Global Surfaces Limited

Global Surfaces Limited

GSLSU.NS
Global Surfaces LimitedIN flagNational Stock Exchange of India
40.41
INR
+0.34
- -
1.71BMarket Cap
Global Surfaces Limited
GSLSU.NS
(National Stock Exchange of India)

Recent

price

40.41

P/E

ratio

- -

div

yld

- -

ROIC.AI

2020
2021
2022
2023
2024
2025
2026
TTM
FRC
38.38
41.18
44.63
51.93
52.53
48.97
55.04
54.83
Revenue per Share
4.95
8.01
8.41
7.1
4.41
-6.73
-7.18
-7.15
Basic EPS, GAAP
10.27
5.74
3.79
-25.6
-33.22
-8.44
4.36
- -
Free Cash Flow per Basic Share
- -
- -
- -
- -
- -
- -
- -
- -
Dividend per Share
11.15
19.16
27.56
43.81
39.75
33.01
10
9.96
Book Value per Share
15.19
23.2
31.62
76.54
78.39
71.65
63.88
63.64
Tangible Book Value per Share
42
42
42
34
42
42
42
43
Basic Weighted Avg Shares
1,627
1,745
1,891
1,773
2,226
2,076
2,332
2,332
Sales/Revenue/Turnover
14.66
20.1
16.4
14.72
11.69
-8.06
-12.74
-12.73
Operating Margin (%)
169
130
108
94
89
187
184
184
Depreciation Expense
210
339
356
242
187
-285
-304
-304
Net Income, GAAP
- -
1.73
1.31
4.18
21.67
- -
- -
589.74
Effective Tax Rate (%)
12.89
19.44
18.84
13.67
8.4
-13.74
-13.05
-13.05
Profit Margin (%)
90
348
671
801
1,100
892
499
499
Working Capital
140
71
529
647
988
997
978
978
LT Debt
645
984
1,340
2,613
3,325
3,040
2,708
2,708
Total Equity
- -
26.75
17.33
7.79
4.5
- -
- -
- -
Return on Invested Capital (%)
- -
33.06
23.73
10.39
6.52
- -
- -
- -
Return on Capital (%)
- -
52.83
35.99
18.2
11.76
-18.5
-33.38
-33.38
Return on Common Equity (%)

Capital Structure

FRC

in mil. unless spec.
Sep'26
Dec'26
Mar'26
ST Debt
1,132
- -
1,160
LT Borrowings
500
- -
473
LT Finance Leases
486
- -
504
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
42
- -
42
Market Capitalization
3,632
4,275
1,958

Working Capital

FRC

in mil. unless spec.
Sep'26
Dec'26
Mar'26
Total Current Assets
2,560
- -
2,209
Cash, Cash Equivalents & STI
116
- -
117
Accounts Receivable, Net
1,295
- -
964
Inventories
950
- -
874
Total Current Liabilities
1,750
- -
1,710
Payables & Accruals
- -
- -
- -
ST Debt
1,132
- -
1,160
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
27.78%
-10.91%
Free Cash Flow
- -
-168.52%
-151.56%
Net Income, GAAP
- -
-59.15%
6.63%
Sales/Revenue/Turnover
- -
6.65%
12.33%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
364
402
401
1,060
2,226
2025
571
470
461
575
2,076
2026
745
541
593
454
2,332

Quarterly Earnings Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.51
0.64
0.77
- -
4.41
2025
-0.29
-1.51
-2.45
-2.48
-6.73
2026
-0.1
-1.1
-0.71
-5.27
-7.18

Quarterly Dividends Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -
Business
Global Surfaces Limited engages in the processing and manufacturing of natural stones and engineered quartz products. The company’s core product portfolio includes granite, marble, limestone, slate, quartzite, onyx, sandstone, travertine, and other natural stones, alongside engineered quartz slabs. Its products serve applications such as flooring, wall cladding, countertops, and cut-to-size items used in both residential and commercial construction markets. The company operates production units in Rajasthan, India, including facilities at RIICO Industrial Area, Bagru Extn, and Mahindra World City SEZ, Jaipur. Its operational footprint extends globally with significant export sales to markets including the United States and the United Arab Emirates, which represent major revenue sources. Founded in 2004 and headquartered in Jaipur, Rajasthan, Global Surfaces Limited focuses on high-quality manufacturing and processing of its stone products, leveraging substantial production capacity and experienced leadership. Recent strategic developments include securing exclusive quartz manufacturing rights in the Middle East and North Africa (MENA) region through partnerships with SQIP, LLC, and Veegoo Technology, enhancing its engineered quartz product offerings and market reach. The company has also experienced management changes in 2025, including the appointment of Mayank Shah as Chief Financial Officer while retaining his role as Chairman. Operationally, the firm faces geographic and tariff challenges, notably exposure to US tariffs mitigated by manufacturing in Dubai through its subsidiary. Capital-raising efforts saw the forfeiture of substantial warrants in 2025, reflecting financial market activities in recent years. Global Surfaces Limited operates primarily in the natural stone and engineered quartz industry, targeting geographically diverse customers across domestic and international markets. The company’s products support construction and architectural applications requiring durable and aesthetic surface materials. With over two decades of industry presence, it emphasizes quality and innovation in its products, supported by export-driven revenue largely from the US and UAE markets. The firm’s key business segments include natural stone mining and processing, engineered quartz manufacturing, and international distribution channels, maintaining a global presence with a robust manufacturing base in India. Its recent strategic partnerships and executive appointments reflect a focus on expanding its engineered quartz segment and operational resilience in competitive global markets.