Apollo Pipes Enters Ceramic Tiles Business With 76% Acquisition of Mazzini Tiles
Apollo Pipes Limited is expanding its presence in the building materials sector by entering the ceramic tiles business through the acquisition of a controlling interest in Mazzini Tiles LLP.
The company’s subsidiary, Apollo Ceramics Limited, has acquired a 76% stake and profit-sharing rights in Mazzini Tiles for a cash consideration of ₹40.42 crore.
The acquisition was completed on September 18, 2026, and forms part of Apollo Pipes’ broader strategy to build a presence in tiles and ceramics.
Apollo Pipes Acquires 76% Stake in Mazzini Tiles
Apollo Ceramics Limited, a newly incorporated subsidiary of Apollo Pipes, has acquired a 76% stake and profit-sharing rights in Mazzini Tiles LLP.
The transaction has been completed and does not constitute a related-party transaction. Apollo Pipes stated that the acquisition was undertaken on an arm’s-length basis.
Key transaction details
- Target: Mazzini Tiles LLP
- Acquirer: Apollo Ceramics Limited
- Parent company: Apollo Pipes Limited
- Stake acquired: 76%
- Consideration: ₹40.42 crore
- Mode: Cash consideration
- Industry: Tiles and ceramics
- Manufacturing location: Morbi, Gujarat
- Annual installed capacity: 72 lakh sq. metres
- FY26 turnover: ₹87.15 crore
- Transaction status: Completed
Mazzini Tiles: Existing Manufacturing Base in Morbi
Mazzini Tiles is engaged primarily in the manufacturing of tiles and ceramic products and operates from Morbi, Gujarat, one of India’s major ceramic manufacturing hubs.
The company was incorporated on April 5, 2017 and has developed a presence in Polished Glazed Vitrified Tiles (PGVT).
Mazzini operates a manufacturing facility equipped with imported machinery and has an installed annual production capacity of 72 lakh square metres.
The company also has a domestic distribution network and a growing export presence across international markets.
Mazzini Tiles Revenue Track Record
Mazzini Tiles reported the following turnover over the last three financial years:
- FY2023-24: ₹78.23 crore
- FY2024-25: ₹76.67 crore
- FY2025-26: ₹87.15 crore
The latest financial year therefore showed a recovery in turnover compared with FY25.
For investors, the next important question will be whether Apollo Pipes can improve capacity utilisation and translate the existing manufacturing platform into sustained revenue and profitability growth.
Apollo Pipes Has Approved ₹300 Crore Investment Envelope
The Mazzini acquisition is only the initial step in Apollo Pipes’ broader tiles and ceramics strategy.
The company’s Board has approved an investment envelope of up to ₹300 crore for the tiles and ceramics business.
The platform may be used for:
- Manufacturing
- Contract manufacturing
- Trading
- Marketing
- Distribution
- Tiles and ceramics expansion
- Allied products
This gives Apollo Pipes room to expand beyond the initial acquisition.
However, investors will need to track how much of the ₹300 crore envelope is ultimately deployed, the timing of investments and the returns generated from the additional capital.
Why Apollo Pipes Is Entering Ceramic Tiles
Apollo Pipes said the acquisition is aligned with its strategy to expand its presence in the tiles and ceramics business and strengthen its position in the broader building-materials segment.
The company sees a strategic connection between pipes and tiles because both businesses serve overlapping end markets, including:
- Residential construction
- Commercial projects
- Infrastructure-led development
- Renovation
- Building-material distribution channels
Apollo Pipes believes its existing understanding of building-material channels and customer requirements can be leveraged as it develops the new business.
Existing Platform Gives Apollo Pipes a Head Start
One of the key features of the transaction is that Apollo Pipes is acquiring an operating manufacturing base rather than starting a new facility from scratch.
Mazzini brings:
- An operating Morbi manufacturing facility
- 72 lakh sq. m. annual installed capacity
- An established PGVT product portfolio
- Domestic distribution
- Export presence
- Existing manufacturing capabilities
According to Apollo Pipes, this could reduce the time required to establish capabilities in the tiles segment.
The company intends to use this platform for product expansion, channel development and exports.
Focus on Capacity Utilisation and Distribution
Apollo Pipes plans to develop Mazzini into a larger tiles and ceramics platform.
