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Black Bear Labs GSLSU · Q1 FY27 · earnings call

GSLSU

The company reported a revenue of INR 654 Mn for Q1 FY27, down 12.2% YoY from Q1 FY26's INR 745 Mn. EBITDA improved to INR 83 Mn with margins at 12.69%, up 195 basis points YoY. Despite challenges like rising freight costs and geopolitical disruptions, the company achieved consolidated break-even through operational efficiencies.

Balance-sheet ratios

12.69%
EBITDA Margins

Scale of reported figures

Revenue from Operations₹65 crEBITDA₹8 crPAT₹0 cr

Key financials

Revenue from Operations₹65.4 crore
EBITDA₹8.3 crore
EBITDA Margins12.69%
PAT₹0.06 crore

Segment commentary

Engineered Stones

The segment contributed significantly to revenue, with the UAE operations being a key driver.

Natural Stones

Operations were discontinued effective March 31, 2026, leading to limited contributions post that date.

Guidance & outlook

  • The company expects continued growth in the UAE operations and sustained profitability in India. They aim to expand domestic market presence through a dedicated sales team and stronger dealer engagement.

Key takeaways

  • Revenue declined YoY but EBITDA improved due to better margins.
  • UAE operations emerged as the largest revenue contributor.
  • Discontinuation of natural stones business impacted overall performance.

