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Investment in Dubai subsidiary for quartz manufacturing facility
Part financing the capital expenditure of Global Surfaces FZE, a wholly owned subsidiary, for setting up an engineered quartz manufacturing facility at the Jebel Ali Free Zone in Dubai, UAE.
General corporate purposes
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(₹ in Crore)
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Global Surfaces Limited is a Jaipur, Rajasthan based manufacturer and processor of natural stone and engineered quartz surfaces. The company works with a wide range of materials including granite, marble, limestone, slate, quartzite, onyx, sandstone and travertine, converting quarried stone blocks into finished slabs and tiles used for flooring, wall cladding and countertops in both residential and commercial projects. Incorporated in 1991, the company operates two manufacturing units in Jaipur, one at the RIICO Industrial Area in Bagru and another inside the Mahindra World City special economic zone. Its business is heavily export oriented, with the large majority of revenue historically coming from international markets such as the United States, Canada, Australia and the Middle East. Over the three years leading up to its IPO the company grew both its revenue and profit at a healthy pace. As part of its growth plans, Global Surfaces has been expanding overseas through its wholly owned subsidiary Global Surfaces FZE, which is setting up an engineered quartz manufacturing facility at the Jebel Ali Free Zone in Dubai, UAE. This overseas facility is intended to bring the company closer to key export markets and add engineered quartz capacity alongside its natural stone processing business, supporting a wide, multi design product portfolio sold under an established international distribution presence.
Ahead of the IPO, Global Surfaces raised about Rs 46.49 crore from anchor investors through the allotment of roughly 33.21 lakh equity shares at the issue price of Rs 140 per share. Leading Light Fund VCC (The Triumph Fund), Saint Capital Fund and VPK Global Ventures Fund were among the anchor investors that participated.
Source: RHP • Analysis provided for informational purposes
Last Updated: 18 July 2026, 5:30 AM
Strong profitability metrics
The company posted FY22 ROE and ROCE of about 26.6% and 20.9% respectively, with a net profit margin ahead of listed peers, backed by healthy operating cash flows.
Consistent growth track record
Revenue and profit grew at a three year CAGR of roughly 8% and 30% respectively, supported by rising demand from the construction and real estate sector.
Diversified, export focused product portfolio
The company offers a wide range of natural stone and engineered quartz products across multiple designs, with an established presence across several international markets.
High dependence on export markets
Around 98% of revenue comes from exports, mainly to the US, Canada, Australia and the Middle East, leaving the business exposed to demand or currency shocks in those geographies.
Customer concentration
The top three customers accounted for close to two thirds of FY22 revenue, so the loss of any one of them could meaningfully affect results.
Rich valuation and declining return ratios
The issue was priced at a premium to listed peers on P/E and P/B, even as the company's RoE and RoCE showed a declining trend going into the IPO.
Global Surfaces Limited
PA-10-006, Engineering and Related Industries SEZ, Mahindra World City, Sanganer, Jaipur, Rajasthan 302037, India
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