The company’s stated plans include:
- Improving capacity utilisation
- Expanding the dealer network
- Increasing exports
- Developing a wider product portfolio
- Using contract manufacturing where appropriate
- Evaluating selective acquisitions
- Building a stronger brand presence
For investors, capacity utilisation will be an important metric to monitor as the business develops under Apollo Pipes’ ownership.
Higher utilisation can potentially improve operating leverage, but actual benefits will depend on demand, pricing, product mix and operating costs.
Indian Ceramic Tiles Market Opportunity
Apollo Pipes estimates India’s ceramic tile industry at approximately ₹62,000 crore to ₹65,000 crore.
The company identified several demand drivers, including:
- Residential construction
- Commercial construction
- Renovation demand
- Urbanisation
- Increasing preference for branded and premium tiles
The company believes Mazzini’s existing manufacturing capacity, distribution network and export presence provide an established platform to participate in this market.
The ₹62,000–65,000 crore figure is the company’s indicative estimate of the addressable market and should therefore be treated as a market opportunity estimate rather than a forecast of Apollo Pipes’ future revenue.
Strategic Fit With Apollo Pipes
Apollo Pipes sees several areas of potential synergy between the existing business and the new tiles platform.
Common end markets
Both businesses can benefit from activity in residential construction, commercial development and infrastructure-related construction.
Distribution adjacency
Apollo Pipes expects its existing relationships with building-material dealers and project influencers could potentially support the expansion of the tiles business.
Operating capabilities
The company plans to leverage capabilities in areas such as:
- Procurement
- Manufacturing governance
- Quality assurance
- Logistics
- Financial controls
Wider customer offering
The tiles business could allow Apollo Pipes to participate in a broader portion of customers’ construction and building-improvement spending.
Management Commentary
Sameer Gupta, Managing Director of Apollo Pipes, said the entry into ceramic tiles is a considered extension of the group’s building-materials strategy.
According to management, Mazzini provides an operating base in Morbi, modern manufacturing capabilities, an established domestic network and growing export presence.
Management also highlighted a phased approach focused on:
- Product quality
- Design relevance
- Channel service
- Working-capital control
- Sustainable returns
The company said the approved investment envelope provides flexibility to support Mazzini’s growth and evaluate additional opportunities where there is a clear strategic and financial fit.
What Investors Should Track Going Forward
The acquisition provides Apollo Pipes with a new business opportunity, but the financial impact will depend on execution.
Investors should track the following developments over the coming quarters:
1. Revenue growth
Will Mazzini’s turnover accelerate after integration with Apollo Pipes?
2. Capacity utilisation
The facility has 72 lakh sq. m. of annual installed capacity. Investors should watch actual utilisation and whether additional capacity is added.
3. Margins
Tiles can be sensitive to raw-material costs, energy prices, product mix and competitive pricing. Operating and EBITDA margins will therefore be important.
4. Working capital
Management has specifically highlighted working-capital control. Investors should monitor receivables, inventory and operating cash flow.
5. Export growth
Mazzini already has a growing export presence. Further international expansion could become an additional growth channel.
6. Capital deployment
Apollo Pipes has approved an investment envelope of up to ₹300 crore. Investors should track actual deployment and the returns generated from the capital invested.
7. Integration and synergies
The ability to use Apollo Pipes’ existing distribution and building-material relationships will be an important part of the strategic rationale.
Investor Takeaway
Apollo Pipes’ acquisition of a 76% controlling interest in Mazzini Tiles for ₹40.42 crore marks its entry into the ceramic tiles segment.
The transaction provides Apollo Pipes with an existing Morbi manufacturing platform, a 72 lakh sq. m. annual installed capacity, an established PGVT product portfolio and domestic and export market access.
The larger story, however, extends beyond the acquisition itself. Apollo Pipes has an approved ₹300 crore investment envelope for the tiles and ceramics business and intends to use the platform for manufacturing, distribution, product expansion, exports and potentially further acquisitions.
For investors, the key areas to monitor will be revenue growth, capacity utilisation, margins, working capital, export expansion, capital deployment and the returns generated from the new business.
The acquisition creates a new growth avenue for Apollo Pipes, but the eventual financial contribution will depend on how effectively the company integrates and scales the business.
Disclaimer
This article is for informational and educational purposes only and should not be considered investment advice or a recommendation to buy or sell Apollo Pipes Limited or any other security. Investors should independently evaluate the company’s financial statements, exchange filings, investor presentations, valuation, risks and future disclosures before making any investment decision.