Global Surfaces Limited (GSLSU.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-1710.3%

-₹378.42

vs ₹23.50 price

Levered DCF

-₹614.37

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
P/E	-6.41×	-16.26×	54.93×	23.33×	16.26×	17.07×	27.63×
P/B	0.72×	1.53×	3.11×	2.16×	4.32×	5.88×	8.98×
P/S	0.84×	2.23×	4.56×	3.19×	3.06×	3.32×	3.56×
EV / EBITDA	39.27×	72.19×	30.79×	18.95×	13.17×	12.01×	14.77×
Gross margin	28.4%	51.3%	46.0%	39.9%	40.8%	44.4%	25.9%
Operating margin	-12.7%	-8.1%	11.7%	14.7%	16.4%	20.1%	14.3%
Net margin	-13.0%	-13.7%	8.3%	13.7%	18.8%	19.4%	12.9%
Current ratio	1.27×	1.58×	2.22×	1.59×	2.37×	1.66×	1.18×
Debt / equity	0.8×	0.66×	0.44×	0.64×	0.59×	0.39×	0.83×
Interest coverage	-1.98×	-1.08×	5.86×	7.31×	10.47×	10.29×	4.44×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	-11.2%	-9.4%	5.7%	9.3%	26.6%	34.5%	32.5%
Return on invested capital	-6.1%	-3.3%	4.3%	5.8%	14.3%	25.1%	19.6%
Return on assets	-5.6%	-5.1%	3.6%	5.2%	15.1%	21.3%	16.3%
Free cash flow yield	1.8%	-7.7%	-13.7%	-15.5%	2.8%	4.2%	7.5%
Earnings yield	-15.6%	-6.2%	1.8%	4.3%	6.2%	5.9%	3.6%
Enterprise value	₹4.1B	₹6.6B	₹11.7B	₹7.3B	₹6.6B	₹6.1B	₹6.3B
Net debt / EBITDA	20.45×	21.58×	3.78×	4.18×	1.55×	0.64×	1.24×
Cash conversion cycle (days)	251	401	293	191	187	152	112