Esprit Stones Limited (ESPRIT)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Esprit Stones' revenue was ₹73.3 Cr (-54.4% year on year, -26.1% on the previous half-year), and net profit ₹-1.2 Cr (against a profit a year earlier); the operating margin was 5.0%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹73.3 | -54.4% | -26.1% |
| Operating profit | ₹3.7 | -80.7% | +77.2% |
| Net profit | ₹-1.2 | to loss | loss narrowed |
| EPS (₹) | -0.53 | to loss | loss narrowed |
| Operating margin | 5.0% | — | — |
ESPRIT delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 100.0% of the ESPRIT shares traded on NSE were taken to delivery, against the stock's own 20-session average of 68.32%. That is higher than usual for this stock. Turnover was only ₹1 lakh, so a handful of trades can move this figure. Volume was 0.1 times its average, well below normal.
Delivery in the last 5 sessions: 54.5% · 46.4% · 53.9% · 80.7% · 100.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Esprit Stones Limited has submitted a certificate of non-applicability regarding the Quarterly Corporate Governance Report for the quarter ended September 30, 2026. Under Regulation 15 of SEBI (LODR) Regulations, 2015, listed entities on SME exchanges are exempt from mandatory corporate governance reporting provisions under Regulation 27. The filing is purely administrative and does not affect the financial or operational position of the company.
- Corporate Governance report non-applicability filed for the quarter ended 30th September, 2026
- Exemption claimed under Regulation 15 of SEBI (LODR) Regulations, 2015 for SME-listed companies
- Filing confirms non-applicability of Regulations 17-27 and Schedule V Para C, D, and E
- Submission dated 15.10.2026 completed within regulatory disclosure timelines
Esprit Stones Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 30th September, 2026. The certificate from RTA MUFG Intime India confirms that securities received for dematerialisation have been verified, cancelled, and substituted in the register of members. This is a standard procedural compliance filing with no impact on business operations or financials.
- Regulation 74(5) compliance confirmed for the quarter ended 30th September, 2026
- Certificate issued by RTA MUFG Intime India Private Limited dated 03-10-2026
- Filing submitted to the National Stock Exchange of India Limited on 14.10.2026
Esprit Stones Limited announced that shareholders approved the re-appointment of M/s. A Bafna & Co., Chartered Accountants, as statutory auditors at its 10th AGM held on September 30, 2026. The re-appointment is for a second term of 5 consecutive years, spanning from the conclusion of the 10th AGM until the 15th AGM. A Bafna & Co., established in 1987 with 15 partners, maintains continuity in the audit process as the company navigates recent operational headwinds, including a net loss of Rs 1.16 Cr in the quarter ended March 2026.
- Re-appointment approved at the 10th Annual General Meeting held on September 30, 2026
- Auditor tenure renewed for a second term of 5 consecutive years through the 15th AGM
- Audit firm M/s. A Bafna & Co. (FRN: 003660C) established in 1987 with 15 partners
Esprit Stones Limited has notified the exchanges regarding the cut-off date to determine member voting eligibility for its upcoming 10th Annual General Meeting (AGM). The cut-off date has been fixed for Wednesday, September 23, 2026. The 10th AGM itself is scheduled to be conducted on Wednesday, September 30, 2026. This is a standard corporate compliance filing under Regulation 42 of SEBI LODR Regulations.
- Cut-off date for AGM voting eligibility set as Wednesday, September 23, 2026
- 10th Annual General Meeting scheduled to take place on Wednesday, September 30, 2026
- Disclosure submitted pursuant to Regulation 42 of SEBI LODR Regulations, 2015
Esprit Stones Limited has notified exchanges that its 10th Annual General Meeting (AGM) will be held on September 30, 2026, via Video Conferencing. Alongside the notice, the company published its Annual Report for FY25-26, detailing consolidated audited financials. As of March 31, 2026, consolidated total assets stood at ₹239.60 Cr compared to ₹309.68 Cr in the previous year, reflecting balance sheet deleveraging. The company reported annual production capacities of approximately 72 lakh sq. ft. in engineered quartz and 74 lakh sq. ft. in engineered marble.
