Global Surfaces Limited — Credit Ratings, 07-06-2025: Credit Rating- Revision

Acuité has reaffirmed Global Surfaces Limited’s long-term rating at ACUITE BBB+ and short-term rating at ACUITE A2, while revising the outlook to Negative from Stable. This reflects a sharp decline in financial health, with the company posting a PAT loss of Rs. 28.90 Cr in FY25 against a profit of Rs. 19.78 Cr in FY24 and EBITDA margins compressing to 0.93% from 16.61%. Debt rose to Rs. 199.46 Cr, weakening coverage ratios (interest coverage at 0.59x and DSCR below 1). Liquidity pressures are likely to increase borrowing costs and weigh on investor confidence, highlighting the need for operational recovery and cash flow improvement to stabilize credit metrics.