Apollo Pipes has entered the ceramic tiles business through the acquisition of a controlling interest in a Morbi manufacturer, putting its ₹300 crore tiles-and-ceramics investment plan into action less than three weeks after the board approved it.
Apollo Ceramics Takes 76% of Mazzini Tiles LLP for ₹40.42 Crore
Apollo Ceramics Limited, a newly incorporated subsidiary of Apollo Pipes Limited, has acquired 76% of the stake and profit sharing rights in Mazzini Tiles LLP for a cash consideration of ₹40.42 crore, according to a filing submitted to the BSE and NSE on 18 September 2026. The acquisition has been completed. The company told the exchanges that the transaction does not fall within related party transactions, that the promoter and promoter group have no interest in the acquired entity, and that it was undertaken on an arm’s length basis. No governmental or regulatory approvals were required.
Mazzini operates a manufacturing facility at Morbi, Gujarat, described in the filing as equipped with advanced imported machinery, with an installed capacity of 72 lakh square metres per annum and a developed position in Polished Glazed Vitrified Tiles. Incorporated on 5 April 2017, the LLP reported turnover of ₹87.15 crore in FY26, against ₹76.67 crore in FY25 and ₹78.23 crore in FY24.
Notably for a Morbi unit in the current export climate, Apollo describes Mazzini as having both a domestic network and “a growing export presence across key international markets.”
The Rationale — and an Explicit Reference to Channel
Apollo Pipes said the acquisition gives it “an operating manufacturing base, an established product portfolio and market access from the outset,” and is expected to shorten the time required to build capabilities in the category. The stated expansion plan covers improved capacity utilisation, a wider dealer network, export growth, contract manufacturing and selective acquisitions.
Under its stated strategic fit with the existing business, the company lists four areas: common end markets across residential, commercial and infrastructure; operating capabilities in procurement, manufacturing governance, quality assurance, logistics and financial controls; portfolio expansion across a broader share of customer spend; and — the item most relevant to the trade — “channel adjacency: potential to deepen engagement with building-material dealers and project influencers.”
Managing Director Sameer Gupta described the move as “a considered extension of the Group’s building-materials journey,” adding that the approach “will remain phased and disciplined” with a focus on product quality, design relevance, channel service and working-capital control. He said the board-approved investment envelope provides flexibility to support Mazzini’s growth and to “evaluate additional opportunities where there is a clear strategic and financial fit.”
Singhi Advisors acted as exclusive M&A advisers on the transaction.
Scale and Context
The ₹40.42 crore consideration represents about 13.5% of the ₹300 crore investment envelope, leaving roughly ₹259.58 crore before considering any other deployment under the plan.
Mazzini’s 7.2 million square metres of annual installed capacity is modest against Kajaria Ceramics’ currently stated aggregate capacity of 87.80 million square metres across nine plants. The acquisition gives Apollo an operating entry point into the category rather than an immediately large manufacturing footprint.
Apollo puts the Indian ceramic tile industry at approximately ₹62,000–65,000 crore in its own release, citing residential and commercial construction, renovation demand, urbanisation and rising preference for branded and premium tiles as the growth drivers.
What This Means for the Trade
An organised, listed building-materials company has acquired a controlling interest in an operating Morbi tile manufacturer — taking the acquisition route its August board approval had explicitly left open, within three weeks of granting it. With the majority of the investment envelope still unspent and “selective acquisitions” named in the stated expansion plan, dealers and Morbi unit owners should treat this as a first move rather than a one-off.
The channel adjacency language in the filing is worth reading carefully. Apollo is not describing tiles as a standalone business; it is describing an opportunity to deepen engagement with building-material dealers it already reaches. For building-material dealers already familiar with Apollo’s products, the move could become relevant if the group uses its existing channel relationships to develop the tile business.
