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10 Yrs X-Ray 
Valuation 
Analyst Note 
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About
Global Surfaces Ltd (GSLSU)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543829 NSE: GSLSU Ceramics/Marble/Granite/Sanitaryware | Small Cap | Global Surfaces Share Price
₹29 1.21 (4.35%)
As on 21-Sep'26 12:50
Global Surfaces Ltd (GSLSU)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543829 NSE: GSLSU Ceramics/Marble/Granite/Sanitaryware | Small Cap | Global Surfaces Share Price
₹29 1.21 (4.35%)
As on 21-Sep'26 12:50
Key Metrics
Valuation Multiples
Market Cap
₹118 Cr.
Current Price
₹29
52-Week Low / High
₹23 / 140
TTM EPS
₹-7
TTM Sales
₹224 Cr.
Book Value per Share
₹63.9
P/E Ratio
0.00
Lower than its 5-year historical median
Industry PE
39
Price to Book (P/B)
0.44
Lower than its 5-year historical median
Price to Sales (P/S)
0.53
Lower than its 5-year historical median
EV/EBITDA
25.26
Higher than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
-12.17%
Underperforms industry median
Return on Capital Employed (ROCE)
-1.80%
Underperforms industry median
Return on Assets (ROA)
-5.98%
Operating Profit Margin
-4.9%
Net Profit Margin
-13.65%
Gross Profit Margin
-2%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-47.26%
Operating Profit Growth (1 Year)
-
-687.56%
Net Profit Growth (1 Year)
-
-
Asset Quality
Promoter Holding
73.25%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹228 Cr.
Equity
₹42.4 Cr.
Face Value
₹10
All Time Low / High
₹23.46 / 331.55
Check Before You Invest
Quality
Somewhat GoodValuation
UndervaluedCheck Valuation charts
Price Trend
Semi Strong
Is Global Surfaces Ltd a good quality company?
Global Surfaces Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Global Surfaces Ltd performance compare with that of its Peers?
Revenue growth of Global Surfaces Ltd vs industry peers?
Global Surfaces Ltd revenue CAGR is 5.87%, compared to the industry median CAGR of 0.00%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Global Surfaces Ltd?
Promoters hold 73.25% of the Global Surfaces Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Global Surfaces Ltd over the last decade?
Over the last 3 year(s), the stock has delivered a CAGR of -45.27% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Global Surfaces Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation ⓘ
| Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 15.9% | 20.8% | 29.7% | 25.3% | 12.4% | 8.7% | 4.3% | 5.1% | - |
| Value Creation Index ⓘ | 0.1 | 0.5 | 1.1 | 0.8 | -0.1 | -0.4 | -0.7 | -0.6 | - |
Growth Parameters ⓘ |
|||||||||
| Sales ⓘ | 136 | 163 | 175 | 189 | 177 | 162 | 142 | 74.8 | 69 |
| Sales YoY Gr. | - | 19.6% | 7.5% | 8.3% | -6.5% | -8.4% | -12.5% | -47.3% | - |
| Adj EPS ⓘ | 4.3 | 6.4 | 9.4 | 9.1 | 5.7 | 4.3 | 0.5 | -1.8 | 2.2 |
| YoY Gr. | - | 51.2% | 45.7% | -3.1% | -37% | -24.6% | -87.7% | -432.1% | - |
| BVPS (₹) ⓘ | 12.5 | 19.2 | 29 | 39.5 | 61.4 | 66.4 | 68.3 | 81.8 | 82.4 |
| Adj Net Profit ⓘ | 14.4 | 21.8 | 31.8 | 30.8 | 24.3 | 18.3 | 2.2 | -7.5 | 9 |
| Cash Flow from Ops. ⓘ | 4.7 | 51.9 | 31.3 | 27.6 | 25.4 | 3.5 | 3.8 | 11.9 | - |
| Debt/CF from Ops. ⓘ | 19.5 | 1 | 1.2 | 1.4 | 1.7 | 11.9 | 12.8 | 4 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | NA | -15.6% | -25% | -47.3% | ||||
| Adj EPS ⓘ | NA | -171.6% | -167.5% | -432.1% | ||||
| BVPSⓘ | NA | 23% | 10% | 19.8% | ||||
| Share Price | - | - | -44.7% | -71.9% | ||||
Key Financial Parameters ⓘ
| Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 34.2 | 40.7 | 38.9 | 26.5 | 12.3 | 6.2 | 0.7 | -2.2 | 2.6 |
| Op. Profit Mgn % ⓘ | 24.7 | 24.6 | 26.8 | 21.7 | 19.5 | 13.3 | -0.3 | -17 | -17.1 |
| Net Profit Mgn % ⓘ | 10.6 | 13.4 | 18.2 | 16.3 | 13.7 | 11.3 | 1.6 | -10 | 13.3 |
| Debt to Equity ⓘ | 2.2 | 0.8 | 0.4 | 0.3 | 0.2 | 0.2 | 0.2 | 0.1 | - |
| Working Cap Days ⓘ | 0 | 163 | 157 | 188 | 234 | 483 | 834 | 1,658 | 322 |
| Cash Conv. Cycle ⓘ | 0 | 111 | 102 | 116 | 136 | 172 | 212 | 338 | 157 |
Valuation of Global Surfaces - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|
| Sales | 163 | 175 | 190 | 178 | 225 | 208 | 233 |
| Operating Expenses ⓘ + | 123 | 128 | 149 | 143 | 190 | 206 | 245 |
| Operating Profit ⓘ | 40 | 47 | 42 | 36 | 35 | 2 | -11 |
| Operating Profit Margin (%) | 24.7% | 27.0% | 22.0% | 19.9% | 15.5% | 0.9% | -4.9% |
| Other Income ⓘ + | 2 | 4 | 8 | 3 | 4 | 7 | 22 |
| Interest ⓘ | 5 | 3 | 3 | 4 | 5 | 15 | 15 |
| Depreciation ⓘ | 17 | 13 | 11 | 9 | 9 | 19 | 18 |
| Profit Before Tax ⓘ | 21 | 35 | 36 | 25 | 25 | -25 | -23 |
| Tax ⓘ | -0 | 1 | 0 | 1 | 5 | 4 | 9 |
| Profit After Tax | 21 | 34 | 36 | 24 | 20 | -29 | -32 |
| PAT Margin (%) | 12.8% | 19.4% | 18.7% | 13.6% | 8.8% | -13.9% | -13.7% |
| Adjusted EPS (₹) | 6.2 | 10.0 | 10.5 | 5.7 | 4.4 | -6.7 | -7.2 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 64 | 98 | 134 | 261 | 281 | 252 | 271 | ||||
| Debt + | 51 | 36 | 36 | 53 | 91 | 128 | 143 | ||||
| Minority Interest | 0 | 0 | 0 | 0 | 2 | 2 | 0 | ||||
| Trade Payables | 8 | 16 | 19 | 16 | 39 | 46 | 42 | ||||
| Others Liabilities ⓘ | -1 | -4 | 29 | 110 | 88 | 110 | 71 | ||||
| Total Liabilities ⓘ | 122 | 147 | 218 | 440 | 500 | 538 | 527 | ||||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 60 | 54 | 88 | 89 | 294 | 286 | 296 | ||||
| CWIP ⓘ | 0 | 1 | 7 | 124 | 0 | 0 | 0 | ||||
| Investments ⓘ | 0 | 0 | 11 | 6 | 0 | 0 | 0 | ||||
| Inventories | 24 | 35 | 47 | 44 | 77 | 95 | 87 | ||||
| Trade Receivables | 28 | 40 | 39 | 44 | 110 | 128 | 96 | ||||
| Cash Equivalents | 1 | 7 | 3 | 114 | 5 | 7 | 11 | ||||
| Others Assets ⓘ | 9 | 11 | 24 | 21 | 14 | 22 | 37 | ||||
| Total Assets ⓘ | 122 | 147 | 218 | 440 | 500 | 538 | 527 | ||||
| PARTICULARS | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 54 | 32 | 28 | 27 | -37 | -31 | 27 |
| Cash Flow From Investing Activity ⓘ + | -11 | -8 | -28 | -205 | 9 | -6 | -10 |
| Cash Flow From Financing Activity ⓘ + | -46 | -19 | -3 | 183 | 24 | 37 | -16 |
| Net Cash Flow ⓘ | -3 | 5 | -3 | 4 | -4 | 0 | 1 |
| PARTICULARS | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 32.51 | 41.66 | 30.66 | 12.26 | 7.3 | -10.84 | -12.17 | |||
| ROCE (%) | 21.99 | 29.89 | 25.43 | 10.43 | 7.34 | -2.15 | -1.8 | |||
| Asset Turnover Ratio | 1.34 | 1.3 | 1.04 | 0.54 | 0.48 | 0.4 | 0.44 | |||
| PAT to CFO Conversion(x) | 2.57 | 0.94 | 0.78 | 1.13 | -1.85 | N/A | N/A | |||
| Working Capital Days | ||||||||||
| Receivable Days | 62.70 | 70.60 | 75.50 | 85 | 124.60 | 208.80 | 175.40 | |||
| Inventory Days | 52.80 | 60.60 | 78.20 | 93.10 | 97.80 | 150.70 | 142.50 | |||
| Payable Days | 40.30 | 61.80 | 74.20 | 75.50 | 84.40 | 152.20 | 138.30 | |||
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Announcements
Global Surfaces Ltd FAQs
The current trading price of Global Surfaces on 21-Sep-2026 12:50 is ₹29.00.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 20-Sep-2026 the market cap of Global Surfaces stood at ₹117.8 Cr
The latest P/E ratio of Global Surfaces as of 20-Sep-2026 is 12.87.
The latest P/B ratio of Global Surfaces as of 20-Sep-2026 is 0.34.
