Global Surfaces Q1 FY27: Revenue down YoY but margins improve, PAT near breakeven
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On the reaction day the stock moved 4.4 pts more than Nifty Microcap 250 and 5.0 pts more than its Granites & Marbles peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Global Surfaces reported Q1 FY27 revenue of INR 654 Mn, down 12.2% YoY but up 44.1% QoQ. EBITDA rose to INR 83 Mn with margins improving 195 bps YoY to 12.69%. PAT was INR 0.64 Mn versus a loss of INR 6 Mn YoY. Management attributed the improvement to UAE operations ramp-up, which became the largest revenue contributor. The natural stones plant was discontinued from March 31, 2026. Exports remain 95% of revenue. Debt to equity stands at 0.60x.
Margin recovery and UAE ramp-up are positives, but YoY revenue decline, freight cost pressures, and stock down 70% from highs signal caution.