Apollo Micro Systems to buy 41.33% of Premier Explosives for INR 1,550 crore

What's the deal? Apollo Micro SystemsDealroom has a profile for this one. Try Dealroom → has signed a definitive Share Purchase Agreement to acquire a 41.33% stake in Premier ExplosivesDealroom has a profile for this one. Try Dealroom →, buying 2,22,21,735 equity shares from the target's promoters for INR 1,550.00 crore in cash. The agreement was approved at a board meeting on July 9, 2026, and gives Apollo control of the company.

What each side does: Apollo Micro Systems is an Indian defence and aerospace player. Premier Explosives, incorporated in 1980, makes solid propellants for missile programmes and supplies countermeasure systems to India's defence, aerospace, and mining sectors.

The numbers: Premier Explosives reported a turnover of INR 38,834.14 lakh for the year ended March 31, 2026. Under SEBI rules, Apollo will also make a mandatory open offer to public shareholders for a further 26% stake, priced at INR 698 per share.

What's the endgame? Apollo says the deal aligns with its long-term aim to deepen its role in indigenous defence platforms, echoing the government's Aatmanirbhar Bharat and Make in India initiatives.

What could go wrong? Completion depends on regulatory and statutory approvals, including clearance from the Competition Commission of India and compliance with SEBI's takeover regulations. The transaction is expected to close within five months.

The signal: The move reflects consolidation in India's push for a self-reliant defence supply chain, with established manufacturers becoming targets for firms building integrated domestic platforms.

Image credit: Generated with Gemini