The 52-week high of Global Surfaces is ₹139.9 and the 52-week low is ₹23.46.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Global Surfaces is ₹68.82 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Global Surfaces Ltd is a average quality company.
The key valuation ratios of Global Surfaces Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Global Surfaces Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About Global Surfaces Ltd
Global Surfaces is a leading Indian manufacturer and exporter of premium surface materials, specializing in natural stone and engineered quartz. With a strong focus on design excellence, product quality, and sustainability, the company continues to meet the growing global demand for aesthetically appealing and durable surfaces used in modern construction and interior design.
Founded by Mayank Shah and headquartered in Jaipur, India, the company has steadily expanded its domestic and international presence by aligning its operations with evolving customer preferences and industry standards. Over the years, Global Surfaces has built a robust operational foundation, supported by state-of-the-art manufacturing facilities and a diversified product portfolio tailored to residential, commercial, and architectural applications. The company's strategic expansion into overseas markets, particularly the United States, has further strengthened its position as a trusted global partner in the surfacing industry.
In line with its commitment to excellence, the company emphasizes sustainable sourcing, technological advancement, and customer-centric innovation. This forward-looking approach has enabled Global Surfaces to consistently deliver superior products while maintaining strong relationships across its value chain.
The company was incorporated on August 23, 1991, and has its registered office is at Mahindra World City, Sanganer, Jaipur. It was converted from a private limited company into a public limited company on October 21, 2021. The company's shares were listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) on March 23, 2023.
Business area of the company
The company is engaged primarily in the business of manufacturing of quartz and processing of granite and marble.
Products
- Engineered Quartz
- Natural Stone
Milestones/ Awards/ Achievements
- 1991: Incorporation of Company.
- 2004: Change in Company’s name to Global Stones Pvt. Ltd. and line of business from real estate and construction to processing of natural stones. In line with the change in business operations, Unit I located at Bagru (Jaipur) was acquired by the company through DRT auction.
- 2005: Entered the global market and received recognition for export achievement with respect to granites and marbles slates from CAPEXIL.
- 2007: Received recognition for Outstanding achievements in Business Excellence.
- 2007: Outstanding Quality Performance Award from Indian Organisation for Commerce & Industry.
- 2011: Started “Global Mining”, an organization engaged in mining activities and started operating quarries: Crema Petra, Bianco and Angel Black Beauty.
- 2015: Upgradation of plant and machinery installed at Unit I.
- 2016: Crossed annual turnover of Rs 500 million.
- 2016: Recognised and awarded as Fastest Growing Industrial Excellence for the year 2015-16 by Indian Organisation for Commerce and Industry.
- 2016: Worldwide Achievers Award for Revival of Dying Granite Industry of North India” at the Business Leaders’ Summit & Awards.
- 2017: Laid down the foundation stone of Unit II located at Mahindra SEZ (Jaipur) for undertaking business of manufacturing engineered quartz.
- 2017: Recognised and awarded as Fastest Growing Industrial Excellence for the year 2016-17 by Indian Organisation for Commerce and Industry.
- 2017: Rajasthan State Award for export excellence during 2016-17.
- 2018: Commenced production of engineered quartz at Unit II. Awarded as Rajasthan’s Best Employer Brand by Employer Branding Institute India. excellence during 2016-17.
- 2019: Crossed annual turnover of Rs 1,000 million.
- 2020: Incorporated Global Surfaces Inc., a foreign subsidiary in U.S.A.
- 2020: Installed solar panels in both units as part of the Go-Green Initiative and implemented ERP system.
- 2020: Featured in India’s Growth Champions 2020 as nation’s fastest growing companies by the Economic Times and Statista.
- 2020: Excellence Award for Industrial Development by IEDRA.
- 2020: Asia Pacific Enterprise Awards 2020 [Category: Fast Enterprise (manufacturing sector)].
- 2021: Change in name of Company to Global Surfaces Limited.
- 2021: Incorporated Global Surfaces FZE, a wholly owned subsidiary in U.A.E.
- 2021: Inspirational Icons in Leadership Award by Fortune India Exchange.
- 2022: Commenced construction of the proposed facility at The Jebel Ali Free Zone, Dubai, U.A.E.
- 2023: Raised an aggregate of Rs 1,549.80 million through the historic IPO.
- 2024: Commenced the commercial production at Dubai Unit – Global Surfaces FZE.
- 2024: Entered into technical license agreement with SQIP LLC (USA) and Veego Technology Co. Ltd. (China).
- 2024: Wholly owned subsidiary -- Global Surfaces FZE launched new product Quartzites series.
- 2025: Wholly-owned subsidiary -- Global Surfaces FZE located in Dubai, UAE, has secured purchase order worth around $1.58 million (Rs 14.05 crore) from M S International, Inc.
- 2025: Wholly-owned subsidiary -- Global Surfaces FZE, Dubai, UAE, has received a purchase order worth $709,842 (around Rs 6.30 crore) from Caesarstone.
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