Founded in 2016, Esprit Stones Limited specializes in the manufacture of engineered quartz and marble surfaces. By March 2024, the company had established Manufacturing Facility I, equipped with three pressing lines and two polishing lines, boasting a production capacity of approximately 72 lakhs sq. ft. per annum. In addition, Esprit Stones commissioned Manufacturing Facility II for the production of quartz grit and quartz powder, essential raw materials for engineered quartz manufacturing.
Esprit Stones Limited also operates a third manufacturing facility dedicated to the production of unsaturated polyester resin, further enhancing its product offerings. The company's commitment to quality and environmental standards is evidenced by its certifications, including ISO 14001:2015, ISO 45001:2018, ISO 9001:2015, NSF, and Green Guard.
As of May 31, 2024, Esprit Stones Limited employed 295 individuals across various departments, underscoring its robust workforce and dedication to growth. The company continues to innovate and expand its capabilities, positioning itself as a leading player in the engineered quartz and marble surfaces industry.
Industry Outlook:
- The global engineered stone market is expected to grow at a 7% CAGR, reaching $26,917 million by 2022 from $20,374 million in 2018.
- The Indian engineered stone market, valued at $3,643 million in 2022, is projected to grow at a 7-8% CAGR, reaching $7,355 million by 2032.
Esprit Stones Limited IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- Funding Working Capital requirement of the Company
- Investment in the company’ s subsidiary, Haique Stones Private Limited (HSPL), for repayment and / or prepayment in part or full of its outstanding borrowings
- Investment in the company’ s subsidiary , Haique Stones Private Limited (HSPL) for funding its Working Capital Requirement
- General Corporate Purpose
Peer Details
The companies considered by Esprit Stones as its peers include:
- Pokarna Limited
- Pacific Industries Limited
- Global Surfaces Limited
- Elegant Marbles & Grani Industries Limited
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Contact Details of Esprit Stones Limited IPO
- Registered office: SP1, Udyog Vihar, Sukher Industrial Area, Udaipur – 313 004, Rajasthan, India
- Phone: +91 91166 52582
- E-mail: legal@espritstones.com
IPO Financials
| Particulars | Year ending on March 31, 2024 | Year ending on March 31, 2023 |
|---|---|---|
| Revenue From Operations (in ₹ lakh) | 27,289.02 | 17,441.09 |
| Profit After Tax (PAT) (in ₹ lakh) | 1,031.73 | 355.72 |
| Cash & Cash Equivalents (in ₹ lakh) | 28.01 | 73.36 |
| Net Worth (in ₹ lakh) | 7,238.80 | 6,227.81 |
| Debt to Equity Ratio(x) | 1.72 | 1.90 |
| Return on Net Worth (%) | 15.09% | 5.66% |
| Return on Capital Employed (RoCE) (%) | 12.39% | 7.60% |
| Earning Per Share (EPS)-in absolute ₹ | 6.29 | 2.13 |
Know before investing
Strengths
7Key player in Indian engineered stones market - $7,355 million by 2032.
Focus on quality, certified ISO 14001:2015, ISO 45001:2018, ISO 9001:2015.
Innovative R&D team introduced 30+ new designs in 2023-2024.
Backward integration with in-house quartz grit and polyester resin production.
Strategic location in Udaipur with abundant mineral resources.
State-of-the-art facilities with advanced machinery for quality production.
Risks
7Concentrated manufacturing in Udaipur; disruptions impact operations and finances.
Reliance on leased premises for offices and storage facilities.
Raw material shortages or price fluctuations affect profitability.
Significant revenue from limited customers; top 10 customers: 62.32%.
Dependency on USA market; 94.43% of exports in 2024.
High borrowings of ₹12,109.51 lakhs; affects financial stability.
Downgraded credit ratings; limits access to cost-effective capital.
