Global Surfaces Ltd

₹ 28.7 -3.82%

26 Aug - close price

globalsurfaces.in BSE: 543829 NSE: GSLSU

About

Incorporated in 2004, Global Surfaces Ltd
is in the business of manufacturing quartz
and processing of granite and marble^[1]

Key Points

Business Overview:^[1]
GSL started as a natural stone processor and transitioned to an integrated manufacturer and exporter of premium surface solutions. The company deals in the mining, processing, manufacturing, and supply of natural stones
and engineered quartz, granite, marble, and
soft quartzite, in slabs and customized countertop applications

Website BSE NSE

Market Cap ₹ 121 Cr.
Current Price ₹ 28.7
High / Low ₹ 140 / 23.1
Stock P/E 13.2
Book Value ₹ 81.8
Dividend Yield 0.00 %
ROCE 5.11 %
ROE 2.22 %
Face Value ₹ 10.0

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Pros

Stock is trading at 0.35 times its book value

Cons

Though the company is reporting repeated profits, it is not paying out dividend
The company has delivered a poor sales growth of -15.6% over past five years.
Company has a low return on equity of 3.73% over last 3 years.
Contingent liabilities of Rs.163 Cr.
Earnings include an other income of Rs.36.8 Cr.
Company has high debtors of 222 days.
Working capital days have increased from 210 days to 308 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Consumer Discretionary Consumer Durables Consumer Durables Granites & Marbles

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	38.82	38.41	40.47	44.43	42.60	36.95	32.77	29.60	28.15	16.51	10.22	19.96	22.13
	32.03	33.00	34.85	40.76	37.03	35.52	36.07	33.75	27.51	21.09	13.36	25.62	20.52
Operating Profit	6.79	5.41	5.62	3.67	5.57	1.43	-3.30	-4.15	0.64	-4.58	-3.14	-5.66	1.61
OPM %	17.49%	14.08%	13.89%	8.26%	13.08%	3.87%	-10.07%	-14.02%	2.27%	-27.74%	-30.72%	-28.36%	7.28%
	2.87	4.92	3.28	3.88	4.65	5.41	9.75	3.08	3.60	13.37	6.09	14.34	2.95
Interest	0.87	0.99	0.72	0.97	0.91	0.91	0.92	1.81	1.01	0.92	0.83	0.81	0.86
Depreciation	1.68	1.75	1.80	1.87	1.45	1.50	1.51	1.56	1.11	1.17	1.17	1.20	0.74
Profit before tax	7.11	7.59	6.38	4.71	7.86	4.43	4.02	-4.44	2.12	6.70	0.95	6.67	2.96
Tax %	19.69%	24.90%	15.99%	8.70%	18.96%	23.25%	45.77%	-7.21%	30.66%	26.57%	49.47%	82.16%	14.19%
	5.71	5.70	5.37	4.29	6.37	3.40	2.18	-4.11	1.46	4.93	0.49	1.19	2.54
EPS in Rs	1.35	1.34	1.27	1.01	1.50	0.80	0.51	-0.97	0.34	1.16	0.12	0.28	0.60
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	72.01	136.01	162.66	174.89	189.37	177.03	162.14	141.91	74.84	68.82
	65.43	103.87	122.65	128.02	148.35	142.56	140.66	142.36	87.57	80.59
Operating Profit	6.58	32.14	40.01	46.87	41.02	34.47	21.48	-0.45	-12.73	-11.77
OPM %	9.14%	23.63%	24.60%	26.80%	21.66%	19.47%	13.25%	-0.32%	-17.01%	-17.10%
	1.62	0.99	3.06	3.82	8.57	4.43	14.95	22.89	37.39	36.75
Interest	2.65	5.84	5.20	3.41	2.95	3.50	3.54	4.54	3.57	3.42
Depreciation	3.40	12.02	16.86	13.01	10.78	9.36	7.10	6.02	4.65	4.28
Profit before tax	2.15	15.27	21.01	34.27	35.86	26.04	25.79	11.88	16.44	17.28
Tax %	35.35%	13.75%	-8.28%	1.58%	1.12%	3.69%	18.34%	34.01%	53.71%
	1.38	13.17	22.75	33.73	35.46	25.07	21.06	7.83	7.61	9.15
EPS in Rs	2.19	20.42	35.27	52.30	10.47	5.92	4.97	1.85	1.80	2.16
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Compounded Sales Growth
10 Years:	%
5 Years:	-16%
3 Years:	-25%
TTM:	-46%