Risks flagged

  • Geopolitical disruptions
  • Rising freight costs
herofinancialssegmentstakeawaysquote
Educational analysis only. Not investment advice. Consult a SEBI-registered advisor before investing. Source: https://nsearchives.nseindia.com/corporate/GLOBALSURFACES_11082026131257_Earnings_Presentation.pdf
Full transcript (2,755 words)
Ref: GSL/SEC/2026-27/28 August 11, 2026 BSE Limited National Stock Exchange of India Limited To, , Dept of Corporate Services The Listing Department Phiroze Jeejeebhoy Towers Exchange Plaza, C-1, Block G, SDcarlaipl SCtoredeet:, 5F4or3t8, 29 BSyamndbroal K: GurSlLaS CUo mplex, Bandra (East), Mumbai 400 001 (Maharashtra) Mumbai 400 051 (Maharashtra) Subject: Earni ng's Presentation for the quarter ended on June 30, 2026 Dear Sir / Madam, Pursuant to Regulation 30 read with Part A of Schedule III and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the Earning’s Presentation on the financial and operational performance of the Company for the quarter ended June 30, 2026. The above information will also be hosted on the website of the Company and can be accessed at www.globalsurfaces.com. You are kindly requested to take the same on record and disseminate. Thanking You YFoour rGsl Foabiathl fSuullryf,a ces Limited Dharam Singh Rathore Company Secretary and Compliance Officer ICSI Mem. No.: A57411 Place: Jaipur Encl.: As above Global Surfaces At A Glance 20+ 550+ Years of experience Total workforce 2 95% State-of-the-art manufacturing Exports facilities In India and Dubai Built for Scale, powered by Cutting-Edge Technology ~1,144,349 0.60X SMT p.a Debt to Equity Combined production capacity * All figures reported as on FY26 2 Company Overview Operational Revenue (INR Mn) & • Global Surfaces Limited (GSL), established in 1991 and headquartered in Jaipur, India, specializes in the EBITDA Margins (%) productionandexportofnaturalstonesandengineeredquartzproducts. 2,253 2,332 2,076 • The company's leadership includes Managing Director and Chairperson Mr. Mayank Shah, who has more than 2 decadesofexperienceinthestonesindustry. 15.53% 12.69% • GSL’s product portfolio primarily comprises engineered stones (engineered quartz), while operations at its 654 0.96% (4.85)% naturalstoneplantwerediscontinuedwitheffectfromMarch31,2026. • Theproducts range includes customized slabsand countertops that canbe used inflooring, indoor wall cladding, FY24 FY25 FY26 Q1FY27 vanitytops,receptiondesk,tabletops,staircase.etc. Revenue EBITDA • The company operates two manufacturing units, one in Rajasthan, at Mahindra World City SEZ, Jaipur, and the second one under its Wholly owned subsidiary, Global Surfaces FZE, at Jebel Ali Free Zone, Dubai United Arab Q1-FY27 Segmental Revenue Break-up Emirates. 2% • Global Surfaces FZE, entered into a License Agreement on July 10, 2024, with SQIP, LLC, a Florida-based company, and Veegoo Technology Co. Ltd., a Chinese company, to develop, produce, manufacture certain licensedengineeredquartzstonesusingexclusivepatentedtechnologies. • The company also has two subsidiaries in USA, Global Surfaces Inc. and Superior Surfaces Inc. engaged in the business of purchase, sale, supply, and distribution of quartz, marbles, granites, engineered quartz and other similarstonesintheUSmarkets. 98% Natural Stones Engineered Stones 4 Geographical Presence Canada Europe USA Kuwait Qatar UAE Saudi Arabia India FY26 Geographical Revenue Break-up 5% 95% Manufacturing Facilities Export countries Domestic Export 5 Manufacturing Facilities - Domestic UNIT 1: SEZ, Jaipur, Rajasthan • Size: 24,139 (sq. mt.) • Manufacturing Capacity: 5,21,454 (sq. mtrs. p.a.) • Purpose: Manufacturing of engineered stones • Benefits: Equipped with an R&D facility to develop and improve products. : Proximity to the Bagru plant enables operational synergies through shared resources, streamlined logistics and faster turnaround. 6 Manufacturing Facilities – International UNIT 2: Global Surfaces FZE, Dubai, UAE (Wholly Owned Subsidiary) • Size: 39,657.63 sq. mt. (leased) • Manufacturing Capacity: 6,22,895 (sq. mtrs. p.a.) • Purpose: Manufacturing of engineered stones • Benefits: Proximity to Jebel Ali Port helps optimize freight & transportation costs. : Located in a Free Trade Zone,benefiting fromincome tax exemption & freetrade privileges. : Positioned to capitalize on growing demand forengineered stone in Dubai. 