About Esprit Stones Limited

From time immemorial, marble has always been a material of fascination for man. From timeless masterpieces in art to immortal executions in architecture, marble has always been the lead material of choice. Like all good things have a character, marble also comes with its intrinsic quirks and facets which triggered a quest to find an alternative which found its destination with quartz stone surfaces.

Quartz surfaces represent the amalgamation of beauty, versatility and durability that modern architects and designers have sought over the years.

A combination of natural quartz and other raw materials that are extraordinarily hard and resilient. These characteristics combine to create an ideal surface for kitchen countertops, bathrooms, flooring and wall siding. It offers beauty similar to natural stone in a wide range of colors and extraordinary textures.

Quartz is a non-porous surface and highly resistant to staining caused by coffee, wine, lemon juice, cooking oil, vinegar, makeup and many other everyday products that form part of our modern living.

Esprit Stones Quartz Surfaces present an unmatchable compilation of extraordinary surfaces. A harmonious blend of art, nature and technology, Esprit Stones Quartz Surfaces are created by fusing nature’s hues and designs to form the ultimate luxury stone surface – a dream for designers and architects alike.

The Esprit Stones Collection can be used for a variety of applications, including furniture, vanities, kitchen & bathroom surfaces, work surfaces, countertops, floors, walls, special features and more.

Esprit Stones surfaces meet exacting standards of excellence from the initial procurement of raw materials to the final quality control check. Highly skilled and trained staff ensure the quality of a product that is unrivaled in the industry today.

Headed by an experienced team that constantly sources the mineral rich region of Southern Rajasthan for highest quality mineral stones that is the hallmark of the unique visual effect in every piece produced in the Esprit Stones Collection.

With its vivid colors and awe-inspiring designs, the Esprit Stones range brings out the inherent brilliance of the stones while enhancing the luster of their natural hues and shades.

Resistant to heat, stain and scratches, Esprit Stones offers high quality and low maintenance. Created with dimensions of 126 x 63, 137 x 76 inches and an approximate thickness of 0.39 and upto 1.18 inches, each Esprit Stones piece is made from completely natural stone that enhances its unique shadings and inherent patterns.

Indian Engineered Stone Industry
Engineered quartz was declared as a minor mineral by the Government of India in 2015. More than half of quartz in India comes from the state of Andhra Pradesh, followed by Rajasthan. Other states where quartz is available are Chhattisgarh, Gujarat, West Bengal, Karnataka and Jharkhand. The industry manly consists of unorganized players. Besides catering to the Indian market, India is a major exporter of engineered or quartz stones in countries like the U.S, Europe and U.A.E. The demand for engineered stones has increased tremendously owing to its wide range of applications, cost effectiveness, and many other characteristics such as strength, durability, and availability in various color pellets. 

The Indian engineered stone market is estimated to be valued at $3,643 million in 2022. The industry is expected to grow at a CAGR of 7-8% in the projected years between 2022 to 2027. By the year 2032, the Indian engineered stone market is expected to reach $ 7,355 million.

Moreover, In the FY2020-21 the industry was impacted by the Covid-19 leading to disruptions in production and transportation process. As the lockdowns were imposed throughout the country, laborers migrated back to their native towns creating a shortage of labor. The infrastructure and customer base were also affected by the pandemic as the customers wanted to check the look and feel of the products which was not possible during the time of lockdowns. The Indian stone industry grew at a very slow pace in that period.

India – Unsaturated Polyster Resin
The India unsaturated polyester resin market was valued at $1,290 million in 2022 and is projected to reach $2,674 million by 2032, registering a CAGR of 8% from 2022 to 2032. The unsaturated polyester resin market in India is experiencing significant growth, buoyed by robust development in the construction and automotive industries. The construction sector, fueled by rapid urbanization and infrastructure projects, showcases a soaring demand for unsaturated polyester resins used in applications like composite materials, laminates, and coatings. Simultaneously, the automotive industry is witnessing a surge in the use of these resins for manufacturing lightweight components, enhancing fuel efficiency and sustainability. In addition, the Indian government’s initiatives to boost these industries, such as the “Make in India” campaign and increased infrastructure investments, further amplify the demand for unsaturated polyester resins. These resins, known for their versatility, strength, and corrosion resistance, align seamlessly with the evolving needs of these key sectors. As India strives for economic growth and technological advancement, the unsaturated polyester resin market is poised to play a pivotal role in fostering innovation and contributing to the nation’s industrial development.

