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Global Surfaces Limited
(GSLSU)
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Rating:45Neutral
Price Target:
₹28.00
▼(-71.92% Downside)
Action:Reiterated
Date:08/19/26
The score is primarily held down by weak financial performance driven by two consecutive years of losses and inconsistent cash generation, despite a strong FY2026 revenue rebound. Technicals are mixed with short-term strength but a weak longer-term trend and negative MACD. Valuation is also penalized because the negative P/E reflects ongoing losses and there is no dividend yield support in the provided data.
Positive Factors
FY2026 Revenue Rebound
FY2026 revenue growth of 48.6% shows the surfaces business can recover demand and scale after the prior-year decline. If retained, stronger volume can improve operating leverage and support broader channel penetration, although profitability remains unresolved.
Negative Factors
Persistent Losses and Negative EBITDA
Net losses in FY2025 and FY2026, together with negative FY2026 operating profit and EBITDA, show that revenue recovery has not translated into sustainable earnings. Persistent margin pressure can reduce internal funding and weaken resilience if demand softens.
Read all positive and negative factors
Positive Factors
Negative Factors
FY2026 Revenue Rebound
FY2026 revenue growth of 48.6% shows the surfaces business can recover demand and scale after the prior-year decline. If retained, stronger volume can improve operating leverage and support broader channel penetration, although profitability remains unresolved.
Read all positive factors
Global Surfaces Limited (GSLSU) vs. iShares MSCI India ETF (INDA)
Market Cap
₹1.24B
Dividend YieldN/A
Average Volume (3M)24.34K
Price to Earnings (P/E)―
Beta (1Y)1.17
Revenue Growth-0.38%
EPS Growth-7.58%
CountryIN
Employees174
SectorGeneral
Sector StrengthN/A
IndustryConstruction Materials
Share Statistics
EPS (TTM)-7.04
Shares Outstanding42,381,817
10 Day Avg. Volume37,715
30 Day Avg. Volume24,340
Financial Highlights & Ratios
PEG Ratio-0.96
Price to Book (P/B)0.72
Price to Sales (P/S)0.84
P/FCF Ratio54.22
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Global Surfaces Limited Business Overview & Revenue Model
Company Description
Global Surfaces Limited is primarily engaged in the mining, production, and international trade of both natural stone varieties and engineered quartz. The company's extensive natural stone catalog features granites, marbles, soft quartzites, phyli...
How the Company Makes Money
GSLSU primarily makes money by selling its surfaces/products (e.g., natural/engineered stone slabs, tiles, and related finished surface materials) to customers in the construction and interior fit-out value chain. Key revenue streams typically inc...
Global Surfaces Limited Financial Statement Overview
Summary
Income Statement
36
Negative
Balance Sheet
62
Positive
Cash Flow
45
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.24B | 2.33B | 2.08B | 2.25B | 1.77B | 1.89B |
| Gross Profit | 731.09M | 662.21M | 1.06B | 785.55M | 706.78M | 771.78M |
| EBITDA | 108.03M | 103.61M | 91.67M | 380.34M | 382.91M | 498.47M |
| Net Income | -298.48M | -304.28M | -285.35M | 187.00M | 242.34M | 356.34M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 5.41B | 5.58B | 5.22B | 4.62B | 2.36B |
| Cash, Cash Equivalents and Short-Term Investments | 105.69M | 105.69M | 29.48M | 27.41M | 122.21M | 126.97M |
| Total Debt | 0.00 | 2.14B | 2.01B | 1.46B | 1.67B | 794.70M |
| Total Liabilities | -2.71B | 2.70B | 2.54B | 1.89B | 2.01B | 1.02B |
| Stockholders Equity | 2.71B | 2.71B | 3.02B | 3.31B | 2.61B | 1.34B |
Cash Flow | ||||||
| Free Cash Flow | 59.13M | 35.97M | -358.99M | -1.41B | -874.19M | 160.83M |
| Operating Cash Flow | 90.19M | 126.12M | -312.25M | -372.52M | 270.26M | 281.90M |
| Investing Cash Flow | -44.47M | -104.45M | -59.92M | 90.27M | -2.05B | -281.37M |
| Financing Cash Flow | -25.25M | -11.65M | 374.07M | 243.11M | 1.83B | -34.63M |
Global Surfaces Limited Technical Analysis
Neutral
99.73
Price Trends
31.41
Negative
43.01
Negative
66.96
Negative
Market Momentum
-1.16
Negative
48.55
Neutral
63.55
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:GSLSU, the sentiment is Neutral. The current price of 99.73 is above the 20-day moving average (MA) of 30.35, above the 50-day MA of 31.41, and above the 200-day MA of 66.96, indicating a bearish trend. The MACD of -1.16 indicates Negative momentum. The RSI at 48.55 is Neutral, neither overbought nor oversold. The STOCH value of 63.55 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:GSLSU.
