Midwest Limited has informed the Exchange about Credit Rating- Revision - Upgrade of the Company's Credit Rating by CRISIL Ratings Limited
MIDWESTLTD · price
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CRISIL Ratings has upgraded Midwest Limited's corporate credit rating from 'CRISIL A-/Positive' to 'CRISIL A/Stable' on November 4, 2025. The upgrade reflects the company's stronger financial profile following its recent IPO, through which it raised Rs 250 crore in equity. IPO proceeds will be used for partial debt reduction and funding capex in its subsidiary, Midwest Neostone Pvt Ltd. The company also completed Phase 1 of its quartz processing plant, which started commercial operations in April 2025, helping diversify revenue away from black galaxy granite (which made up 69.55% of FY25 revenue). FY25 financials showed operating income of Rs 626.18 crore (up from Rs 585.62 crore) and profit after tax of Rs 133.29 crore (up from Rs 100.32 crore), with a strong PAT margin of 21.29% and interest coverage of 15.32 times. Adjusted networth stood at Rs 466.74 crore as of March 31, 2025.
This is a positive signal for shareholders — a rating upgrade lowers the company's borrowing cost, reflects a healthier balance sheet after the IPO, and improves its creditworthiness. It should be supportive of the stock price and future fundraising plans.