Apollo Pipes enters tiles with 76% stake in Mazzini Tiles for ₹40.42 crore
Through new subsidiary Apollo Ceramics, Apollo Pipes has acquired a controlling stake in Morbi-based Mazzini Tiles, gaining PGVT manufacturing capacity, a domestic dealer network and export access. The company has also approved a phased ₹300 crore investment plan for the tiles business.
What happened
Apollo Pipes, through new subsidiary Apollo Ceramics, acquired a 76% stake in Morbi-based Mazzini Tiles for ₹40.42 crore, entering tiles. It will use Mazzini’s
Key facts
- 76% stake
- ₹40.42 crore cash consideration
- ₹300 crore Board-approved investment plan
- 72 lakh square metres annual manufacturing capacity
- ₹87.15 crore FY2026 turnover
- ₹76.67 crore FY2025 turnover
- ₹78.23 crore FY2024 turnover
Why this matters
The 76% stake establishes an inorganic platform in Morbi’s tile ecosystem, adding manufacturing and route-to-market capabilities that could support further bolt-on acquisitions or capacity-led consolidation.
What to watch
- Quarterly disclosures on Mazzini revenue, plant utilization, EBITDA margin and consolidation impact.
- Timing, size and financing mix of each tranche of the ₹300 crore investment plan.
- Dealer additions, geographic expansion and evidence of cross-selling through Apollo Pipes channels.
- Morbi cluster gas costs, tile realizations, export demand and anti-dumping/trade-policy developments.
- Changes in receivables, inventory days and operating cash flow, which will indicate channel-building costs and dealer-credit pressure.
- Any move into sanitaryware, adhesives, faucets or other finish-material categories that would turn tiles into a broader home-improvement platform.
- Integrate Mazzini under Apollo Ceramics while retaining Morbi manufacturing and sourcing expertise.
- Launch Apollo-branded or co-branded tile collections, likely focused on PGVT and coordinated bathroom/kitchen construction categories.
- Map overlap between Apollo Pipes' plumbing/dealer network and tile retailers; appoint incremental dealers in underserved states.
- Phase capex toward additional tile capacity, design/printing technology, warehousing and working capital rather than committing the full ₹300 crore immediately.
- Use export access to diversify demand, while evaluating adjacent products such as sanitaryware, adhesives or bath fittings over time.