Credit Rating- Revision

Ref: GSL/SEC/2026-27/39 September 1, 2026 BSE Limited National Stock Exchange of India Limited 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: Intima tion under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 – Credit Rating Dear Sir / Madam, Pursuant to Regulation 30 read with Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations"), we wish to inform you that Acuité Ratings & Research Limited ("Acuité"), vide its Press Release/Rating Rationale dated August 31, 2026, has downgraded the cFreadciitl irtaytings on the bank facilities of tAhme Cooumntp aRnya t(iansg a Group, on cRoantsionlgid Aactetido bnasis), as under: (Rs. Cr.) Long Term Bank Loan Facilities 9.10 ACUITE BBB | (Downgraded from ACUITE BBB+ | Negative) Negative RSahtoiortn Taeler mfo Br athnke Ldooawnn Fgarcailditeie, as s state1d3 b4y.0 A0c uAiCtéU:ITE A3+ (Downgraded from ACUITE A2) “The rating downgrade reflects the continued moder ation in the Group’s operating performance, weakening of its financial risk profile, and stretched liquidity position. The Group’s revenue stood at Rs. 233.24 Cr. in FY26 vis-à-vis Rs. 207.64 Cr. in FY25, primarily driven by the ramp-up of operations at its Dubai manufacturing facility. However, the Indian operations witnessed a significant decline due to uncertainty surrounding US trade policies and slower customer off-take, given the Group’s high dependence on the US market. The Group continued to report net losses in FY26, which adversely impacted its net worth and cash accruals due to unabsorbed fixed costs which stood at (13.65%) in FY26 against (13.92%) in FY25. Consequently, the Group’s net worth declined to Rs. 270.78 Cr. as on March 31, 2026, from Rs. 303.80 Cr. as on March 31, 2025, while gearing deteriorated to 0.79 times from 0.66 times over the same period. Further, debt protection metrics remained weak, as reflected by an interest coverage ratio of 0.69 times and a DSCR of 0.04 times in FY26. The debt repayments have been met by managing working capital Acuité believes that the Group’s ability to improve its scale of operations, profitability, and debt protection metrics remains a key rating monitorable, particularly given the sub-unity coverage indicators. The rating is further constrained by the Group’s intensive working capital requirements and stretched liquidity position.” A copy of the detailed Rating Rationale/Press Release issued by Acuité Ratings & Research Limited is enclosed herewith for your reference. F or Global Surfaces Limited T hanking You Dharam Singh Rathore Place: Jaipur Company Secretary and Compliance Officer ICSI Mem. No.: A57411 Encl.: as above Press Release August 31, 2026 GLOBAL SURFACES LIMITED (ERSTWHILE GLOBAL STONES PRIVATE LIMITED) Rating Downgraded Quantum (Rs. Quantum (Rs. Cr) Regulated Product Long Term Rating Short Term Rating Cr) (SEBI) (Other FSR) By Bank Loan ACUITE BBB | 0.00 9.10 - RBI Ratings Negative | Downgraded Bank Loan ACUITE A3+ | 0.00 134.00 - RBI Ratings Downgraded Total 0.00 143.10 - - - Outstanding Total 0.00 0.00 - - - Withdrawn Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available. Rating Rationale Acuité has downgraded the long-term rating to ‘ACUITE BBB’ (read as ACUITE triple B) from ‘ACUITE BBB+’ (read as ACUITE triple B plus) and short-term rating to 'ACUITE A3+' (read as ACUITE A three plus) from 'ACUITE A2' (read as ACUITE A two) on the Rs. 143.10 Cr. bank facilities of Global Surfaces Limited (erstwhile Global Stones Private Limited). The outlook is 'Negative'. Rationale for rating The rating downgrade reflects the continued moderation in the Group’s operating performance, weakening of its financial risk profile, and stretched liquidity position. The Group’s revenue stood at Rs. 233.24 Cr. in FY26 vis-à- vis Rs. 207.64 Cr. in FY25, primarily driven by the ramp-up of operations at its Dubai manufacturing facility. However, the Indian operations witnessed a significant decline due to uncertainty surrounding US trade policies and slower customer off-take, given the Group’s high dependence on the US market. The Group continued to report net losses in FY26, which adversely impacted its net worth and cash accruals due to unabsorbed fixed costs which stood at (13.65%) in FY26 against (13.92%) in FY25. Consequently, the Group’s net worth declined to Rs. 270.78 Cr. as on March 31, 2026, from Rs. 303.80 Cr. as on March 31, 2025, while gearing deteriorated to 0.79 times from 0.66 times over the same period. Further, debt protection metrics remained weak, as reflected by an interest coverage ratio of 0.69 times and a DSCR of 0.04 times in FY26. The debt repayments have been met by managing working capital Acuité believes that the Group’s ability to improve its scale of operations, profitability, and debt protection metrics remains a key rating monitorable, particularly given the sub-unity coverage indicators. The rating is further constrained by the Group’s intensive working capital requirements and stretched liquidity position. The continuation of the negative outlook reflects the uncertainty surrounding the Group’s ability to achieve a sustained improvement in profitability, cash accruals, debt protection metrics, and liquidity. Although the Group achieved break-even at the PAT level in Q1FY27, the sustainability of the same will remain a monitorable. Further, the prevailing geopolitical uncertainties in the Gulf region could adversely impact demand, disrupt supply chains, and increase freight and logistics costs, thereby exerting pressure on the Group’s operating performance and profitability over the near term. Going forward, a sustained improvement in revenue, profitability, cash accruals, working capital efficiency, and debt protection metrics will remain key rating monitorable. About the Company The company was incorporated as Swastik Niwas Private Limited on August 23, 1991 and its name was changed to Global Stones Private Limited in 2004. The company was renamed to Global Surfaces Private Limited on October 20, 2021 and subsequently converted to public limited company; Global Surfaces Limited on October 21, 2021. The company is a one Star export house engaged in producing and exporting of slabs made of granite, marbles and engineered quartz. The manufacturing units are located at Jaipur, Rajasthan. The company exports granite and marble slabs to USA, Canada, UK, UAE etc. About the Group Global Surfaces FZE is a company incorporated in the laws of United Arab of Emirates. The company was incorporated on 23rd December 2021. The company is engaged in the manufacturing of quartz slabs. Mr. Mayank Shah and Ms. Sweta Shah are the directors of the company. Global Surfaces Inc. is a company incorporated in the laws of United States. The company was incorporated on 20th April 2020 and is engaged in trading of quartz slabs. Superior Surfaces Inc. was incorporated on May 5, 2023, in the State of Texas, USA. SSI is involved in the business of distributing artificial stones, including engineered quartz. Global Surfaces FZE, Global Surfaces Inc. and Superior Surfaces Inc. are subsidiaries of Global Surfaces Limited and together referred as Global Group. Unsupported Rating Not Applicable Analytical Approach Extent of Consolidation •Full Consolidation Rationale for Consolidation or Parent / Group / Govt. Support Acuité has consolidated the business and financial risk profile of Global Surfaces Limited, Global Surfaces FZE, Global Surfaces Inc [Showing first 8,000 characters — download PDF for full document]