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17 announcements match the current filters (relevance ≥ 5).
Midwest Ltd Accepts LOI from APMDC for ~15.41 Ha Granite Quarry Leases in Andhra Pradesh
Midwest Limited has accepted Letters of Intent (LOI) from The Andhra Pradesh Mineral Development Corporation Ltd. (APMDC) for working granite quarry leases on a Raising-Cum-Sale Contract basis. The award covers three distinct quarry blocks across Chittoor and Srikakulam districts in Andhra Pradesh spanning a total area of 15.413 hectares. Commercial consideration has not been specified at this LOI stage and the contract commencement date will take effect upon issuance of the formal Letter of Award (LoA).
Confidence: HIGH
What changedMidwest Limited accepted an LOI from APMDC to operate 3 granite quarry leases totaling 15.413 hectares in Andhra Pradesh on a Raising-Cum-Sale basis.
Why it mattersSecuring raw material access and raising-cum-sale rights expands the company's mining footprint in Andhra Pradesh, supporting its core granite operations and raw block supply.
Total quarry lease area: 15.413 HaChittoor lease area: 4.976 HaSrikakulam lease 1 area: 4.948 HaSrikakulam lease 2 area: 5.489 HaCommercial consideration: not disclosed
📅 Short termPositive sentiment from securing state mining rights; operational and financial impacts will become clearer once the definitive Letter of Award and contract terms are executed.
📈 Long termExpands quarrying capacity and secures mineral resource supply in key granite clusters of Andhra Pradesh, aligning with the company's long-term granite processing and export focus.
⚠ Risk flags
- Commercial consideration and revenue-sharing terms not yet specified
- Operationalization subject to completion of tender process and formal LoA issuance
Key Highlights
Accepted LOI from APMDC for 3 granite quarry lease sites across Andhra Pradesh
Secured 4.976 Ha in Thumminda, Chittoor District (Schedule No. 26)
Secured 4.948 Ha in Sontinuru (Schedule No. 253) and 5.489 Ha in Meelasathiwada (Schedule No. 270), Srikakulam District
Total quarry lease area under LOI amounts to 15.413 hectares
Commercial consideration not disclosed at the LOI stage; operational timeline starts post-LoA issuance
👀 What to Watch
Track subsequent filings for the formal Letter of Award (LoA), disclosure of contract consideration/revenue-sharing terms, and the operational commencement timeline.
Midwest Ltd Q1 Earnings Call: Revenue Up 35% YoY; Signs Indonesia Rare Earth MoU
Midwest Limited disclosed its Q1 FY27 earnings conference call transcript, reporting a 35% YoY revenue growth, 25% EBITDA growth, and 27% PAT growth driven primarily by granite. Its newly operational quartz segment generated ~₹5 crore from ~5,000 tons in Q1, with management guiding for EBITDA break-even in Q3 and reaching a run rate of over 15,000 tons/month by Q4. The company announced a strategic MoU with Indonesian state-owned PERMINAS to explore heavy rare earths (Dy/Tb from ionic clays) and noted that its Sri Lanka project policy has been ratified with ground-breaking planned for October.
Confidence: HIGH
What changedMidwest Limited filed its comprehensive Q1 FY27 earnings call transcript detailing operational progress across Quartz Phase 1 & 2, Sri Lanka licensing, and a new critical mineral partnership in Indonesia.
Why it mattersDemonstrates operational stabilization in the quartz division and strategic diversification into high-margin heavy rare earth materials (dysprosium and terbium) for defense and aerospace markets.
Q1 Revenue Growth YoY: 35%Q1 EBITDA Growth YoY: 25%Q1 Quartz Revenue: ₹5 crQ1 Quartz Volume Sold: ~5,000 tonsTarget Quartz Exit Run-rate: >15,000 tons/month
📅 Short termFocus remains on the Q2 ramp-up in quartz volumes towards 10,000–12,000 tons run rate and definitive JV finalization with PERMINAS during the quarter.
📈 Long termSuccessful commercialization of Quartz Phase 2 and international rare earth projects across Indonesia and Sri Lanka could significantly transform Midwest's revenue mix toward high-margin critical materials.
