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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Granite (98%), Others (3%), Quartz (0%). Asset-heavy natural stone miner-exporter diversifying into specialty minerals (quartz, HPQ, rare earth oxides).
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 646 |
| EBITDA (ex other income) | 174 |
| margin % | 27.0 |
| Owners' profit | 105 |
| EPS, as reported (₹) | 29.45 |
| ROE % · ROCE % | 10.9 · 13.7 |
| Debt / equity (x) | 0.18 |
| Cash from operations | 175 |
| Capex | (130) |
| ₹ crore | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue | 159 | 129 | 216 | 192 |
| Profit before tax | 38 | 22 | 51 | 42 |
| Net profit | 28 | 17 | 37 | 31 |
| EPS (₹) | 8.19 | 4.87 | 10.24 | 8.58 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Granite | 284 | 98.6 |
| Quartz | 0 | 0.2 |
| Others | 6 | 2.0 |
| Total, before eliminations | 290 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| MIDWEST LIMITED ◆ | 3,641 | 31.6 | 3.72 | 19.9 | 10.9 | 12.5 | — | 28.6 |
| POKARNA LIMITED | 2,507 | 26.4 | 2.93 | 15.4 | 9.4 | 8.4 | 14.1 | 39.2 |
| GLOBAL SURFACES LIMITED | 119 | — | 0.44 | 26.9 | (11.8) | (6.2) | — | 13.0 |
| PACIFIC INDUSTRIES LTD. | 97 | 48.6 | 0.22 | 10.1 | 0.4 | 0.3 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Sept 2026 · Dispatch of 45th AGM notice and FY25-26 Annual Report to shareholders | compliance | minimal | — | — |
| 8 Sept 2026 · Notice of 45th AGM published in newspapers | compliance | minimal | — | — |
| 6 Sept 2026 · BRSR for FY 2025-26 filed with BSE and NSE | compliance | minimal | — | — |
| 6 Sept 2026 · Midwest Limited files FY26 Annual Report with 45th AGM notice | results | high | — | — |
| 6 Sept 2026 · Notice of 45th AGM on September 28, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Notice of 45th AGM published in newspapers on September 3, 2026 | compliance | minimal | — | — |
| 31 Aug 2026 · Midwest gets quarry lease LOIs from Andhra Pradesh Mineral Development Corp | business updates | medium | — | — |
| 20 Aug 2026 · Midwest Q1 FY27: 35% revenue growth, INR840 cr FY27 guidance | investor communications | medium | — | — |
| 13 Aug 2026 · Midwest Q1 FY27 results: Revenue up 35% YoY, signs MoU with Indonesia PERMINAS | investor communications | medium | — | — |
| 13 Aug 2026 · Newspaper publication of Q1 FY26-27 financial results | compliance | minimal | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| (2.8) |
| 10.3 |
| ELEGANT MARBLES & GRANI INDUST | 55 | 16.5 | 0.45 | — | 2.7 | 3.8 | — | 10.9 |
| ROYAL CUSHION VINYL PRODUCTS L | 51 | 4.0 | — | — | 21.7 | 197.6 | — | (38.1) |
| ORIENTAL TRIMEX LTD | 37 | 12.1 | 0.37 | — | 1.8 | 2.8 | — | 18.9 |
| ARO GRANITE IND. LTD. | 36 | — | 0.21 | — | (6.8) | (5.4) | — | (10.1) |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 31.6 | 21.5 | 5 of 6 | 20% |
| P/B | 3.7 | 0.4 | 8 of 8 | 0% |
| ROCE | 12.5 | 2.8 | 2 of 9 | 88% |
| ROE | 10.9 | 1.8 | 2 of 9 | 88% |
| Debt / Equity | 0.2 | 0.1 | 6 of 9 | 38% |
| EBITDA margin | 28.6 | 10.9 | 2 of 9 | 88% |
| Market cap | 3641 | 55 | 1 of 9 | 100% |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
