Apollo Pipes Ltd bought a controlling stake in the ceramic tiles business on Friday, spending ₹40.42 crore to snap up 76% of Mazzini Tiles LLP. The transaction, executed through newly incorporated subsidiary Apollo Ceramics Ltd, also includes profit-sharing rights. It's a significant step for the PVC pipes major, marking its formal entry into the building materials segment beyond its core piping business.
The numbers justify the move. Mazzini, a Morbi, Gujarat-based manufacturer incorporated in 2017, reported a turnover of ₹87.15 crore for the fiscal year ended March 31, 2026. That’s a steady climb from ₹76.67 crore in FY2025 and ₹78.23 crore in FY2024. The company has an installed annual manufacturing capacity of 72 lakh square metres, primarily focused on Polished Glazed Vitrified Tiles (PGVT). It already has a domestic distribution network and a growing export presence.
This isn't a one-off bet. The deal is part of a board-approved investment plan of up to ₹300 crore dedicated to expanding Apollo Pipes' tiles and ceramics vertical. Managing Director Sameer Gupta called the acquisition a "considered extension of the Group's building materials journey." He emphasized a phased, disciplined approach, focusing on product quality, channel service, and sustainable returns. The strategy includes leveraging Mazzini's existing PGVT position, expanding the dealer network, and pursuing selective acquisitions.
Market reaction was positive. Apollo Pipes shares closed at ₹538.65 on the BSE, up ₹13.20 or 2.51%. Traders likely viewed the move as a diversification play that could offset volatility in the PVC segment, which recently weighed on the company's Q1 earnings. Singhi Advisors acted as the exclusive M&A advisor for the transaction. The company plans to use both owned and contract manufacturing to balance quality, speed, and capital efficiency as it scales Mazzini into a larger platform.