1. At a Glance – The Meme Version (Read This Twice)
Global Surfaces Ltd (GSL) is currently that over-ambitious exporter friend who booked a Dubai apartment on EMI before their salary hike actually came. Market cap sits at ₹362 Cr, the stock is chilling at ₹89, down 33% YoY, while promoters are holding tight at 73.2% like a family heirloom.
Latest numbers? Q3 FY26 revenue ₹59.3 Cr (+28.7% YoY) but PAT still negative at ₹3.34 Cr. ROCE is -1.97%, ROE -9.08%, debt at a not-so-cute ₹212 Cr, and EV/EBITDA at ~32x—for a loss-making stone company.
Engineered quartz contributes 94% of revenue, exports are 97%, and Dubai is now both the growth engine and the headache. The UAE subsidiary bled cash, Bagru unit is being shut down by March 31, 2026, and management is converting ₹50 Cr loan into equity just to keep breathing.
This is not a sleepy marble company anymore. This is a leveraged global quartz exporter trying to outrun its own balance sheet. Curious? Good. Let’s dig.
2. Introduction – From Jaipur to Jebel Ali, With EMIs
Global Surfaces is not new. The business has existed in some form since the 1990s, formally incorporated in 2004, and for years lived a simple life—cut stones, polish granite, export slabs, repeat.
Then came engineered quartz. Higher margins. Fancy kitchens. American countertops. Instagram interiors. Suddenly, everyone wanted to be a “premium surface brand.”
GSL followed the script perfectly:
- IPO
- Capacity expansion
- Dubai manufacturing
- US distribution
- Patented tech buzzwords
And then reality arrived with freight costs, working capital stretch,
US tariff uncertainty, and a Dubai plant that needed cash faster than profits.
FY25 ended in losses. FY26 is about survival + reset. This is not a growth story yet—this is a transition story.
3. Business Model – WTF Do They Even Do?
Think of Global Surfaces as a stone Netflix for luxury kitchens.
A. Engineered Quartz (94% of revenue)
- Quartz + resin + pigments
- Sold as slabs for countertops, islands, premium interiors
- Capacity:
- India (Mahindra SEZ): ~1.44 lakh sqm
- UAE (Jebel Ali): ~6.23 lakh sqm
- Uses licensed technology (SQIP USA, Veegoo China)
- Brand name: Marquartz
This is the money bet.
B. Natural Stones (6% of revenue)
- Granite, marble, quartzite
- Lower margins, working capital heavy
- Bagru unit (Jaipur) → being shut down by March 2026
Goodbye low-margin nostalgia.
C. Overseas Play
- Global Surfaces FZE (Dubai) – Manufacturing hub
- Global Surfaces Inc (Delaware) – US B2B processor
- Superior Surfaces Inc (Texas) – Distribution arm
In theory: closer to customers, better logistics, higher pricing power.
In practice: higher debt, higher burn, longer receivables.
4. Financials Overview – Numbers
