Global Surfaces Limited (GSLSU)
₹25.44 -0.47% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Global Surfaces' revenue was ₹65.4 Cr (-12.2% year on year, +45.4% on the previous quarter), and net profit ₹0.1 Cr (against a loss a year earlier); the operating margin was 12.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹65.4 | -12.2% | +45.4% |
| Operating profit | ₹8.3 | +4.8% | from loss |
| Net profit | ₹0.1 | from loss | from loss |
| EPS (₹) | 0.04 | from loss | from loss |
| Operating margin | 12.7% | — | — |
GSLSU delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 43.12% of the GSLSU shares traded on NSE were taken to delivery, against the stock's own 20-session average of 57.41%. That is close to its usual level. Turnover was only ₹12 lakh, so a handful of trades can move this figure. It closed at a price band (circuit) on 6 sessions in about the last 20.
Delivery in the last 5 sessions: 39.4% · 77.1% · 58.7% · 59.8% · 43.1%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Global Surfaces Limited has notified stock exchanges of its trading window closure effective Thursday, October 1, 2026. The closure applies to Promoters, Directors, Key Managerial Personnel, and Designated Persons in accordance with SEBI insider trading regulations. It will remain in place until 48 hours after the declaration of financial results for the quarter and half-year ending September 30, 2026. The date of the board meeting to approve the results will be announced separately.
- Trading window closure begins on Thursday, October 1, 2026
- Closure covers the quarter and half-year ending September 30, 2026
- Window will reopen 48 hours after financial results are formally declared
- Board meeting date to approve the financial results will be intimated in due course
Global Surfaces Limited disclosed the scrutinizer's report and voting results for its 35th Annual General Meeting held on September 19, 2026. A total of 2.83 crore votes were cast representing a 66.84% overall turnout, largely driven by the promoter group holding 73.25% equity. All 5 resolutions, including the adoption of FY26 financial statements, auditor appointment, and reappointment of Whole-time Director Sweta Shah, were passed with over 99.99% approval. Public institutional investors did not participate in the voting process.
- Overall voter turnout was 66.8350% with 2,83,25,903 total votes polled out of 4,23,81,818 shares
- All five resolutions passed overwhelmingly with over 99.994% votes in favor
- Promoter group polled 2,83,17,468 shares representing 91.22% of promoter holdings and 100% in favour
- Public institutional participation stood at 0% out of 18,64,789 institutional shares
- Approved reappointment of Mrs. Sweta Shah as Whole-time Director and M/s Ummed Jain & Co. as Statutory Auditors
Global Surfaces Limited conducted its 35th Annual General Meeting on September 19, 2026, via video conferencing. A total of 51 members attended out of 15,150 shareholders as of the September 14, 2026 cut-off date. Ordinary and special resolutions were tabled, including the adoption of FY26 financial statements, appointment of statutory auditors, and the re-appointment of directors. Voting results will be submitted separately following the Scrutinizer's report.
- 35th AGM held on September 19, 2026, with 51 members present via video conference
- Shareholder base stood at 15,150 as of the cut-off date on September 14, 2026
- 5 resolutions tabled covering financial statements, auditor appointments, and director re-appointments
- Remote e-voting was conducted from September 16 to September 18, 2026
Acuité Ratings & Research has downgraded Global Surfaces Limited's credit ratings across its Rs 143.10 crore bank facilities. The long-term rating was lowered from ACUITE BBB+ to ACUITE BBB with a Negative outlook, while the short-term rating was downgraded from ACUITE A2 to ACUITE A3+. The agency cited continued operating losses, weakening financial risk profile, stretched liquidity, and weak debt protection metrics (FY26 interest coverage at 0.69x and DSCR at 0.04x). Consolidated gearing also deteriorated to 0.79x as net worth declined to Rs 270.78 crore in FY26.
