Global Surfaces Ltd announced the outcome of its postal ballot held on June 25, 2026, confirming the approval of key board changes and related party transactions. The remote e-voting period concluded on June 25, 2026, at 5:00 p.m. IST, with the scrutinizer's report validating the results. The resolutions were passed with the requisite majority and are deemed effective as of the closing date of the voting process.

Board Appointments and Redesignations

Shareholders approved the appointment of Mr. Rakesh Grover (DIN: 09673773) as a Non-Executive Independent Director for a period of two consecutive years effective from March 30, 2026. Additionally, Mr. Yashwant Kumar Sharma (DIN: 08686725) was redesignated from a Non-Executive Independent Director to a Non-Executive Non-Independent Director, effective from July 1, 2026. These changes were recommended by the Nomination and Remuneration Committee and the Board of Directors.

Approval of Related Party Transactions

The postal ballot also sought approval for material related party transactions for the financial year 2026-27. Shareholders authorized the company and its wholly owned subsidiary, Global Surfaces FZE, to enter into transactions with related parties Global Surfaces Inc. ("GSI") and Superior Surfaces Inc. ("SSI"). These transactions will be conducted at arm's length and in the ordinary course of business, subject to the approval of the Audit Committee and the Board.

Procedural Details

The postal ballot process was conducted in accordance with Section 108 and 110 of the Companies Act, 2013, and relevant SEBI regulations. Mr. Akshit Kumar Jangid of M/s. Pinchaa & Co., Company Secretaries, served as the Scrutinizer. The results were declared by Mr. Dharam Singh Rathore, Company Secretary and Compliance Officer, and have been displayed on the company's website and at its registered office.

Global Surfaces Limited reported a consolidated net loss of ₹318.39 million for the financial year ended March 31, 2026, widened from a net loss of ₹289 million in the previous year. The company faced significant challenges due to elevated tariffs on India-origin exports and geopolitical uncertainties in the Middle East and Red Sea region, which impacted demand, pricing, and margins. Operations were affected by approximately 45 days of disruption arising from the ongoing regional conflict situation. The Board of Directors approved the audited results during a meeting held on May 25, 2026, and the company submitted its earnings presentation for Q4 FY2025-26 to the exchanges on June 3, 2026.

Total consolidated income for FY26 stood at ₹2,549.37 million, up from ₹2,148.82 million in FY25, while total expenses rose to ₹2,779.39 million from ₹2,398.10 million. The company reported a loss per share of ₹7.18 for the year. In Q4FY26, the net loss was ₹234 million compared to a net loss of ₹110 million in the same period last year. Revenue from operations for Q4FY26 was ₹454 million, a decrease of 21% year-over-year from ₹575 million in Q4FY25.

On a standalone basis, the company returned to profitability with a net profit of ₹76.12 million for FY26, compared to a net profit of ₹78.33 million in the previous year. Total standalone income decreased to ₹1,122.29 million from ₹1,647.98 million in the prior year. The earnings per share for the year were recorded at ₹1.80. The statutory auditors, M/s. Ummed Jain & Co., issued an audit report with an unmodified opinion on the standalone and consolidated financial results.

The Board approved the discontinuation of operations at the Bagru Unit (natural stone processing) with effect from March 31, 2026, due to sustained losses and capacity under-utilisation. The Board has granted in-principle approval for a disposal plan for the unit. Post-discontinuation, the company is undertaking limited activities for the orderly closure, including execution of pending orders and settlement of obligations. The company also approved the re-appointment of M/s. NLA & Associates as Internal Auditor and recommended the re-designation of Mr. Yashwant Kumar Sharma from Non-Executive Independent Director to Non-Executive Non-Independent Director effective July 1, 2026, subject to shareholder approval.

Consolidated Financial Results (FY26)

Standalone Financial Results (FY26)

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE0JSX01015/b18507e31f054553.pdf