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MIDWESTLTD - Midwest

📊 NSE: MIDWESTLTD 🏢 Granites & Marbles 📅 Last Updated: 11/13/2025 15:25

📢 Recent Corporate Announcements

Midwest Limited to Attend Investec Promoter & Founder Conference on March 10, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 06 Mar 2026, 12:06 AM

Midwest Limited has announced its participation in the Investec Promoter & Founder Conference 2026 scheduled for March 10, 2026, in Mumbai. The company will engage in both one-on-one and group meetings with various institutional investors and broking houses. This disclosure is made in compliance with Regulation 30 of the SEBI (LODR) Regulations, 2015. The management has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during these interactions.

Meeting date set for Tuesday, March 10, 2026, in Mumbai.
Participation in the Investec Promoter & Founder Conference 2026.
Format includes both one-on-one and group meetings with institutional investors.
Company confirms no Unpublished Price Sensitive Information (UPSI) will be disclosed.
Disclosure filed under Regulation 30 of SEBI (LODR) Regulations, 2015.

💡 Investors should monitor the exchange filings after March 10 for any investor presentations or transcripts that may provide insights into the company's future outlook. No immediate action is required as this is a routine investor engagement event.

Midwest Ltd Q3 FY26: New 10.9-Hectare Mine Acquisition and Quartz Phase 2 Expansion

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 18 Feb 2026, 05:14 PM

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.

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.

💡 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 Releases Audio Recording for Q3 & 9M FY26 Earnings Call

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 12 Feb 2026, 07:07 PM

Midwest Limited has officially released the audio recording of its earnings conference call held on February 12, 2026. The call discussed the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. This disclosure follows SEBI's Listing Obligations and Disclosure Requirements (LODR) to ensure transparency for shareholders. The recording is accessible via the company's investor relations portal for public review.

Earnings call held on February 12, 2026, for Q3 and 9M FY26 results.
Audio recording link provided as per SEBI Regulation 30 and 46.
Covers both standalone and consolidated financial performance for the period ending December 31, 2025.
Recording is hosted on the official company website at midwest.in for investor access.

💡 Investors should review the audio recording to gain insights into management's guidance and operational performance. Monitor for any specific commentary regarding growth targets or margin pressures mentioned during the call.

Midwest Limited Reports Nil Deviation in Utilization of ₹2,010 Million IPO Proceeds

🟢 POSITIVE ⭐ 6/10

REGULATORY 📅 12 Feb 2026, 03:57 PM

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.

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.

💡 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

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 12 Feb 2026, 03:46 PM

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.

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.

💡 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

🟡 NEUTRAL ⭐ 6/10

BOARD_MEETING 📅 12 Feb 2026, 03:21 PM

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.

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.

💡 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 Limited Q3 & 9M FY26 Earnings Call Scheduled for Feb 12, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 09 Feb 2026, 06:49 PM

Midwest Limited has announced its earnings conference call to discuss financial results for the quarter and nine months ended December 31, 2025. The call is scheduled for Thursday, February 12, 2026, at 05:00 P.M. IST. This session will allow institutional investors and analysts to gain insights into the company's operational performance and strategic direction. Such interactions are standard regulatory requirements under SEBI (LODR) Regulations, 2015.

Earnings call scheduled for February 12, 2026, at 17:00 IST
Covers financial performance for Q3 and the nine-month period ended Dec 31, 2025
Compliant with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements)
Management to provide commentary on financial results and future outlook

💡 Investors should monitor the call for management's guidance on growth and margin trends for the upcoming quarters. Reviewing the call transcript later is advised if unable to attend the live session.

Midwest Limited Files SEBI Regulation 74(5) Compliance for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Jan 2026, 05:05 PM

Midwest Limited has submitted its quarterly compliance certificate under SEBI (Depositories and Participants) Regulations for the period ending December 31, 2025. The company's Registrar and Share Transfer Agent, KFin Technologies, confirmed that no dematerialization requests were received during the quarter. However, one rematerialization request was received and successfully processed. This is a standard regulatory filing required to maintain the integrity of shareholding records.

Compliance certificate submitted for the quarter ended December 31, 2025
Zero dematerialization requests received during the three-month period
One rematerialization request was received and processed by KFin Technologies
Confirms adherence to SEBI (Depositories and Participants) Regulations, 2018

💡 This is a routine administrative filing with no impact on the company's fundamentals or financial performance. No action is required from investors.

Midwest Ltd Secures 30-Year Quarry Lease for 609,620 Cubic Meters of Coloured Quartzite

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 07 Jan 2026, 06:29 PM

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.

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

💡 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

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 07 Jan 2026, 05:41 PM

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.

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.

💡 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.

Midwest Limited to Close Trading Window from January 1, 2026, for Q3 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Dec 2025, 02:00 PM

Midwest Limited has announced the closure of its trading window for all designated persons and their immediate relatives starting January 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the release of financial results for the quarter and nine months ending December 31, 2025. The trading window will remain closed until 48 hours after the announcement of the unaudited standalone and consolidated financial results. The specific date for the board meeting to approve these results will be announced at a later time.

Trading window closure effective from January 1, 2026.
Closure pertains to the financial results for the quarter and nine months ending December 31, 2025.
Trading window to reopen 48 hours after the official announcement of financial results.
Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015.

💡 This is a routine regulatory announcement with no direct impact on company fundamentals; investors should monitor for the upcoming board meeting date to review Q3 performance.

View All MIDWESTLTD Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Granite segment (96% of revenue) grew from INR 502.52 Cr in FY23 to INR 626.18 Cr in FY25. H1FY26 revenue reached INR 300.96 Cr, up 7.92% YoY. Quartz Phase 1 started contributing in FY26, with Phase 2 and Heavy Mineral Sands (HMS) expected to drive growth by FY28.