- Long-term rating on Rs 9.10 Cr facilities downgraded to ACUITE BBB (Negative) from ACUITE BBB+ (Negative)
- Short-term rating on Rs 134.00 Cr facilities downgraded to ACUITE A3+ from ACUITE A2
- Debt coverage metrics remain weak with FY26 interest coverage ratio of 0.69x and DSCR of 0.04x
- Consolidated net worth declined to Rs 270.78 Cr as on March 31, 2026 (from Rs 303.80 Cr in FY25), raising gearing to 0.79x
- Total rated bank facilities stand at Rs 143.10 Cr against a company market cap of ~Rs 109 Cr
Global Surfaces Limited has dispatched communications to shareholders whose emails are unregistered, providing web links to access the FY 2025-26 Annual Report and Notice of the 35th AGM. The 35th AGM is scheduled to take place on Saturday, September 19, 2026, via Video Conferencing. The cut-off date to determine e-voting eligibility is Monday, September 14, 2026, with the remote e-voting window open from September 16 to September 18, 2026.
- 35th AGM scheduled for Saturday, September 19, 2026, at 11:00 AM IST via Video Conferencing
- Cut-off date for remote e-voting set as Monday, September 14, 2026
- Remote e-voting period runs from 09:00 AM on September 16 to 05:00 PM on September 18, 2026
- Notice sent to shareholders without registered emails providing links to Annual Report for FY 2025-26
Global Surfaces Limited has issued the notice for its 35th Annual General Meeting scheduled for September 19, 2026, via video conferencing. Key resolutions include the appointment of M/s Ummed Jain & Co. as Statutory Auditors for a 5-year term and the re-appointment of Mrs. Sweta Shah as Whole-time Director for 3 years from September 11, 2026. The explanatory statement disclosed that standalone total income for FY 2025-26 fell to ₹1,122.29 million from ₹1,647.98 million following the closure of the loss-making Bagru natural stone unit and realignment of exports to its UAE facility.
- 35th AGM scheduled for September 19, 2026, with remote e-voting cut-off set for September 14, 2026
- Appointment of M/s Ummed Jain & Co., Chartered Accountants, as Statutory Auditors for a 5-year term
- Re-appointment of Mrs. Sweta Shah as Whole-time Director for 3 years (FY26 remuneration was ₹6.72 million)
- Standalone total income declined to ₹1,122.29 million in FY26 (from ₹1,647.98 million in FY25) due to US tariff realignments and Bagru unit discontinuation
Global Surfaces Limited re-submitted a legible and machine-readable copy of its unaudited financial results for the quarter ended June 30, 2026, confirming no changes to previously reported numbers. On a standalone basis, revenue from operations stood at ₹22.13 crore (₹221.32 million) compared to ₹28.15 crore in Q1 FY26, while profit after tax improved to ₹2.54 crore (₹25.36 million). The filing reiterates the ongoing conversion of ₹110.44 crore in inter-company loans to equity in its Dubai subsidiary and the continued closure process of its loss-making Bagru natural stone unit.
- Standalone revenue from operations reported at ₹22.13 cr (₹221.32 mn) for Q1 FY27 vs ₹28.15 cr (₹281.49 mn) in Q1 FY26.
- Standalone PAT stood at ₹2.54 cr (₹25.36 mn) vs ₹1.46 cr (₹14.62 mn) in the year-ago period.
- Approved conversion of AED 3.00 mn and USD 10.86 mn (aggregating ₹110.44 cr) in inter-company debt into subsidiary equity.
- Bagru Unit operations remain discontinued since March 31, 2026, with an asset disposal plan underway.
Global Surfaces released its Q1 FY27 earnings call transcript highlighting continued operational challenges and strategic repositioning. Overall capacity utilization across its 1.14 million sq meter India and Dubai plants stood low at 27-28%, though EBITDA margins reached ~13% aided by a 3% cut in manufacturing expenses and 1.5% admin savings. With exports contributing 95% of revenue, the company is navigating US tariff uncertainties, including a proposed 25% in-quota and 50% above-quota safeguard tariff. To mitigate global trade friction and freight costs that doubled, the company is passing on 30-40% of freight increases and launching an India domestic distribution network in Q2 FY27.
