Global Surfaces exits natural stone as quartz reaches 98%

Global Surfaces Limited stopped manufacturing natural stones at Bagru on March 31, 2026, and reported a 98% engineered-stones share of H1-FY27 segment revenue. Its engineered-stones revenue was Rs 125.3 crore for H1-FY27, while the natural-stones segment recorded Rs 1.9 crore as limited activities continued to close existing orders.

When did Global Surfaces stop natural-stone manufacturing?

Global Surfaces discontinued operations at its Natural Stone Unit in Industrial Area Bagru, Jaipur, effective March 31, 2026. Its Board of Directors approved the discontinuation at a meeting on February 3, 2026, and the presentation says limited activities continued after the effective date solely for orderly closure of existing orders.

The closure concerns the Bagru natural-stone manufacturing unit, not the company’s two engineered-stone plants. Global Surfaces operates an engineered-stone unit at Mahindra World City Special Economic Zone, Jaipur, and another through wholly owned subsidiary Global Surfaces FZE in Jebel Ali Free Zone, Dubai.

Before the closure, the natural-stones portfolio consisted of granite, marble and quartzite series. Natural-stones revenue was Rs 1.9 crore in H1-FY27, compared with Rs 13.3 crore in FY26, while volume was 6,701 square metres in H1-FY27 versus 27,575 square metres for the full FY26 period.

How much revenue comes from engineered stones?

Global Surfaces reported that engineered stones accounted for 98% of H1-FY27 segment revenue, with natural stones accounting for the remaining 2%. The company reported engineered-stones revenue of Rs 125.3 crore in H1-FY27 and natural-stones revenue of Rs 1.9 crore in the same period.

Engineered-stones revenue increased from Rs 144.1 crore in FY24 to Rs 195 crore in FY25 and Rs 220 crore in FY26. Over the same three full fiscal years, natural-stones revenue declined from Rs 18 crore to Rs 12.7 crore and then rose to Rs 13.3 crore before the Bagru unit was discontinued.

The comparison shows that engineered stones grew by Rs 75.9 crore between FY24 and FY26, whereas natural-stones revenue was Rs 4.7 crore lower over that period. H1-FY27 is a half-year period rather than a full-year comparison, but its 2% natural-stones mix reflects the limited closure-related activity disclosed after March 31, 2026.

How did Global Surfaces volumes and operating margin change?

Global Surfaces reported engineered-stones volume of 185,147 square metres in H1-FY27, while natural-stones volume was 6,701 square metres. The presentation does not provide H1-FY26 volumes, so the H1-FY27 volumes cannot be measured on a like-for-like half-year basis against FY26.

For the full years shown, engineered-stones volume rose from 290,915 square metres in FY24 to 383,756 square metres in FY25 and 395,886 square metres in FY26. Natural-stones volume moved from 37,377 square metres in FY24 to 27,842 square metres in FY25 and 27,575 square metres in FY26.

Operational revenue was Rs 225.3 crore in FY24, Rs 207.6 crore in FY25, Rs 233.2 crore in FY26 and Rs 125.3 crore in H1-FY27. Earnings before interest, tax, depreciation and amortisation, or EBITDA, margin changed from 15.53% in FY24 to 0.96% in FY25, negative 4.85% in FY26 and 7.66% in H1-FY27.

Which facilities support Global Surfaces engineered quartz?

Global Surfaces has two facilities designated for engineered stones, with stated capacities of 521,454 square metres a year in Jaipur and 622,895 square metres a year in Dubai. The two facility figures add to 1,144,349 square metres a year, matching the approximate combined capacity cited in the company overview.

The Jaipur facility covers 24,139 square metres and includes a research and development facility for product development and improvement. The Dubai facility covers 39,657.63 square metres on leased land and is located near Jebel Ali Port, which the presentation says helps optimise freight and transportation costs.

The presentation contains a separate capacity figure of 1,144,540 square metres a year on its engineered-stones page. That is 191 square metres higher than the 1,144,349-square-metre total derived from the two listed plants, and Global Surfaces does not explain the difference in the supplied material.

How is Global Surfaces differentiating its engineered quartz?

Global Surfaces is producing engineered quartz through its product ranges Aurora, Kalm asa, Prismatic, Stratum and Quartzite, with the material described as 90% ground quartz and 10% pigments and binders. The company states that engineered quartz is made by binding quartz particles with resins, pigments and other elements for slab applications.

Global Surfaces FZE entered into a licence agreement on July 10, 2024, with SQIP, LLC and Veegoo Technology Co. Ltd. The agreement provides exclusive, non-transferable and non-sublicensable rights to specified licensed patents and know-how for products manufactured in the Middle East and North Africa, or MENA, and in India.

The licensed premium product is called Marquartz. Global Surfaces says it uses Non-Push-Up Vein Technology, Push-Up Vein Technology, RIFT VEIN technology and CONVERGENCE technology to produce patterns intended to emulate natural stone; the presentation also states that the associated technology has secured more than 20 utility patents during the past seven years.

Conclusion

Global Surfaces has reshaped its operating portfolio around engineered stones by discontinuing Bagru natural-stone manufacturing from March 31, 2026. The shift is reflected in the 98% engineered-stones share of H1-FY27 segment revenue, Rs 125.3 crore of engineered-stones revenue and just Rs 1.9 crore from natural stones during the half year.

The next disclosures to watch are the completion of residual natural-stone orders after the March 2026 closure and any production or sales update for Marquartz under the July 2024 licence agreement. The presentation does not disclose a revenue target or rollout timetable for Marquartz, and it does not reconcile the two engineered-stone capacity figures of 1,144,349 and 1,144,540 square metres a year.