Transcript of the Earnings Call held on 27th May, 2026.
MIDWESTLTD · price
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Midwest Limited reported Q4 FY26 consolidated revenue of INR215 crores with EBITDA at 27% and PAT at 17.16%. Full year FY26 revenue stood at INR645 crores (3% YoY growth). The company secured a new 30-year Galaxy mining lease with INR70-80 crores revenue potential. Quartz Phase 1 is now at full production with 60% capacity utilization target this year, while Phase 2 (INR130 crores capex) is on track for Q4 commissioning. The company was selected as consortium partner by KMML for a INR20 crore Rare Earths pilot plant - the first private partnership for monazite processing in India. Management targets 2.5x revenue growth over 3-4 years with granite at INR1,000 crores, Quartz at INR400 crores, HMS projects at INR350-400 crores, and KMML commercial at INR200 crores. CFO announced INR50 crore debt reduction and working capital improvement from 122 to 104 days.
The earnings call shows strong operational execution with margin improvements and clear multi-year growth roadmap. The debt reduction and new mining lease provide near-term catalysts, while the rare earths partnership opens a new long-term growth vertical. Management guidance on healthier margins once Quartz reaches 70% utilization signals positive earnings trajectory.