7 International Subsidiaries Global Surfaces Inc. (USA) Global Surfaces FZE (UAE) Superior Surfaces Inc. (USA) • Global Surfaces Inc. (GSI), a wholly owned subsidiary of • Global Surfaces FZE, a wholly owned subsidiary of • Superior Surfaces Inc. (SSI) was incorporated on May 5, Global Surfaces Limited, was incorporated on April 20, Global Surfaces Limited, was incorporated in 2021 in 2023, in the State of Texas, USA, as a strategic joint 2020 in Delaware, USA. the Jebel Ali Free Zone, Dubai, UAE. venture. • GSI is authorized to engage in the purchase, sale, • The subsidiary operates a state-of-the-art • Global Surfaces Limited holds a 50% equity stake and supply, and distribution of quartz, marble, granite, and manufacturing facility dedicated to engineered quartz maintains board-level and key policy control, classifying other natural and engineered stones across the United surfaces. SSI as a subsidiary within the Group structure. States. • Strategically located near Jebel Ali Port, the facility • SSI focuses on the distribution of artificial stones, • The incorporation of GSI aligns with the Group’s offers significant logistical advantages, enabling primarily engineered quartz surfaces, across the U.S. strategy to establish a direct presence in key efficient global exports and seamless access to key market. international markets—particularly North America, a markets across the MENA region, Europe, and North • Formed in partnership with a local venture partner, the major consumer of premium surface materials. America. entity aims to strengthen Global Surfaces’ on-ground distribution network, enhance market responsiveness, Through this entity, Global Surfaces strengthens: As a key component of the Group’s global strategy, Global and improve customer service across key U.S. regions. • Customer proximity and responsiveness in the Surfaces FZE: U.S. market • Strengthens supply chain resilience through dual-shore Through SSI, Global Surfaces expands its strategic • Distribution efficiency for engineered quartz and manufacturing footprint in North America by: natural stones • Serves high-end project demand across the Middle East • Establishing a dedicated distribution channel for • Its ability to serve both project-based and retail • Operates within a Free Trade Zone, benefiting from artificial stones demand across the region GSI acts as a vital link tax exemptions and export duty waivers • Accelerating last-mile delivery and project-based between the Company’s global manufacturing • Utilizes exclusive technology licenses for producing fulfillment operations and one of its largest export markets, patented engineered quartz in the MENA region reinforcing Global Surfaces’ commitment to global scale • This facility enhances Global Surfaces’ ability to meet with localized reach. rising global demand with improved margins, faster delivery, and a differentiated product portfolio. 8 Engineered Stones • Quartz are natural stones that occur in clusters and do not form large Revenue (INR Mn) Volume (Sqm/pa) stone blocks like granite or limestone. Due to this characteristic, it is unsuitable for direct use in countertops or other large slab applications. 2,200 3,95,886 3,83,756 • To make quartz a viable option for such applications, it is transformed 1,950 into engineered quartz—a durable and versatile material created by 2,90,915 binding quartz particles with resins, pigments, and other elements. 1,441 • Engineered quartz comprises of 90% ground quartz and 10% pigments and binders, ensuring superior strength, aesthetics, and consistency. 