Esprit Stones is an engineered-stone manufacturer that makes premium quartz and marble surfaces - the kind you see on kitchen counters and bathroom vanities - as a factory-made substitute for natural granite and marble. It was founded in 2016 in Udaipur, Rajasthan, by two families with over 25 years in the natural-stone trade, and it started as a pure exporter with a single press line before expanding into the domestic market under its own brand. The recurring approach is vertical integration: the company keeps moving backwards to make its own raw materials - quartz grit, quartz powder, and until recently the resin that binds everything together - so it controls quality and cost rather than buying from someone else.
Business segments
Two product lines that share the same factories, the same brand, and the same distributor network - engineered quartz, the founding business, and engineered marble, added later through a subsidiary - plus a small third line of decorative stone slabs.
1. Engineered quartz: the original surface that built the company
A factory-made stone slab that looks like natural quartzite but resists scratches and stains better, sold to export markets under their labels and to Indian homes under the brand Haique.
- Made from crushed stone and glue - engineered quartz is a composite of crushed quartz held together by an adhesive, creating a non-porous surface that outperforms natural stone, laminate, and other solid surfaces on scratch, stain, and heat resistance.
- Three press lines running at half capacity - the plant at Lakhawali, Udaipur, started with one press line in 2017 making about 24 lakh sq. ft. a year and has grown to three pressing lines and two polishing lines with a capacity of roughly 72 lakh sq. ft. per annum; as of May 2026, the lines could produce 9,600 slabs a month but were running at 48% utilisation.
- Backward integration into raw materials - the company makes its own quartz grit and quartz powder at a dedicated facility, so it does not depend on outside suppliers for the main ingredient that goes into every slab.
- Export white-label, domestic brand - overseas, the slabs are sold to over 10 countries including the USA, Canada, Egypt, and the UAE under the customers' own brand names; inside India, they carry the premium label 'Haique' and reach 15 states through more than 50 independent distributors.
- A new press line for higher-end designs - in May 2026 the board approved a Rs. 35 crore investment in a fourth pressing line adding 5,000 slabs a month, aimed at making more contemporary, high-end designs with greater automation, expected to start between January and March 2027.
2. Engineered marble: the subsidiary that copies the quartz playbook
Same composite technology, same brand, same distributor network - just a different stone look, made in a separate facility by the wholly owned subsidiary Haique Stones.
- A younger sibling, not a different business - Haique Stones Private Limited began production in 2022 with one pressing line, two gangsaws, and one polishing line, giving it an annual capacity of around 74 lakh sq. ft. of engineered marble slabs.
- Sold through the same channels - engineered marble goes to market under the same 'Haique' brand and through the same mix of direct exports and independent distributors that already sell the quartz surfaces.
- Applied in the same places - like quartz, the marble slabs end up on bathroom vanities, kitchen countertops, floors, wall cladding, and furniture in both homes and commercial spaces.
- Parent keeps funding it - in September 2024 the company proposed putting up to Rs. 19.5 crore more into the subsidiary through a rights issue, and separately proposed a further investment of Rs. 19,00,20,900 by subscribing to shares, to keep expanding the marble operation.
3. Semi-precious stone slabs: the decorative third line
A small, newer category - composite marble, terrazzo, and slabs embedded with semi-precious stones - made at a fourth facility and shown off at the company's experience centre.
- Started in 2023 at the 4th Manufacturing Facility - production of semi-precious stone slabs began at the company's fourth manufacturing facility, adding a decorative, higher-end product to the catalogue.
- Showcased under one roof - these slabs sit alongside the quartz and marble surfaces at the company's experience centre in Kishangarh, Rajasthan, the self-styled marble city of India, where customers can see every product and its applications in person.
Group structure and partners
A parent company listed on the SME exchange, two operating subsidiaries (one in India, one in the USA), and one resin subsidiary that was shut down and sold - all backed by a solar power plant and bank lines from HDFC Bank.
- The listed parent - Esprit Stones Ltd is the group flagship, listed on the NSE Emerge SME platform since August 2024 after an IPO that was subscribed 185 times, raising about Rs. 50.35 crore in fresh equity.
- Haique Stones Private Limited - the 100% Indian subsidiary that runs the engineered marble operation, with manufacturing units spread across Udaipur, Salumber, and Rajasamand districts in Rajasthan.
- Haique Stones Inc., USA - a 100% foreign subsidiary that acts as the export channel to the American market; in FY24 nearly two-thirds of all US export sales flowed through this entity.
- Addwaya Chemicals - exited - this 51% subsidiary made unsaturated polyester resin, a key binding ingredient for engineered stone, until the Rajasthan pollution control board ordered its plant closed in March 2025; the company sold its entire stake in September 2025 for Rs. 1.21 crore to two related-party buyers, and the subsidiary ceased to exist within the group.
- Power and banking backbone - the group runs a 1,706 KW solar power installation across its factories, including a 1,300 KW ground-mounted plant at Gajner, Rajasthan, with a long-term open-access agreement to wheel electricity from the state grid. Its rated bank facilities total Rs. 42 crore from HDFC Bank, split between fund-based limits of Rs. 30 crore, a non-fund-based limit of Rs. 4 crore, and a term loan of Rs. 8 crore.