⚠ Risk flags
- Geopolitical and execution delays in overseas jurisdictions (Indonesia, Sri Lanka)
- Input cost volatility, particularly diesel prices affecting mining operating costs
- Supply chain dependency and vendor shifts for Phase 2 plant machinery
Key Highlights
Q1 FY27 consolidated revenue grew 35% YoY, EBITDA rose 25%, and PAT expanded 27%.
Quartz segment contributed ~₹5 crore in Q1 (~5,000 tons sold), targeting >15,000 tons/month run rate by Q4 FY27.
Signed an MoU with Indonesia's state-owned PERMINAS for rare earth mining and value addition, targeting a JV agreement shortly.
Sri Lanka project policy ratified; ground-breaking expected in October with a 12 to 15-month build-out timeline.
Quartz Phase 2 expansion underway with commissioning targeted within 10 to 12 months.
👀 What to Watch
Track execution milestones, specifically the conversion of the PERMINAS MoU into a binding JV structure and the ramp-up of quartz volume towards the 15,000 tons/month run rate by Q4.
35% Revenue Growth in Q1 FY27; Midwest Plans ₹300 Cr Capex for Rare Earths & Quartz
Midwest Limited reported a strong start to FY27 with consolidated revenue growing 34.85% YoY to ₹191.84 cr and PAT increasing 27.31% to ₹31.04 cr. The company has outlined a strategic roadmap to achieve 2.5x revenue growth and 3x profitability growth over the next 3-4 years, supported by a ₹300 crore planned capex. A significant strategic move includes an MoU with Indonesia’s PERMINAS for Critical Minerals and Rare Earth Magnet manufacturing, signaling a shift toward high-tech material processing.
Confidence: HIGH
What changedMidwest has formally expanded its strategic focus from natural stones (Granite) to high-tech materials (Rare Earths and Quartz) through an international MoU and a significant ₹300 cr capex commitment.
Why it mattersThe shift toward Rare Earths and Solar-grade Quartz diversifies the company away from the cyclical real estate market and positions it in high-growth sectors like aerospace, defense, and renewable energy, potentially improving long-term margins and ROCE.
Q1 FY27 Revenue: ₹191.84 crYoY Revenue Growth: 34.85%Planned Capex: ₹300 crCapex vs FY26 Revenue: 46.47%EBITDA Margin (Q1 FY27): 25.47%Quartz Phase 2 Target: 0.5 million tons
📅 Short termThe strong YoY growth and strategic expansion news are likely to be viewed positively by the market in the coming weeks, despite a slight sequential dip in revenue.
📈 Long termThe company is undergoing a structural transformation into an integrated materials processor; successful execution of the Rare Earth and Quartz expansions could lead to a significant re-rating over the next 3-4 years.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Execution risk of the ₹300 cr capex plan
- Foreign exchange volatility affecting export realizations (37% of FY26 revenue)
- Regulatory risks regarding mining royalties
Key Highlights
Q1 FY27 Revenue increased 34.85% YoY to ₹191.84 cr, though it declined 11.11% sequentially from Q4 FY26.
Planned capex of ₹300 crore over 3-4 years to target 2.5x revenue growth and 35% ROCE.
Signed MoU with Indonesia’s PERMINAS for collaboration in the Critical Minerals and Rare Earth value chain.
Quartz Phase 2 expansion is underway, targeting a total production of 0.5 million tons by FY28.
Achieved energy cost savings of approximately ₹2 per unit through a new renewable energy group captive arrangement.
👀 What to Watch
Investors should monitor the execution timeline of the ₹300 cr capex and the progress of the Heavy Mineral Sands (HMS) vertical, which is expected to start contributing to revenue by FY27/28. Watch for the impact of the PERMINAS MoU on the company's entry into the aerospace and defense supply chains.
50% YoY PAT Growth in Q1 FY27; Rs 130 Cr Quartz Phase 2 Expansion Underway
Midwest Limited reported a strong 25.2% YoY increase in standalone revenue to Rs 98.52 cr for Q1 FY27, with Net Profit jumping 49.7% to Rs 21.13 cr. However, performance saw a sequential decline compared to Q4 FY26, with revenue and PAT falling 16% and 17% respectively. A key observation is the slow utilization of IPO proceeds, with only Rs 3.5 cr spent out of the Rs 130.2 cr earmarked for the critical Quartz Phase 2 expansion. The board also approved auditor appointments and a transition of Mrs. Soumya Kukreti to a Non-Executive Director role.
