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Global Surfaces Q1 FY27 results: net profit ₹0.06 crore vs ₹0.57 crore loss, revenue down 12.2%
Global Surfaces Limited reported consolidated revenue of ₹65.42 crore in Q1 FY27, down 12.2% year on year but up 44.1% sequentially. EBITDA rose to ₹8.33 crore from ₹7.95 crore a year earlier, while the company moved from a net loss of ₹0.57 crore to a net profit of ₹0.06 crore; basic EPS was ₹0.04.
Key points
- Consolidated revenue was ₹65.42 crore in Q1 FY27, down 12.2% from ₹74.50 crore in Q1 FY26 and up 44.1% from ₹45.39 crore in Q4 FY26.
- EBITDA was ₹8.33 crore, up 4.8% year on year from ₹7.95 crore; EBITDA margin was 12.7%, compared with 10.7% a year earlier and -41.8% in the previous quarter.
- Profit before tax was ₹0.48 crore and net profit was ₹0.06 crore, compared with a net loss of ₹0.57 crore in Q1 FY26 and a net loss of ₹23.38 crore in Q4 FY26.
- Basic EPS was ₹0.04, compared with -₹0.1 in Q1 FY26 and -₹5.27 in Q4 FY26.
- India revenue fell 21.4% to ₹22.13 crore, while UAE revenue fell 7.2% to ₹40.81 crore and US revenue fell 15.4% to ₹12.48 crore.
How did Global Surfaces perform in Q1 FY27?
Global Surfaces reported consolidated revenue of ₹65.42 crore in Q1 FY27, down 12.2% from ₹74.50 crore in Q1 FY26 but up 44.1% from ₹45.39 crore in Q4 FY26. EBITDA was ₹8.33 crore, compared with ₹7.95 crore a year earlier and a loss of ₹18.98 crore in the previous quarter. The EBITDA margin improved to 12.7% from 10.7% year on year and -41.8% sequentially.
Consolidated profit before tax was ₹0.48 crore in Q1 FY27, compared with ₹0.12 crore in Q1 FY26 and a loss of ₹17.43 crore in Q4 FY26. Net profit was ₹0.06 crore, against a net loss of ₹0.57 crore a year earlier and a net loss of ₹23.38 crore in the previous quarter. Basic EPS was ₹0.04, compared with -₹0.1 and -₹5.27, respectively. On a standalone basis, revenue was ₹22.13 crore and net profit was ₹2.54 crore.
| ₹ crore | Q1 FY27 | Q4 FY26 | Q1 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 65.42 | 45.39 | 74.50 | −12.2% | +44.1% |
| Other income | 0.19 | 9.86 | 0.23 | −17.4% | −98.1% |
| Total expenses | 65.13 | 72.69 | 74.61 | −12.7% | −10.4% |
| EBITDA | 8.33 | −18.98 | 7.95 | +4.8% | turned to profit |
| EBITDA margin | 12.7% | -41.8% | 10.7% | +2.0 pp | +54.5 pp |
| Profit before tax | 0.48 | −17.43 | 0.12 | +300.0% | turned to profit |
| Tax | 0.42 | 5.95 | 0.69 | −39.1% | −92.9% |
| Net profit | 0.06 | −23.38 | −0.57 | turned to profit | turned to profit |
| EPS (₹) | 0.04 | −5.27 | −0.10 | turned to profit | turned to profit |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Global Surfaces' costs and profit?
Total expenses fell to ₹65.13 crore in Q1 FY27 from ₹74.61 crore in Q1 FY26, down 12.7%. Cost of materials declined by ₹11.59 crore, or 34.1%, to ₹22.43 crore; employee cost fell by ₹0.65 crore, or 7.9%, to ₹7.62 crore; finance costs declined by ₹0.11 crore, or 3.0%, to ₹3.54 crore; and other expenses fell by ₹5.72 crore, or 26.0%, to ₹16.29 crore. Depreciation increased by ₹0.09 crore, or 2.0%, to ₹4.50 crore.
