Global Surfaces Ltd - Stock Valuation and Financial Performance

BSE: 543829 | NSE: GSLSU | Ceramics/Marble/Granite/Sanitaryware | Small Cap

Global Surfaces Share Price

232 10.30 4.65%
as on 28-Mar'24 16:01

DeciZen - make an informed investing decision on Global Surfaces

Overall Rating
Bole Toh

1. Quality

2. Valuation

Somewhat overvalued

3. Price Trend

Global Surfaces stock performance -

mw4me loader
P/E Ratio (SA):
43.89
Market Cap:
976.7 Cr.
52-wk low:
147.6
52-wk high:
331.6

Is Global Surfaces Ltd an attractive stock to invest in?

1. Is Global Surfaces Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Global Surfaces Ltd is a average quality company.

2. Is Global Surfaces Ltd undervalued or overvalued?

The key valuation ratios of Global Surfaces Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.

3. Is Global Surfaces Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Global Surfaces Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Global Surfaces:

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 end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

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

Value Creation Index Colour Code Guide

Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 13.9%20.2%26.9%21.4%11.3%-
Value Creation
Index
0.00.40.90.5-0.2-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 136163175189177157
Sales YoY Gr.-19.6%7.5%8.3%-6.5%-
Adj EPS 4.36.49.49.15.75.3
YoY Gr.-51.2%45.7%-3.1%-37%-
BVPS (₹) 12.519.22939.561.465.5
Adj Net
Profit
14.421.831.830.824.322
Cash Flow from Ops. 4.751.931.327.625.4-
Debt/CF from Ops. 19.511.21.41.7-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales NANA2.9%-6.5%
Adj EPS NANA-3.8%-37%
BVPSNANA47.4%55.6%
Share Price - - - 48.1%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
34.240.738.926.512.38.3
Op. Profit
Mgn %
24.724.626.821.719.516.1
Net Profit
Mgn %
10.613.418.216.313.714.2
Debt to
Equity
2.20.80.40.30.2-
Working Cap
Days
0163157188234204
Cash Conv.
Cycle
0111102116136134

Recent Performance Summary

No data to display

Return on Equity has declined versus last 3 years average to 8.30%

Sales growth has been subdued in last 3 years 2.86%

Net Profit has been subdued in last 3 years -3.82%

Sales growth is not so good in last 4 quarters at -10.44%

Latest Financials - Global Surfaces Ltd.

Standalone Consolidated
TTM EPS (₹) 5.3 3.3
TTM Sales (₹ Cr.) 157 156
BVPS (₹.) 65.5 63.8
Reserves (₹ Cr.) 235 228
P/BV 3.52 3.61
PE 43.89 70.11
From the Market
52 Week Low / High (₹) 147.60 / 331.55
All Time Low / High (₹) 147.60 / 331.55
Market Cap (₹ Cr.) 977
Equity (₹ Cr.) 42.4
Face Value (₹) 10
Industry PE 41.4

Management X-Ray of Global Surfaces:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Global Surfaces

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'19Mar'20Mar'21Mar'22Mar'23
Sales136163175189177
Operating Expenses 104123128148143
Manufacturing Costs2223252522
Material Costs5671728784
Employee Cost 8991210
Other Costs 1819222526
Operating Profit 3240474134
Operating Profit Margin (%) 23.4%24.6%26.8%21.7%19.5%
Other Income 13494
Interest 65333
Depreciation 121713119
Exceptional Items 00000
Profit Before Tax 1521343626
Tax 2-2101
Profit After Tax 1323343525
PAT Margin (%) 9.7%14.0%19.3%18.7%14.2%
Adjusted EPS (₹)3.96.710.010.55.9
Dividend Payout Ratio (%)0%0%0%0%0%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 426598134260
Share Capital 6663442
Reserves 365992100218
Minority Interest00000
Debt8851373640
Long Term Debt45146117
Short Term Debt4337312633
Trade Payables157161916
Others Liabilities 63-5-12-13
Total Liabilities 151126146176303

Fixed Assets

Gross Block8898104108117
Accumulated Depreciation2338506069
Net Fixed Assets6660534847
CWIP 00160
Investments 0001226
Inventories2724354744
Trade Receivables4528403945
Cash Equivalents 5161113
Others Assets913112428
Total Assets 151126146176303

