

In particular, Parmantier & Cie. Research accepts no responsibility for the

accuracy of statements,

forecasts, or other content in this investment recommendation concerning the

analyzed companies,

their subsidiaries, strategies, economic conditions, market and competitive

positions, regulatory

frameworks, and similar factors. While care has been taken in preparing this

report, errors or omissions

cannot be excluded. Parmantier & Cie. Research, including its partners and

employees, accepts no

liability for the accuracy or completeness of statements, estimates, or

conclusions derived from the

provided information in this investment recommendation.

To the extent this investment recommendation is provided as part of an

existing contractual

relationship (e.g., financial advisory services), Parmantier & Cie.

Research’s liability is limited to cases of

gross negligence or intentional misconduct. In cases of breach of essential

obligations, liability is limited

to simple negligence but is restricted to foreseeable and typical damages in

all cases. This investment

recommendation does not constitute an offer or solicitation to buy or sell

securities.

Partners, managing directors, or employees of Parmantier & Cie. Research or

its subsidiaries may hold

responsible positions, such as supervisory board mandates, in the companies

mentioned in this report.

The opinions expressed in this investment recommendation may change without

notice and reflect the

personal view of the research analyst. Unless otherwise stated, no part of

the research analyst’s

compensation is directly or indirectly related to the recommendations or

opinions contained in this

report. All rights reserved.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=9685abb197963415f9fb3c991c559f67

Contact for questions:

PARMANTIER & Cie. GmbH

[email protected]

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