Other income was ₹0.19 crore in Q1 FY27, down ₹0.04 crore, or 17.4%, from ₹0.23 crore in Q1 FY26. Tax expense was ₹0.42 crore, down ₹0.27 crore, or 39.1%, from ₹0.69 crore. There was no exceptional item in either quarter. Profit before tax increased by ₹0.36 crore to ₹0.48 crore, and the net profit moved from a loss of ₹0.57 crore to ₹0.06 crore.
| ₹ crore | Q1 FY27 | Q1 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 22.43 | 34.02 | −11.59 | −34.1% |
| Employee cost | 7.62 | 8.27 | −0.65 | −7.9% |
| Finance costs | 3.54 | 3.65 | −0.11 | −3.0% |
| Depreciation | 4.50 | 4.41 | +0.09 | +2.0% |
| Other expenses | 16.29 | 22.01 | −5.72 | −26.0% |
| Total expenses | 65.13 | 74.61 | −9.48 | −12.7% |
| Other income | 0.19 | 0.23 | −0.04 | −17.4% |
| Tax | 0.42 | 0.69 | −0.27 | −39.1% |
Source: Company's results filing (XBRL).
How has Global Surfaces done over the last 8 quarters?
Revenue reached its highest level in the reported period at ₹74.50 crore in Q1 FY26 and its lowest at ₹45.39 crore in Q4 FY26. It then increased to ₹65.42 crore in Q1 FY27. The EBITDA margin bottomed at -41.8% in Q4 FY26 and recovered to 12.7% in Q1 FY27, above the 10.7% recorded in Q1 FY26.
Net profit bottomed at a loss of ₹23.38 crore in Q4 FY26 and moved to a profit of ₹0.06 crore in Q1 FY27. Revenue has now increased for one quarter from the Q4 FY26 low, while profitability has returned from the loss recorded in the preceding quarter.
Which businesses drove the quarter?
India revenue fell 21.4% to ₹22.13 crore in Q1 FY27 from ₹28.15 crore in Q1 FY26. Segment EBIT was ₹2.96 crore, compared with ₹2.11 crore, and the EBIT margin was 13.4%.
United States of America revenue fell 15.4% to ₹12.48 crore from ₹14.75 crore a year earlier. Segment EBIT was a loss of ₹0.64 crore, compared with a loss of ₹0.10 crore, and the EBIT margin was -5.2%.
United Arab Emirates revenue fell 7.2% to ₹40.81 crore from ₹43.98 crore in Q1 FY26. Segment EBIT was a loss of ₹3.06 crore, compared with a loss of ₹2.31 crore, and the EBIT margin was -7.5%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| India | 22.13 | −21.4% | 2.96 | 13.4% |
| United States of America | 12.48 | −15.4% | −0.64 | -5.2% |
| United Arab Emirates | 40.81 | −7.2% | −3.06 | -7.5% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the Q1 FY27 standalone and consolidated results on 10 August 2026 and appointed Ashish Agarwal as CFO from 11 August 2026, following Mayank Shah's step-down from his additional CFO role. It also approved the re-appointment of Ummed Jain & Co. as statutory auditors for 5 years, subject to shareholder approval, and the re-appointment of Sweta Shah as whole-time director for 3 years from 11 September 2026.
The board approved a further tranche conversion of the unsecured inter-company loan to Global Surfaces FZE, Dubai, into fully paid-up equity shares. It also approved a ₹2 crore corporate guarantee by standby letter of credit for the subsidiary's capital expenditure and working-capital term loans. The 35th AGM was scheduled for 19 September 2026.
What did Global Surfaces' management say?
Management said the company had discontinued its natural stone business with effect from 31 March 2026 and that engineered stones accounted for 98% of Q1 FY27 revenue. It said the UAE facility at Jebel Ali Free Zone was ramped up and had emerged as the largest revenue contributor, while the company was expanding domestic sales through a dedicated sales team and dealer and distributor engagement.
