Indus, DE0006200108

NuWays cuts Indus Holding stock to Hold at EUR 41 target

Published on 10/18/2026 at 13:12 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

The October 8 downgrade kept the EUR 41.00 target unchanged. For Indus Holding stock, revenue in the first half of 2026 reached EUR 965.20 million.

Analyst view and reporting dates

On October 8, 2026, NuWays cut its rating from Buy to Hold while keeping the EUR 41.00 target.
Revenue reached EUR 965.20 million in the first half of 2026, up 15.40 percent year over year.
Indus stock closed at EUR 37.60 on Xetra on October 16, 2026.

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Indus Holding (ISIN DE0006200108) had a last Xetra close of EUR 37.60 on October 16, 2026. According to EQS News on October 8, 2026, NuWays cut its recommendation from Buy to Hold while keeping its 12-month price target at EUR 41.00.

NuWays keeps the EUR 41 target

The downgrade followed a rally of about 60 percent since July, according to the NuWays research published by EQS News. The unchanged target indicates that the rating move was valuation-driven rather than a withdrawal of the investment case.

What supports the EUR 41 target?

Indus increased revenue by 15.40 percent year over year to EUR 965.20 million in the first half of 2026, while adjusted EBITA rose from EUR 56.10 million to EUR 123.50 million and the adjusted EBITA margin improved from 6.70 percent to 12.80 percent, according to Financial Comments. Order intake also rose 22.50 percent to EUR 1.10 billion in the same period.

The main counter-factor is the sustainability of Materials Solutions earnings. EQS News reported that adjusted EBITA in the segment reached EUR 84.50 million in the first half of 2026, up from EUR 23.10 million, while the margin reached 22.40 percent. The research warned that lower tungsten carbide prices could pressure margins through high inventory costs.

Three dates frame the story

On July 29, 2026, Indus raised its 2026 outlook to EUR 1.90 billion to EUR 2.10 billion of revenue and EUR 220.00 million to EUR 260.00 million of adjusted EBITA; on September 10, 2026, its first-half report showed EUR 965.20 million of revenue, as summarized by Financial Comments. On October 8, 2026, NuWays set the rating at Hold with the EUR 41.00 target, according to EQS News.

Next reporting date is November 12

Indus lists November 12, 2026, for publication of its third-quarter and nine-month report, according to Indus Holding. The company also schedules the German Equity Forum for November 23 to November 24, 2026, according to Indus Holding.

Stock stays below its yearly high

The last Xetra close of EUR 37.60 on October 16, 2026, was 11.94 percent below the 52-week high of EUR 42.70. That valuation gap leaves the next earnings report and the durability of tungsten-related margins as the clearest tests for the EUR 41.00 target. The further course of trading is shown by the continuously updated real-time quote of Indus stock.