Yassh:
The rules I applied for comparing International band amplifiers with their Indian counterparts apply to speakers also. Let me explain.
There are two types of manufacturers in India. One are manufacturers such as Audire, Lyrita, and Cadence. These people make very high end equipment, mostly for two channel stereo use. These products are very very good, and at the same time quite expensive. If you are in the market for such products, you must give some of these a serious auditioning. Buying a two channel system at this level is very individualistic and needs some serious listening and decision making.
The second type of manufacturer are localised in places such as Bangalore, Chennai, Mumbai, Delhi etc. These are people who originally had service centres and ventured into assembling amplifiers and speakers to fulfill the needs of their friends and customers. These products will have the following pros and cons:
PROS
Very reasonably priced
Good sound depending upon the manufacturer
Life long support
Flexible assembling - you can specify what you want
CONS
No standardisation
Bad finish
Caters to local market (high amplitude filmy music)
Of the manufacturers, I have heard three - Audiocraft, Torvin, and Lithos.
I can write off Torvin immediately as his products are very flashy and loud. I recently auditioned his sub that was not only expensive but very boomy. Unfortunately the people in his demo rooms cater to people who like such sound, and they are happy with it.
Lithos has good technology and his speakers sound very good. He has speakers such as the Noa1 that are something like a Bose system but deliver very good sound with a sub. These speakers are very small and cute. He also has more expensive speakers such as the Kontra that sell for 100,000 a pair.
Audiocraft is somewhere in between Torvin and Lithos. He can give you a good 5.1 system for about 20 to 25K and they sound very good for their price. He makes massive floorstanders that deliver good music. Audiocraft speakers may need a bit of tuning in the sense you have to ask him to fine tune the crossover to suit your ears. But, after that, they are on par with some of the budget speakers from any brand that you come across.
As they are not standardised,. buying from Indian companies needs a lot of time and the ear and capability to tell the manufacturer what you want. If you do that you will be rewarded with a good system for life.
It is always better to look for a manufacturer in your own city, though an idiot like Venkat may be ready to take the trouble of getting you what you want if you define your requirements and budget.

Cheers