Management identified heavy export concentration and geopolitical disruption as risks, noting that 95% of FY26 revenue came from exports, mainly to the USA, Canada and the Middle East. It also said Q1 FY27 freight costs were over 2x normal levels. The presentation referred to two consecutive years of losses, with FY25 PAT at -INR 289 Mn and FY26 PAT at -INR 318 Mn, and said the natural stone exit reduced diversification.
Management said the company’s priorities included expanding domestic distribution, using its licensed Marquartz patented technology in MENA and India, and building distribution through its US subsidiaries. The presentation did not provide numerical guidance, and the available filing excerpts did not record any analyst questions or management answers.
How did Global Surfaces shares react?
Earlier results-day reactions were mixed. The stock fell 3.7% on 28 May 2025 and 6.7% on 14 February 2025, but rose 2.7% on 13 November 2025, 0.8% on 3 February 2026 and 0.4% on 14 August 2025; it also fell 0.8% on 25 May 2026.
| After the filing | Stock | Granites & Marbles median |
|---|---|---|
| 5 minutes | +1.9% | |
| 15 minutes | +0.7% | |
| 30 minutes | +2.0% | |
| Reaction day | +4.2% | −0.7% |
| Next day | +9.4% | −2.3% |
| 5 days | +31.0% | −3.1% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 25 May 2026 | −0.8% |
| 3 February 2026 | +0.8% |
| 13 November 2025 | +2.7% |
| 14 August 2025 | +0.4% |
| 28 May 2025 | −3.7% |
| 14 February 2025 | −6.7% |
| 13 November 2024 | −2.5% |
| 14 August 2024 | −4.1% |
Source: MarketPing price-reaction measurement.
How did other Granites & Marbles companies do?
Six other Granites & Marbles companies had filed for the quarter as of 4 November 2026. Their median revenue growth was -0.6%; two grew more slowly than Global Surfaces and four grew faster than the company. Of the six peers whose profit was compared, two reported higher profit.
| Global Surfaces revenue growth (YoY) | −12.2% |
|---|---|
| Median of 6 other Granites & Marbles companies | −0.6% |
| Companies with slower revenue growth than Global Surfaces | 2 of 6 |
| Companies with faster revenue growth than Global Surfaces | 4 of 6 |
| Companies whose net profit rose | 2 of 6 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Global Surfaces' revenue in Q1 FY27?
Revenue from operations was ₹65.42 crore, down 12.2% from ₹74.50 crore in Q1 FY26 (consolidated).
Did Global Surfaces make a profit in Q1 FY27?
Yes. Net profit was ₹0.06 crore, against a net loss of ₹0.57 crore in Q1 FY26.
What was Global Surfaces' EPS in Q1 FY27?
Basic earnings per share were ₹0.04, against a loss of ₹0.10 in Q1 FY26.
How did Global Surfaces shares react to the Q1 FY27 results?
On the reaction day the stock moved +4.2% from the previous close; the median Granites & Marbles stock moved −0.7%.
When did Global Surfaces announce its Q1 FY27 results?
On 10 August 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Consideration Of Financial Results For The Quarter Ended June 30, 2026 (BSE, 4 August 2026) · PDF
- Board Meeting Outcome for Outcome Of The Board Meeting Held On August 10, 2026 (BSE, 10 August 2026) · PDF
- Financial Results For The Quarter Ended On June 30, 2026 (BSE, 10 August 2026) · PDF
- Announcement Under Regulation 30 (LODR)-Updates (Corporate Guarantee) (BSE, 10 August 2026) · PDF
- Corrigendum To Outcome Of Board Meeting Dated August 10, 2026 - Correction In Consolidated Financial Results (Q1 FY26-27) (BSE, 11 August 2026) · PDF
- The investor presentation (11 August 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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