Geographic Revenue Split

Global distribution across 17 countries and 5 continents. A significant portion of revenue is derived from international markets, particularly for Black Galaxy granite exports where the company holds a ~55% market share from India.

Profitability Margins

Adjusted PAT margin improved from 10.83% in FY23 to 17.17% in FY25 and reached 17.31% in H1FY26. Profitability is driven by improved capacity utilization and cost optimization in mining operations.

EBITDA Margin

EBITDA margin increased from 17.83% in FY23 to 27.43% in FY25, and further to 28.41% in H1FY26 (up 196 bps YoY). Q2FY26 standalone EBITDA margin reached 29.32% due to operational efficiencies.

Capital Expenditure

Raised INR 250 Cr through a recently concluded IPO. Funds are allocated for Quartz Phase 2 expansion, electric dump trucks, solar energy integration at select mines, and debt repayment.

Credit Rating & Borrowing

CRISIL Ratings upgraded the corporate credit rating to 'CRISIL A/Stable' from 'CRISIL A-/Positive' in November 2025. Interest coverage ratio is expected to remain above 10 times over the medium term.

⚙️ Operational Drivers

Raw Materials

Granite blocks (Absolute Black and Black Galaxy) and Quartz mineral reserves represent the primary raw materials. Diamond tools (specifically Diamond Wire) are used as critical consumables, with 100% backward integration for captive consumption.

Import Sources

Primarily sourced from captive mines located in India. The company operates as an integrated miner and processor.

Key Suppliers

Reliance Diamond Tools Pvt Ltd (a wholly-owned subsidiary) supplies diamond tools. Mining is conducted through captive reserves and subsidiaries like Maitreya Minerals and Baahula Minerals.

Capacity Expansion

Quartz Phase 1 is currently operational. Phase 2 expansion is underway with a target of 0.5 million tons total production by FY28. HMS business operations are expected to commence in FY27.

Raw Material Costs

Total expenses for H1FY26 were INR 215.45 Cr (71.6% of revenue), up 5.03% YoY. Procurement strategy focuses on backward integration of diamond tools to optimize extraction costs.

Manufacturing Efficiency

EBITDA growth of 52% in Q2FY26 was driven by improved capacity utilization and mechanized processes that enhance stone recovery rates from mines.

Logistics & Distribution

Global distribution network covering 17 countries. Distribution costs are managed through a vast network of distributors developed over four decades.

📈 Strategic Growth

Expected Growth Rate

26%

Growth Strategy

Strategy involves doubling top-line by FY28 through the full commissioning of Quartz Phase 2 (0.5 million tons), commencement of Heavy Mineral Sands (HMS) revenue in FY27/28, and expansion into rare earth materials for aerospace and defense sectors.

Products & Services

Absolute Black Granite blocks, Black Galaxy Granite blocks, Quartz slabs, Diamond Wire tools, and upcoming Heavy Mineral Sands (HMS) products.

Brand Portfolio

Midwest, Midwest Neostone (Quartz division).

New Products/Services

Quartz Phase 2 slabs and Heavy Mineral Sands (HMS) for aerospace/defense are expected to contribute significantly to revenue by FY28.

Market Expansion

Targeting high-tech industries including aerospace, chemicals, automotive, electronics, defense, and medical devices through HMS and rare earth materials by FY27.

Market Share & Ranking

Holds ~55% market share of India's overall Black Galaxy granite export volume as of FY24.

Strategic Alliances

Consolidated entities include Midwest Holdings Ltd, Reliance Diamond Tools Pvt Ltd, and Midwest Neostone Pvt Ltd.

🌍 External Factors

Industry Trends

Industry is shifting toward sustainable mining and processed stones like Quartz (growing at 15-20% globally). Midwest is positioning itself as a diversified mineral player beyond granite.

Competitive Landscape

Intensely competitive market dominated by unorganized entities and a few reputed global brands. Midwest competes on recovery rates and resource base.

Competitive Moat

Cost leadership through 55% market share in Black Galaxy granite and backward integration in diamond tools. These advantages are sustainable due to high entry barriers in mining and land acquisition.

Macro Economic Sensitivity

Highly sensitive to global real estate demand and economic cycles which dictate the offtake of premium natural stones and quartz.

Consumer Behavior

Increasing consumer preference for Quartz over natural stone in premium real estate applications is driving the company's shift in product mix.

Geopolitical Risks

Exposure to international trade barriers and changes in export duties which could affect the competitiveness of Indian granite in global markets.

⚖️ Regulatory & Governance

Industry Regulations

Susceptible to Ministry of Mines regulations, including changes in royalty rates, export duties, and potential mining bans which act as major entry barriers.

Environmental Compliance

Investing IPO proceeds into electric dump trucks and solar energy to meet evolving environmental norms and reduce carbon footprint.

Taxation Policy Impact

Effective tax rate of approximately 26% based on H1FY26 figures (INR 18.42 Cr tax on INR 70.51 Cr PBT).

Legal Contingencies

Not disclosed with specific case values in available documents.

⚠️ Risk Analysis

Key Uncertainties

Product concentration risk with 96% revenue from granite. Regulatory risks in the mining sector could impact operations by up to 20% if bans are implemented.

Geographic Concentration Risk

Global distribution across 17 countries; however, a significant portion of revenue is export-dependent, exposing the company to global macro risks.

Third Party Dependencies

Low dependency on third-party tool suppliers due to 100% backward integration in diamond tools.

Technology Obsolescence Risk

Mitigated by employing latest mechanized processes and R&D in diamond tools to maintain high recovery rates.

Credit & Counterparty Risk

Trade receivables stood at INR 190.96 Cr as of September 2025, down from INR 239.97 Cr in March 2025, indicating improving collection efficiency.