Confidence: HIGH
What changedThe company reported its first-quarter results for FY27, showing robust year-on-year growth but a sequential dip, and provided an update on the utilization of IPO proceeds for its expansion projects.
Why it mattersThe results confirm the company's ability to maintain high growth and pricing power in the granite and quartz segment, but the slow deployment of expansion capital could delay the long-term revenue doubling strategy.
Revenue (Q1 FY27): Rs 98.52 crNet Profit (Q1 FY27): Rs 21.13 crYoY Revenue Growth: 25.2%Quartz Phase 2 Budget: Rs 130.2 crQuartz Phase 2 Utilized: Rs 3.5 cr
📅 Short termThe strong YoY profit growth is likely to be viewed positively by the market, although the sequential decline in revenue and slow capex deployment may lead to some caution.
📈 Long termThe long-term outlook remains tied to the successful commissioning of Quartz Phase 2 (0.5 million tons) and the entry into high-margin Heavy Mineral Sands for aerospace and defense by FY27/28.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Slow execution of capital expenditure (low IPO fund utilization)
- Foreign exchange volatility affecting export realizations
- Cyclical demand from global real estate markets
Key Highlights
Standalone Revenue from operations grew 25.2% YoY to Rs 98.52 cr from Rs 78.69 cr.
Net Profit for the quarter increased 49.7% YoY to Rs 21.13 cr compared to Rs 14.12 cr in the previous year.
Quartz Phase 2 expansion project has utilized only Rs 3.5 cr of its Rs 130.2 cr budget as of June 30, 2026.
Earnings Per Share (EPS) improved to Rs 5.84 from Rs 4.17 in the year-ago quarter.
Total expenses rose 22.7% YoY to Rs 77.77 cr, primarily driven by higher consumption of stores and spares.
👀 What to Watch
Investors should monitor the pace of capital expenditure for the Quartz Phase 2 plant, as the current utilization of IPO funds is less than 3%. The execution timeline for this expansion and the upcoming Heavy Mineral Sands (HMS) business in FY27 will be the primary drivers for the company's target to double its top-line by FY28.
CRISIL Reaffirms 'A/Stable' Rating; Assigns 'A/Stable' to Rs 100 Cr Bank Debt
CRISIL has reaffirmed Midwest Limited's corporate credit rating at 'CRISIL A/Stable' and assigned the same to its Rs 100 crore bank loan facilities. The company's financial profile is supported by a strong net worth of over Rs 845 crore as of March 2026, significantly enhanced by a recent Rs 250 crore IPO. While Midwest holds a dominant 55% market share in India's Black Galaxy granite exports, it faces product concentration risk with 69% of FY26 revenue derived from this single segment. Liquidity remains strong with projected annual cash accruals exceeding Rs 150 crore against debt obligations of approximately Rs 30 crore.
Confidence: HIGH
What changedCRISIL has assigned new ratings to the company's bank debt and reaffirmed its existing corporate credit rating, reflecting a stable financial outlook post-IPO.
Why it mattersThe rating confirms the company's strong liquidity and capital structure, which are essential for funding its diversification into high-tech materials like Quartz and Heavy Mineral Sands for aerospace and defense.
Bank Loan Facilities Rated: Rs 100 CroreAdjusted Net Worth (Mar 2026): Rs 845 croreIPO Proceeds: Rs 250 croreBlack Galaxy Revenue Share: 69%Expected Annual Accruals: > Rs 150 croreInterest Coverage Ratio: > 10x
📅 Short termThe rating reaffirmation is expected to maintain investor confidence in the company's credit profile following its recent listing.
📈 Long termThe 'Stable' outlook hinges on the company's ability to successfully diversify its product mix and maintain margins amid global cyclicality in real estate and construction.
⚠ Risk flags
- High product concentration (69% revenue from Black Galaxy granite)
- Vulnerability to foreign exchange rate fluctuations
- Susceptibility to regulatory changes in mining royalties and export duties
Key Highlights
CRISIL assigned 'A/Stable' and 'A1' ratings to Rs 100 crore of total bank loan facilities.
Adjusted net worth reached over Rs 845 crore as of March 31, 2026, following a Rs 250 crore IPO.