- 10th Annual General Meeting scheduled for September 30, 2026, at 11:00 AM IST via VC/OAVM
- Consolidated balance sheet size contracted to ₹23,960.29 Lakhs (₹239.60 Cr) as of March 31, 2026, from ₹30,968.49 Lakhs (₹309.68 Cr)
- Engineered quartz production capacity stands at approximately 72 lakh sq. ft. across 3 pressing lines and 2 polishing lines
- Subsidiary Haique Stones Private Limited has an annual engineered marble capacity of approximately 74 lakh sq. ft.
Esprit Stones Limited has approved the re-appointment of M/s. A Bafna & Co., Chartered Accountants, as its Statutory Auditor for a second term of 5 consecutive years. The appointment is subject to shareholder approval at the company's upcoming 10th Annual General Meeting. The term will span from the conclusion of the 10th AGM to the 15th AGM. A Bafna & Co., established in 1987 with 15 partners, continues its audit mandate with the company.
- Re-appointment of M/s. A Bafna & Co. for a second term of 5 consecutive years
- Term spans from the conclusion of the 10th AGM until the conclusion of the 15th AGM
- Audit firm established in 1987 with 15 partners
- Board meeting approving the recommendation held on September 7, 2026
Esprit Stones held a Board meeting on September 7, 2026, approving the Board's Report for FY26 and calling the 10th Annual General Meeting (AGM). The Board approved the re-appointment of statutory auditor M/s. A Bafna & Co. for a second term of 5 consecutive years (10th to 15th AGM), subject to shareholder approval. Key AGM agenda items also include fixing remuneration for the MD and Joint MD, as well as a proposed variation in the utilization of unutilized IPO proceeds.
- Re-appointment of statutory auditor M/s. A Bafna & Co. approved for a 5-year second term (10th to 15th AGM).
- Board approved a proposal for variation in the utilization of unutilized Initial Public Offer (IPO) proceeds, subject to member approval.
- Proposal approved for fixation of remuneration payable to MD Sunil Lunawath and Joint MD Nitin Gattani.
- Approved draft notice, book closure dates, and scrutinizer appointment for the 10th AGM.
Financial Performance
Revenue Growth by Segment
Consolidated revenue from operations for FY24-25 reached INR 321.48 Cr. The Engineered Stones segment grew 23.7% YoY to INR 236.77 Cr, while the Unsaturated Polyester Resin segment grew 4.4% YoY to INR 84.71 Cr. However, H1 FY26 revenue was lower at INR 99.19 Cr, leading to a loss due to low absorption of fixed overheads.
Geographic Revenue Split
Not specifically disclosed in available documents, though the company notes sensitivity to both global and Indian demand-supply conditions for its engineered stone products.
Profitability Margins
Net Profit Margin increased in FY24-25 as PAT grew 66.7% to INR 17.20 Cr. This was driven by a 19.8% reduction in finance costs (from INR 9.97 Cr to INR 7.99 Cr). H1 FY26 saw a downturn with a consolidated net loss of INR 2.17 Cr due to subdued revenue and fixed costs.
EBITDA Margin
Core profitability improved in FY24-25 as Profit Before Tax rose 56.7% to INR 22.08 Cr. EBITDA was supported by a 32.4% increase in other income to INR 2.50 Cr and controlled depreciation growth of 4.5% (INR 9.54 Cr).
Capital Expenditure
The company raised INR 50.35 Cr through an IPO listed on August 2, 2024. As of September 30, 2025, it had utilized INR 6.50 Cr for investment in its subsidiary, Haique Stones Private Limited (HSPL), and INR 19.00 Cr for other corporate objects.
Credit Rating & Borrowing
The company has a 'Stable' outlook from CRISIL. Borrowing costs are impacted by a total debt load including INR 13.12 Cr in long-term borrowings and INR 45.67 Cr in short-term borrowings as of September 2025. Liquidity is considered 'Stretched' with bank limit utilization averaging 95%.
Operational Drivers
Raw Materials
Key raw materials include feedstock for Unsaturated Polyester Resin and stone aggregates for Engineered Stones. Feedstock availability and pricing are cited as critical factors for operational stability.
Import Sources
Not specifically disclosed in available documents; however, the company monitors global feedstock prices, suggesting international sourcing for resin components.
Capacity Expansion
Current tangible assets are valued at INR 107.67 Cr as of September 2025. The company is utilizing IPO proceeds to fund working capital and subsidiary investments to support growth, though specific MTPA capacity figures were not provided.