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity 552312825
PBT 1521343626
Adjustment 1824151110
Changes in Working Capital -2610-14-11-3
Tax Paid -3-3-4-8-7
Cash Flow From Investing Activity -20-10-8-28-124
Capex -52-11-8-8-3
Net Investments 000-10-101
Others 3210-10-20
Cash Flow From Financing Activity 17-44-19-3105
Net Proceeds from Shares 1000102
Net Proceeds from Borrowing 10-34-1500
Interest Paid -6-5-4-3-3
Dividend Paid 00000
Others 12-50-16
Net Cash Flow 3-34-46
PARTICULARSMar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)31.2142.4641.3330.5912.73
ROCE (%)15.8520.8329.6525.3112.44
Asset Turnover Ratio0.91.171.281.170.74
PAT to CFO Conversion(x)0.382.260.910.81
Working Capital Days
Receivable Days12182727786
Inventory Days7256617994
Payable Days9858607374

Global Surfaces Ltd Stock News

Global Surfaces Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Global Surfaces on 28-Mar-2024 16:01 is ₹232.0.
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 28-Mar-2024 16:01 the market cap of Global Surfaces stood at ₹976.7.
The latest P/E ratio of Global Surfaces as of 28-Mar-2024 16:01 is 43.89.
The latest P/B ratio of Global Surfaces as of 28-Mar-2024 16:01 is 3.52.
The 52-week high of Global Surfaces is ₹331.6 and the 52-week low is ₹147.6.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Global Surfaces is ₹156.8 ( Cr.) .

About Global Surfaces Ltd

Global Surfaces was incorporated under the provisions of the Companies Act, 1956 as “Swastic Niwas Private Limited” on August 23, 1991, as a private limited company vide Certificate of Incorporation issued by Registrar of Companies, West Bengal. Subsequently, the name of the company was changed to “Global Stones Private Limited” pursuant to Special Resolution passed by the shareholders of the company at their Extra-Ordinary General Meeting held on May 17, 2004 and a fresh Certificate of Incorporation was issued by the Registrar of Companies, West Bengal on May 28, 2004. Subsequently, the name of the company was changed to “Global Surfaces Private Limited” pursuant to a Special Resolution passed by the shareholders of the company at the Extra-Ordinary General Meeting held on October 07, 2021 and a fresh Certificate of Incorporation dated October 20, 2021 was issued by the Registrar of companies, Jaipur. Thereafter, the company was converted into a public limited company and the name was changed to “Global Surfaces Limited” pursuant to Special Resolution passed by the shareholders of the company at the Extra-Ordinary General Meeting held on October 07, 2021 and a fresh Certificate of Incorporation dated October 21, 2021 was issued by the Registrar of Companies, Jaipur. In the year 2021, the registered office of the company has been shifted from Kolkata, West Bengal to Jaipur, Rajasthan pursuant to Certificate of Registration of Regional Director order for Change of State dated January 15, 2021.

The company is engaged in the business of processing natural stones and manufacturing engineered quartz. It has two units, one located at RIICO Industrial Area, Bagru Extn, Bagru, Jaipur, Rajasthan and the other at Mahindra World City SEZ, Jaipur, Rajasthan for processing and manufacturing of its products. its Unit I which is located at Bagru, Jaipur, Rajasthan. This Unit was acquired by it as a stressed asset under the Recovery of the Debt Due to Banks and Financial Institutions Act, 1993 in 2004 and is exclusively dedicated to processing natural stones such as marble, granite and quartzite. Its Unit I is strategically located in close proximity of the key raw material (i.e. blocks of natural stones) which helps in sourcing its raw materials and also minimize the logistics and transportation cost.

In 2004, a sick industrial unit comprising of the leased premise situated at RIICO Industrial Area, Bagru Extn, Bagru, Jaipur, Rajasthan along with the building and shed constructed on such premises and plant and machinery for cutting and processing of natural stones was being auctioned by the Debts Recovery Tribunal. The company assessed the opportunity and believing it to be viable, bid in the auction wherein it was allotted the premises and the plant and machinery. It is started the processing of natural stones from these premises were able to turn around this sick industrial unit into a profitable venture over the years. Prior to the acquisition of Unit I in 2004, it was engaged in the real estate construction business which business it has since ceased to undertake.

From FY 2017-18 onwards, it has further diversified its business into manufacturing of engineered quartz and for this purpose, Unit II at Mahindra World City SEZ, Jaipur, Rajasthan was set up by it. This Unit II is dedicated towards manufacturing engineered quartz. This Unit is also equipped with a R&D facility to develop, improve and test its products which assists in keeping pace with the ever evolving market trends and demands. Both its Units are located in close proximity of each other i.e., within a range of 20 Kms. from one another. Its products have application in the flooring, wall cladding, countertops, cut-to size and other items.