Black Galaxy granite segment contributed approximately 69% to consolidated revenue in fiscal 2026.
Annual cash accruals are expected to exceed Rs 150 crore against yearly debt obligations of ~Rs 30 crore.
Interest coverage ratio is projected to remain healthy at above 10 times over the medium term.
👀 What to Watch
Monitor the execution and ramp-up of Quartz Phase 2 and the commencement of Heavy Mineral Sands (HMS) operations in FY27 to evaluate the company's progress in reducing its 69% revenue dependence on Black Galaxy granite.
Midwest Limited Signs MoU with Indonesia's PERMINAS for Rare Earth & Critical Minerals
Midwest Limited has signed a Memorandum of Understanding (MoU) with PT Perusahaan Mineral Nasional (PERMINAS), Indonesia's state-owned strategic minerals enterprise, to collaborate on the rare earth value chain. The partnership includes Midwest Energy Limited and India's NFTDC, focusing on exploration, mining, and downstream Rare Earth Magnet production. While no financial commitment is specified at this stage, the move aligns with the company's strategy to double its top-line by FY28. This marks the company's first structured collaboration with a Southeast Asian state-owned enterprise in the critical minerals sector.
Confidence: HIGH
What changedMidwest Limited has formalized a framework for international expansion into critical minerals, moving beyond its core granite business into high-tech rare earth materials.
Why it mattersSecuring access to critical mineral resources in Indonesia is vital for the company's planned expansion into aerospace and defense sectors, potentially diversifying revenue streams away from cyclical granite exports.
Dec 2025 Revenue: ₹1030.43 crMonetary Consideration: not disclosedIndia Black Galaxy Granite Market Share: ~55%Target Revenue Growth: 2x by FY28
📅 Short termThe announcement is sentiment-positive as it validates the company's high-tech ambitions, though no immediate financial impact is expected until definitive contracts are signed.
📈 Long termIf executed, this could structurally transform the company from a stone exporter to a critical minerals player, tapping into high-growth EV and defense supply chains.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Execution risk in a foreign jurisdiction
- Non-binding nature of the MoU
- Regulatory risks associated with state-owned enterprise partnerships
Key Highlights
Collaboration with PT Perusahaan Mineral Nasional (Persero), Indonesia's state-owned strategic minerals enterprise
Consortium includes NFTDC, an autonomous R&D institution under India's Ministry of Mines
Scope covers the entire value chain from mining to downstream Rare Earth Magnet production
Strategic alignment with FY28 goal to expand into aerospace and defense materials
Establishment of a joint working group to plan and monitor project implementation
👀 What to Watch
Watch for the transition from this non-binding MoU to definitive agreements and specific capital expenditure (Capex) announcements regarding Indonesian operations.
Midwest Ltd FY26 Revenue Up 3% to ₹645 Cr; Strategic Entry into Rare Earths and HPQ Expansion
Midwest Limited reported a consolidated revenue of ₹645 crores for FY26, a 3% YoY growth, despite logistics hurdles that deferred ₹25 crores in sales. While the core granite segment maintained strong EBITDA margins of 27.55%, consolidated PAT margins slightly declined to 16.49% due to ₹6 crores in stabilization costs for the new Quartz segment. The company demonstrated financial discipline by reducing debt by ₹50 crores and improving working capital days from 122 to 104. Strategic highlights include a new 30-year granite lease and a ₹130 crore capex for Phase 2 Quartz (HPQ) targeting the semiconductor and solar sectors.
Key Highlights
Consolidated FY26 revenue reached ₹645 crores with a Q4 revenue of ₹215 crores.
Reduced total debt by ₹50 crores and improved working capital efficiency to 104 days.
Initiated ₹125-130 crore capex for Phase 2 Quartz plant to produce High Purity Quartz (HPQ) by Q4 FY27.
Selected as the first private consortium partner by KMML for a ₹20 crore Rare Earths pilot plant project.
Secured a new 30-year mining lease for Galaxy granite, which is already contributing to revenue.
👀 What to Watch
Investors should focus on the successful ramp-up of the Quartz segment and the Rare Earths pilot plant, as these high-value segments could significantly re-rate the company's margins. The core granite business remains a stable cash cow with robust 27%+ EBITDA margins.
