Global Surfaces Reports Quarterly Results, Replaces CFO, and Approves Bank Guarantee for Subsidiary

Global Surfaces Reports Quarterly Results, Replaces CFO, and Approves Bank Guarantee for Subsidiary​

Global Surfaces Limited announced its un-audited standalone and consolidated financial results for the quarter ending June 30, 2026. The company also finalized several key managerial and governance appointments following its Board meeting held on August 10, 2026. Highlights of the board outcomes include the appointment of a new Chief Financial Officer (CFO) and approval of a corporate guarantee for its wholly owned subsidiary, Global Surfaces FZE, in favour of HDFC Bank Limited.

The company is engaged in manufacturing and trading of natural stone and engineered quartz used in surface and counter tops, selling products across three geographies: the United States of America, the United Arab Emirates, and India.

Financial Performance Summary (Q ended June 30, 2026)​

As reviewed by M/s. Ummed Jain & Co., Chartered Accountants, the consolidated results for the quarter showed a total income of 656.11 million. For the standalone segment in India, revenue from operations stood at 221.32 million.

The following tables present the key financial metrics for Global Surfaces Limited:

Consolidated Financial Results (Amounts in Million)


Segment Information (Amounts in Million)

Key Management and Governance Decisions​

The Board of Directors approved several significant personnel changes and appointments:

• CFO Change: Mr. Mayank Shah relinquished the additional charge of Chief Financial Officer, effective from August 10, 2026, while continuing in his roles as Chairman and Managing Director. Mr. Ashish Agarwal was subsequently appointed as the CFO, effective from August 11, 2026.
• Director Appointments: Mrs. Sweta Shah was re-appointed as Whole-time Director for a further term of three years, effective from September 11, 2026. Dr. Chandan Chowdhury was also re-appointed as an Independent Director for a second term of two consecutive years, starting October 26, 2026.
• Senior Management: Mr. L. N. Bakshi (Vice President - Sales & Marketing) was appointed as a Senior Management Personnel with effect from August 10, 2026.
• Statutory Auditors: M/s. Ummed Jain & Co., Chartered Accountants, were approved for re-appointment as the Statutory Auditor for a period of five consecutive years.

Operational and Financial Restructuring​

The company provided updates regarding strategic operations and financing:

1. Unit Closure: The Board approved the discontinuation of operations at the Bagru Unit (natural stone processing), effective March 31, 2026, following sustained financial and cash losses and continued capacity under-utilization. The Company is currently working towards an orderly closure plan for the unit.
2. Inter-company Loan Conversion: Approval was granted for the conversion of a further tranche of the unsecured inter-company loan granted to its wholly owned subsidiary, Global Surfaces FZE in Dubai, into equity shares of the subsidiary. This transaction does not involve any cash outflow and represents a reclassification of an existing exposure into equity investment.
3. Bank Guarantee: The Company approved a Corporate Guarantee through a Standby Letter of Credit (SBLC) amounting to ₹ 2 crore in favour of HDFC Bank Limited, GIFT City IBU, Gujarat. This SBLC secures the Working Capital Term Loan facilities availed by Global Surfaces FZE. The company confirmed that this guarantee does not involve any fresh cash outflow and is considered a continuation of existing credit support.

GSLSU Stock Price Movement​

Shares of Global Surfaces Limited slipped by 3.71% to settle at ₹26.81 in post-market trading today. The stock recorded a total traded volume of 205,804 shares during the session.