Business Overview

Global Surfaces Limited (GSL), established in 1991 and headquartered in Jaipur, specializes in the production and export of natural stones and engineered quartz products. Its product portfolio includes engineered quartz and natural stones (marble, granite, quartzite) used in flooring, countertops, and wall cladding.

Operational Highlights & Strategic Updates

Manufacturing Facilities

  • Unit 1 (Bagru, Jaipur): Processing of natural stones. Capacity: 471,164 sq. mtrs. p.a. Operations at this unit were discontinued effective March 31, 2026, pursuant to a Board approval granted on February 3, 2026. Post this date, the company is undertaking an orderly closure.
  • Unit 2 (SEZ, Jaipur): Manufacturing of engineered stones. Capacity: 521,454 sq. mtrs. p.a. Equipped with an R&D facility.
  • Unit 3 (Global Surfaces FZE, Dubai): A wholly-owned subsidiary operating a leased manufacturing facility for engineered stones. Capacity: 622,895 sq. mtrs. p.a. Benefits from proximity to Jebel Ali Port and Free Trade Zone privileges.

Subsidiaries

  • Global Surfaces Inc. (USA): Wholly-owned subsidiary incorporated in Delaware for distribution in the US market.
  • Superior Surfaces Inc. (USA): A strategic joint venture where GSL holds a 50% equity stake, focused on distribution of artificial stones in the US.
  • Global Surfaces FZE (UAE): Wholly-owned subsidiary operating the Dubai manufacturing unit.

Key Strategic Development: Marquartz License

Global Surfaces FZE entered into a License Agreement on July 10, 2024, with SQIP, LLC (Florida, USA) and Veegoo Technology Co. Ltd. (China). This grants GSL exclusive, non-transferable rights in the MENA region (and FROR in India) to use patented technologies (Non-Push-Up Vein, Push-Up Vein, RIFT VEIN™, CONVERGENCE™) to develop and manufacture premium "Marquartz" engineered quartz products. This technology allows for the replication of natural stone veining.

ESG Initiatives

The company highlighted several sustainability initiatives:

  • Installed solar panels generating ~6 GWh for captive use.
  • Implemented a water treatment system recycling 4,000 liters per minute (80% reuse).
  • Facilities designed for rainwater collection and reuse.
  • Focus on recycling materials and reducing production waste.

Q4-FY26/FY26 Financial Performance (Consolidated)

The company reported a challenging quarter due to tariff uncertainties, geopolitical disruptions, and subdued export demand. Operations were affected by approximately 45 days of disruption from regional conflicts.

Full Year FY26 Performance (INR Millions)

| Particulars | FY26 | FY25 | YoY Change |

| Revenue from Operations | 2,332 | 2,076 | +12.3% |

| Total Expenses | 2,445 | 2,056 | +18.9% |

| EBITDA | (113) | 20 | NA |

| EBITDA Margin % | (4.85)% | 0.96% | (581) bps |

| Depreciation & Amortization | 184 | 187 | (1.6)% |

| Finance Costs | 150 | 154 | (2.6)% |

| Other Income | 217 | 72 | NA |

| PBT | (230) | (249) | +7.6% |

| Tax | 88 | 40 | NA |

| PAT | (318) | (289) | (10.0)% |

| PAT Margin % | (13.64)% | (13.92)% | +28 bps |

| Total Comprehensive Income | (328) | (285) | (15.1)% |

| Diluted EPS (INR) | (7.18) | (6.73) | (6.7)% |

Balance Sheet Snapshot (INR Millions) as of March 31

| Particulars | FY26 | FY25 | FY24 |

| Equity & Liabilities | | | |

| Total Equity | 2,709 | 3,040 | 3,325 |

| Total Non-Current Liabilities | 988 | 1,007 | 991 |

| Total Current Liabilities | 1,710 | 1,528 | 902 |

| TOTAL | 5,407 | 5,575 | 5,218 |

| Assets | | | |

| Total Non-Current Assets | 3,198 | 3,155 | 3,216 |

| Total Current Assets | 2,166 | 2,420 | 2,002 |

| Assets Held for Sale | 43 | - | - |

| TOTAL | 5,407 | 5,575 | 5,218 |

Key Balance Sheet Items (FY26)

  • Equity Share Capital: ₹424 Mn (unchanged from FY25 and FY24).
  • Borrowings (Non-Current): ₹473 Mn.
  • Borrowings (Current): ₹1,160 Mn.
  • Inventories: ₹874 Mn.
  • Trade Receivables: ₹964 Mn.
  • Cash & Cash Equivalents: ₹38 Mn.
  • Other Bank Balances: ₹68 Mn.

Capital Market Information (As Provided)

  • Face Value: ₹10.0
  • CMP: ₹45.8
  • 52-Week H/L: ₹145.0 / ₹45.8
  • Market Cap: ₹1,941.1 Mn
  • Shares Outstanding: 42.4 Mn
  • Average Volume: 231,300

Compliance & Contact

For investor relations, contact Mr. Anuj Sonpal of Valorem Advisors at +91-22-3507 5100 or globalsurfaces@valoremadvisors.com.