Midwest Ltd Q4 PAT Surges 113% QoQ; Selected for Kerala Govt Rare Earth Project
Midwest Limited reported a strong sequential recovery in Q4FY26, with revenue growing 67.5% and PAT surging 113.2% compared to Q3. While full-year FY26 revenue remained stable at ₹645.62 crore, the company is aggressively diversifying from its core granite business into Quartz and Rare Earth Elements. A significant milestone is its selection as a Lead Consortium Partner by Kerala Minerals and Metals Ltd for a rare earth pilot plant. Additionally, the company is expanding its global footprint with a new subsidiary in Sierra Leone for heavy mineral sands.
Key Highlights
Q4FY26 Revenue grew 67.48% QoQ to ₹215.81 crore, while EBITDA rose 90.96% to ₹58.32 crore.
FY26 consolidated revenue stood at ₹645.62 crore with a healthy EBITDA margin of 27.01%.
Selected as Lead Consortium Partner by KMML (Kerala Govt) for a strategic rare earth elements technology initiative.
Secured a 30-year quarry lease for quartzite in Andhra Pradesh and expanding HMS reserves via a new Sierra Leone subsidiary.
Quartz Phase I with 303,600 MTPA capacity is now operational, targeting solar glass and engineered stone markets.
👀 What to Watch
Investors should monitor the execution of the Rare Earth and Quartz Phase II projects, as these represent high-margin growth drivers beyond the mature granite business. The strong sequential rebound in Q4 suggests operational momentum heading into the next fiscal year.
Midwest Limited Approves FY26 Audited Results and Appoints New Company Secretary
Midwest Limited has approved its audited standalone and consolidated financial results for the quarter and fiscal year ended March 31, 2026. The statutory auditors, MSKA & Associates LLP, have issued an unqualified (clean) audit report for both standalone and consolidated statements. Additionally, the company has appointed Mr. K. Achyutanand Reddy as the Company Secretary and Compliance Officer, effective May 26, 2026. The consolidated results include 11 subsidiaries and step-down subsidiaries operating across India and Sri Lanka.
Key Highlights
Approval of audited standalone and consolidated financial results for the full year ended March 31, 2026.
Statutory auditors MSKA & Associates LLP provided a clean audit opinion on the financial statements.
Appointment of Mr. K. Achyutanand Reddy as Company Secretary, bringing over 10 years of experience in corporate law.
Consolidated reporting includes 11 entities, including subsidiaries in Sri Lanka such as Reliance Diamond Tools.
The Board meeting concluded at 7:00 PM on May 26, 2026, following a 3:30 PM start.
👀 What to Watch
Investors should review the detailed profit and loss tables once published to assess year-on-year growth and margin performance. The clean audit report is a positive sign for corporate governance and financial transparency.
Midwest Ltd Selected as Lead Partner for KMML Rare Earth Pilot Project
Midwest Limited has been selected as the lead consortium partner by Kerala Minerals and Metals Ltd (KMML) for a strategic Rare Earth Elements (REE) pilot project. The project involves processing monazite-rich tailings to produce high-purity monazite concentrate (≥96%) and rare earth mixed compounds (≥99%). Midwest will bear 100% of the capital investment, while KMML provides 50 MT of raw material and 2 acres of land. This initiative grants Midwest the Right of First Refusal for future commercial production through a joint venture, marking a significant entry into the critical minerals sector.
Key Highlights
Selected as Lead Consortium Partner by KMML for a strategic Rare Earth Elements (REE) pilot project
Project targets high-purity monazite concentrate (≥96%) and rare earth mixed compounds (≥99%)
Midwest to undertake 100% capital investment with a 6-month commissioning timeline post-approval
KMML to provide 50 MT of monazite tailings and 2 acres of land on a free lease for the project
Midwest secures Right of First Refusal for commercial production via a potential joint venture
👀 What to Watch
Investors should monitor the progress of the pilot plant and the subsequent transition to a commercial joint venture, as this represents a high-margin strategic diversification. The partnership with a government entity and the Right of First Refusal significantly de-risks the entry into the critical minerals market.
