Transcripts for the Q1 FY''27 Earning''s Conference Call held on August 11, 2026

Ref: GSL/SEC/2026-27/31 August 14, 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: Transc ript of Q1 FY 2026-27 Earnings Conference Call held on August 11, 2026 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, please find enclosed the transcript of the Q1 FY 2026-27 Earnings Conference Call held on Tuesday, August 11, 2026, to discuss the Company's financial results and business performance for the quarter ended June 30, 2026. The transcript is also being uploaded on the Company's website at www.globalsurfaces.com . This is for your information and records. Thanking You YFoour rGsl Foabiathl fSuullryf,a ces Limited Dharam Singh Rathore Company Secretary and Compliance Officer ICSI Mem. No.: A57411 Place: Jaipur Encl.: as above Global Surfaces Limited Q1 FY’27 Earnings Conference Call August 11, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Global Surfaces Limited Q1 FY27 Earnings Conference Call hosted by Valorem Advisors. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing “*” then “0” on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Purvangi Jain from Valorem Advisors. Thank you and over to you ma'am. Purvangi Jain: Thank you. Good evening, everyone and a very warm welcome to you all. My name is Purvangi Jain from Valorem Advisors. We represent the investor relations of Global Surfaces Limited. On behalf of the company and Valorem Advisors, I would like to thank you all for participating in the company's Earnings Conference Call for the 1st Quarter of the Financial Year 2027. Before we begin, let me mention a short cautionary statement: Some of the statements made in today's earnings call may be forward-looking in nature. Such forward-looking statements are subject to risk and uncertainties which could cause actual results to differ from those anticipated. Such statements are based on management's belief as well as assumptions made by and information currently available to the management. Audiences are cautioned not to place any undue reliance on these forward-looking statements in making any investment decision. The purpose of today's Earnings Call is purely to educate and bring awareness about the company's fundamental business and financial quarter under review. Now, I would like to introduce you to the Management participating with us in today's earnings call and hand it over to them for their opening remarks. We have with us Mr. Mayank Shah – Chairman and Managing Director, Mr. Ashish Agarwal – Chief Financial Officer and Mr. Dharam Singh Rathore – Company Secretary and Compliance Officer. Page 1 of 13 Without any delay, I request Mr. Mayank Shah to start with his opening remarks on the financial highlights. Thank you and over to you sir. Mayank Shah: Thank you Purvangi and good afternoon, everybody and welcome to our earnings call for the 1st Quarter of Financial Year 2027. For some of you who may have not been familiar with the company, let me begin by giving you a brief overview of the company: Global Surfaces Limited, established in 1991 and headquartered in Jaipur, India is a leading manufacturer and exporter of engineered surface, serving premium residential, commercial and architectural applications globally. The company offers a diverse of engineered Quartz including marble granite Quartzite, offered in customized glass countertops for applications such as flooring, wall cladding, vanity tops, reception desk, table tops and staircase. With 1.14 million square meter per annum of combined annual production capacity across India and Dubai, 95% of our revenue derived from exports, GSL has built a strong global manufacturing and distribution footprint. Its international presence is anchored by Global Surfaces FZE in Dubai which operates as an engineered surface manufacturing facility in Jebel Ali Free Zone and its US subsidiary Global Surfaces INC and Superior INC which provides distribution and market access across North America. Before we move forward, as many of you are aware, we had taken the strategic decision in previous quarter to discontinue operations in our natural stone manufacturing unit in Bagru, effective from 31st March 2026 pursuant to the board's approval. The decision followed a comprehensive strategic review of lower utilization levels in the business where impacting the company's overall profitability and margin. We continue to undertake limited activities related to orderly closure of the unit including the execution of pending order settlement of outstanding obligations and other closure related formalities. Going forward, our strategic focus remains firmly centered on our core engineered Quartz business enabling us to allocate resources more efficiently, strengthen operational performance and capitalize on long-term growth opportunities on this segment. I would like to briefly discuss the industry environment particularly developments on the US trade and tariff front which we have had a meaningful impact on our sector over the past 12 months: As most of you are aware that India is also the leading global supplier of natural stone and engineered surface with United States traditionally being the single largest export market for the Indian stone industry. Overall, over the past 12 months, however, the relationship has faced considerable disruptions. In August 25, the US imposed an effective 50% tariff on broad range of Indian imports Page 2 of 13 comprising of 25% reciprocal tariffs and 25% additional tariffs linked to India purchase of Russian crude oil. Natural stone products such as granite, marble as well as engineered Quartz were impacted by these measures. This resulted in a sharp slowdown in shipments, delay in order execution and pressure on margin across the industry as both exporters and US importers work through the sudden increase in landed cost. There has been meaningful improvement on the tariff front. In February 2026, the US and India announced a framework for an interim trade agreement under which the reciprocal tariffs on the Indian origin goods were reduced from 25% to 18% while the additional tariff of Russia linked tariff was withdrawn. This provided significant relief to the Indian exporters and improved the competitiveness of the Indian products in the US market. At the same time, the industry is now dealing with more specific developments related to engineered Quartz. The US trade industry has petitioned for safeguard protection under Section 201 in April 2026. The US International Trade Commission determined the increased imports of Quartz surfaces products were a substantial cause of serious injury to the domestic industry. The commission subsequently recommended a four-year trade tariff quota with 25% in the quota tariff and 50% above quota tariff in the first year. This is an important development on the industry and we are closely monitoring how the final measures evolve and the implications for the exporters. Industry bodies are also actively engaging with the relevant authorities to seek appropriate relief exemptions. While these developments create near-term uncertainties, we believe the industry is also adapting in several constructive ways. Exporters, including ourselves, are actively working to diversify the geographical presence across Europe, Middle East, and Southeast Asia, thereby reducing long-term dependence o [Showing first 8,000 characters — download PDF for full document]