Five key Natural & Engineered Stone Players (India)

1. Pokarna Ltd : 
Pokarna Ltd. was founded in 1991 in India and offers a wide range of natural stones. The company has a start-to-end procedure which involves extracting, cutting, shaping, and polishing granite. Today, Pokarna Ltd. is one of the leading exporters of granite and the largest exporter of quartz in India. The company’s product range includes tiles, slabs, and cut-to-size natural quartz and granite. The quartz manufactured by the company is used in countertops, wall cladding, furniture, and flooring. Pokarna Ltd is also an exclusive partner with IKEA for the measurement, supply, and installation of made-tomeasure quartz surface worktops in India. Pokarna Ltd. has 15 mines and 2 state-of-the-art manufacturing facilities of granite and quartz in Telangana.

2. Marudhar Marble 
Marudhar Stones is one of the largest processors and exporters of Granite slabs and quartz from India. The Company has twin factories located at Granite rich belt of Hosur and Salem. The company has one of the largest annual processing capacities of more than 500,000 sq. ft, say capacity of 2,500 containers.

3. Esprit Stones Pvt Ltd : 
Esprit Stones manufactures engineered stones. Esprit is jointly promoted by Aravali & Gattani Group. It has a state-of-the-art factory in Udaipur and a 1,00,000 sq. ft plant, which is set up in a 6-acre area. It has products in a wide range of colours and designs. The surfaces produced by the company can be used for vanities, kitchen countertops, floors, and wall cladding. Haique is the engineered stone brand of Esprit Stones that manufactures Quartz and Engineered marble. 

The Aravalli Group, a mining major, and The Gattani Group, a conglomerate with diversified interests across polymers to clean energy. The groups have expertise in sectors like mining, real estate, hospitality, and energy amongst others. 

The Aravali Group was founded in 1975 and has 8 companies in the minerals, real estate, and finance sectors. It owns the largest underground mines in India in addition to 6 mines, which it has taken on lease from the Rajasthan government. It is spread over 83 hectares and has 600 feet of proven deposits, yielding 100,000 MT of marble. 

The Gattani Group was established in 1979 and is a multi-faceted conglomerate. In the infrastructure sector, they have expertise in excavation, mining, and land grading.

4. Global Surfaces Ltd.
Global Surfaces Ltd was incorporated in 1991 in Jaipur and provides natural and engineered stone products. It is involved in the mining, production, and export of natural stones and engineered quartz. The company offers products made of granite, marble, and quartz. The product range includes slabs and countertops that can be used in flooring, indoor wall cladding, vanity tops, reception desks, table tops, staircases, etc. The products can be customized according to different shapes, sizes, colours, and forms. Since its inception, the company has progressed and created new growth avenues in the international markets. Global Surfaces Ltd. holds various certifications including Greenguard, ISO 9001:2008 Registered QMS certification.

5. Classic Marble Company (CMC): 
Classic Marble Company is headquartered in Mumbai and was founded in 1994. It is the biggest importer of stones in India and is the only company to supply more than 150 Mn sq. ft. of imported marble in the country since its inception. The company supplies natural and exotic marble as well as other stones like travertine, onyx, and limestone. CMC is an ISO 9001:2015, 14001:2015, 45001:2018 certified company and has its stockyards in Silvassa. The company has various brands like Kalinga Stone, Quadra, Techlam, and Kalesinterflex, which provide a wide range of stones like engineered marble, terrazzo and quartz. The company has over 700 varieties of exquisite stones sourced from nearly 53 countries.

ESPRIT STONES LIMITED STRENGTHS
1. Prominent player in the high growth Engineered Stones market
2. Focus on quality and innovation
3. Backward Integration
4. Strategic location and state-of-the-art manufacturing facilities
5. Experienced Promoters with strong management team and dedicated workforce

ESPRIT STONES LIMITED STRATEGIES
1. Expand awareness of our premium brand
2. Focus on existing and entering new markets
3. Enhanced focus on efficiency, cost and return on capital
4. Focus on rationalizing our consolidated indebtedness
5. Expand the product line by introducing fresh designs to the portfolio

ESPRIT STONES LIMITED RISK FACTORS & CONCERNS
1. Their Manufacturing Facilities are concentrated in the Udaipur, Rajasthan.
2. A significant majority of their revenues from operations are derived from a limited number of customers.
3. Major portion of their revenues are derived from exports to the United States of America.
4. They are vulnerable to cyclicality in the end-user industry.
5. Land measuring 5,000 sq. mt. adjacent to their Manufacturing facility I is pending for conversion for industrial use.