Midwest Ltd Selected for Strategic Rare Earth Elements Project by KMML
Midwest Limited has been selected as the Lead Consortium Partner by Kerala Minerals and Metals Ltd. (KMML), a Kerala Government undertaking, for a strategic pilot project focused on Rare Earth Elements (REEs). The project involves processing monazite-rich tailings and includes the setup of a pilot facility to be commissioned within 6 months of receiving approvals. While Midwest Limited will bear 100% of the capital expenditure, KMML will provide the necessary land, utilities, and raw materials. Crucially, the company has secured the Right of First Refusal for future commercial production, positioning it well in the high-value strategic minerals sector.
Key Highlights
Selected as Lead Consortium Partner by KMML for end-to-end REE extraction and processing.
Pilot plant commissioning target of 6 months from approvals, with a 3-month extension provision.
Company to undertake 100% of the capital investment for the pilot facility development.
Secured Right of First Refusal (ROFR) for subsequent commercial production phases.
KMML to provide essential raw materials, land, and utilities for the project.
👀 What to Watch
Investors should monitor the progress of regulatory approvals and pilot plant commissioning as successful execution could lead to large-scale commercial production. This entry into the strategic rare earth sector provides a unique long-term competitive advantage.
Midwest Ltd Q3 FY26: New 10.9-Hectare Mine Acquisition and Quartz Phase 2 Expansion
Midwest Limited reported strong demand in its granite segment, particularly from domestic and Chinese markets, bolstered by the acquisition of a new 10.9-hectare Black Galaxy mine with superior unit economics. The company has resolved previous technical integration challenges in its Quartz vertical and is proceeding with Phase 2 expansion, targeting commissioning by late FY27. Management is also aggressively pivoting to green operations by converting its mining fleet to EVs and planning a 150,000-ton HMS plant in Sri Lanka following regulatory improvements.
Key Highlights
Acquired a new 10.9-hectare Black Galaxy mine with lower royalty costs and immediate production potential.
Quartz Phase 2 expansion on track for Q3/Q4 FY27 commissioning after resolving Q3 technical issues.
Planning a 150,000-ton output plant for Heavy Mineral Sands (HMS) in Sri Lanka following policy updates.
Aggressive ESG push with 9 EV trucks currently operational and electric excavators being prototyped this quarter.
Launched a new B2B2C business model for unique Grey Quartzite to compete with premium Brazilian imports.
👀 What to Watch
Investors should monitor the production ramp-up at the new Black Galaxy mine and the execution timeline of Quartz Phase 2, as these are primary growth drivers. The resolution of technical issues in the Quartz segment suggests improved operational stability for the coming quarters.
Midwest Limited Reports Nil Deviation in Utilization of ₹2,010 Million IPO Proceeds
Midwest Limited has confirmed that there were no deviations or variations in the utilization of its IPO proceeds for the quarter ended December 31, 2025. The company raised ₹2,500 million in October 2025, with the fresh issue portion totaling ₹2,010 million. Significant utilization has already occurred for debt repayment (₹543.28 million) and general corporate purposes (₹74.57 million). Large allocations for capital expenditure, including ₹1,302.98 million for a Quartz Processing Plant, remain earmarked for future deployment.
Key Highlights
Reported NIL deviation in the utilization of ₹2,010 million fresh issue IPO proceeds.
Utilized ₹543.28 million for the pre-payment and repayment of company borrowings.
Allocated ₹1,302.98 million for Phase II Quartz Processing Plant capital expenditure.
CRISIL Rating Limited confirmed as the monitoring agency for fund oversight.
👀 What to Watch
Investors should track the execution of the Quartz Processing Plant project, which accounts for the largest portion of the IPO funds. The company's compliance with the stated objects of the issue is a positive indicator of governance.
Midwest Ltd Q3FY26: Adjusted PAT Up 19.7% YoY; Secures 30-Year Quarry Lease
Midwest Limited reported a steady 9MFY26 performance with revenue growing 8.54% YoY to ₹429.81 Cr and adjusted PAT rising 17.63% to ₹69.45 Cr. The company demonstrated strong operational efficiency as EBITDA margins expanded to 27% from 24.53% in the previous year. Strategic milestones include securing a 30-year quarry lease in Andhra Pradesh and establishing a subsidiary in Sierra Leone for mineral sand expansion. The management is actively diversifying from its core granite business into high-growth segments like High Purity Quartz and Rare Earth Elements.
Key Highlights
9MFY26 Revenue grew 8.54% YoY to ₹429.81 Cr, while EBITDA increased 19.48% to ₹116.05 Cr.