639 • Global Surfaces Engineered Quartz product portfolio has been 95,900 categorized into five series: Aurora, Kalmasa, Prismatic, Stratum and Quartzite. • The total capacity for the engineered stones stands at 11,44,540 SMT FY24 FY25 FY26 Q1-FY27 FY24 FY25 FY26 Q1-FY27 p.a. COTE ‘D’ AZZUR CARRARA MARMELLA CALACATTA ZARA ALEXENDRITA CELADON 10 Manufacturing Process – Engineered Stones Moulding Polishing slab Loading longitudinal trimming transverse trimming Surface calibration – slab bottom surface Slab polishing section Surface calibration – Slab Tilter Slab Top Service Slab cleaning station Slab quality check area Slabs unloading robot Packed bundles 11 Marquartz-Technologically Advanced Premium Product Strategic Advantage • Global Surfaces FZE, a wholly-owned subsidiary of Global Surfaces Limited, entered into a License Agreement with SQIP,LLC, a Florida-based limited liability company. • Under the terms of the Agreement, Global Surfaces has been granted non-transferable, non-sublicensable and Distinctive Quality Market Leadership Exclusive Market Niche Access to High-Value Projects exclusive rights and licenses to use the Licensed Patents and licensed know-how to develop, produce and manufacture the Licensed Products of engineered quartz stones exclusively in the Manufacturing Territory — i.e., the Middle East and North Africa ("MENA") region and FRORin India. • Marquartz is a premium engineered quartz product having the aesthetic beauty of natural stones with the practical benefits of modern engineering. • This patented product and technological know-how would significantly benefit the company to manufacture and market unique high value engineered quartz products. 12 Marquartz – Advantages • Utilizes patented Non-Push-Up Vein Technology and Push-Up Licensed Vein Technology • Employs proprietary RIFT VEINTM TECHNOLOGY and CONVERGENCETM TECHNOLOGY Technology: • Enables the manufacturing of quartz-based slabs that emulate the natural, random appearance of veins and color patterns found in natural stones like marble and granite. • Overcomes quartz's uniform appearance, allowing for Key singular or multiple color patterns and intricate veining • Replicates the random and intricate vein patterns of natural stone through a method analogous to geological rifting. Innovation: • Involves creating patterns that emulate natural splitting or fracturing, resulting in uniquely beautiful and realistic stone appearances. • Over 20 utility patents secured in the past 7 years, Technological demonstrating technological leadership. • Proprietary methods allow for creating the most natural, thin Advantages: veining in the industry. • Use of premium raw material Cristobalite to produce the brightest white quartz surfaces with a translucent effects . 13 Natural Stones Revenue (INR Mn) Volume (Sqm/pa) • Natural stones are rocks that are quarried from the earth and used in various 37,377 applications such as construction, flooring,countertops, and sculptures. 180 • They are formed through natural geological processes over millions of years and 133 27,842 27,575 are known for their durability, uniqueness, and aesthetic appeal. 127 • The company's plant in Jaipur enables it to cater to the specific requirements of both domestic and international clients with its advanced cut-to-size technology setup. 8,837 • Product portfolio of natural stones are categorized into three series namely Granite, Marble and Quartzite. 16 FY24 FY25 FY26 Q1-FY27 FY24 FY25 FY26 Q1-FY27 RAIN FOREST MONA LISA CRYSTAL YELLOW FANTASY BROWN GOLD VENETTO BROWN Note: The Board of Directors at its meeting held on Feb 3, 2026, has approved discontinuation of operations at Company's NaturalStone Unit situated at Industrial Area Bagru, Jaipur, effective from March 31, 2026. Post March 31, 2026, only limited activities were carried out for orderly closure of existing orders. 14 Growth Drivers Rising Demand for Aesthetic Urbanization and Strong Growth in Export Technological Advancements and Durable Surfaces infrastructure Growth Markets & Innovation Increasing preference for luxury Rapid urbanization and expansion of Rising exports to developed nations Growth in customized and AI-driven interiors in residential and real estate, hospitality, and and tariffs on Chinese quartz manufacturing for better pattern commercial spaces and growing use commercial spaces fueling demand increasing opportunities for Indian replication and quality control of quartz countertops in modern manufacturers kitchens and bathrooms. 