Global Surfaces Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ₹194.81B | 36.03 | ― | 0.98% | 8.32% | 74.12% | |
66 Neutral | ₹6.16B | 29.26 | ― | 0.24% | 13.22% | 387.47% | |
62 Neutral | ₹22.83B | 21.46 | ― | 1.08% | 9.32% | 82.85% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
49 Neutral | ₹23.11B | -77.20 | ― | 0.99% | 28.75% | 98.71% | |
47 Neutral | ₹14.89B | 66.04 | ― | 2.50% | 18.50% | -67.27% | |
45 Neutral | ₹1.24B | -4.03 | ― | ― | -0.38% | -7.58% |
* General Sector Average
IN:GSLSU
Global Surfaces Limited
29.66
-76.69
-72.11%
IN:ASIANTILES
Asian Granito India Limited
49.78
-9.92
-16.62%
IN:KAJARIACER
Kajaria Ceramics Limited
1,219.60
-1.92
-0.16%
IN:NITCO
Nitco Limited
93.77
-27.83
-22.89%
IN:ORIENTBELL
Orient Bell Limited
414.95
124.67
42.95%
IN:SOMANYCERA
Somany Ceramics Limited
559.90
96.11
20.72%
Global Surfaces Limited Corporate Events
Global Surfaces’ Credit Rating Cut as Losses, Liquidity Strains Persist
Sep 1, 2026
Credit rating agency Acuité Ratings Research has downgraded Global Surfaces Limited’s long-term bank loan rating to ACUITE BBB with a Negative outlook and its short-term rating to ACUITE A3+, reflecting heightened concerns over the gro...
Global Surfaces Publishes Notice for 35th AGM to Be Held Online
Aug 27, 2026
Global Surfaces Limited has notified exchanges that it has published newspaper advertisements announcing the circulation of the notice for its 35th Annual General Meeting, scheduled for September 19, 2026, to be held via video conferencing and oth...
Global Surfaces Sets September 19, 2026 AGM With Governance Changes on Agenda
Aug 26, 2026
Global Surfaces Limited has scheduled its thirty-fifth Annual General Meeting for September 19, 2026, to be held via video conferencing or other audio-visual means, with electronic circulation of the AGM notice and the annual report for financial ...
Global Surfaces Publishes Q1 FY27 Earnings Call Transcript for Investors
Aug 14, 2026
Global Surfaces Limited has released the official transcript of its Q1 FY 2026-27 earnings conference call held on August 11, 2026, where management discussed financial results and business performance for the quarter ended June 30, 2026. The docu...
Global Surfaces Overhauls Governance and Bolsters Dubai Subsidiary Financing
Aug 10, 2026
Global Surfaces Limited has approved its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, and cleared the related board reports and governance documents ahead of its 35th Annual General Meeting, to be he...
Global Surfaces clears Q1 FY27 results, overhauls governance and backs Dubai arm
Aug 10, 2026
Global Surfaces Limited’s board has approved the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, and cleared the accompanying review reports, paving the way for their publication to shareholders a...
Global Surfaces faces Rs. 1.73 crore tax penalty, plans appeal
Jun 30, 2026
Global Surfaces Limited has disclosed that it received an order from the Income Tax Department imposing a penalty of Rs. 1.73 crore for the 2019-20 assessment year, citing alleged acceptance of loans or deposits in violation of Section 269SS of th...
Global Surfaces shareholders clear director changes and related-party deals via postal ballot
Jun 25, 2026
Global Surfaces Limited has announced that shareholders have approved all resolutions circulated via postal ballot and remote e-voting, including the appointment of Rakesh Grover as a non-executive independent director and the redesignation of Yas...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.