Price
Financials
Consolidated, Rs crore| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 40.23 | 40.07 | 108.62 | 57.15 | 46.97 | 46.06 | 57.47 | 74.50 | 54.08 | 59.27 | 45.39 | 65.42 |
| Expenses | 33.43 | 33.35 | 92.42 | 49.70 | 45.24 | 51.37 | 59.39 | 66.56 | 57.64 | 56.03 | 64.37 | 57.09 |
| Operating Profit | 6.80 | 6.72 | 16.20 | 7.45 | 1.73 | -5.31 | -1.92 | 7.94 | -3.56 | 3.24 | -18.98 | 8.33 |
| OPM % | 16.90% | 16.77% | 14.91% | 13.04% | 3.68% | -11.53% | -3.34% | 10.66% | -6.58% | 5.47% | -41.82% | 12.73% |
| Other Income | 2.01 | 0.79 | -0.12 | 0.69 | 1.04 | 5.39 | 0.11 | 0.23 | 9.17 | 2.45 | 9.86 | 0.19 |
| Interest | 1.43 | 1.15 | 1.02 | 3.35 | 3.12 | 4.16 | 4.82 | 3.65 | 3.67 | 3.88 | 3.79 | 3.54 |
| Depreciation | 1.79 | 1.87 | 3.57 | 4.54 | 4.64 | 4.69 | 4.80 | 4.41 | 4.72 | 4.72 | 4.53 | 4.50 |
| Profit before tax | 5.59 | 4.49 | 11.49 | 0.25 | -4.99 | -8.77 | -11.43 | 0.11 | -2.78 | -2.91 | -17.44 | 0.48 |
| Tax % | 39.89% | 24.28% | 5.66% | 604.00% | 24.45% | 18.93% | -3.67% | 627.27% | 64.03% | 14.78% | 34.12% | 87.50% |
| Net Profit | 3.36 | 3.41 | 10.83 | -1.26 | -6.20 | -10.42 | -11.01 | -0.57 | -4.56 | -3.34 | -23.38 | 0.06 |
| EPS in Rs | 0.64 | 0.77 | 2.48 | -0.29 | -1.51 | -2.45 | -2.48 | -0.10 | -1.10 | -0.71 | -5.27 | 0.04 |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Sales | 163 | 175 | 190 | 178 | 225 | 208 | 233 | 224 |
| Expenses | 123 | 128 | 148 | 143 | 190 | 206 | 245 | 235 |
| Operating Profit | 41 | 47 | 42 | 36 | 35 | 2 | -11 | -11 |
| OPM % | 25% | 27% | 22% | 20% | 16% | 0.9% | -4.9% | -4.9% |
| Other Income | 2 | 4 | 8 | 3 | 4 | 7 | 22 | 22 |
| Interest | 5 | 3 | 3 | 4 | 4 | 15 | 15 | 15 |
| Depreciation | 17 | 13 | 11 | 9 | 9 | 19 | 18 | 18 |
| Profit before tax | 21 | 35 | 36 | 25 | 25 | -25 | -23 | -23 |
| Tax % | -1% | 2% | 1% | 4% | 22% | 16% | 38% | |
| Net Profit | 21 | 34 | 36 | 24 | 20 | -29 | -32 | -31 |
| EPS in Rs | 32.50 | 52.61 | 10.52 | 5.72 | 4.41 | -6.73 | -7.18 | -7.04 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | % | 6% | 9% | 0% | ||
| Compounded Profit Growth | % | % | % | -8% | ||
| Stock Price CAGR | % | % | -45% | -66% | ||
| Return on Equity | % | 1% | -5% | -11% |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 6 | 6 | 34 | 42 | 42 | 42 | 42 |
| Reserves | 58 | 92 | 100 | 219 | 288 | 260 | 228 |
| Borrowings | 54 | 38 | 79 | 166 | 145 | 199 | 214 |
| Other Liabilities | 11 | 22 | 23 | 35 | 47 | 56 | 56 |
| Total Liabilities | 129 | 159 | 236 | 462 | 522 | 558 | 541 |
| 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 |
| Other Assets | 69 | 104 | 131 | 244 | 227 | 271 | 245 |
| Total Assets | 129 | 159 | 236 | 462 | 522 | 558 | 541 |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 54 | 32 | 28 | 27 | -37 | -31 | 27 |
| Cash from Investing Activity | -11 | -8 | -28 | -205 | 9 | -6 | -10 |
| Cash from Financing Activity | -46 | -19 | -3 | 183 | 24 | 37 | -16 |
| Net Cash Flow | -3 | 5 | -3 | 4 | -4 | 0 | 1 |