Its products are used in both commercial and residential industry and are sold within and outside India. Majority of its operational revenues comprise of export sales. It is focusses on exporting its products and have exported to the United States of America, Canada, Australia and Middle East.

Business area of the company

The company is engaged in the business of processing natural stones and manufacturing engineered quartz. Natural stones are produced by complex geological processes and include a number of products such as granite, limestone, marble, slate, quartzite, onyx, sandstone, travertine, and others that are quarried from the earth. Natural stones are widely known for their uniqueness, aesthetic appeal, texture, color and composition as no two natural stones are the same. Engineered quartz on the other hand, is an example of engineered stone used in the countertop industry, which is a composite material made up of crushed stone bonded by an adhesive. For instance, for countertops, the slabs are made from quartz crystals bonded with a resin binder.

Products of the company

Natural Stones

  • Granites
  • Marbles
  • Soft Quartzites
  • Phylites & Soapstones

Engineered quartz

  • Aurora
  • Kalmasa
  • Prismatic
  • Stratum


Awards, accreditations or recognition

  • 2006: Certificate of Export Recognition issued from CAPEXIL.
  • 2007: Certificate of Export Recognition issued from CAPEXIL.
  • 2008: Certificate of Export Recognition issued from CAPEXIL.
  • 2008: Outstanding Quality Performance Award issued from Indian Organisation for Commerce and Industry.
  • 2011: Certificate of Export Recognition issued from CAPEXIL.
  • 2011: Certificate of Export Recognition issued from CAPEXIL.
  • 2013: Special Export Award issued from CAPEXIL.
  • 2013: Certificate of Export Recognition issued from CAPEXIL.
  • 2016: Worldwide Achievers Business Leaders Summit Award issued from Worldwide Achievers Private Limited.
  • 2016-17: Rajasthan State Award for Export Excellence issued from Government of Rajasthan -Department of Industries.
  • 2016-17: Emerging Enterprise of India issued from India SME Forum.
  • 2015-16 & 2016-17: Special Export Award issued from CAPEXIL.
  • 2016: Fastest Growing Industrial Excellence Award issued from Indian Organisation for Commerce and Industry.
  • 2018-19: Excellence Award for Industrial Development issued from Indian Economic Development & Research Association. 2018: Fastest Growing Industrial & Business Development Award issued from Indian Organisation for Commerce and Industry.
  • 2018: Best Employer Brand Award issued from Employer Branding Institute – India.
  • 2020: Fast Enterprises - Category Manufacturing issued from Asia Pacific Enterprise Awards.
  • 2022: Business Enterprises of Tomorrow 2022 - Best Global Business of the Year issued from Dun & Bradstreet India.

Certifications

  • Certificate of Compliance received from UK Certification & Inspection Limited on January 27, 2021 valid till date January 26, 2024.
  • ISO 45001: 2018 Certification received from AQC Middle East FZE on January 27, 2021 valid till date January 26, 2024.
  • Greenguard Compliance received from UK Certification & Inspection Limited on January 20, 2021 valid till date January 26, 2024.
  • Kosher Certificate received from UK Certification & Inspection Limited on January 20, 2021 valid till date January 26, 2024.
  • Certificate for NSF/ ANSI 51 compliance received from NSF International on January 21, 2020.
  • Certificate for NSF/ ANSI 51 compliance received from NSF International on January 21, 2020.
  • ISO 9001:2015 Certification received from AQC Middle East LLC on January 20, 2022 valid till date January 19, 2025.
  • ISO 14001:2015 received from AQC Middle East LLC on January 20, 2022 valid till date January 19, 2025.


History and milestones

  • 1992: Incorporation of the company.
  • 2004: Change in the company's name 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. Outstanding Quality Performance Award from Indian Organisation for Commerce & Industry.
  • 2015: Upgradation of plant and machinery installed at Unit I.
  • 2016: Crossed annual turnover of Rs 50 crore.
  • 2017: Laid down the foundation stone of Unit II located at Sanganer (Jaipur) for undertaking business of manufacturing engineered quartz.
  • 2018: Commenced production of engineered quartz at Unit II.
  • 2019: Crossed annual turnover of Rs 100 crore.
  • 2020: The company being featured in India’s Growth Champions 2020 as nation’s fastest growing companies by the Economic Times and Statista.
  • 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.
  • 2021: Incorporated Global Surfaces FZE, a wholly owned subsidiary in U.A.E.
  • 2022: Commenced construction of the Proposed Facility at The Jebel Ali Free Zone, Dubai, U.A.E.
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