Annual Report for the FY 2025-26

Ref: GSL/SEC/2026-27/36 August 26, 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: Annua l Report for Financial Year 2025-26 including the Notice of the 35th Annual General Meeting of the Company Dear Sir / Madam, Pursuant to the provisions of Regulation 34 and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Regulations”) please find enclosed herewith the Annual Report for financial year 2025-26 including Notice convening the 35 Annual General Meeting (“AGM”) of the Company. In compliance with the provisions of relevant circulars issued by the Ministry of Corporate Affairs and Securities and Exchange Board of India, the electronic copies of the Notice of the 35 AGM and the Annual Report for the financial year 2025-26 have been sent to all the members via e-mail on August 26, 2026, whose e-mail IDs are registered with the Company/Registrar and Share Transfer Agent (RTA)/Depository Participant(s) as on Friday, August 21, 2026. Further, in accordance with the Regulation 36(1)(b) of the SEBI Listing Regulations, a letter containing the web-link including the exact path, where complete details for accessing the notice of 35 AGM and Annual Report for financial year 2025-26 of the Company is being sent to all those Members who have not registered their email IDs. The Annual Report for the Financial Year 2025-26 along with Notice of the 35 AGM is also available on the ‘Investor’ section of website of the Company at https://globalsurfaces.com. You are requested to take on record the above information and disseminate. 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 Across Resilient Responsive Ready The Report The foundations Only holding was The combination of the two leaves held under not enough; the year the Company better built for FY27, 1-36 37-115 116-248 genuine demanded action not just relieved that FY26 is over. pressure, not and the Company Corporate Overview Statutory Reports Financial Section That order matters. Resilience soft conditions. moved instead alone is passive endurance. 1 Resilient. Responsive. Ready. 37 Notice of 35th AGM Standalone Financial of freezing. 6 About Us 54 Board’s Report 116 Independent Auditor’s Report Responsiveness alone is 8 Building on Our Roots, Shaping 68 Annexure I - Form No. AOC 1 128 Balance Sheet improvisation that rarely repeats. the Future 69 Annexure II - Form No. AOC 2 129 Statement of Profit and Loss Together, they’re proof: the 10 Our Manufacturing Excellence 70 Annexure III - Secretarial Audit 130 Cash Flow Statement 12 Our Product Portfolio Report Company can absorb a shock 132 Statement for Changes in 16 Our Global Presence 73 Annexure IV - Annual Report on Equity and still act while inside it and that CSR Activities 18 Technology-Led 133 Notes to the Financial is what makes “Ready” credible Manufacturing Excellence 76 Annexure V - Conservation of Statements 20 The Technology Behind Every Energy, Technology Absorption Consolidated Financial rather than hopeful. and Foreign Exchange Earning Vein & outgo 183 Independent Auditor’s Report 22 Responding to Evolving Design 79 Annexure VI - Remuneration of 192 Balance Sheet Trends Managerial Personnel 193 Statement of Profit and Loss 24 Statement from Chairman and 81 Corporate Governance Report MD’s Office 194 Cash Flow Statement 107 Management Discussion and 28 Storms Pass, Foundations 196 Statement for Changes in Analysis Report Remain Equity 30 Sustainability at the core of 197 Notes to the Financial every surface Statements 34 Leadership at the Forefront Resilient in what we protected. 36 Corporate Information Responsive in what we changed. Ready for what comes next. Scan the QR code to read this Report online 01 Ü 36 37 Ü 115 116 Ü 248 Corporate Overview Statutory Reports Financial Section The Weight of What Did the Year Not Break There are years measured in Two pressures, The answer wasn’t loud. numbers and years measured arriving It was quiet and disciplined. in what the numbers cost to together, This is what resilience Even at its worst, the Dubai facility, still hold steady, ramping, still young, stayed cash profitable asking the looks like when no one before the paper losses of provisioning this was the second same question: were counted. is applauding it. Long-term debt didn’t rise to meet the crisis; it what actually kind. fell, 9.6% lower, a Company choosing caution holds when over leverage when caution was hardest to afford. Working capital days dropped from 157 everything else to 71, more than halved. Revenue still rose, 12.3% higher than the year before, even as the ground gives way While inventories eased 7.8% and receivables beneath it shifted. But growth alone doesn’t tell the truth of it. tightened 24.5%. Net worth, at INR 2,709 million, EBITDA turned negative, INR (113) million and in the fourth quarter, it carried absorbed two difficult years without cracking. a margin of (41.85)%, the harshest the Company has recorded. Tariff uncertainty from across the ocean met nearly forty-five days of regional conflict at home. 2 Annual Report 2025-26 Annual Report 2025-26 3 01 Ü 36 37 Ü 115 116 Ü 248 Corporate Overview Statutory Reports Financial Section Ground Already Cleared Readiness is not a forecast; it’s infrastructure already standing. Dubai’s utilisation climbed from single digits at commissioning to a peak of 66% in November, it was built over two years. Between Jaipur and Dubai, combined capacity reaches 11.44 lakh square metres annually. We maintained a quality that never slipped: premium-grade output held above 85% at both units, even as margins compressed and volumes wavered. Two shores, one balance; one for cost and another for reach, each ready to carry the weight when the other cannot. Turning Towards the Wind Some companies wait for a storm to pass before they change. This one turned inside it. As early as the first quarter, with American demand already cooling, the strategy shifted toward home ground , Jaipur, domestic markets, a deliberate pivot rather than a delayed reaction. By year’s end, the shift was visible in the numbers themselves: America’s share of revenue fell from near 89% to 77%, eleven and a half points surrendered on purpose. In its place, MENA grew to 13.2%, Canada rose from almost nothing to 5%, India’s own market inched upward too. Governance moved with the same urgency, a reconstituted Board, a new independent voice steering audit and finance, two regulatory queries met with facts, not delay. Diversification, usually promised for some distant future, arrived instead within a single year. 4 Annual Report 2025-26 Annual Report 2025-26 5 01 Ü 36 37 Ü 115 116 Ü 248 Corporate Overview Statutory Reports Financial Section About Us GSL at a Glance Established in 1991, Global Surfaces With over two decades of industry expertise, Global Limited 9 has evolved from a Surfaces Limited has established itself as a trusted global pioneering natural stone processor manufacturer and exporter of engineered quartz and into one of India’s leading integrated natural stone surfaces. Backed by advanced manufacturers and exporters of manufacturing capabilities, a skilled workforce, premium surface solutions. With over internationally certified quality standards and a strong three decades of expertise, the export presence, the Company continues to deliver Company has built a strong global premium surface solutions to customers across reputation in the mining, processing, global markets. manufacturing and supply of natural stones and engineered quartz, Our Strength [Showing first 8,000 characters — download PDF for full document]