MIDWEST LIMITED

Mines and exports natural granite, which contributed INR419.382 cr of segment revenue in the YTD period to 31 December 2025 with segment EBIT of INR109.29 cr; a new 30-year Galaxy mining lease is now producing, targeting INR70-80 cr of FY27 revenue from 10,000-12,000 CBM. Quartz Phase 1 has started full production with installed capacity of ~240,000-250,000 tonnes, and a second Quartz phase (capex INR125-130 cr) is under construction for FY27 commissioning. An HPQ (high-purity quartz) plant of 20,000 tonnes is being built to serve semiconductor and solar crucible markets, while an INR20 cr monazite rare earth oxide pilot plant has been set up under a KMML consortium partnership. The company also signed an MoU with Indonesia's PERMINAS for collaboration across the rare earth value chain. Granite customers include domestic and Chinese buyers, with new direct block exports to Algeria and Egypt; engineered stone quartz sells at INR9,000-14,500 per tonne ex-plant and solar glass quartz at INR7,000 per tonne. Other operating expenses at 62.7% of revenue form the largest cost line, with employee costs at 8.8% and depreciation at 4.8%.