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Midwest Ltd

₹ 1,7130.07%
05 Jan – close price
🔗midwest.in•BSE: 544587•NSE: MIDWESTLTD
Market Cap₹ 6,194 Cr.
Current Price₹ 1,713
High / Low₹ 1,842
Stock P/E67.3
Book Value₹ null
Dividend Yield0.00 %
ROCE23.9 %
ROE19.6 %
Face Value₹ 5.00
Sales₹ 370 Cr.
OPM30.6 %
Mar Cap₹ 6,194 Cr.

ABOUT

Incorporated in 1981, Midwest Ltd is engaged in the business of exploration, mining, processing, marketing, distribution, and export of natural stones.[1]

KEY POINTS

Business Profile[1]Midwest Limited is a vertically integrated natural stone and mining company, dominant in Black Galaxy and Absolute Black Granite, with diversified operations across Granite, Diamond Wire, Quartz, and emerging Heavy Mineral Sands.

Also present in buckets:
Aggressive Growth TriggersExcellent ResultsExcellent ResultsExcellent ResultsExcellent ResultsRevenue GuidanceAsset Base ExpansionAsset Base ExpansionCapacity Expansion And ProductsCapacity Expansion And ProductsPreferential IssuancePreferential IssuancePreferential IssuanceLarge Order ReceiptsLarge Order ReceiptsJv Partnerships AcquisitionsJv Partnerships AcquisitionsCredit Rating UpdatesCredit Rating UpdatesCredit Rating UpdatesCredit Rating UpdatesRed Flags And Poor Performance

Peer Comparision

S.No.NameCurrent Price (Rs.)Price to EarningMarket Capitalization (Rs.Cr.)Dividend yield (%)Net Profit latest quarter (Rs.Cr.)YOY Quarterly profit growth (%)Sales latest quarter (Rs.Cr.)YOY Quarterly sales growth (%)Return on capital employed (%)Sales (Rs.Cr.)OPM (%)Profit after tax (Rs.Cr.)Profit after tax latest quarter (Rs.Cr.)Price to book valueReturn on assets (%)Debt to equity
1.Midwest1712.8067.336193.620.0029.0615.41122.2553.8723.87369.7430.5688.1129.06–14.250.20
2.Pokarna829.1517.842570.700.076.33-85.90118.46-52.8628.38775.7133.53144.076.333.1714.330.34
3.Global Surfaces97.78–414.410.00-4.5627.1554.0815.14-1.97232.11-1.23-26.00-4.671.40-5.390.71
4.Esprit Stones75.6524.08166.020.00-2.69-124.3199.19-38.3613.94259.767.996.90-1.711.265.890.45
5.Pacific Inds153.8021.68106.010.000.33-85.5939.59-36.693.07212.085.634.890.330.241.310.12
6.Royal Cush. Vin.24.37278.6689.170.00-2.58-203.5318.8412.149.8162.41-9.730.32-2.58–1.31–
7.Elegant Marbles204.5018.4260.590.491.21-52.558.17-21.293.6226.519.883.291.210.422.820.00
–Median: 5 Co.153.822.88414.410.00.33-85.5999.19-36.6913.94259.767.996.90.331.335.890.34

Quarterly Results

Standalone figures in ₹ crores

Jun 2025Sep 2024Sep 2025
Sales
7979122
Expenses
566179
Operating Profit
221944
Other Income
4222
Profit before tax
193439
Tax %
26%26%25%
Net Profit
142529
EPS in Rs
4.187.458.59

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

Mar 2021Mar 2022Mar 2023Mar 2025Mar 2024
Sales
220330310370342
Expenses
163252245257244
Operating Profit
57786511398
Other Income
139183218
Interest
56787
Depreciation
1513151815
Profit before tax
51686111995
Net Profit
3751458873
EPS in Rs
5,000.006,853.306,086.1426.16751.99
Dividend Payout %
0%0%0%0%0%

Compounded Profit Growth

10 Years:%
5 Years:%
3 Years:20%
TTM:17%

Compounded Sales Growth

10 Years:%
5 Years:%
3 Years:4%
TTM:8%

Return on Equity

10 Years:%
5 Years:%
3 Years:18%
Last Year:20%

Stock Price CAGR

10 Years:%
5 Years:%
3 Years:%
1 Year:%

Balance Sheet

Standalone figures in ₹ crores

Mar 2021Mar 2022Mar 2023Sep 2025Mar 2024Mar 2025
Equity Capital
0.740.740.74171017
Reserves
249300345519395476
Borrowings
6158851056496
Other Liabilities
67103521058297
Total Liabilities
377462483746551686
Fixed Assets
168178195230197219
Gross Block
214.34230.11256.56–262.50289.98
Accumulated Depreciation
46.7752.2261.66–65.3970.58
CWIP
612426727
Investments
6979909211292
Other Assets
134193194398235347
Total Assets
377462483746551686

Cash Flows

Standalone Figures in ₹ Crores / Yearly

Mar 2021Mar 2022Mar 2023Mar 2025Mar 2024
Cash from Operating Activity
5588-1921106
Cash from Investing Activity
-37-78-5-43-65
Cash from Financing Activity
-17-82124-41
Net Cash Flow
12-311

Ratios

Standalone Figures in ₹ Crores / Yearly

Mar 2021Mar 2022Mar 2023Mar 2025Mar 2024
Debtor Days
28315512750
Inventory Days
–––364455
Days Payable
–––391140
Cash Conversion Cycle
283155100365
Working Capital Days
100669640
ROCE %
–22%17%24%23%

