Global Surfaces Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹97 Cr
- ROE
- -10.77%
- Price to sales
- 0.44
- Debt to equity
- 0.79
- 52W high / low
- ₹133 / ₹22.9
- Sales growth (5Y)
- 5.87%
- EBITDA margin
- -4.89%
- Net profit margin
- -13.84%
- Promoter holding
- 73.25%
- Sales (last year)
- ₹224 Cr
Incorporated in 2004, Global Surfaces Ltd is in the business of manufacturing quartz and processing of granite and marble[1]
Guidance scorecard · Q2 FY27 call
What Global Surfaces's management guided
and where it ranks in Consumer Durables
RevenueQ1 FY27 call
0–10%- Capacity utilization is currently low (28% overall), with Dubai at 20% and India at 36%, but expected to improve as geopolitical conditions stabilize.
- There is confidence in positive growth momentum as worst phases appear to be over.
- Plans to expand sales in India by appointing a full-fledged sales team and distributors across major cities, aiming for a substantial revenue contribution from the domestic market in the next few years.
- Expansion into new geographies such as Europe, GCC countries, and India to diversify markets.
2 more points from Global Surfaces's call on revenue
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MarginsQ1 FY27 call
Up 2%+See what Global Surfaces said on margins — free account, 30 seconds.
CapexQ1 FY27 call
- The company's focus is on expanding the sales team in India domestic market and appointing distributors across major cities.
- There is emphasis on scaling up operations, improving capacity utilization, and product launches (e.g., Marquartz Technology).
- The company is working on disposal of assets related to the discontinued Bagru natural stone manufacturing unit.
- Overall, the strategic focus is on strengthening core engineered quartz business, geographic diversification, and operational efficiencies rather than announcing new capital investments.
FundraisingQ1 FY27 call
See what Global Surfaces said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
- Current order book is strong as mentioned by Mayank Shah on Page 13.
- The company is optimistic about better capacity utilization once geopolitical situations stabilize.
- The company continues to work through uncertainties impacting export orders due to geopolitical situations and tariffs.
- They remain confident in navigating challenges and expect improvement in order flow and utilization over coming quarters.
Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Consumer Durables
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Consumer Durables companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹151 Cr | 13.8 | |
| 2 | 40%+ | Up 0–2% | ₹2,267 Cr | 12.2 | |
| 3 | 40%+ | Up 0–2% | ₹1,934 Cr | 16.9 | |
| 4 | 40%+ | Flat | ₹2,338 Cr | 39.6 | |
| 5 | 40%+ | Flat | ₹1,975 Cr | 20.8 | |
| 6 | 40%+ | Flat | ₹528 Cr | 16.7 |
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Pro shows every company guiding 40%+ revenue growth →Full Consumer Durables rankingFinancials of Global Surfaces
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Global Surfaces
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 73.37% | 73.37% | 73.37% | 73.26% | 73.25% | 73.25% | 73.25% | 73.25% | 73.25% | 73.25% | 73.25% | 73.25% |
| FIIs + | 2.34% | 2.11% | 1.89% | 1.53% | 1.53% | 1.67% | 0.57% | 0.76% | 1.60% | 1.59% | 0.76% | 0.77% |
| DIIs + | 0.45% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.13% | 0.00% | 0.00% | 0.00% |
| Public + | 23.85% | 24.52% | 24.75% | 25.22% | 25.24% | 25.08% | 26.20% | 25.98% | 25.02% | 25.15% | 26.00% | 25.99% |
| No. of Shareholders | 13,603 | 12,894 | 13,519 | 14,343 | 14,800 | 14,668 | 14,825 | 15,612 | 14,793 | 14,433 | 14,363 | 14,754 |
Financials of Global Surfaces
