NSE: MIDWESTLTD · BSE: 544587
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%. 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).
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 4 quarters
| ₹ 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 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Granite | 284 | 98.6 |
| Quartz | 0 | 0.2 |
| Others | 6 | 2.0 |
| Total, before eliminations | 290 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| MIDWEST LIMITED ◆ | 3,747 | 32.5 | 3.83 | 20.4 | 10.9 | 12.5 | — | 28.6 |
| POKARNA LIMITED | 2,078 | 21.9 | 2.43 | 13.1 | 9.4 | 8.4 | 14.1 | 39.2 |
| GLOBAL SURFACES LIMITED | 104 | — | 0.38 | 25.5 | (11.8) | (6.2) | — | 13.0 |
| PACIFIC INDUSTRIES LTD. | 90 | 45.5 | 0.20 | 9.7 | 0.4 | 0.3 | (2.8) | 10.3 |
| ELEGANT MARBLES & GRANI INDUST | 48 | 14.3 | 0.39 | — | 2.7 | 3.8 | — | 10.9 |
| ROYAL CUSHION VINYL PRODUCTS L | 45 | — | — | — | 21.7 | 197.6 | — | (38.1) |
| ARO GRANITE IND. LTD. | 33 | — | 0.19 | — | (6.8) | (5.4) | — | (10.1) |
| ORIENTAL TRIMEX LTD | 33 | 10.6 | 0.33 | — | 1.8 | 2.8 | — | 18.9 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 32.5 | 21.9 | 4 of 5 | 25% |
| P/B | 3.8 | 0.3 | 8 of 8 | 0% |
| ROCE | 12.5 | 2.8 | 2 of 9 | 88% |
| ROE | 10.9 | 1.1 | 1 of 8 | 100% |
| Debt / Equity | 0.2 | 0.1 | 5 of 8 | 43% |
| EBITDA margin | 28.6 | 10.9 | 2 of 9 | 88% |
| Market cap | 3747 | 48 | 1 of 9 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Board approves wholly owned subsidiary in Singapore for overseas ops | strategic transactions | medium | — | — |
| 7 Oct 2026 · Midwest gets DGMS order halting granite mining at Chimakurthy | regulatory legal | high | — | — |
| 7 Oct 2026 · Quarterly Reg 74(5) demat certificate filed for Q2 FY27 | compliance | minimal | — | — |
| 29 Sept 2026 · Board reshuffle: Director continues post-75, WTD redesignated, new Secretarial Auditor | management changes | medium | — | — |
| 29 Sept 2026 · MIDWEST 45th AGM voting results: all 7 resolutions passed | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Proceedings of the 45th Annual General Meeting | board shareholder meetings | medium | — | — |
| 26 Sept 2026 · Trading Window Closure for Q2 FY26 Results | compliance | minimal | — | — |
| 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 | — | — |
| 7 Sept 2026 · BRSR for FY 2025-26 filed with BSE and NSE | compliance | minimal | — | — |
How to read this document
| 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 | 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 |
Sources, method and disclosures
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.