Shareholding Pattern

Numbers in percentages

Oct 2025
Promoters
77.13%
FIIs
2.10%
DIIs
12.53%
Public
8.26%

* The classifications might have changed from Sep'2022 onwards.ℹ️

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

Midwest Limited Submits SEBI Compliance Certificate for Q4 FY26

15th April 2026, 5:14 pm

Midwest Limited Closes Trading Window from April 1 for Financial Results

30th March 2026, 7:57 pm

Midwest Limited to Hold Investor Meeting on March 10

6th March 2026, 5:43 am

Midwest Limited Q3 FY26 Earnings Call: Strong Granite Growth, Quartz Expansion, and EV Transition Plans Detailed

18th February 2026, 10:37 pm

Midwest Limited Submits Newspaper Publications for Un-Audited Financial Results; Auto Sector News Highlights

14th February 2026, 6:03 pm

Published by Other Websites

External media mentions & references

India's $72 Billion IPO Lock-in Expiry: Market Brace for Share Flood

12th March 2026, 6:14 am

Motilal Oswal Flags MIDWEST, Sets Rs 1700 Target Price

17th February 2026, 8:28 pm

Midwest's Green Pivot Faces Valuation Scrutiny Amidst Expansion

4th February 2026, 7:17 pm

₹25,000 Crore Lock-Up Expiry Looms: Investor Watchlist Grows

19th January 2026, 4:31 am

Motilal Oswal Bets Big on Midwest Ltd: Rs 2000 Target Price! Unveiling the Next Growth Story

26th December 2025, 12:18 pm

News Articles

Editorial & research coverage

Midwest's Green Pivot Faces Valuation Scrutiny Amidst Expansion
Midwest's Green Pivot Faces Valuation Scrutiny Amidst Expansion

4th February 2026, 7:17 pm

₹25,000 Crore Lock-Up Expiry Looms: Investor Watchlist Grows
₹25,000 Crore Lock-Up Expiry Looms: Investor Watchlist Grows

19th January 2026, 4:31 am

MIDWEST LTD. EXPLODES 55% HIGHER? Motilal Oswal Issues Bold 'BUY' Call on Newly Listed Mining Stock!
MIDWEST LTD. EXPLODES 55% HIGHER? Motilal Oswal Issues Bold 'BUY' Call on Newly Listed Mining Stock!

26th December 2025, 10:38 am

Midwest Diversifies: Q3 Revenue Up 10%, But QoQ Trends Warrant Watch
Midwest Diversifies: Q3 Revenue Up 10%, But QoQ Trends Warrant Watch

Documents

Announcements

Closure of Trading Window
Disclosures under Reg. 10(5) in respect of acquisition under Reg. 10(1)(a) of SEBI (SAST) Regulations, 2011
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

26 Nov 2025 - Analyst meeting on Dec 2, 2025, 3:30–5:00 PM IST, BKC Mumbai (in-person).

Announcement under Regulation 30 (LODR)-Earnings Call Transcript

19 Nov 2025 - Transcript of Midwest's Nov 13, 2025 Q2/H1 FY26 earnings call; IPO INR250 crore, Phase‑2 capex, CRISIL upgrade

Announcement under Regulation 30 (LODR)-Newspaper Publication

14 Nov 2025 - Submission of Newspaper Publication pertaining to the Unaudited (Standalone and Consolidated) Financial Results for the quarter and half year ended September 30, 2025.

Annual Reports

No data available.

Credit Ratings

Rating update

4 Nov 2025 from crisil

Rating update

17 Apr 2025 from crisil

Rating update

7 Apr 2025 from crisil

Concalls

Nov 2025

TranscriptPPTRecording

Stock Analysis

Description

  1. Midwest Limited operates in the mining and minerals sector, with existing businesses in granite, quartz, and diamond wires. Following its recent IPO, the company is actively pursuing diversification into new mineral segments and geographical expansion.

Key Growth Triggers

  1. Commissioning of Phase 1 quartz processing plant and plans for Phase 2.
  2. Securing new mining permissions and a significant 30-year quarry lease for coloured quartzite blocks.
  3. Strategic exploration of Heavy Mineral Sands (HMS) and Rare Earth Elements (REE).
  4. Establishment of a wholly-owned subsidiary in Sierra Leone to explore and secure HMS reserves.

Order Book

  1. Currently no data available for Order Book.

Key Red Flags

  1. Auditors have flagged prior period data as unreviewed.
  2. Consolidated financial statements rely on management-certified financials for many subsidiaries.

Key Dates To Watch

  1. Trading window closure for Q3 FY26 results announced, indicating upcoming financial disclosures.

Corporate Announcements

15th Apr 26
Impact Rating: 3
Midwest Limited has filed its SEBI Regulation 74(5) certificate for the quarter ended March 31, 2026. The company's registrar confirmed that details of share dematerialization and rematerialization have been provided to BSE and NSE.
30th Mar 26
Impact Rating: 4
Midwest Limited will close its trading window for designated persons from April 1, 2026, until 48 hours after announcing its audited financial results for the quarter and year ending March 31, 2026.
6th Mar 26
Impact Rating: 6
Midwest Limited will host an Analyst/Institutional Investor meeting on March 10, 2026, in Mumbai. The discussions will be one-on-one and in groups, with assurances that no Unpublished Price Sensitive Information (UPSI) will be shared.
18th Feb 26
Impact Rating: 9
The company detailed its strategy for expanding in granite, quartz (targeting ₹500-550 Cr revenue), and heavy mineral sands (targeting ₹350-600 Cr revenue), alongside initiatives in rare earths and EV fleet conversion.
14th Feb 26
Impact Rating: -
No description available.