The Group explored new opportunities for diversification and discovered engineered quartz stones at exhibitions. Intrigued, they began a comprehensive study of the product and conducted global market research to understand its potential and trends. This helped them in evaluating the demand, competition, and potential applications of engineered quartz stones in the luxury segment, says Ankit Jain, Founder of Specta Quartz Surfaces, a luxury brand specialising in engineered quartz surfaces. “Globally, the market is huge, and it is a very well-accepted product,” adds Jain.
The global quartz market, estimated at $7.62 billion in 2025, is expected to grow at a CAGR of 4.19% to reach $9.35 billion by 2030. The Indian quartz market is projected to grow at a CAGR of 8.4% to reach $2,462 million by 2026.
“We saw an opportunity to enter a new product line, leveraging export markets to kickstart growth while simultaneously investing in the Indian market to build our brand. This strategy allowed for a beneficial synergy between international expansion and domestic development,” says second-generation entrepreneur Jain.
As these luxury projects continue to grow in volume, there is a growing demand for luxury interior materials like quartz surfaces for kitchen and washroom countertops and wall cladding, says Jain. The entrepreneur identified an opportunity in the market for high-quality quartz surfaces, particularly those manufactured using Italian technology, which is preferred by discerning buyers for its superior quality and durability compared to Chinese alternatives.
Ankit leveraged his manufacturing expertise and built India’s first manufacturing facility with the Italian Bretonstone technology in the Bagru Industrial Area, Jaipur, Rajasthan. For the uninitiated, Bretonstone is the gold standard in engineered quartz manufacturing worldwide. This Italian technology enables the creation of highly durable, design-consistent, and hygienic quartz surfaces that are ideal for modern living spaces.“We were only the third company in India to do so and the first to focus so much on the Indian market. This decision has paid off, as Specta’s designs are now a benchmark in the industry,” says Jain.India’s luxury housing market
The growth of luxury real estate and consumption in India has fuelled the demand for high-end home products, says Jain. As people invest more in their homes, especially kitchens and bathrooms, the market for premium materials like quartz surfaces has naturally expanded, offering an opportune time for brands like Specta Quartz Surfaces to capitalise on this trend, adds Jain.
Luxury housing units priced above Rs 1.5 crore account for around 17% of new residential launches in India, according to ANAROCK Research’s 2024 data. The luxury homes priced over Rs 1 crore dominated sales in 2024, crossing the 50% mark.
Specta is planning to open six exclusive experience centres, including flagship locations in Mumbai, Jaipur, and Ahmedabad.
The Jaipur-based MSME has made strides in the stone surfaces market, successfully catering to high-end customers seeking premium building materials. It has achieved nearly Rs 150 crore in revenue within just three years. The company also supplies its products to the Middle East.
The price of Specta’s products ranges from Rs 500 per sq ft to Rs 2,000 per sq ft depending on design intricacies and colours.
“Our turnover (revenue) has steadily grown from Rs 23 crore in 2022-23 to Rs 90 crore in 2023–24, with an EBITDA of Rs 4 crore. The provisional figures for 2024-25 show continued momentum, with turnover reaching Rs 145 crore, underscoring strong demand, strategic execution, and improved profitability,” says Jain. Over the next one year, Specta is expecting a revenue of Rs 300 crore.
Specta Quartz Surfaces is working to boost capacity by year-end and aims for 50% year-on-year revenue growth over the next three years. To drive this expansion, the company is launching six exclusive experience centers, with flagship locations in Mumbai, Jaipur, and Ahmedabad, as part of its strategic retail growth plan.
How is the sector placed?
Aarti Harbhajanka, Co-founder, CHRO & MD, Primus Partners, says that India’s luxury market, including premium building materials like engineered quartz surfaces, is growing steadily due to rising disposable incomes, urbanisation, and demand for high-end interiors. “The engineered quartz segment is expected to expand at a compound annual growth rate (CAGR) of 8-12% over the next five years, driven by real estate development and an increasing preference for durable, aesthetically pleasing surfaces, adds Harbhajanka.
However, Harbhajanka cautions that India’s engineered quartz market also faces hurdles like price sensitivity due to competition from affordable alternatives such as ceramics and laminates. Additionally, the industry struggles with high import dependency on raw materials and consumer preference for traditional marble, she says.
The Jaipur-based MSME has made strides in the stone surfaces market, successfully catering to high-end customers seeking premium building materials.
“Logistics complexities, considering the weight of the quartz and sustainability concerns around silica sourcing and carbon emissions, may add further hurdles. However, manufacturers are countering these issues through localised production and eco-friendly innovations,” adds Harbhajanka.
Specta’s operating model
Specta’s business model leverages partnerships with architects, designers, and developers, wherein Specta, founded in 2022, integrates its premium surfaces into luxury residences, commercial spaces, and hospitality projects. Also, it has recently expanded into retail and direct-to-consumer sales for its next phase of scaling.
Specta operates in 80 tier-II and tier-III cities across India, supported by a robust network of approximately 60 distributors and 300 dealers. Our business follows a B2B model, wherein we dispatch products from our factory directly to our distributor network, who then handle local logistics and last-mile delivery.
“While our transactions are B2B, over 95% of our sales cater to retail homeowners, facilitated by our dealer ecosystem. Our sales team also works closely with kitchen installers, architects, and designers who act as key influencers, helping get our products specified in premium residential and commercial projects,” says Jain.
The company also partners with modular kitchen brands like Livspace, Spacewood, Arancia, and Nolte, who showcase its quartz surfaces in their showrooms.
“When customers place orders, our distributors handle fulfilment. Meanwhile, our business development team collaborates with these kitchen installers and architects in major cities to pitch and showcase our products,” he adds.
However, Jain agrees that the product is still at a very nascent stage in India. But he is hopeful more and more people will access the product since people’s spending power in India has increased over the years.
More than the spending power, the willingness to spend has increased, says Jain. “With luxury kitchens ranging from Rs 25 lakh to Rs 1.5 crore, high-end consumers aren’t satisfied with basic materials like granite. Brands like Nolte and Livspace cater to this demographic, where premium quartz surfaces become a natural choice for those investing in high-end kitchen designs,” adds Jain.
Expansion plans
Specta, which has so far managed its working capital entirely through bank credit, is planning to open six exclusive experience centres, including flagship locations in Mumbai, Jaipur, and Ahmedabad.
“This is a part of our retail expansion strategy and will help us bring our products closer to customers in high-demand areas. Additionally, we are also banking on the rising luxury real estate market in tier-II and tier-III cities to expand our customer base within the luxury homeowner segment in these regions,” says Jain.
The company has also invested in a new manufacturing plant, which will become operational by the end of the year. “This plant will increase our capacity by almost 150%, and it will be capable of producing super-jumbo slabs and ultra-thin 7mm slabs with unique design possibilities. This advancement will open new applications beyond traditional surfaces, reinforcing Specta’s position as an industry leader in innovation and design,” adds Jain.
