Manoj Ceramic began in 1991 as a small Mumbai trading firm selling marble, granite and cement, and has since transformed into a design-led brand that sells premium tiles, stone and adhesives without owning a single factory. The company, now run by the founder’s son, was listed on the BSE SME platform in January 2024 and has built its entire model around a single recurring idea: stay asset-light in production, and instead pour capital into the things customers actually see and touch - showrooms, digital tools, and a brand that promises the widest range of wall and floor tiles available. That approach lets it source from hundreds of manufacturers in Morbi, India’s ceramic hub, while controlling pricing, design and the retail experience itself. # Business segments A single surface-solutions engine, built asset-light - the company designs, sources and sells premium tiles, stone and adhesives under its own brand, reaching customers through company-owned showrooms, a dealer network, institutional projects and exports, all supported by an in-house AI visualization platform. ## 1. Premium surface solutions: the brand that sells the factory’s output **Manoj Ceramic does not manufacture tiles - it buys from hundreds of contract manufacturers in Morbi, sells over 90% of product under its own brand name, and keeps margins by controlling the retail price architecture from showroom to dealer.** - **Asset-light by design** - the company completely outsources heavy production to vetted manufacturing partners in Morbi, Gujarat, a cluster that houses over 800 units and produces roughly 70% of India’s ceramics, so capital is redirected into brand building, retail showrooms and digital technology rather than depreciating machinery. - **Faster than any single factory** - because MCPL can quickly tie up with any manufacturer that adopts new technology, it can refresh its product range in weeks, whereas a manufacturer would need months or a year to upgrade its own plant. - **Stock that appreciates** - the company describes its inventory as an appreciating asset because it is sold off quickly, while a manufacturer’s machinery depreciates the moment it is installed. - **Better buying, better selling** - MCPL gets better pricing from manufacturers than an end user or project buyer ever could because of its continuous volumes and relationships, then adds its own margin on resale. - **The widest range** - the tile portfolio spans over 800 active SKUs, from small 300x300 mm formats up to slabs of 3200x1620 mm, with finishes including glossy, matte, wood, marbleized, metallic, glitter, rustic and anti-skid, and the company will fulfil orders as small as a single piece. ## 2. Natural stones and quartz: a different model, a different margin **Natural stones are a separate product category from tiles, with a different supply chain and a different selling logic - every block of stone is unique, so competition is about presentation, not price.** - **No two sellers have the same stone** - because every seller of natural stone holds a unique block, there is no direct like-for-like competition; success depends entirely on how the stone is presented and sold to the end user. - **Italian marble under its own sub-brand** - the company sources Calacatta, Statuario and Emperador marbles directly from quarries in Carrara, Tuscany and Verona, selling them through the dedicated brand Marmibellaa at two to three times the average selling price of standard tiles. - **Backward integration where it counts** - the cutting and polishing facility operationalized in October 2025 at the Upper Thane flagship store brings processing of Indian marbles, granites and quartz stones in-house, capturing the full value-chain margin that was previously outsourced, while the core tiles division remains asset-light and focused on warehousing and stocking. - **Precision at scale** - the facility handles edge cutting with slab lengths up to 12 feet and polishing of slabs up to 12 ft x 6 ft with mirror, leather, matt and river finishes, making it one of the largest heavy-duty setups in the sector. ## 3. Tile adhesives: the first step into manufacturing **MCPL sells proprietary adhesive formulations through dealers, retail showrooms and B2B channels, and is now setting up its own manufacturing plant - the one category where it has chosen to own production.** - **Formulations for every surface** - the adhesive range includes Cluster Floor Thin Set, Nebula Thin Set, Galaxy Grey/White and Universe Premium, each formulated for specific substrates such as vitrified surfaces and natural stones, and used in large-format tile installations. - **Segmented by application** - products are divided by use case - floor only, floor and wall, large-format floor and wall, and premium floor - and sold through distinct channels including dealers, company retail showrooms, B2B clients and exports. - **Manufacturing where technology is stable** - the company has chosen to backward-integrate into adhesive manufacturing specifically because technological advancement in the category is stagnant, making it safe to invest in a plant without the risk of rapid obsolescence that keeps tiles asset-light. ## 4. Retail and dealer reach: the physical moat **Six company-owned flagship showrooms and a dealer network that delivers about 90% of domestic sales give MCPL control over how its products are seen, priced and sold across Western and Southern India.