16 ESG Global Surfaces Ltd. has implemented several green initiatives to promote sustainability and reduce environmental impact: Water Conservation: The Sustainable Product company has implemented Development: an advanced water treatment The company is committed to system that recycles 80% of creating eco-friendly Solar Energy Adoption: Recycling and Waste water, supporting the UAE’s products by using renewable In 2020, as part of its Go- Reduction: Net Zero 2050 targets and energy and recycled Green Initiative, the company Global Surfaces focuses on broader sustainability goals. materials in its manufacturing installed solar panels at both recycling materials and The system recycles 4,000 processes. manufacturing units, reducing waste during litersof water per minute generating approximately 6 production to minimize through a waste treatment GWh of solar power for environmental impact. plant for reuse. Additionally, captive use. the company’s facilities are designed to collect and reuse rainwater, further enhancing water conservation efforts. These initiatives reflect Global Surfaces Ltd commitment to environmental sustainability and responsible manufacturing practices. 17 Q1-FY27 Financial Highlights/ Operational Highlights • Performance improved during Q1 FY27, supported by the successful ramp-up of UAE operations and sustained profitability in the India business. • UAE operations emerged as the largest revenue contributor, reflecting the successful ramp-up of the FZE facility and QQ41--FFYY2217 F iFniannacniacli aPel rPfeorrmfoarnmceance strengthening the Company's geographic revenue mix. Revenue EBITDA EBITDA Margins • Expanded domestic market presence through a dedicated sales from Operations INR 654 Mn INR 83 Mn 12.69% team, stronger dealer and distributor engagement, and broader customer and geographic reach, reducing dependence on export markets. PAT Diluted PAT Margins EPS • Maintained operational resilience by ensuring uninterrupted INR 0.64 Mn 0.10% INR 0.04/Share operations despite geopolitical disruptions and freight costs rising to over 2x normal levels, supported by disciplined cost management. • Achieved consolidated break-even despite lower sales volumes through operational efficiencies and proactive expense optimization. 19 Quarterly Consolidated Financial Performance Particulars(INRMn) Q1-FY27 Q1-FY26 YoY Q4-FY26 QoQ RevenuefromOperations 654 745 (12.2)% 454 44.1% TotalExpenses 571 665 (14.1)% 644 (11.3)% EBIDTA 83 80 3.8% (190) NA EBIDTAMargins(%) 12.69% 10.74% 195 Bps (41.85)% NA Depreciation and amortisationexpenses 45 44 2.3% 45 NA Financecosts 35 37 (5.4)% 38 (7.9)% OtherIncome 2 2 NA 99 (97.9)% PBT 5 1 NA (174) NA Tax 4 7 (37.7)% 60 (92.7)% PAT 0.6 (6) NA (234) NA PATMargins(%) 0.10% (0.81)% 91 Bps (51.54)% NA OtherComprehensive Income (0.3) - NA (3) (89.3)% TotaIComprehensive Income 0.3 (6) NA (237) NA DilutedEPS(INR) 0.04 (0.10) NA (5.27) NA 20 Historical Consolidated Income Statement Particulars(INRMn) FY24 FY25 FY26 Q1-FY27 RevenuefromOperations 2,253 2,076 2,332 654 TotalExpenses 1,903 2,056 2,445 571 EBIDTA 350 20 (113) 83 EBIDTAMargins(%) 15.53% 0.96% (4.85)% 12.69% Depreciation and amortisationexpenses 89 187 184 45 Financecosts 45 154 150 35 OtherIncome 37 72 217 2 PBT 253 (249) (230) 5 Tax 55 40 88 4 PAT 198 (289) (318) 0.6 PATMargins(%) 8.79% (13.92)% (13.64)% 0.10% OtherComprehensive Income 6 4 (10) (0.3) TotaIComprehensive Income 204 (285) (328) 0.3 DilutedEPS(INR) 4.41 (6.73) (7.18) 0.04 21 Historical Consolidated Balance Sheet Particulars (INR Mn) FY24 FY25 FY26 Particulars (INR Mn) FY24 FY25 FY26 ASSETS EQUITY AND LIABILITIES Property, Plant and Equipment 2,443 2,375 2,460 Equity Share Capital 424 424 424 Capital WIP 1 - - Other Equity 2,881 2,600 2,282 Right-of-use Assets 496 486 495 Non Controlling Interest 20 16 3 Intangible Assets 3 2 1 Total Equity 3,325 3,040 2,709 Loans & Other Financial Assets 27 31 39 Financial Liabilities Income Tax Assets 29 45 39 Deferred Tax Assets (Net) 214 199 141 Borrowings 525 523 473 Other Non-current Assets 3 17 23 Other Financial Liabilities 462 474 505 Total non-current assets 3,216 3,155 3,198 Provisions 4 10 10 Current Assets Total Non Current Liabilities 991 1,007 988 Inventories 768 948 874 Financial Liabilities Financial Assets Borrowings 459 998 1,160 Investments 2 2 - Trade Payables 386 456 417 Trade Receivables 1,099 1,277 964 Other Financial Liabilities 38 35 53 Cash and cash Equivalents 26 28 38 Current Tax Liabilities 6 4 23 Other Bank Balances 29 44 68 Loans & other financial assets 19 15 15 Provisions 