| Free Cash Flow | 44 | 24 | 18 | -87 | -141 | -35 | 19 |
| CFO/OP | 142% | 77% | 87% | 97% | -91% | -1,393% | -248% |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 63 | 83 | 75 | 90 | 178 | 224 | 151 |
| Inventory Days | 126 | 176 | 198 | 190 | 236 | 342 | 277 |
| Days Payable | 42 | 84 | 79 | 70 | 119 | 165 | 132 |
| Cash Conversion Cycle | 147 | 175 | 193 | 210 | 295 | 401 | 295 |
| Working Capital Days | 106 | 59 | 103 | -80 | 169 | 144 | 62 |
| ROCE % | 30% | 21% | 9% | 7% | -2% | -2% |
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters | 73.37% | 73.37% | 73.37% | 73.37% | 73.26% | 73.25% | 73.25% | 73.25% | 73.25% | 73.25% | 73.25% | 73.25% |
| FIIs | 1.71% | 2.34% | 2.11% | 1.89% | 1.53% | 1.53% | 1.67% | 0.57% | 0.76% | 1.60% | 1.59% | 0.76% |
| DIIs | 0.62% | 0.45% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.13% | 0.00% | 0.00% |
| Public | 24.29% | 23.85% | 24.52% | 24.75% | 25.22% | 25.24% | 25.08% | 26.20% | 25.98% | 25.02% | 25.15% | 26.00% |
| No. of Shareholders | 12,357 | 13,603 | 12,894 | 13,519 | 14,343 | 14,800 | 14,668 | 14,825 | 15,612 | 14,793 | 14,433 | 14,363 |
Fundamentals
Market Cap₹ 128 Cr.
Current Price₹ 30.7
Book Value₹ 63.8
ROCE-1.69 %
ROE-10.8 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)0%
Compounded Profit Growth (TTM)-8%
Consolidated figures.
Valuation
Market capRs 127 Cr
Enterprise valueRs 180 Cr
Price to book0.49x
Price to sales0.57x
EV / EBITDA16.78x
EV / sales0.80x
Price to cash flow4.70x
Earnings yield-23.51%
P/E, 3-year average28.97x
P/B, 3-year average2.69x
Profitability
Operating margin (excl. other income)19.94%
Operating margin (incl. other income)21.50%
EBITDA margin4.77%
Pre-tax margin-10.10%
Net profit margin-13.32%
Net margin, latest quarter0.23%
ROE12.26%
ROCE9.00%
ROA6.94%
ROE, 3-year average28.19%
ROCE, 3-year average20.37%
ROA, 3-year average16.18%
ROIC (approx.)-2.37%
Tax rate4.19%
Other income / net worth1.06%
Growth
Sales growth (latest year)-6.43%
Profit growth (latest year)-32.00%
Sales CAGR, 3 years2.89%
Profit CAGR, 3 years4.95%
Sales growth QoQ44.13%
Sales growth YoY (latest quarter)-12.19%
Per share
EPS (TTM)Rs -7.04
EPS (latest year)Rs 5.72
EPS (latest quarter)Rs 0.04
EPS, 3-year averageRs 22.95
Book value per shareRs 61.66
Sales per shareRs 52.89
Cash flow per shareRs 6.38
Free cash flow per shareRs 4.48
Efficiency
Asset turnover0.39x
Fixed asset turnover2.01x
Inventory turnover2.46x
Inventory days148 days
Debtor days90 days
Debtors turnover4.05x
Creditor days132 days
Cash conversion cycle295 days
Working capital days62 days
Leverage
Total debtRs 166 Cr
Cash and bankRs 114 Cr
Net debtRs 53 Cr
Debt to equity0.64x
Net debt / EBITDA4.92x
Interest coverage-0.52x
Owners' fund to total sources56.56%
Debt to assets35.97%
Cash flow
Cash from Operating Activity (latest year)Rs 27 Cr
Cash from Investing Activity (latest year)Rs -205 Cr
Cash from Financing Activity (latest year)Rs 183 Cr
Net Cash Flow (latest year)Rs 4 Cr
Free cash flow (latest year)Rs 19 Cr
