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Solar Industries, through its wholly owned step-down subsidiaries Solar SA Investments Proprietary and Solar Overseas Mauritius

ICICIdirect Research 15 Sep 2026 DISCLAIMER

News: Solar Industries, through its wholly owned step-down subsidiaries Solar SA Investments Proprietary and Solar Overseas Mauritius, has entered into an agreement to acquire 100% of Omnia Holdings, a South Africa-based diversified group, for a cash consideration of approximately US$1.355 billion (~₹12,951 crore). Omnia operates across 23 countries, serves customers in 40+ countries through more than 70 distribution centres, and reported FY26 revenue of approximately US$1.41 billion ( ~₹13,307 crore). Its key businesses include BME, which provides bulk and packaged explosives, electronic initiation systems, blasting solutions and mining chemicals, along with agriculture and chemical businesses. The transaction is subject to customary shareholder and regulatory approvals and is expected to be completed in early-to-mid FY28

View: The acquisition significantly strengthens Solar Industries global commercial explosives and mining platform, particularly in Africa, while adding established manufacturing capabilities, technologies and customer relationships. Omnia’s BME business complements Solar’s existing explosives operations through bulk explosives, electronic initiation systems, digital blasting solutions and mining chemicals, while its integrated ammonium nitrate manufacturing capabilities can also strengthen supply security across the explosives value chain. Importantly, Omnia reported FY26 EBITDA of R 2.8 billion (~ ₹1,536 crore), along with a strong net cash position of R 1.7 billion (~₹929 crore), providing a sizeable and financially established platform for Solar to build upon. Company expects the benefits from the expanded footprint, stronger industrial base and broader customer access to become increasingly visible from FY28, with revenue attributable to Africa's mining market expected to grow multi-fold. The transaction therefore has the potential to accelerate Solar's transformation into a global integrated blasting-solutions player, while its domestic defence and aerospace business continues to provide a separate growth engine

Impact: Positive

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