Global Surfaces Limited announced that its 35th Annual General Meeting (AGM) will be conducted on Saturday, September 19, 2026, at 11:00 am Indian Standard Time. The meeting will be held exclusively through video conferencing (VC) or other audio-visual means (OAVM), in compliance with the Companies Act, 2013, and SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

The company informed members that the AGM notice and the Annual Report for the financial year 2025-26, including standalone and consolidated financial statements, will be dispatched electronically via email. This applies to all members who have registered their email addresses with the company, its Registrar and Share Transfer Agent (RTA), or their respective Depository Participants.

Meeting Logistics and Participation

Members can participate in the AGM only through the VC/OAVM facility. Those joining via these platforms will be counted for the purpose of reckoning quorum under Section 103 of the Companies Act. The detailed instructions for joining the meeting and casting votes are available in the AGM notice.

Key details regarding the meeting structure include:

• Date and Time: September 19, 2026, at 11:00 am IST.
• Mode: Video Conferencing / Other Audio-Visual Means.
• Quorum: Members participating via VC/OAVM count towards quorum.

E-Voting and Reporting

Global Surfaces is providing members with the facility to cast their votes through remote e-voting or during the AGM via the NSDL e-voting system. Members can access the VC/OAVM link and e-voting credentials by logging into www.evoting.nsdl.com using their member login details.

The Annual Report and AGM notice will also be available on the company’s website ( www.globalsurfaces.com ), the websites of BSE Limited and National Stock Exchange of India, and the NSDL website. Members without registered email addresses will receive a letter containing the web-link and exact path to access these documents.

For technical assistance related to e-voting or the AGM, members may contact evoting@nsdl.co.in or call 022-4886 7000. General queries regarding the AGM can be directed to the Company Secretary and Compliance Officer at cs@globalsurfaces.com .

Global Surfaces Limited reported a consolidated net profit after tax (PAT) of ₹0.64 million for the quarter ended June 30, 2026, marking a sharp turnaround from the net loss of ₹233.80 million recorded in Q4FY26. The profitability recovery was driven by an operating profit (EBITDA) of ₹83 million, up from an EBITDA loss of ₹190 million in the previous quarter, reflecting successful operational efficiencies and the ramp-up of its Dubai manufacturing facility. Revenue from operations stood at ₹654.19 million, representing a 44.1% quarter-on-quarter increase, although it declined 12.2% year-on-year compared to ₹745.04 million in Q1FY26.

The Board of Directors approved the unaudited standalone and consolidated financial results during its meeting on August 10, 2026. Concurrently, the Board appointed Mr. Ashish Agarwal as Chief Financial Officer (CFO), effective August 11, 2026, following the relinquishment of the additional charge by Chairman and Managing Director Mayank Shah. This structural change aims to separate the roles of Chairman and CFO to ensure focused financial leadership. M/s. Ummed Jain & Co., Chartered Accountants, provided a limited review report pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company also hosted an earnings conference call on August 11, 2026, to discuss these results, with the audio recording available on its website as per Regulation 30 of the SEBI (LODR) Regulations, 2015.

Key Financial Metrics

The corrected financial statement clarifies inventory dynamics for Q1FY27, indicating a build-up of finished goods rather than a drawdown. This adjustment aligns the expense structure with actual operational flows without altering profitability.

Strategic Developments and Governance

Global Surfaces’ performance was bolstered by its international expansion, with UAE operations emerging as the largest revenue contributor. The company maintains a combined production capacity of approximately 1,144,349 square meters per annum across Jaipur and Dubai units. Exports accounted for 95% of FY26 revenue. Domestically, the company discontinued natural stone operations effective March 31, 2026, focusing exclusively on engineered quartz products under brands like Aurora, Kalmasa, and Prismatic.

The Board also approved several governance and strategic measures:

• Loan-to-Equity Conversion: Conversion of AED 3,000,000 and USD 10,857,591 (equivalent to ₹1,104.41 million) of unsecured inter-company loans to equity in its Dubai subsidiary, Global Surfaces FZE. This reclassifies existing exposure into equity without cash outflow.
• Corporate Guarantee: Issuance of a Standby Letter of Credit (SBLC) of ₹2 crore in favor of HDFC Bank Limited, GIFT City IBU, securing working capital term loans for Global Surfaces FZE.
• Board Appointments: Re-appointment of Mrs. Sweta Shah as Whole-time Director for three years and Dr. Chandan Chowdhury as Independent Director for two years, subject to shareholder approval. Mr. L. N. Bakshi was designated as Senior Management Personnel.

Operational Updates and Market Strategy

During the earnings call, management highlighted that overall capacity utilization stood at 27% during the quarter, with specific utilizations of 20% for the Dubai facility and 36% for the India facility. The lower utilization was attributed to operational challenges in shipping materials from the UAE due to the closure of the Strait of Hormuz, which forced the company to navigate alternative ports such as Sohar in Oman and Khor Fakkan in UAE. Management expects utilization levels to improve as geopolitical conditions ease.

Despite freight costs rising to nearly twice normal levels, the company maintained uninterrupted operations. Raw material costs, particularly resin linked to petroleum prices, escalated globally but were partially passed on to customers. Management noted that approximately 30-40% of the cost increase was passed on to cooperative customers. The company achieved consolidated break-even despite lower volumes through disciplined cost management, including a 3% reduction in manufacturing expenses and 1.5% savings in business promotion and admin expenses.

Geographically, Global Surfaces is diversifying away from its heavy reliance on the US market. The US had imposed tariffs on Indian imports, though recent interim trade agreements reduced reciprocal tariffs from 25% to 18%. However, new safeguard protections under Section 201 for engineered quartz remain a concern. To mitigate this, the company is expanding into European and Southeast Asian markets and launching domestic operations in India in Q2FY27. The domestic launch will involve a distribution network with dealers across major cities, targeting both B2B and B2C segments under the Global Surfaces brand.

What the Numbers Show

The shift from an EBITDA margin of (41.85)% in Q4FY26 to 12.69% in Q1FY27 underscores a rapid operational recovery. While revenue declined year-on-year by 12.2%, the significant reduction in total expenses—from ₹665 million in Q1FY26 to ₹571 million in Q1FY27—drove the profitability turnaround. Finance costs decreased by 5.4% year-on-year to ₹35.43 million, aided by the loan-to-equity conversion strategy. The positive inventory change of ₹97.07 million suggests production output may have exceeded immediate sales realization, potentially building stock for future demand spikes. Analysts should monitor whether this inventory buildup translates into accelerated revenue growth in subsequent quarters or signals working capital pressure.