Global Surfaces LimitedInfrastructure & ConstructionGSLSU
Q1 FY27 concall · earnings callGlobal Surfaces Limited
Despite geopolitical disruptions and low capacity utilization, the company achieved break-even by focusing on cost control, product innovation, and diversifying into the domestic market.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue | ₹65 Cr | 44% | |
| EBITDA | ₹8 Cr | — | |
| EBITDA Margin | 12.69% | — | |
| Capacity Utilization | 27% | — | |
| Dubai Facility Utilization | 20% | — | |
| India Facility Utilization | 36% | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹46.06 Cr+15% YoY-1.9% QoQ | ₹-10.43 CrTurned loss-making YoYLoss widened QoQ | ₹-2.45Turned negative YoYLoss/share widened QoQ |
| Q2 FY25 | ₹46.97 Cr+16.8% YoY-17.8% QoQ | ₹-6.20 CrTurned loss-making YoYLoss widened QoQ | ₹-1.51Turned negative YoYLoss/share widened QoQ |
| Q1 FY25 | ₹57.15 Cr+57.1% YoY-47.4% QoQ | ₹-1.26 CrTurned loss-making YoYTurned loss-making QoQ | ₹-0.29Turned negative YoYTurned negative QoQ |
| Q4 FY24 | ₹108.62 Cr+174.3% YoY+171.1% QoQ | ₹10.83 Cr+88.3% YoY+217.6% QoQ | ₹2.48+47.6% YoY+222.1% QoQ |
| Q3 FY24 | ₹40.06 Cr— YoY-0.4% QoQ | ₹3.41 Cr— YoY+1.5% QoQ | ₹0.77— YoY+20.3% QoQ |
TL;DR
- Revenue grew 44% quarter-on-quarter to Rs. 65 crores.
- EBITDA turned positive at Rs. 8 crores (12.69% margin) from a loss of Rs. 19 crores.
- PAT improved from a loss of Rs. 2 crores to break-even.
- Overall capacity utilization was 27%, with 20% in Dubai and 36% in India.
- Discontinued loss-making natural stone unit in Bagru as of March 31, 2026.
- Launching products in the Indian domestic market in Q2 FY27.
Said on the call
“We do feel that the worst for the company is already done.”
From the Q&A
| Topic | What management said |
|---|---|
| Capacity and Geopolitical Impact | Dubai plant utilization was 20% and India 36% due to shipping disruptions from Middle East conflict; expects improvement if geopolitical situation normalizes. |
| Raw Material Costs | Raw material costs have escalated globally due to freight; the company passed on 30-40% of the cost increase to customers and remained EBITDA positive. |
| Market Diversification | Working on European markets and launching in India in Q2 FY27 via a distribution model; expanding India sales team to 25-30 people. |
| Bagru Unit Discontinuation | Discontinued natural stone unit due to operational losses; working on asset disposal and expects to complete sale within the financial year. |
| Margins and Cost Control | EBITDA margin improvement driven by 3% reduction in manufacturing expenses and 1.5% saving in business promotion and admin expenses. |
| Freight Costs | Freight costs from UAE remain exorbitantly high; the company is adapting internal operations to optimize shipments. |
Guidance
- Expects capacity utilization to improve if geopolitical situation normalizes.
- Plans to launch products in the Indian domestic market in Q2 FY27.
- Anticipates disposal of the Bagru unit asset within this financial year.
- No specific revenue or utilization guidance given due to geopolitical uncertainties.
Source
Summary written from the transcript filed by Global Surfaces Limited for the call held on 14 Aug 2026; published 18 Aug 2026, 20:05 IST.
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