Midwest Ltd Reports FY26 Revenue of Rs 645.62 Crore

Profit After Tax stood at Rs 106.48 crore with an EBITDA margin of 27.01%.

Reader Takeaway: Strong balance sheet and quartz expansion provide growth, but new mineral verticals await long-term revenue realization.

What just happened

Midwest Limited has released its FY26 financial results, recording consolidated revenue of Rs 645.62 crore, up from Rs 626.18 crore in FY25. The company’s EBITDA reached Rs 174.37 crore with a margin of 27.01%. Profit after tax for the year was Rs 106.48 crore, compared to Rs 133.30 crore in the previous fiscal. The company also announced that its credit rating was upgraded to CRISIL A/Stable.

Why this matters

The company is executing a strategic pivot from a traditional stone mining firm to an integrated materials platform. It is scaling its quartz capacity from 303,600 TPA to 606,600 TPA, specifically targeting the semiconductor industry with High-Purity Quartz (HPQ). Furthermore, the company has expanded its footprint into rare-earth oxides and titanium feedstock through partnerships in Kerala and Indonesia, as well as exploration licenses in Sri Lanka.

What changes now

Following the successful utilization of its Rs 250 crore IPO proceeds, the company has significantly deleveraged. Its debt-to-equity ratio has dropped to 0.19 times, down from 0.42 times in FY25. Additionally, the Board has re-designated Mrs. Soumya Kukreti as a Non-Executive, Non-Independent Director, effective September 1, 2026.

Risks to watch

Investors should note that the company’s new ventures in rare-earth processing and heavy mineral sands remain in the development phase and are subject to regulatory approvals. Additionally, a logistics disruption in late FY26 delayed some granite shipments, which are now expected to be recognized in Q1 FY27.

What to track next

Watch for the commissioning progress of the Quartz Phase II project and updates on the non-binding MoU with Indonesia’s PERMINAS regarding ionic clay deposits.