Global Surfaces Limited
NSE: GSLSU · Granites & Marbles · sector
₹23.44NSE close 2026-10-26
Key numbers
Market cap₹99 cr
Price₹23.44
52w high / low₹140 / ₹23
P/E–Sector median 18.3x
P/B0.4xSector median 0.3x
Book value₹63.8
Dividend yield–Sector median 0.35%
ROE-10.9%Sector median 1.3%
ROCE-1.8%Sector median 1.6%
OPM-4.9%Sector median 4.8%
Debt / equity0.60xSector median 0.15x
EV/EBITDA–Sector median 9.1x
Interest cover-0.5x
Current ratio1.27x
Sales growth 3y+9.4%Sector median -3.2%
Profit growth 3y–Sector median +7.0%
PEG–
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 9 companies in Granites & Marbles (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹11 cr vs borrowings ₹163 cr (FY26): borrowings are higher by ₹153 cr.
- Operating profit covered interest -0.5x in the last 12 months.
- Operating cash flow was below net profit in 2 of the last 4 years (FY25, FY24).
- Net loss in 7 of the last 8 quarters.
- Revenue was higher than a year earlier in 2 of the last 4 quarters.
- Debtor days went from 178 (FY24) to 151 (FY26).
- No dividend in the last 4 financial years.
- Price ₹23.44 on 2026-10-26: -83.2% from the 52-week high, +1.6% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹215.45 · low ₹23.44
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 47 | 46 | 57 | 74 | 54 | 59 | 45 | 65 |
| EBITDA | 2 | -5 | -2 | 8 | -4 | 3 | -19 | 8 |
| OPM % | 3.7% | -11.5% | -3.4% | 10.7% | -6.6% | 5.5% | -41.8% | 12.7% |
| Other income | 1 | 5 | 0 | 0 | 9 | 2 | 10 | 0 |
| Net profit | -6 | -10 | -10 | -0 | -5 | -3 | -23 | 0 |
| EPS (₹) | -1.51 | -2.45 | -2.48 | -0.10 | -1.10 | -0.71 | -5.27 | 0.04 |
| Revenue YoY | +15.1% | +28.7% | -21.0% | -12.2% | ||||
| Profit YoY | – | – | – | – |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|
| Revenue | 178 | 225 | 208 | 233 | 224 |
| EBITDA | 36 | 35 | 2 | -11 | -11 |
| Net profit | 24 | 19 | -29 | -32 | -31 |
| EPS (₹) | 7.10 | 4.41 | -6.73 | -7.18 | -7.04 |
| Revenue growth | +26.5% | -7.8% | +12.3% | -0.4% | |
| Profit growth | -22.8% | -252.6% | – | – | |
| Dividend / share (₹) | – | – | – | – |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +9.4% | – | -0.4% |
| Net profit | – | – | – |
| EPS | – | – | – |
| Share price | – | -63.3% (2y) | -77.7% |
Balance sheet
| ₹ cr | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Shareholders' equity | 261 | 331 | 302 | 271 |
| Borrowings | 121 | 98 | 152 | 163 |
| Cash & equivalents | 119 | 6 | 7 | 11 |
| Total assets | 462 | 522 | 558 | 541 |
| Fixed assets | 38 | 244 | 238 | 246 |
| Capital work in progress | 124 | 0 | 0 | – |
| Investments | 0 | 0 | 0 | 0 |
| Receivables | 44 | 110 | 128 | 96 |
| Inventory | 44 | 77 | 95 | 87 |
| Payables | 16 | 39 | 46 | 42 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Cash from operations | 27 | -37 | -31 | 27 |
| Cash from investing | -205 | 9 | -6 | -10 |
| Cash from financing | 183 | 24 | 37 | -16 |
| Capex | 114 | 104 | 5 | 9 |
| Free cash flow | -87 | -141 | -36 | 18 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| ROE % | 9.3% | 5.7% | -9.4% | -11.8% |
| ROCE % | 7.6% | 6.9% | -2.1% | -1.8% |
| Debtor days | 90 | 178 | 224 | 151 |
| Inventory days | 190 | 236 | 342 | 277 |
| Payable days | 70 | 119 | 166 | 132 |
| Cash conversion cycle (days) | 210 | 295 | 400 | 296 |
| Working capital days | 164 | 178 | 157 | 71 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 73.25% |
| FIIs | 0.77% |
| Public (non-institutions) | 25.98% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 73.25% | 73.25% | 73.25% | 73.25% | 73.25% | 73.25% | 73.25% | 73.25% |
| Promoter group | % |
|---|---|
| Mayank Shah | 55.46% |
| Mayank Shah HUF (Mayank Shah) | 6.82% |
| Sweta Shah | 5.66% |
| Mridvika Shah | 2.53% |
| Vatsankit Shah | 2.00% |
| Mudit Agarwal | 0.16% |
| Rashi Agarwal | 0.16% |
| Karuna Devi Agarwal | 0.16% |
| Bimal Kumar Agarwal | 0.16% |
| Stutee Agarwal | 0.13% |
| Saurav Shah | 0.00% |
| Nisha Shah | 0.00% |
| Rajiv Shah | 0.00% |
| BIMAL KUMAR AGARWAL HUF(Bimal Kumar Agarwal) | 0.00% |
| MUDIT AGARWAL HUF(Mudit Agarwal) | 0.00% |
14,754 shareholders. Pledged: – of promoter shares.
Peers in Granites & Marbles
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| MIDWESTLTD | ₹3,838 cr | 33.3x | 4.0x | 11.5% | 14.7% | 26.5% | – | – |
| POKARNA | ₹2,062 cr | 21.7x | 2.4x | 11.6% | 12.3% | 30.1% | -7.7% | 0.09% |
| GSLSU | ₹99 cr | – | 0.4x | -10.9% | -1.8% | -4.9% | +9.4% | – |
| PACIFICI | ₹90 cr | 32.8x | 0.2x | 0.6% | 1.2% | 4.8% | -5.2% | – |
| ELEMARB | ₹47 cr | 14.9x | 0.4x | 2.4% | 3.6% | 13.1% | -1.2% | 0.62% |
| ROYALCU | ₹46 cr | 3.6x | – | – | -10.3% | -19.0% | +2.4% | – |
| AROGRANITE | ₹34 cr | – | 0.2x | -10.7% | -1.4% | -10.1% | -23.4% | – |
| MADHAV | ₹29 cr | – | 0.2x | -0.2% | 1.6% | -6.7% | -13.4% | – |
| ORIENTALTL | ₹25 cr | 10.7x | 0.2x | 2.0% | 3.2% | 10.6% | +34.5% | – |
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| United Arab Emirates | ₹143 cr | 52.9% | ₹-39 cr | -27.4% |
| India | ₹75 cr | 27.7% | ₹16 cr | 22.0% |
| United States of America | ₹52 cr | 19.4% | ₹-3 cr | -5.5% |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Announcements NSE filings
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
| Sector | Consumer Discretionary |
| Industry | Granites & Marbles |
| Sub-industry | Granites & Marbles |
| Symbol | GSLSU |
| BSE code | 543829 |
| ISIN | INE0JSX01015 |
| Face value | ₹10.0 |
| Incorporated | – |
| Website | – |
| Plants (India / abroad) | – |
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.