1 4 4 Other Current Assets 59 106 207 Other current liabilities 12 31 53 Total Current Assets 2,002 2,420 2,166 Total Current Liabilities 902 1,528 1,710 Assets Classified as held for sale - - 43 TOTAL EQUITY AND LIABILITIES 5,218 5,575 5,407 Total Assets 5,218 5,575 5,407 22 Consolidated Financial Performance PAT (INR Mn) & PAT Margins (%) Operational Revenue (INR Mn) EBITDA (INR Mn) & EBITDA Margin 2,332 (%) 198 2,253 2,076 350 8.79% 0.64 FY24 FY25 FY26 Q1-FY27 83 654 15.53% 20 0.10% (13.92)% FY24 0F.Y962%5 FY26 Q1-FY27 (289) -4.85% (318) -113 (13.64)% FY24 FY25 FY26 Q1-FY27 Net Worth (INR Mn) Debt/Equity (x) Working Capital Days 3,325 3,040 0.60 2,709 178 157 0.50 0.30 71 FY24 FY25 FY26 FY24 FY25 FY26 FY24 FY25 FY26 23 Capital Market Slide Stock Price (As on 30th June, 2026) 20% 0% -20% -40% -60% -80% Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Global Surfaces Sensex Shareholding Pattern (As on 30th June, Price Data (As on 30th June, 2026) INR 2026) Face Value 10.0 25.99% 0.76% CMP 42.00 0.00% Promoter 52 Week H/L 139.9/41.9 Public Market Cap (INR Mn) 1,780.0 FII DII Shares O/S (Mn) 42.4 73.25% Avg. Vol. ('000) 215.7 24 Disclaimer GlobalSurfacesLimited Norepresentationorwarranty,expressorimplied,ismadeasto,andnorelianceshouldbeplacedon,thefairness,accuracy,completenessorcorrectnessoftheinformationoropinionscontainedinthispresentation. Suchinformationandopinionsareinalleventsnotcurrentafterthedateof thispresentation.Certainstatementsmade inthispresentationmaynotbebasedonhistoricalinformationorfactsandmaybe"forward lookingstatements"basedonthecurrentlyheldbeliefsandassumptionsofthemanagementof GlobalSurfacesLimited,whichareexpressedingoodfaithandintheiropinionreasonable,includingthoserelatingtothe Company’sgeneralbusinessplansandstrategy,itsfuturefinancialconditionandgrowthprospectsandfuturedevelopmentsinitsindustryanditscompetitiveandregulatoryenvironment. Forward-lookingstatementsinvolveknownandunknownrisks,uncertaintiesandotherfactors,whichmaycausetheactualresults,financialcondition,performanceorachievementsoftheCompanyorindustryresults todiffermateriallyfromtheresults,financialcondition,performanceorachievementsexpressedorimpliedbysuchforward-lookingstatements,includingfuturechangesordevelopmentsintheCompany’sbusiness,its competitive environmentand political,economic, legaland socialconditions.Further, past performance is notnecessarily indicativeof futureresults.Given these risks,uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements to reflect future events or developments. Thispresentationisforgeneralinformationpurposesonly,withoutregardtoanyspecificobjectives,financialsituationsorinformationalneedsofanyparticularperson.Thispresentationdoesnotconstituteanofferor invitationtopurchaseorsubscribeforanysecuritiesinanyjurisdiction,includingtheUnitedStates.Nopartofitshouldformthebasisoforberelieduponinconnectionwithanyinvestmentdecisionoranycontractor commitment topurchaseorsubscribe for any securities.None of our securitiesmay be offeredor sold inthe United States,without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemptionfromregistrationtherefrom. Thispresentationisconfidentialandmaynotbecopiedordisseminated,inwholeorinpart,andinanymanner. ValoremAdvisorsDisclaimer: ValoremAdvisorsisanIndependentInvestorRelationsManagementServicecompany.ThisPresentationhasbeenpreparedbyValoremAdvisorsbasedoninformationanddatawhichtheCompanyconsidersreliable, butValoremAdvisorsandtheCompanymakesnorepresentationorwarranty,expressorimplied,whatsoever,andnorelianceshallbeplacedon,thetruth,accuracy,completeness,fairnessandreasonablenessofthe contentsofthisPresentation.ThisPresentationmaynotbeallinclusiveandmaynotcontainalloftheinformationthatyoumayconsidermaterial.Anyliabilityinrespectofthecontentsof,oranyomissionfrom,this Presentationisexpresslyexcluded.ValoremAdvisorsalsoherebycertifiesthatthedirectorsoremployeesofValoremAdvisorsdonotownanystockinpersonalorcompanycapacityoftheCompanyunderreview. For further details, please feel free to contact our Investor Relations Representatives: Mr. Anuj Sonpal Valorem Advisors Tel: +91-22-3507 5100 Email: globalsurfaces@valoremadvisors.com To access the Investor Kit link and/or request a meeting click here: https://www.valoremadvisors.com/global 25