- Overall capacity utilization stood at 27-28% across combined annual capacity of 1.14 million square meters
- EBITDA margins reached ~13% driven by a 3% reduction in manufacturing expenses and 1.5% savings in admin/promotion costs
- Export revenue dependency remains high at 95%, with US trade facing potential safeguard tariffs of 25% in-quota and 50% above-quota
- Freight costs exceeded 2x normal levels, with management successfully passing on 30-40% of the cost rise to customers
- Discontinued natural stone operations at the Bagru unit effective March 31, 2026 to focus exclusively on engineered quartz
Global Surfaces Limited (GSLSU) has released the audio recording of its Q1 FY27 earnings conference call held on August 11, 2026. This comes at a critical time as the company reported a TTM net loss of ₹28 Cr and a negative operating margin of -9.6%. Investors are looking for management's plan to address the 54% increase in inventory turnover days (from 98 to 151 days) and the significant 12-month stock price decline of 77.1%. The company's market cap of ₹123 Cr is currently trading well below its net worth of ₹347 Cr.
- Earnings conference call for Q1 FY27 was conducted on August 11, 2026, at 2:00 P.M. IST
- Company reported a TTM revenue of ₹184 Cr against a current market capitalization of ₹123 Cr
- Inventory turnover efficiency declined significantly, reaching 151 days in FY25 compared to 98 days in FY24
- Consolidated Net Profit Margin turned negative at -13.72% in FY25 from 9.05% in FY24
- Promoter holding remains stable at 73.25% as of June 2026
Global Surfaces Limited (GSLSU) reported a significant operational recovery in Q1-FY27, with revenue reaching ₹65.4 Cr, which is approximately 35.5% of its TTM revenue. The company achieved a slim PAT of ₹0.064 Cr, marking a turnaround from the ₹31.8 Cr consolidated net loss reported in FY26. EBITDA margins improved sharply to 12.69% from -4.85% in FY26, largely due to the strategic discontinuation of the natural stone plant on March 31, 2026. The business is now almost entirely focused on engineered quartz (98% of revenue) and exports (95% of revenue).
- Q1-FY27 Revenue stood at ₹65.4 Cr, showing strong momentum compared to the TTM revenue of ₹184 Cr
- EBITDA margin recovered to 12.69% in Q1-FY27 from a negative -4.85% in FY26
- Engineered stone segment now contributes 98% of total revenue following the exit from natural stones
- Combined production capacity maintained at 1,144,349 SMT p.a. across India and Dubai facilities
- Exports continue to dominate the business mix, accounting for 95% of total revenue
Global Surfaces Limited issued a corrigendum for its Q1 FY26-27 consolidated results to rectify a clerical error where 'Cost of materials consumed' and 'Changes in inventories' were interchanged. The corrected material cost is ₹22.43 cr (originally ₹41.10 cr), and inventory changes are now ₹9.71 cr (originally -₹8.96 cr). Total expenses remain unchanged at ₹65.13 cr, and the reported net profit of ₹0.09 cr is unaffected. The company also highlighted the discontinuation of its Bagru Unit to mitigate sustained financial losses.
- Cost of materials consumed revised down to ₹224.31 million from ₹410.97 million
- Changes in inventories revised to ₹97.07 million from a negative (₹89.59) million
- Total expenses for the quarter ended June 30, 2026, confirmed at ₹651.27 million
- Consolidated Net Profit for Q1 FY27 reported at ₹0.94 million
- Bagru Unit operations discontinued as of March 31, 2026, due to sustained losses and under-utilization
Global Surfaces Limited (GSLSU) has appointed Ashish Agarwal as full-time CFO, separating the role from the Chairman & Managing Director. The Board approved converting a ₹110.44 crore unsecured loan to its Dubai subsidiary (Global Surfaces FZE) into equity, a significant move representing ~94% of the parent's market cap. The Dubai subsidiary is a major growth driver, with FY26 revenue reaching ₹143.02 crore, up 122% from ₹64.36 crore in FY25. Additionally, the company rolled over a ₹2 crore corporate guarantee for the subsidiary's working capital needs.