FCFE (approx.: FCF + change in debt)Rs 106 Cr
Cash from ops / profit, 5 years0.74x
Sales to cash flow6.59x
Statement figures
Net sales (TTM)Rs 224 Cr
Net sales (latest year)Rs 178 Cr
Sales (latest quarter)Rs 65 Cr
Operating profit excl. other income (latest year)Rs 36 Cr
Operating profit (latest quarter)Rs 8 Cr
Other income (TTM)Rs 22 Cr
EBITDA (TTM)Rs 11 Cr
PBDT (TTM)Rs -4 Cr
Profit before tax (TTM)Rs -23 Cr
Tax (latest year)Rs 1 Cr
Net profit (TTM)Rs -30 Cr
Net profit (latest year)Rs 24 Cr
Net profit (latest quarter)Rs 0 Cr
Depreciation (TTM)Rs 18 Cr
Depreciation (latest quarter)Rs 4 Cr
Interest (TTM)Rs 15 Cr
Cost of goods sold (latest year)Rs 108 Cr
Total expenditure (latest year)Rs 143 Cr
Total income (latest year)Rs 181 Cr
Share capitalRs 42 Cr
ReservesRs 219 Cr
Shareholders' fundsRs 261 Cr
Total assetsRs 462 Cr
Net blockRs 89 Cr
Capital work in progressRs 124 Cr
InvestmentsRs 6 Cr
ReceivablesRs 44 Cr
InventoryRs 44 Cr
Other liabilitiesRs 35 Cr
Shares outstanding (crore)4.24
Ownership
Promoter holding73.25% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/B 0.49 is at the 5th percentile (median 5.65).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
| Period | GSLSU | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | -6.3% | -2.8% | -3.5 pts |
| 1 month | +22.2% | -6.8% | +29.0 pts |
| 3 months | -25.2% | -7.6% | -17.6 pts |
| 6 months | -34.9% | +0.4% | -35.3 pts |
| 1 year | -68.5% | -9.9% | -58.5 pts |
| 2 years | -86.1% | -13.6% | -72.5 pts |
| 3 years | -83.4% | +14.2% | -97.6 pts |
Red flags
F-score 3 of 8| explain | Share dilution Share count up 25% in a year, 562% in three |
| explain | Debt up, profit down Borrowings up 109% while net profit fell in 2026 |
| look | Auditor change Auditor change 2026-08-10: Global Surfaces Limited has informed the Exchange regarding Change in Auditors of the company. |
| look | Regulator order or action Regulator order or action 2026-06-30: Global Surfaces Limited has informed the Exchange about receipt of an Order passed under section 271D of Income Tax Act, 1961 |
| look | On NSE surveillance On NSE surveillance: ASM long-term |
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.
Latest quarter
Jun 2026Sales ₹65 Cr -12.2% vs Jun 2025.
Net profit ₹0 Cr +110.5%.
Activity
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|---|---|---|---|
| Midwest Ltd | 3,164 | 28.5 | 15.8 % |
| Pokarna Ltd | 2,226 | 23.4 | 11.5 % |
| Esprit Stones Ltd | 143 | -0.25 % | |
| Pacific Industries Ltd | 91 | 33.0 | 1.09 % |
| Elegant Marbles and Grani Industries Ltd | 52 | 16.7 | 3.77 % |
| Royal Cushion Vinyl Products Ltd | 47 | -0.17 % | |
| Oriental Trimex Ltd | 36 | 14.3 | 3.84 % |
| Aro Granite Industries Ltd | 35 | 0.57 % | |
| Madhav Marbles and Granites Ltd | 32 | -0.73 % |
No bulk or block deals on record.
No corporate actions on record.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
EPS in the scrip is zero (4 trailing quarters)Long Term Additional Surveillance Measure (Long Term ASM): stage 1