Raw Material Costs
Cost of materials consumed for H1 FY26 was INR 37.17 Cr, representing approximately 37.5% of total income. In FY24-25, revenue growth in the resin segment (4.4%) was significantly lower than stones, indicating varying cost-pass-through efficiencies.
Manufacturing Efficiency
H1 FY26 performance showed 'low absorption of fixed overheads' due to subdued revenue, indicating that the company requires higher volume to maintain manufacturing efficiency and break-even levels.
Logistics & Distribution
Distribution costs are subject to global and Indian demand-supply conditions; specific logistics spend as a % of revenue was not disclosed.
Strategic Growth
Expected Growth Rate
18%
Growth Strategy
Growth is targeted through the utilization of INR 50.35 Cr in IPO funds for working capital and investment in the subsidiary Haique Stones Private Limited. The strategy focuses on scaling the Engineered Stones segment, which grew 23.7% in the previous fiscal year, and leveraging the extensive experience of promoters Sunil Lunawath and Nitin Gattani.
Products & Services
Engineered Stones (Quartz/Marble) and Unsaturated Polyester Resin.
Brand Portfolio
Haique (via Haique Stones Private Limited) and Esprit.
New Products/Services
Not specifically disclosed, though the company is investing in its subsidiary HSPL to expand its market presence in the stone industry.
Market Expansion
The company is focusing on global and Indian markets for its building products, supported by the recent transition to a public listed entity to increase brand visibility.
Strategic Alliances
The company operates through subsidiaries including Haique Stones Private Limited and previously Addwaya Chemicals Private Limited (51% stake sold in September 2025).
External Factors
Industry Trends
The engineered stone industry is influenced by cyclical demand in real estate. Future outlook depends on improved profitability and revenue growth to offset fixed overheads, with a current trend toward consolidation and regulatory compliance.
Competitive Landscape
The company competes in the building products industry; key sensitivity factors include the ability to maintain revenue growth amid competition from other engineered stone and resin manufacturers.
Competitive Moat
The moat is built on the 'extensive experience' of the promoters in the engineered stones and building products industry, providing a competitive edge in sourcing and market relationships.
Macro Economic Sensitivity
Highly sensitive to global economic developments and Indian demand-supply conditions in the construction and building materials sector.
Consumer Behavior
Demand is driven by trends in the building products industry and consumer preference for engineered surfaces over natural stone.
Geopolitical Risks
Trade barriers and economic developments in countries where the company conducts business are cited as 'forward-looking' risk factors.
Regulatory & Governance
Industry Regulations
Operations are subject to pollution control norms and the Companies Act, 2013. The closure of Addwaya Chemicals highlights the high impact of environmental regulations on the resin manufacturing segment.
Environmental Compliance
The company faced a major regulatory action where its subsidiary, Addwaya Chemicals, received a closure direction from the Rajasthan State Pollution Control Board in March 2025, leading to the eventual disposal of the subsidiary.
Taxation Policy Impact
The effective tax rate for FY24-25 was approximately 22%, with a total tax expense of INR 4.88 Cr on a PBT of INR 22.08 Cr.
Legal Contingencies
The company has an outstanding corporate guarantee of INR 14.50 Cr given to HDFC Bank for its erstwhile subsidiary Addwaya Chemicals. It also has an outstanding unsecured loan of INR 6.05 Cr (including interest) due from the same entity.
Risk Analysis
Key Uncertainties
The primary uncertainty is the recovery of loans and the potential invocation of the INR 14.50 Cr corporate guarantee for the closed subsidiary Addwaya Chemicals. Revenue volatility in the resin segment (only 4.4% growth) also poses a risk.
Geographic Concentration Risk
Operations are centered in Udaipur, Rajasthan, with significant exposure to the Indian market and global demand cycles.
Third Party Dependencies
Dependency on feedstock suppliers for resin production is a key operational risk.
Technology Obsolescence Risk
The company maintains proper records of intangible assets and property, but specific digital transformation status is not detailed.
Credit & Counterparty Risk
Trade receivables stood at INR 51.53 Cr as of September 2025. The company monitors revenue recognition cut-offs to mitigate misstatement risks.
