Apollo Micro Systems completes 100% acquisition of IDL Explosives

Arunika Jain — Mon, 18 May 2026 13:19:24 +0000

Apollo Micro Systems Limited has achieved a significant milestone with the completion of its 100% acquisition of IDL Explosives Limited through its subsidiary, Apollo Defence Industries Private Limited (ADIPL). The acquisition, finalised on 16 November 2025, marks a strategic move for Apollo as it expands its capabilities in the defence sector.

IDL Explosives, a heritage industrial explosives manufacturer in India, has been a key supplier to the mining industry. However, Apollo’s interest in IDL extends beyond its commercial explosives business. The acquisition provides Apollo with a strategic foundation, including a license under the IDR Act, 1951, to manufacture high-energy military-grade explosives such as HMX and TNT, reserved for a select group of Indian companies. This acquisition aligns with Apollo’s vision to serve the full spectrum of weapons and warheads required by the Indian armed forces over the next decade.

The acquisition comes at a time when the strategic landscape in India is evolving, with a national commitment to build indigenous capabilities at scale. The Ministry of Defence’s indigenisation lists are now mandates with timelines and budgets, pushing companies like Apollo to transition from being dependable suppliers to becoming Original Equipment Manufacturers (OEMs).

The acquisition of IDL Explosives is seen as a homecoming for Apollo, providing a platform that complements its electronics and integration competencies. The removal of the Coal India ban, which had constrained IDL’s largest end-market, has restored access to mining customers across the country. ADIPL has facilitated a swift restructuring of IDL’s balance sheet, with long-term debt fully repaid and a significant increase in cash position year-on-year.

Apollo Micro Systems is also expanding its role in the defence sector by moving from subsystems to platforms. The company has been awarded the DPIIT industrial license for the manufacture of Unmanned Aerial Vehicles and allied defence equipment. This transition positions Apollo as a full-fledged OEM of Unmanned Aerial Systems and other autonomous platforms that will define future warfare strategies.

The acquisition of IDL Explosives and the strategic shift towards platform manufacturing underscore Apollo’s commitment to becoming a leading defence platforms group in India. The foundation laid today is expected to result in years of compounding capability, scale, and opportunity for the company.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Apollo Micro Systems reports ₹904 crore revenue for FY26, marking 61% growth

Yash Agarwal — Mon, 18 May 2026 13:12:04 +0000

Apollo Micro Systems Limited has announced its financial results for the fourth quarter and full fiscal year 2026, achieving record-breaking figures in revenue, EBITDA, and profit after tax (PAT). The Hyderabad-based company reported a revenue of ₹904 crore for FY26, reflecting a 61% increase from ₹562 crore in FY25. In Q4FY26 alone, the revenue was ₹293 crore, marking an 81% year-on-year growth.

The company’s consolidated order book as of 31 March 2026 stood at ₹1,432 crore, underscoring its robust business performance. The EBITDA, excluding other income, for FY26 was ₹218.16 crore, up 68.8% from the previous fiscal year’s ₹129.21 crore. The PAT for the same period surged by 90.5% to ₹107.38 crore compared to ₹56.36 crore in FY25.

Quarterly metrics also showed significant growth, with Q4FY26 EBITDA reaching ₹67.64 crore, an 88% increase year-on-year, and PAT at ₹36.79 crore, up 163.5% from Q4FY25. The company also achieved a PAT margin of 12% for FY26, exceeding its annual guidance.

Managing Director Baddam Karunakar Reddy expressed satisfaction with the company’s performance, highlighting FY26 as a breakthrough year. He noted the successful acquisition of IDL Explosives through ADIPL, the award of a DPIIT license for UAV manufacture, and the receipt of the first export order as key achievements. An additional acquisition by ADIPL is anticipated to further strengthen the company’s growth.

Apollo Micro Systems, founded in 1985, is a publicly-listed company specialising in defence and aerospace technology. It is a Tier-1 supplier to major Indian defence organisations and is now licensed to manufacture missile-class weapon systems.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Baddam Karunakar Reddy | Business Upturn

Apollo Micro Systems completes 100% acquisition of IDL Explosives

Apollo Micro Systems reports ₹904 crore revenue for FY26, marking 61% growth