Investor Presentation on the Audited Standalone and Consolidated Financial Results for the Quarter and Year ended March 2026.
MIDWESTLTD · price
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Midwest Ltd reported Q4FY26 revenue of ₹215.81 Cr, down 6.25% YoY, though PAT surged 113% QoQ to ₹37.02 Cr. For FY26, revenue grew 3.1% to ₹645.62 Cr while adjusted PAT fell marginally by ~1% to ₹106.48 Cr (after excluding an exceptional item). EBITDA margin for FY26 stood at 27.01%. The company has diversified into Quartz (Phase I of 303,600 MTPA plant commissioned), Heavy Mineral Sands (4 exploration licenses in Sri Lanka), and Rare Earth Elements (selected as Lead Consortium Partner with KMML). A 30-year quarry lease was secured in Andhra Pradesh, and a wholly-owned subsidiary is being set up in Sierra Leone for HMS expansion. FY26 net worth grew to ₹978.52 Cr from ₹632.40 Cr, with cash and bank balances jumping to ₹228.77 Cr.
Midwest delivered stable full-year performance with strong QoQ recovery in Q4. The expansion into quartz processing, HMS, and rare earths represents a significant diversification from its granite base. Cash-rich balance sheet and multi-year targets (2.5x revenue, 3x profitability, 35% ROCE) provide an encouraging medium-term outlook, though near-term margin pressure from new business ramp-up is likely.