Adjusted PAT for 9MFY26 reached ₹69.45 Cr, excluding an exceptional item of approximately ₹26 Cr.
Secured a 30-year work order for colored quartzite extraction in Andhra Pradesh effective January 2026.
A new 10.9-hectare Galaxy mine is scheduled to commence production in Q4FY26.
Board approved a wholly owned subsidiary in Sierra Leone to support Heavy Mineral Sands (HMS) reserve expansion.
👀 What to Watch
Investors should track the timely commencement of the new Galaxy mine in Q4 and the progress of the Quartz Phase II expansion. The company's shift toward high-margin Rare Earth and High Purity Quartz segments offers significant long-term value potential.
Midwest Limited Approves Q3 FY26 Results and Relocates Registered Office
Midwest Limited approved its unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. The company also announced the shifting of its registered office to the Financial District in Hyderabad. Auditor reports indicate that one subsidiary recorded a net loss of Rs. 35.17 Mn on revenue of Rs. 4.37 Mn for the quarter. Additionally, nine other subsidiaries reported a combined net loss of Rs. 6.17 Mn, which management considers non-material to the group's overall performance.
Key Highlights
Approved unaudited standalone and consolidated financial results for Q3 and 9M FY26.
Relocated registered office to Prestige Skytech, Financial District, Nanakramguda, Hyderabad.
One subsidiary reported a quarterly net loss of Rs. 35.17 Mn on revenue of Rs. 4.37 Mn.
Nine unreviewed subsidiaries reported a combined net loss of Rs. 6.17 Mn for the quarter.
The group structure consists of 17 entities including subsidiaries in Sri Lanka, Mozambique, and Mauritius.
👀 What to Watch
Investors should examine the full consolidated profit and loss statement to assess how subsidiary losses impact the group's overall valuation. The relocation of the registered office is a routine administrative change.
Midwest Ltd Secures 30-Year Quarry Lease for 609,620 Cubic Meters of Coloured Quartzite
Midwest Limited has been awarded a significant 30-year quarry lease by the Department of Mines & Geology, Government of Andhra Pradesh. The lease allows for the extraction of Coloured Quartzite Blocks across 21.012 hectares (51.92 acres) in the Prakasam District. With an estimated marketable reserve of 609,620 cubic meters, this contract provides the company with long-term raw material security until January 2056. This development is expected to bolster the company's processing and export capabilities for polished stone products over the next three decades.
Key Highlights
Awarded a 30-year quarry lease valid from January 6, 2026, to January 5, 2056
Lease covers an extensive area of 21.012 hectares (51.92 acres) in Andhra Pradesh
Estimated marketable resource of 609,620 cubic meters of Coloured Quartzite Blocks
Material is specifically suitable for high-value cutting and polishing purposes
Secures long-term resource availability for the company's core mining and processing business
👀 What to Watch
Investors should view this as a positive long-term asset acquisition that ensures revenue visibility and resource security for 30 years. Monitor the company's upcoming quarterly results for any capital expenditure guidance related to the development of this new quarry site.
Midwest Limited to Incorporate Wholly-Owned Subsidiary in Sierra Leone for HMS Expansion
Midwest Limited's board has approved the formation of a new wholly-owned subsidiary in Sierra Leone, West Africa. This strategic move is aimed at expanding the company's Heavy Mineral Sands (HMS) reserves to support long-term growth. The incorporation of a local entity is a mandatory regulatory requirement in Sierra Leone to apply for mineral rights. This initiative highlights the company's focus on securing global resource-rich locations to strengthen its supply chain.
Key Highlights
Board approved the incorporation of a 100% owned subsidiary in Sierra Leone on January 07, 2026.
The primary objective is to secure and expand Heavy Mineral Sands (HMS) reserves globally.
Sierra Leone was identified as a key prospective location due to its rich mineral resources.
The local entity is mandatory under Sierra Leone's regulatory framework to apply for mineral rights.
The board meeting concluded within 20 minutes, reflecting a focused strategic decision.
👀 What to Watch
Investors should monitor future disclosures regarding the capital investment required and the status of mineral right applications in Sierra Leone. While this expansion is positive for long-term reserves, investors should remain aware of the geopolitical risks associated with mining operations in West Africa.
