Global Surfaces Ltd

₹ 28.2 3.78%

11 Sep - 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 ₹ 120 Cr.
Current Price ₹ 28.2
High / Low ₹ 140 / 23.1
Stock P/E
Book Value ₹ 63.8
Dividend Yield 0.00 %
ROCE -1.69 %
ROE -10.8 %
Face Value ₹ 10.0

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Pros

Stock is trading at 0.44 times its book value
Company's working capital requirements have reduced from 125 days to 61.6 days

Cons

Company has low interest coverage ratio.
The company has delivered a poor sales growth of 5.87% over past five years.
Company has a low return on equity of -4.55% over last 3 years.
Contingent liabilities of Rs.41.9 Cr.
Company might be capitalizing the interest cost
Earnings include an other income of Rs.21.7 Cr.
Company has high debtors of 151 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

Consolidated Figures in Rs. Crores / View Standalone

	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
	36.37	40.23	40.07	108.62	57.15	46.97	46.06	57.47	74.50	54.08	59.27	45.39	65.42
	31.12	33.43	33.35	92.42	49.70	45.24	51.37	59.39	66.56	57.64	56.03	64.37	57.09
Operating Profit	5.25	6.80	6.72	16.20	7.45	1.73	-5.31	-1.92	7.94	-3.56	3.24	-18.98	8.33
OPM %	14.43%	16.90%	16.77%	14.91%	13.04%	3.68%	-11.53%	-3.34%	10.66%	-6.58%	5.47%	-41.82%	12.73%
	1.04	2.01	0.79	-0.12	0.69	1.04	5.39	0.11	0.23	9.17	2.45	9.86	0.19
Interest	0.91	1.43	1.15	1.02	3.35	3.12	4.16	4.82	3.65	3.67	3.88	3.79	3.54
Depreciation	1.70	1.79	1.87	3.57	4.54	4.64	4.69	4.80	4.41	4.72	4.72	4.53	4.50
Profit before tax	3.68	5.59	4.49	11.49	0.25	-4.99	-8.77	-11.43	0.11	-2.78	-2.91	-17.44	0.48
Tax %	40.76%	39.89%	24.28%	5.66%	604.00%	24.45%	18.93%	-3.67%	627.27%	64.03%	14.78%	34.12%	87.50%
	2.18	3.36	3.41	10.83	-1.26	-6.20	-10.42	-11.01	-0.57	-4.56	-3.34	-23.38	0.06
EPS in Rs	0.51	0.64	0.77	2.48	-0.29	-1.51	-2.45	-2.48	-0.10	-1.10	-0.71	-5.27	0.04
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	163	175	190	178	225	208	233	224
	123	128	148	143	190	206	245	235
Operating Profit	41	47	42	36	35	2	-11	-11
OPM %	25%	27%	22%	20%	16%	0.9%	-4.9%	-4.9%
	2	4	8	3	4	7	22	22
Interest	5	3	3	4	4	15	15	15
Depreciation	17	13	11	9	9	19	18	18
Profit before tax	21	35	36	25	25	-25	-23	-23
Tax %	-1%	2%	1%	4%	22%	16%	38%
	21	34	36	24	20	-29	-32	-31
EPS in Rs	32.50	52.61	10.52	5.72	4.41	-6.73	-7.18	-7.04
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	%
5 Years:	6%
3 Years:	9%
TTM:	0%

Compounded Profit Growth
10 Years:	%
5 Years:	%
3 Years:	%
TTM:	-8%

Stock Price CAGR
10 Years:	%
5 Years:	%
3 Years:	-46%
1 Year:	-72%

Return on Equity
10 Years:	%
5 Years:	1%
3 Years:	-5%
Last Year:	-11%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	6	6	34	42	42	42	42
Reserves	58	92	100	219	288	260	228
	54	38	79	166	145	199	214
	11	22	23	35	47	56	56
Total Liabilities	129	159	236	462	522	558	541
	60	54	88	89	294	286	296
CWIP	0	1	7	124	0	0	0
Investments	0	0	11	6	0	0	0
	69	104	131	244	227	271	245
Total Assets	129	159	236	462	522	558	541

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	54	32	28	27	-37	-31	27
	-11	-8	-28	-205	9	-6	-10
	-46	-19	-3	183	24	37	-16
Net Cash Flow	-3	5	-3	4	-4	0	1
Free Cash Flow	44	24	18	-87	-141	-35	19
CFO/OP	142%	77%	87%	97%	-91%	-1,393%	-248%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	63	83	75	90	178	224	151
Inventory Days	126	176	198	190	236	342	277
Days Payable	42	84	79	70	119	165	132
Cash Conversion Cycle	147	175	193	210	295	401	295
Working Capital Days	106	59	103	-80	169	144	62
ROCE %		30%	21%	9%	7%	-2%	-2%

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
xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx
xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx
xxx,xxx	xxx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx
xx.xx	xx.xx	xx.xx			xx.xx
			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
% ・Standalone data

Total Workforce
count

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	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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