Effect of load ratio (R) on the interface microstructure and phase stability was investigated in mild steel/Grade-2 Ti explosive clads using experimental and JMatPro® computations. At low-impact-energy conditions (i.e., R = 1.07), the interface exhibited a symmetrical wavy morphology with molten metal entrapped in isolated regions within the vortices of the waves, while at high-impact loading conditions (R = 3) the interface had complex weld solidification structure consisting of planar interface, columnar and equiaxed dendrites. Based on the study, it was concluded that under high-impact loading conditions, the interface microstructure of the explosive clads will resemble fusion welded joints, but with relatively lower thickness of the interaction zones.