Midwest Limited has informed the Exchange about Transcript
MIDWESTLTD · price
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Midwest Limited reported Q4 FY26 consolidated revenue of INR215 crores and full-year FY26 revenue of INR645 crores (up 3% YoY from INR626 crores). Q4 EBITDA margin improved to 27% from 23.7% sequentially, while PAT margin improved to 17.16% from 13.48%. The Granite segment maintained stable EBITDA margins at 27.55% and PAT at 17.47%, with FY26 PAT of INR106 crores impacted by INR6+ crores from Quartz segment due to initial production issues. Management highlighted multiple strategic developments: a new 30-year Galaxy mining lease already in production (targeting INR70-80 crores revenue), a new Rare Earths consortium partnership with KMML (INR20 crore budget, 6-month pilot project), and HPQ plant construction underway for semiconductor and solar applications. Quartz Phase 2 capex is INR125-130 crores, targeting commissioning by Q4 this year. The company targets 60% capacity utilization in Quartz this year (150,000 tonnes), with margins expected to improve as utilization crosses 70%.
The company is transitioning from a pure granite business to a diversified mineral processing play with Quartz, HPQ, and Rare Earths. While Granite remains stable with strong demand, the new businesses require significant capex and have near-term margin pressure (Quartz losses), but offer high-growth potential. The 3-4 year revenue target of ~INR1,600 crores (2.5x current) is ambitious and dependent on successful execution of Sri Lanka HMS and KMML commercialization.