Compounded Profit Growth
10 Years:	%
5 Years:	-26%
3 Years:	-33%
TTM:	212%

Stock Price CAGR
10 Years:	%
5 Years:	%
3 Years:	-46%
1 Year:	-74%

Return on Equity
10 Years:	%
5 Years:	7%
3 Years:	4%
Last Year:	2%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	6.29	6.45	6.45	6.45	33.86	42.38	42.38	42.38	42.38
Reserves	21.74	35.76	58.51	91.78	99.78	217.94	289.09	296.93	304.36
	67.58	90.98	53.49	38.13	37.95	44.03	41.69	49.94	47.69
	17.66	18.83	10.15	22.00	22.67	20.48	25.84	28.20	21.53
Total Liabilities	113.27	152.02	128.60	158.36	194.26	324.83	399.00	417.45	415.96
	26.50	65.73	59.84	53.50	47.86	47.28	43.30	38.81	32.51
CWIP	36.81	0.22	0.00	1.29	5.58	0.00	0.00	0.00	0.00
Investments	0.00	0.00	0.00	0.07	12.19	25.92	21.23	21.25	21.08
	49.96	86.07	68.76	103.50	128.63	251.63	334.47	357.39	362.37
Total Assets	113.27	152.02	128.60	158.36	194.26	324.83	399.00	417.45	415.96

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	13.28	4.66	51.89	31.32	27.55	25.37	3.48	3.84
	-48.84	-19.57	-10.00	-7.96	-28.30	-124.44	-53.28	-6.37
	34.87	17.47	-44.41	-19.31	-3.45	104.60	44.06	3.39
Net Cash Flow	-0.69	2.56	-2.52	4.05	-4.20	5.52	-5.75	0.86
Free Cash Flow	-34.58	-10.34	41.05	23.57	19.08	22.14	0.36	2.91
CFO/OP	215%	24%	138%	76%	87%	95%	41%	-1,782%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	135.69	121.25	63.62	84.07	75.50	91.81	125.59	147.53	222.10
Inventory Days	144.23	138.21	121.09	175.90	197.51	190.04	247.67	225.30	236.50
Days Payable	107.00	78.27	38.45	81.48	77.89	68.65	107.51	112.07	123.27
Cash Conversion Cycle	172.92	181.19	146.25	178.49	195.12	213.20	265.75	260.76	335.33
Working Capital Days	10.04	37.14	22.13	60.92	107.40	91.67	157.49	162.66	308.38
ROCE %		18.76%	20.81%	29.48%	23.65%	12.39%	8.65%	4.27%	5.11%

Insights

In beta

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Combined Production Capacity
SMT p.a.

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xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx
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			xxx	xxx	xxx	xxx

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Engineered Stones Revenue Share
%

Engineered Stones Volume
sqm

Export Revenue Share
%

Natural Stones Volume
sqm

Capacity Utilization
%

Total Workforce
count

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

6 Recently

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	73.37%	73.37%	73.37%	73.37%	73.26%	73.25%	73.25%	73.25%	73.25%	73.25%	73.25%	73.25%
	1.71%	2.34%	2.11%	1.89%	1.53%	1.53%	1.67%	0.57%	0.76%	1.60%	1.59%	0.76%
	0.62%	0.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.13%	0.00%	0.00%
	24.29%	23.85%	24.52%	24.75%	25.22%	25.24%	25.08%	26.20%	25.98%	25.02%	25.15%	26.00%
No. of Shareholders	12,357	13,603	12,894	13,519	14,343	14,800	14,668	14,825	15,612	14,793	14,433	14,363

	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026
	73.37%	73.37%	73.25%	73.25%	73.25%
	7.49%	2.11%	1.67%	1.59%	0.76%
	1.02%	0.00%	0.00%	0.00%	0.00%
	18.13%	24.52%	25.08%	25.15%	26.00%
No. of Shareholders	13,037	12,894	14,668	14,433	14,363

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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