Global Surfaces Ltd(GSLSU)

NSE: GSLSUBSE: 543829

₹ 23.95-4.54%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 102 crWebsite: www.globalsurfaces.inUpdated: 24 Oct 2026

About

Global Surfaces makes engineered quartz and natural stone surfaces for residential, commercial and architectural use, from plants in Jaipur and Dubai. Its Dubai facility is the only engineered quartz manufacturing unit in the UAE and currently the largest in the Middle East. FY26 revenue was 233.24 Cr, with the UAE contributing 52.9% of segment revenue. Exports made up 95% of revenue in FY26.^[1][2][3][4]

Business segments

Geographic segments in FY26: UAE 52.9% of revenue, India 27.7%, United States of America 19.4%.^[3]
India's share of segment revenue fell by 26.3 percentage points over FY2024-FY2026.^[3]
By product, engineered stones made up 94% of segment revenue in FY26 and natural stones 6%.^[4]
UAE operations were the largest revenue contributor in Q1 FY27, as the FZE facility ramped up.^[5]

Products and brands

Makes engineered quartz and natural stone surfaces for residential, commercial and architectural use, across 10+ product categories (FY25 annual report).^[1]
The premium 'Marquartz' series is made under an exclusive licence from SQIP LLC (USA) and Veegoo Technology (China), using patented RIFT VEIN and CONVERGENCE technologies.^[1]
Marquartz technology was launched in Q1 FY27. Management says only two manufacturers globally make this product.^[5]
Certifications include ISO 9001, 14001 and 45001, NSF/ANSI 51 and Greenguard. The technology partner holds over 20 utility patents.^[1]

Plants and capacity

Combined annual manufacturing capacity was 16,15,704 sq. mt. across three facilities, as of the FY25 annual report.^[1]
Mahindra SEZ (Jaipur) plant makes engineered quartz, with 5,21,644 sq. mt. annual capacity and dedicated R&D infrastructure (FY25).^[1]
Combined engineered stone capacity was 11,44,540 SMT p.a., as of Q3 FY26.^[6]
The Bagru (Jaipur) natural stone plant, with annual capacity of 4,71,164 sq. mt., stopped operating on March 31, 2026.^[1][4]
Dubai plant is run by the wholly owned subsidiary Global Surfaces FZE. Global Surfaces Inc. is the US subsidiary.^[1]
The company had over 550 employees, according to the FY25 annual report.^[1]

Key operating numbers

Dubai facility utilisation was 20% in Q1 FY27, down from 44% in FY26. India facility utilisation was 36% in Q1 FY27.^[5]
Combined capacity utilisation was about 27-28% in Q1 FY27.^[5]
Dubai utilisation was about 53% in Q2 FY26.^[7]
Engineered stone volume was 95,900 sqm in Q1 FY27 and 395,886 sqm in FY26.^[5][4]
Natural stone volume was 27,575 sqm in FY26.^[4]

Customers and markets

Exports were 95% of revenue in FY26, compared with 97% in H1 FY26 and 91% in FY25.^[4][7][1]
Markets include North America, MENA, Europe and emerging markets. The company has active distribution hubs in the US and Canada.^[1]
Sales channels combine traditional wholesale with direct OEM relationships.^[1]
In Q1 FY27, sales teams were sent to European countries, and work on UAE and other GCC markets is ongoing.^[5]

Expansion plans

A launch in the Indian domestic market under the company's own brand is planned for Q2 FY27, through dealers in major cities, supplied from both the UAE and India plants.^[5]
The India sales team is growing from about 4-5 people to about 15, out of a total of about 25-30.^[5]
The long-term target for the Dubai:India revenue mix is about 65:35 at peak utilisation.^[5]

Recent developments

The board approved closure of the Bagru natural stone unit on Feb 3, 2026, effective March 31, 2026. A valuer has been appointed, and the assets are expected to be sold within FY27.^[4][5]
Regional conflict disrupted operations for about 45 days in Q4 FY26.^[4]
Closure of the Strait of Hormuz blocked shipments from the UAE in March-April 2026. Shipping resumed in May-June via Sohar, Khor Fakkan and Fujairah.^[5]
In 2026, the US ITC recommended a 4-year tariff-rate quota on quartz surfaces: 25% in-quota and 50% above-quota. This is on top of an 18% reciprocal tariff, which was cut from 25% in Feb 2026. Final measures are pending.^[5]

Market Cap

₹102 Cr

High / Low

₹140 / 23

Stock P/E

-3.3

Price / Book

0.4

Book Value

₹64

EPS

₹-7.5

No. of Shares

4.24 Cr

ROCE

-1.6%

ROE

-11.1%

OPM

-3.1%

Debt / Equity

0.60

Sales

₹233 Cr

Net Profit

₹-32 Cr

Promoter holding

73.3%

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