** - **Showrooms as brand theatres** - the six flagship stores in Mumbai, Pune, Bangalore and Thane together cover over 1,26,500 square feet and are designed as immersive experience centres where customers get hands-on consultations and see curated tile combinations in lifelike settings. - **Dealers do the heavy lifting** - the dealer network across Maharashtra, Goa, Tamil Nadu and Karnataka contributes roughly 90% of total domestic sales, with depots in Morbi, Bhiwandi, Pune and Bangalore feeding the pipeline. - **Pricing without conflict** - B2C sales from company-owned stores are priced in competition with the company’s own dealers to avoid undercutting them, preserving the network’s health. - **Credit protection that no competitor offers** - a sector-first Trade Credit Insurance framework protects domestic receivables with 90% claim protection, enabling safer dealer expansion and supporting working capital stability. - **New stores break even within a year** - new retail stores typically take 8 to 12 months to reach breakeven, reflecting the pull of the brand and the efficiency of the showroom model. ## 5. Institutional and export sales: the long-tail growth **A small but strategically placed export book - spanning government contracts in Africa and a Dubai display centre - sits alongside a domestic B2B business serving names like Marriott, Starbucks and ICICI Bank.** - **Sovereign-level relationships in Africa** - MCPL secured an exclusive government tile supply contract in Burundi endorsed by national dignitaries, an institutional school project in Angola, and has appointed channel partners in Sudan and Senegal for on-ground execution with localized distribution. - **Dubai as a B2B showcase** - the Dubai Display Centre, opened in August 2025, is a one-stop experience for architects, developers and institutional buyers across the Middle East, integrating the AI-powered MCPL Studio for real-time design simulations and remote client visualization. - **Domestic projects with brand-name clients** - the B2B institutional business serves premium residential, commercial and institutional projects for clients including ICICI Bank, Marriott Hotels, Starbucks, Raymond, Reliance Jio, Crocs, Policy Bazaar and Zepto. - **A London subsidiary as a bridge** - the wholly owned subsidiary MCPL Ceramic Limited, incorporated in London in July 2023, acts as a strategic link between Indian manufacturing and global design expectations, supporting regional warehousing, localized sales and compliant logistics for the UK, GCC and select African markets. # MCPL Studio **The company’s proprietary AI-powered visualization platform is not a separate business - it is the digital engine that lifts conversion rates by 25-40% across every sales channel, from showroom to WhatsApp.** - **See it before you buy it** - customers upload real images of their rooms and the platform applies AI-driven layout simulation, 360° panoramic previews and instant tile switching with side-by-side style comparisons, reducing design errors by up to 25% and cutting lead times by 20-30%. - **Higher conversion, lower acquisition cost** - the AI Studio drives 25-40% higher conversions, while automated digital outreach and an AI retargeting engine have reduced customer acquisition cost by 20-25% and improved repeat visits by roughly 40%. - **Integrated into every touchpoint** - the platform is embedded across the company’s website, showrooms and digital catalogues, and works with WhatsApp-based automation to create a seamless omnichannel experience. # Group structure and partners **Manoj Ceramic is a family-led business with a single operating subsidiary in London, a promoter-group entity running the Dubai display centre, and a brand name licensed from the founder.** - **The brand is leased, not owned** - the “MCPL” brand is owned by founder Shri Manoj D. Rakhasiya, and the company pays for its use through an interest-free security and performance deposit of Rs. 675 lakhs. - **A lean subsidiary structure** - the wholly owned subsidiary MCPL Ceramic Limited in London handles trading, marketing and importing of tiles and stones, while MCPL Ceramic FZ-LLC, the Dubai entity that operates the display centre, is a promoter group company in which MCPL holds no shareholding; it procures 100% of its display and sale requirements solely from MCPL under an exclusive supply agreement. - **Second-generation leadership** - Promoter and Managing Director Dhruv Rakhasiya (aged 35, MBA from London, 10 years of experience) runs the business alongside his brother Akash Rakhasiya as Executive Director (MBA from Vancouver, 5 years in export operations) and a seasoned CFO with over 15 years of experience. - **A strategic retail partnership** - in April 2025, MCPL partnered with Jaquar to launch an exclusive 500 sq. ft. display centre in Ghatkopar, Mumbai, showcasing premium sanitaryware and bathroom solutions alongside MCPL’s ceramic offerings.