Global Surfaces Limited Shareholders Approve New Statutory Auditor Appointment via Postal Ballot

Global Surfaces Limited has successfully concluded its postal ballot process, with shareholders approving the appointment of new statutory auditors to fill a casual vacancy. The company announced the results on January 8, 2026, following the completion of the remote e-voting process that concluded at 5:00 PM IST on the same day.

Auditor Appointment Details

The postal ballot addressed a single ordinary resolution regarding the appointment of M/s Ummed Jain & Co, Chartered Accountants (FRN:119250W), as statutory auditors of the company. This appointment fills the casual vacancy caused by the resignation of M/s B. Khosla & Co., Chartered Accountants (FRN: 000205C).

Parameter	Details
New Auditor	M/s Ummed Jain & Co, Chartered Accountants
Firm Registration Number	119250W
Reason for Appointment	Casual vacancy due to resignation
Outgoing Auditor	M/s B. Khosla & Co., Chartered Accountants
Previous FRN	000205C

Voting Results and Participation

The postal ballot demonstrated strong shareholder support for the proposed auditor appointment. The voting process was conducted entirely through remote e-voting, with the cut-off date set as December 5, 2025.

Voting Category	Shares Held	Votes Polled	Participation (%)	Votes in Favour	Votes Against	Approval Rate (%)
Promoter and Promoter Group	31,044,468	31,044,468	100.00	31,044,468	0	100.00
Public - Institutions	2,922,134	0	0.00	0	0	0.00
Public - Non-Institutions	8,415,216	3,743	0.04	3,585	158	95.78
Total	42,381,818	31,048,211	73.26	31,048,053	158	99.9995

Process and Compliance

The postal ballot process was conducted in accordance with Section 108 and Section 110 of the Companies Act, 2013, and relevant SEBI regulations. Key aspects of the process included:

Cut-off Date: December 5, 2025
Notice Dispatch: December 9, 2025 (electronic format only)
Voting Period: December 10, 2025 (9:00 AM IST) to January 8, 2026 (5:00 PM IST)
Total Eligible Shareholders: 15,308 as on cut-off date
E-voting Service Provider: National Securities Depository Limited (NSDL)

The scrutinizer for the postal ballot process was Akshit Kumar Jangid, Partner of M/s. Pinchaa & Co., Company Secretaries. The scrutinizer's report confirmed that the resolution was passed with the requisite majority, with no invalid votes recorded across any category.

Corporate Governance Impact

The overwhelming approval of the auditor appointment, with 99.9995% of votes cast in favour, reflects strong shareholder confidence in the company's governance decisions. The promoter and promoter group demonstrated full support with 100% participation and approval, while public non-institutional shareholders also showed strong support with 95.78% of participating votes in favour.

The company has confirmed that the postal ballot results and scrutinizer's report will be made available on its website at www.globalsurfaces.in , ensuring transparency and accessibility for all stakeholders.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+0.39%	-4.42%	-21.09%	-16.81%	-31.85%	-45.36%

Global Surfaces Limited , a prominent player in the natural stones and engineered quartz products industry, has reported a consolidated net loss of INR 46.00 million for the second quarter of fiscal year 2026. The company's performance reflects the ongoing challenges in the market, particularly in its India operations.

Financial Highlights

Revenue: The company posted a consolidated revenue of INR 541.00 million for Q2 FY26, marking a 15.1% increase year-over-year from INR 470.00 million in Q2 FY25. However, this represents a 27.4% decrease from the previous quarter's revenue of INR 745.00 million.
EBITDA: The Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) turned negative at INR -36.00 million, with margins at -6.65%. This is a significant drop from the positive EBITDA of INR 17.00 million and 3.62% margin in the same quarter last year.
Net Loss: The company reported a net loss of INR 46.00 million, an improvement from the INR 62.00 million loss in Q2 FY25, but a decline from the INR 6.00 million loss in the previous quarter.

Operational Performance

The company's performance in Q2 FY26 was marked by contrasting trends across its global operations:

Dubai Facility: The manufacturing unit in Dubai showed meaningful improvement, with utilization rising to approximately 53%. This facility experienced stronger traction in the Middle East and North America markets.
India Operations: The domestic operations remained soft, primarily due to uncertainty surrounding US tariffs on Indian products.

Market Diversification Strategy

Global Surfaces is actively pursuing a strategy to diversify its market presence:

Scaling up operations in the Middle East and North Africa (MENA) region
Expanding its low-silica product portfolio
Strengthening its position in various markets to build a more resilient growth pathway

Half-Yearly Performance

For the first half of FY26, Global Surfaces reported:

Metric	Value	YoY Change
Revenue from operations	INR 1,286.00 million	23.5% growth
EBITDA	INR 43.00 million	53.8% decline
Net loss	INR 51.00 million	Improved from INR 75.00 million loss in H1 FY25

Looking Ahead

As Global Surfaces continues to adapt to market conditions, the company's diversification strategy and operational improvements, particularly in its Dubai facility, will be crucial factors to watch. The company's ability to manage costs, improve utilization rates, and capitalize on growth opportunities in international markets will be key in its efforts to return to profitability.

Note: All financial figures are in Indian Rupees (INR) and are based on the consolidated financial results for Q2 FY26 as reported by Global Surfaces Limited.