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Midwest share price & results

Midwest Limited· Consumer Durables· Consumer Discretionary

Results to
Jun 2026
Latest analysed call
Q1 FY27
Ownership as of
Sept 2026

India's largest Black Galaxy/Absolute Black granite miner-processor, now expanding into quartz and rare earth minerals.

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Reported

The figures, each with its period

Each figure keeps its basis and period; nothing is filled in.

MetricValueChangeBasisPeriodNote
Revenue192 ₹ crore+35.2% YoYQuarterly, as filedQuarter to Jun 2026Revenue from operations as filed.
Operating margin25.0 %−2.0 pts YoYOperating profit / revenueQuarter to Jun 2026For the quarter; a change is in percentage points.
Net profit31.0 ₹ crore+29.2% YoYQuarterly, as filedQuarter to Jun 2026Profit after tax as filed.
Return on equity14.03 %−3.7 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM to Jun 2026Adjusted profit attributable to owners ÷ average owners’ equity.
Free cash flow margin7.43 %+22.6 ptsFY Mar 2026 vs FY Mar 2025Fiscal yearFY ending Mar 2026(Operating cash flow − fixed-asset purchases + disposals) ÷ revenue.
Revenue growth (YoY)10.48 %−3.6 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM to Jun 2026Revenue change against the same period one year earlier.

Source: Inve data from filed results; ratios from the Screener-verified panel · to Jun 2026

Guidance

What management said, and what became of it

3 of 7 judged targets kept · 17 open · verdicts reflect calls analysed to Q1 FY27.

Midwest Limited management guidance track record on Inve: 24 targets tracked across analysed earnings calls (3 achieved, 4 missed, 17 open).

TargetOriginal wordingSaidLatest callVerdict
Debt RepaymentINR50 plus crores
Call transcript, Q2 FY26 · 13 Nov 2025		Q2 FY26Q1 FY27:No new update. Promise remains achieved.
Call transcript, Q1 FY27 · 13 Aug 2026		Achieved
Revenue Growth2.5 times FY25 revenue in next 2-3 years
Call transcript, Q2 FY26 · 13 Nov 2025		Q2 FY26Q1 FY27:The specific 2.5x revenue target was not mentioned, though management provided FY27 and FY28 revenue guidance that does not align with this ambitious goal.
Call transcript, Q1 FY27 · 13 Aug 2026		Ghosted
HMS Facility CommissioningWithin 15 months
Call transcript, Q2 FY26 · 13 Nov 2025		Q2 FY26Q1 FY27:Policy has been finalized, but this caused a 6-month delay. Ground-breaking is now planned for October 2026, with plant build-out taking another 12-15 months. The original 15-month timeline from Q2 FY26 is significantly missed.
Call transcript, Q1 FY27 · 13 Aug 2026		Delayed

Source: Inve Guidance Tracker for Midwest Limited · to Q1 FY27

A verdict describes what became of management’s own words in later analysed calls. “Delayed” is a change of date, “went quiet” a target the calls stopped mentioning. None of it is a judgement on the investment. The methodology sets out how verdicts are recorded.

4 of Midwest Limited's 24 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 21 more targets are in the full ledger.

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Price

₹1,061.5 −2.24% · −₹24.35

Last close 26 Oct 2026 · NSE · INR · Source: Inve

Performance −6.9% 1Y

₹1.0k₹1.2k₹1.4k₹1.6k₹1.8kOct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Oct 26Q2 FY26 — 13 Nov 2025Q3 FY26 — 12 Feb 2026Q4 FY26 — 27 May 2026Q1 FY27 — 13 Aug 2026

1Y: ₹1,140.5 on 24 Oct 2025 → ₹1,061.5. High ₹1,803.6 (7 Jan 2026), low ₹877 (29 Sept 2026).

Previous close
₹1,085.85
Market cap
₹3.8k Cr
52-week range
₹877 – ₹1,803.6
One year
−4.68%
Price to earnings (TTM to Jun 2026)
34.60×
Return on equity (TTM to Jun 2026)
14.03%

Overview

Symbol
NSE:MIDWESTLTD
Industry
Consumer Discretionary
Exchange
NSE
Currency
INR

What Midwest Limited does

Based on the company's own presentations, annual report and earnings calls.

Midwest Limited mines, processes and globally distributes dimensional natural stone, primarily Black Galaxy and Absolute Black Granite, and operates an integrated quartz processing plant supplying raw material to the solar-glass and engineered-stone industries. It holds exclusive mining rights across granite, quartz and marble deposits in India and is diversifying into Heavy Mineral Sands (HMS) and Rare Earth Elements (REE) through exploration licenses in Sri Lanka and a planned subsidiary in Sierra Leone. The company earns by extracting, cutting/polishing and exporting finished stone and mineral products to customers across multiple continents.

Segments

  • Granite
  • Quartz
  • REE & HMS
Operational mines
20 (16 granite, 3 quartz, 1 marble)
Upcoming mines/licenses under development
2 granite, 2 quartz, 1 quartzite mine + 4 HMS exploration licenses
Quartz processing plant installed capacity (Phase I)
303,600 MTPA, with plans to double to 606,600 MTPA
Export footprint
17 countries across 5 continents; key markets China, Italy and Thailand
HMS exploration licenses (Sri Lanka)
4 licenses (rutile, ilmenite, zircon, garnet, sillimanite, monazite)
Dedicated R&D/Exploration team
8 members, average 16.10 years of industry experience
Headquarters Level 19, Wing A, Sky One, Prestige Skytech, Financial District, Nanakramguda, Gachibowli, Serilingampally, K.V. Rangareddy, Telangana 500032 Company website

How the price took the results

close before → close after

Q1 FY27
+1.5%
13 Aug
Q4 FY26
−2.6%
27 May
Q3 FY26
−2.2%
12 Feb
Q2 FY26
+2.7%
13 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

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