Esprit Stones Ltd IPO

Esprit Stones Limited was originally incorporated as `Esprit Stones Private Limited', a private limited company under Companies Act, 2013, pursuant to a certificate of incorporation dated October 19, 2016 issued by the Central Registration Centre. Subsequently, the Company was converted into a public limited company pursuant to a resolution passed by its shareholders at an Extra-ordinary General Meeting held on January 12, 2024 and a fresh certificate of incorporation dated February 5, 2024 was issued by the Registrar of Companies, Rajasthan at Jaipur consequent upon conversion, recording the change in name of the Company from `Esprit Stones Private Limited' to `Esprit Stones Limited'.

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. The outlook for the natural segment is stable with a positive upside in the medium term. Like natural stones, the engineered stone industry is also linked to commercial and residential real estate industries. Going forward, with hybrid working environment, design specifications for homes are likely to be altered as there will be higher demand for flexible homes that are capable of functioning as offices and classrooms if required. This would result in increased penetration of engineered stones to be used in interior designing. Under commercial real estate, the hospitality segment is expected to register a gradual pick-up over the coming years as the sector recovers from the effects of the pandemic. This would turn out well for engineered stones as they are widely used in swimming pools, food facilities, walls, canteens, kitchen countertops, etc.

Esprit Stones Limited is primarily engaged in the manufacturing of Engineered Stones such as: (i) engineered quartz surfaces; and (ii) engineered marble surfaces. The Company majorly manufactures engineered quartz surfaces and through its Subsidiary, HSPL, the company manufactures engineered marble surfaces. The Company is one of the key Engineered Stone players in India. Engineered Stone is a composite material formed out of crushed stone that is held together by an adhesive. Engineered Stone's non-porous characteristics, offer superior scratch, stain and heat resistance, making them extremely durable and therefore get an edge over competing products such as laminate and other manufactured solid surfaces The strength, consistency, durability and appearance of its Engineered Stones, as well as their low maintenance makes it ideal for its application for vanities & bathroom surfaces, kitchen countertops, floors and wall cladding furniture, and other interior surfaces that are used in a variety of residential and non-residential applications. Through its innovative design and manufacturing processes, the company is able to offer its product in wide variety of colours, styles, designs and textures.