Global Surfaces Ltd

Global Surfaces Ltd: Trading Window closed from Oct 1, 2026 till 48 hours after declaration of the Financial Results for the quarter and half year ending September 30, 2026

AGM details

• AGM held on September 19, 2026 at 11:00 IST via VC/OAVM.

Key resolutions

• Adopt audited standalone and consolidated financial statements for FY ended March 31, 2026; resolution passed.
• Re-appoint Sweta Shah as director by rotation; passed.
• Appoint M/s Ummed Jain & Co. as Statutory Auditors; remuneration to be fixed; passed.
• Re-appoint Dr. Chandan Chowdhury as Non-Executive Independent Director; passed.
• Re-appoint Sweta Shah as Whole-time Director; passed.

Auditor appointment

• Statutory Auditor appointed: M/s Ummed Jain & Co. (FRN 119250W).
• Remuneration for statutory auditors to be fixed.

Director changes

• Sweta Shah re-appointed as director (rotation) and as Whole-time Director.
• Chandan Chowdhury re-appointed as Non-Executive Independent Director.

AGM Details

• AGM date/time: September 19, 2026 at 11:00 IST via VC/OAVM.
• Quorum: 51 members present via video; cut-off date September 14, 2026.
• Venue deemed at Registered Office; NSDL e-voting facility used.

Key Resolutions

• Resolution 1: Adopt standalone and consolidated financial statements for year ended March 31, 2026.
• Resolution 2: Re-appoint Sweta Shah by rotation.
• Resolution 3: Appoint M/s Ummed Jain & Co. as Statutory Auditors; fix remuneration.
• Resolution 4: Re-appoint Dr. Chandan Chowdhury as Non-Executive Independent Director.
• Resolution 5: Re-appoint Sweta Shah as Whole-time Director.

Voting Results

• Resolution 1: Voting outcome not disclosed; results to be submitted to stock exchanges.
• Resolution 2: Voting outcome not disclosed; results to be submitted to stock exchanges.
• Resolution 3: Voting outcome not disclosed; results to be submitted to stock exchanges.
• Resolution 4: Voting outcome not disclosed; results to be submitted to stock exchanges.
• Resolution 5: Voting outcome not disclosed; results to be submitted to stock exchanges.

Director Changes

• Dr. Chandan Chowdhury re-appointed as Non-Executive Independent Director.
• Sweta Shah re-appointed as Whole-time Director.

Auditor Appointments

• Statutory Auditor: M/s Ummed Jain & Co. appointed; remuneration to be fixed.

Rating Action

• Downgraded long-term bank facilities to ACUITE BBB | Negative from BBB+ | Negative.
• Downgraded short-term facilities to ACUITE A3+; from ACUITE A2.
• Consolidated ratings apply to the Group on a combined basis.

Rationale & Metrics

• FY26 revenue rose to Rs 233.24 Cr; FY25 was Rs 207.64 Cr.
• Indian operations declined; US market dependence weighs performance.
• Net losses in FY26; net worth fell to Rs 270.78 Cr; gearing 0.79x.
• Interest coverage 0.69x; DSCR 0.04x; negative cash accruals.
• Liquidity stretched; cash Rs 3.78 Cr; current ratio 1.27x; high WC reliance.
• Gulf region geopolitics add demand disruption risk; negative outlook maintained.
• Monetization of discontinued Bagru unit may provide flexibility; timing monitorable.
• UPWARD triggers: revenue growth >30%, profitability improvements, DSCR >2x.

Liquidity & Outlook

• Outlook: Negative; continued uncertainty on profitability and liquidity.
• Scheduled debt repayments Rs 24.13 Cr; negative net cash accruals Rs 13.47 Cr in FY26.
• GCA days 335; inventory 143 days; debtors 151 days; creditor 117 days.

AGM Details

• AGM on September 19, 2026 at 11:00 AM IST via VC/OAVM
• Cut-off date for voting eligibility: September 14, 2026
• Remote e-voting window: September 16–18, 2026
• Notice and Annual Report sent electronically to registered members
• Registered office deemed AGM venue

Ordinary Resolutions

• Adopt audited standalone and consolidated financial statements for FY 2025-26
• Re-appoint Sweta Shah as Director, retiring by rotation
• Appoint M/s Ummed Jain & Co as Statutory Auditors for five years

Special Resolutions

• Re-appoint Dr. Chandan Chowdhury as Non-Executive Independent Director for a second term
• Re-appoint Mrs. Sweta Shah as Whole-time Director for three years with remuneration

Auditor Remuneration

• Proposed remuneration for 2026-27 statutory audit: ₹15,00,000 plus taxes and expenses

Key financials and actions

• Subject: Re-submission of legible, machine-readable unaudited results for quarter ended June 30, 2026.
• Standalone revenue from operations: INR 221.32 million; total income 250.78 million.
• Standalone profit after tax: INR 25.36 million; EPS basic INR 0.60.
• Consolidated revenue from operations: INR 654.19 million; total income 656.11 million.
• Consolidated profit after tax: INR 0.64 million; total comprehensive income INR 0.32 million.
• Inter-company loan US$11.12 million converted into equity in Global Surfaces FZE; completed June 17, 2026.
• Further conversion approved of AED 3.0 million and USD 10.86 million into equity.
• No cash outflow; conversion reclassifies debt into equity.
• Bagru Unit discontinued; orderly closure from March 31, 2026; disposal plan under preparation.
• Subsidiaries for consolidation: Global Surfaces FZE (100%), Global Surfaces INC (99.90%), Superior Surfaces INC (50%).

Meeting Details

• Date/time: August 11, 2026, 2:00 PM IST.
• Type/Mode: earnings conference call; virtual audio conference.
• Event/organiser: Earnings Conference Call hosted by Global Surfaces Ltd.
• Key participants: Company Secretary and Compliance Officer.
• Purpose: Discuss Q1 FY27 financial and operational performance.
• Recording: Audio recording uploaded on company website.
• Transcript: Will be made available on website in due course and submitted to Exchanges.