- Conversion of ₹110.44 crore unsecured loan to Dubai subsidiary into equity by September 30, 2026
- Appointment of Ashish Agarwal as full-time CFO effective August 11, 2026, replacing CMD Mayank Shah's additional charge
- Dubai subsidiary revenue grew to ₹143.02 crore in FY26, a 122% increase over the previous year
- Renewal of ₹2 crore Standby Letter of Credit (SBLC) in favor of HDFC Bank for subsidiary credit facilities
- Re-appointment of Statutory Auditors for a 5-year term and Whole-time Director for a 3-year term
Global Surfaces Limited (GSLSU) has approved the conversion of a ₹110.44 crore unsecured loan granted to its Dubai subsidiary, Global Surfaces FZE, into equity shares. This conversion, representing approximately 31.8% of the company's net worth, is expected to be completed by September 30, 2026. The board also appointed Mr. Ashish Agarwal as a full-time CFO, separating the role from the Chairman & Managing Director to improve corporate governance. Additionally, the company rolled over a ₹2 crore corporate guarantee for its subsidiary's working capital facilities.
- Conversion of ₹110.44 crore unsecured inter-company loan into equity of Global Surfaces FZE, Dubai.
- Appointment of Mr. Ashish Agarwal as full-time CFO effective August 11, 2026, replacing CMD Mayank Shah's additional charge.
- Dubai subsidiary revenue grew 122% from ₹64.36 Cr in FY25 to ₹143.02 Cr in FY26.
- Renewal of ₹2 crore Standby Letter of Credit (SBLC) in favor of HDFC Bank for subsidiary credit facilities.
- Re-appointment of M/s. Ummed Jain & Co. as Statutory Auditors for a 5-year term.
Global Surfaces Limited (GSLSU) has approved the conversion of Rs 110.44 crore in outstanding unsecured loans to its Dubai-based subsidiary, Global Surfaces FZE, into equity. This subsidiary is a critical growth driver, with its revenue jumping from Rs 64.36 crore in FY25 to Rs 143.02 crore in FY26. The company also improved its governance structure by appointing Mr. Ashish Agarwal as a dedicated CFO, separating the role from the Chairman & Managing Director. Despite these structural moves, the company remains loss-making with a TTM PAT of Rs -28 crore.
- Approved conversion of Rs 110.44 crore inter-company loan into equity for the Dubai subsidiary
- Dubai subsidiary revenue grew 122% YoY to Rs 143.02 crore in FY26
- Appointed Mr. Ashish Agarwal as CFO effective August 11, 2026, to separate CMD and CFO roles
- Rolled over a Rs 2 crore corporate guarantee (SBLC) in favor of HDFC Bank for subsidiary credit facilities
- Re-appointed M/s. Ummed Jain & Co. as Statutory Auditors for a 5-year term starting from the 35th AGM
Global Surfaces Limited (GSLSU) has announced a significant financial restructuring by converting a ₹110.44 crore unsecured inter-company loan to its Dubai subsidiary into equity. The company also appointed Ashish Agarwal as a dedicated full-time CFO, separating the role from the Chairman & Managing Director. These moves occur against a backdrop of financial stress, with the company reporting a TTM net loss of ₹28 crore and a 77% share price decline over the past year. The Dubai subsidiary (FZE) remains the primary revenue driver, contributing ₹143.02 crore in FY26.
- Approved conversion of ₹110.44 crore unsecured loan to wholly owned subsidiary Global Surfaces FZE, Dubai, into equity shares.
- Appointed Mr. Ashish Agarwal as Chief Financial Officer effective August 11, 2026, replacing CMD Mayank Shah who held additional charge.
- Dubai subsidiary revenue grew 122% year-on-year to ₹143.02 crore in FY26 from ₹64.36 crore in FY25.
- Rolled over a ₹2 crore Corporate Guarantee (SBLC) in favor of HDFC Bank for the Dubai subsidiary's credit facilities.
- Re-appointed Mrs. Sweta Shah as Whole-time Director for a 3-year term starting September 11, 2026.
Financial Performance
Revenue Growth by Segment
Standalone revenue from operations declined by 12.47% YoY, falling from INR 1,621.35 Million in FY24 to INR 1,419.12 Million in FY25. On a consolidated basis, revenue decreased by 7.83% YoY to INR 2,076.44 Million, reflecting a slowdown in global demand for surface products.
Geographic Revenue Split
Not specifically disclosed by region, though the company emphasizes strengthening export capabilities for global markets alongside its domestic presence.