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 40.23 | 40.07 | 108.62 | 57.15 | 46.97 | 46.06 | 57.47 | 74.50 | 54.08 | 59.27 | 45.39 | 65.42 | 59.88 |
| YoY Sales growth | -18.38% | -1.04% | +174.29% | +57.14% | +16.75% | +14.95% | -47.09% | +30.36% | +15.14% | +28.68% | -21.02% | -12.19% | +10.72% |
| Expenses + | 33.43 | 33.35 | 92.42 | 49.70 | 45.24 | 51.37 | 59.39 | 66.56 | 57.64 | 56.03 | 64.37 | 57.09 | 58.61 |
| Operating Profit | 6.80 | 6.72 | 16.20 | 7.45 | 1.73 | -5.31 | -1.92 | 7.94 | -3.56 | 3.24 | -18.98 | 8.33 | 1.27 |
| OPM % | 16.90% | 16.77% | 14.91% | 13.04% | 3.68% | -11.53% | -3.34% | 10.66% | -6.58% | 5.47% | -41.82% | 12.73% | 2.12% |
| Other Income + | 2.01 | 0.79 | -0.12 | 0.69 | 1.04 | 5.39 | 0.11 | 0.23 | 9.17 | 2.45 | 9.86 | 0.19 | 1.59 |
| Interest | 1.43 | 1.15 | 1.02 | 3.35 | 3.12 | 4.16 | 4.82 | 3.65 | 3.67 | 3.88 | 3.79 | 3.54 | 3.54 |
| Depreciation | 1.79 | 1.87 | 3.57 | 4.54 | 4.64 | 4.69 | 4.80 | 4.41 | 4.72 | 4.72 | 4.53 | 4.50 | 4.72 |
| Profit before tax | 5.59 | 4.49 | 11.49 | 0.25 | -4.99 | -8.77 | -11.43 | 0.11 | -2.78 | -2.91 | -17.44 | 0.48 | -5.40 |
| Tax % | 39.89% | 24.28% | 5.66% | 604.00% | 24.45% | 18.93% | -3.67% | 627.27% | 64.03% | 14.78% | 34.12% | 87.50% | -0.19% |
| Net Profit + | 3.36 | 3.41 | 10.83 | -1.26 | -6.20 | -10.42 | -11.01 | -0.57 | -4.56 | -3.34 | -23.38 | 0.06 | -5.40 |
| EPS in Rs | 0.64 | 0.77 | 2.48 | -0.29 | -1.51 | -2.45 | -2.48 | -0.10 | -1.10 | -0.71 | -5.27 | 0.04 | -1.25 |
Financials of Global Surfaces
Profit & Loss
Annual income statement trend
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Sales + | 163 | 175 | 190 | 178 | 225 | 208 | 233 | 230 |
| Sales growth | +7% | +9% | -6% | +27% | -8% | +12% | -1% | |
| Expenses + | 123 | 128 | 148 | 143 | 190 | 206 | 245 | 236 |
| Operating Profit | 41 | 47 | 42 | 36 | 35 | 2 | -11 | -6 |
| OPM % | 25% | 27% | 22% | 20% | 16% | 0.9% | -4.9% | -2.7% |
| Other Income + | 2 | 4 | 8 | 3 | 4 | 7 | 22 | 14 |
| 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 | -25 |
| Tax % | -1% | 2% | 1% | 4% | 22% | 16% | 38% | |
| Net Profit + | 21 | 34 | 36 | 24 | 20 | -29 | -32 | -32 |
| EPS in Rs | 6.20 | 10.04 | 10.52 | 5.72 | 4.41 | -6.73 | -7.18 | -7.19 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Global Surfaces
Balance Sheet
Capital structure and asset base
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 6 | 6 | 34 | 42 | 42 | 42 | 42 | 42 |
| Reserves | 58 | 92 | 100 | 219 | 288 | 260 | 228 | 224 |
| Borrowings + | 54 | 38 | 79 | 166 | 145 | 199 | 214 | 206 |
| Other Liabilities + | 11 | 22 | 23 | 35 | 47 | 56 | 56 | 70 |
| Total Liabilities | 129 | 159 | 236 | 462 | 522 | 558 | 541 | 542 |
| Fixed Assets + | 60 | 54 | 88 | 89 | 294 | 286 | 296 | 290 |
| CWIP | 0 | 1 | 7 | 124 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 11 | 6 | 0 | 0 | 0 | 0 |
| Other Assets + | 69 | 104 | 131 | 244 | 227 | 271 | 245 | 252 |
| Total Assets | 129 | 159 | 236 | 462 | 522 | 558 | 541 | 542 |
Financials of Global Surfaces
Cash Flows
Operating, investing and financing cash movement
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 54 | 32 | 28 | 27 | -37 | -31 | 27 |
| Cash from Investing Activity + | -11 | -8 | -28 | -205 | 9 | -6 | -10 |
| Cash from Financing Activity + | -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/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 142% | 77% | 87% | 97% | -91% | -1,393% | -248% |
Financials of Global Surfaces
Ratios
Working capital efficiency and return ratios
| 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% |
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What Global Surfaces's management said in earlier quarters
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