According to reports from CNBC TV18, Business Upturn, and Business Standard, Apollo Pipes announced on Friday that its newly incorporated subsidiary Apollo Ceramics Ltd has acquired a 76% stake and profit-sharing rights in Mazzini Tiles LLP for ₹40.42 crore. The acquisition was officially communicated to the National Stock Exchange on September 18, 2026, giving Apollo Pipes a controlling interest in Mazzini Tiles, which operates a tiles manufacturing facility in Morbi, Gujarat, with an installed annual capacity of 72 lakh square metres. The transaction was completed through Apollo Ceramics, a newly incorporated subsidiary of Apollo Pipes. The deal is not a related-party transaction, with promoters and group companies holding no interest in Mazzini Tiles. Singhi Advisors acted as exclusive M&A advisors for the acquisition, ensuring the transaction was conducted on an arm's length basis to maintain transparency and fairness.
As reported by CNBC TV18, Business Upturn, and Business Standard, Mazzini Tiles reported a turnover of ₹87.15 crore for the financial year ended March 31, 2026, showing growth from ₹76.67 crore in FY2025 and ₹78.23 crore in FY2024. The company was incorporated on April 5, 2017, and is primarily engaged in manufacturing tiles and ceramic products. The acquisition aligns with Apollo Pipes' strategy to expand its presence in the tiles and ceramics business and strengthen its position in the building materials segment. Mazzini Tiles specializes in Polished Glazed Vitrified Tiles (PGVT) and maintains a domestic distribution network with a growing export presence across key international markets. The company operates from Morbi, Gujarat, a major hub for ceramic manufacturing in India, with a modern manufacturing facility equipped with advanced machinery.
According to CNBC TV18, Business Upturn, and Business Standard, the acquisition is part of Apollo Pipes' Board-approved investment plan of up to ₹300 crore for the tiles and ceramics business. The approved platform may undertake manufacturing, including contract manufacturing, as well as trading, marketing and distribution of tiles, ceramics and allied products. Apollo Pipes stated that the acquisition provides an operating manufacturing base, an established product portfolio and market access from the outset. The acquisition gives Apollo Pipes an operating platform from day one in the ceramic tiles sector, expected to shorten the time required to build capabilities and provide a platform from which the Group can pursue product expansion, channel development and exports in a calibrated manner. The main benefits include leveraging Apollo Pipes' established understanding of building material channels, building on Mazzini's position in PGVT, leveraging Mazzini's network and platform for market penetration, and using owned and contract manufacturing to balance quality, speed and capital efficiency.
As reported by CNBC TV18, Business Upturn, and Business Standard, shares of Apollo Pipes Ltd ended at ₹543.40 on the BSE, rallying 3.42% following the announcement. Sameer Gupta, Managing Director of Apollo Pipes Ltd, stated that the entry into ceramic tiles through Mazzini Tiles is a considered extension of the Group's building materials journey. Gupta emphasized that Mazzini Tiles brings an operating base in Morbi, modern manufacturing capability, an established domestic network and a growing export presence, giving the company a strong starting platform in an attractive category. The company plans to develop a comprehensive and design-led product portfolio for residential, commercial and institutional applications, with proposed expansion including improved capacity utilisation, wider dealer network, export growth, contract manufacturing and selective acquisitions. Gupta emphasised the company's focus on product quality, design, and sustainable returns, supported by the Board-approved investment framework, with the approach remaining phased and disciplined.