Profitability Margins
Profitability saw a sharp decline; Standalone Net Profit Margin fell from 12.99% in FY24 to 5.52% in FY25. Consolidated Net Profit Margin turned negative at -13.72% compared to 9.05% in the previous year due to higher finance costs and operational deleveraging.
EBITDA Margin
Standalone EBITDA margin collapsed from 22.47% (INR 364.30 Million) in FY24 to -0.32% (a loss of INR 4.51 Million) in FY25. Consolidated EBITDA margin stood at a marginal 0.93% (INR 19.29 Million), down from 17.17% YoY.
Capital Expenditure
Standalone payments for property, plant, and equipment and intangible assets totaled INR 17.69 Million in FY25, a reduction of 43.3% from the INR 31.20 Million spent in FY24.
Credit Rating & Borrowing
Consolidated finance costs surged by 242.8% YoY to INR 154.39 Million in FY25 from INR 45.03 Million. The Debt Equity Ratio increased from 0.44 to 0.66, indicating higher leverage to support operations amidst falling revenues.
Operational Drivers
Raw Materials
Raw materials (primarily for engineered surfaces) accounted for INR 748.35 Million, representing 52.7% of standalone revenue in FY25.
Raw Material Costs
Standalone cost of materials consumed was INR 748.35 Million, down 8.56% from INR 818.42 Million in FY24. The company uses an agile business model to manage these costs prudently against shifting macroeconomic dynamics.
Manufacturing Efficiency
Efficiency declined as the Inventory Turnover ratio worsened from 98 days in FY24 to 151 days in FY25, a 54% increase in the time taken to clear stock.
Logistics & Distribution
Other expenses, which include distribution and operational costs, were INR 489.69 Million, representing 34.5% of standalone revenue.
Strategic Growth
Growth Strategy
The company aims to achieve growth by strengthening export capabilities and enhancing operating efficiencies. It maintains an agile business model to navigate global market shifts and focuses on sustainable growth in both domestic and international segments.
Products & Services
Engineered surfaces, finished goods, and raw materials for the surfaces and flooring industry.
Brand Portfolio
Global Surfaces Limited (GSLSU).
Market Expansion
Targeting sustainable growth in global markets by leveraging existing export infrastructure.
External Factors
Industry Trends
The industry is experiencing shifting demand patterns and macroeconomic volatility. GSLSU is positioning itself by adopting Ind AS for global transparency and focusing on operational resilience to weather these cycles.
Competitive Moat
The company's moat is built on its established export capabilities and agile business model. However, sustainability is challenged by the current 67% increase in debtor turnover days, indicating slower collections from global clients.
Macro Economic Sensitivity
High sensitivity to global macroeconomic dynamics, which contributed to a consolidated net loss of INR 289.00 Million in FY25 compared to a profit in FY24.
Geopolitical Risks
The focus on export capabilities makes the company vulnerable to international trade barriers and geopolitical instability in key global markets.
Regulatory & Governance
Industry Regulations
The company complies with Indian Accounting Standards (Ind AS) and the Companies Act, 2013. It maintains internal financial controls over financial reporting as verified by statutory auditors.
Taxation Policy Impact
Standalone tax expense was INR 40.45 Million for FY25, representing an effective tax rate of 34% on Profit Before Tax of INR 118.78 Million.
Legal Contingencies
The company has disclosed the impact of pending litigations on its financial position in its standalone financial statements, though specific case values were not detailed in the summary.
Risk Analysis
Key Uncertainties
The primary uncertainty is the ability to meet liabilities; however, auditors believe no material uncertainty exists for the next one year. Business risk is tied to the 12.47% decline in standalone revenue.
Geographic Concentration Risk
Not disclosed, but the high emphasis on 'export capabilities' suggests significant revenue concentration in international markets.
Third Party Dependencies
The company recently changed its Statutory Auditors from M/s B. Khosla & Co. to M/s Ummed Jain & Co. (effective Dec 2025) with a proposed remuneration of INR 17,50,000.
Technology Obsolescence Risk
Management monitors technology shifts to determine excess or obsolete inventories, particularly for raw materials and finished goods.
Credit & Counterparty Risk
Receivables risk has increased significantly as Debtors Turnover rose from 125 days to 209 days, indicating a 67.2% slowdown in cash collection from customers.
