MIDWESTLTD

Midwest share price & financials

Price
₹1,281.5
Market cap
₹4.1k Cr
Sector
Consumer Durables
Calls analysed
4
Latest concall · Q1 FY27 · call held 13 Aug 2026

Midwest Limited Q1 FY27

Revenue Growth 0.35 yoy EBITDA Growth 0.25 yoy PAT Growth 0.27 yoy Quartz Revenue ₹5 cr

What went well

  • Midwest Limited reported a strong start to the year with Q1 FY27 revenue growth of 35% year-on-year, EBITDA growth of 25%, and PAT growth of 27%.
  • A significant MoU was signed with Indonesia's state-owned company PERMINAS, granting the company access to critical mineral resources, particularly heavy rare earths, across Indonesia.
  • The policy for the Sri Lanka project has been finalized and ratified, marking a major milestone towards receiving the eventual license, with project development expected to start next quarter.

What to watch

  • The company faced volatility and higher prices for diesel, a major cost factor, during Q1 FY27 compared to the previous year, impacting margins.
  • The Sri Lanka project experienced a technical delay of almost six months due to policy finalization, pushing back ground-breaking to October.
Read the full call →

What Midwest Limited does

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

Guidance record · Q1 FY27

what the last two calls moved 24 tracked 3 delivered 4 missed 17 open
  • Debt Repayment delivered said Q2 FY26 Promised: INR50 plus crores Q1 FY27: No new update. Promise remains achieved.
  • Revenue Growth went quiet said Q2 FY26 Promised: 2.5 times FY25 revenue in next 2-3 years Q1 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.
  • HMS Facility Commissioning delayed said Q2 FY26 Promised: Within 15 months Q1 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.

All 24 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 35.2%, net profit up 29.2% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue141 117 230 142 159 +13%129 +10%216 −6%192 +35%
EBITDA31 23 75 39 47 +52%31 +35%58 −23%49 +26%
Net profit15 15 48 24 28 +87%17 +13%37 −23%31 +29%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −41.7% YTD

₹1.0k₹1.2k₹1.4k₹1.6k₹1.8kJanFebMarAprMayJunJulAugSeptQ3 FY26 — 12 Feb 2026Q4 FY26 — 27 May 2026Q1 FY27 — 13 Aug 2026

YTD: ₹1,742.6 on 1 Jan 2026 → ₹1,016.4. High ₹1,803.6 (7 Jan 2026), low ₹1,016.4 (11 Sept 2026).

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.

Financials, as filed

Year endingFY26
Revenue₹646 Cr
Operating profit₹175 Cr
Operating margin27.1%
Interest₹15 Cr
Depreciation₹31 Cr
Net profit₹106 Cr
Net margin16.4%
Cash from operations₹175 Cr
Free cash flow₹48 Cr
ROCE15.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹1 Cr₹1 Cr₹1 Cr₹10 Cr₹17 Cr₹18 Cr
Reserves₹277 Cr₹345 Cr₹409 Cr₹485 Cr₹657 Cr₹944 Cr
Borrowings₹103 Cr₹98 Cr₹151 Cr₹124 Cr₹234 Cr₹192 Cr
Other liabilities₹122 Cr₹160 Cr₹95 Cr₹138 Cr₹175 Cr₹212 Cr
Total liabilities₹502 Cr₹604 Cr₹656 Cr₹757 Cr₹1.1k Cr₹1.4k Cr
Fixed assets₹206 Cr₹232 Cr₹255 Cr₹254 Cr₹531 Cr₹567 Cr
Capital work in progress₹92 Cr₹103 Cr₹105 Cr₹119 Cr₹81 Cr₹90 Cr
Investments₹1 Cr₹11 Cr₹20 Cr₹38 Cr₹0 Cr₹0 Cr
Other assets₹202 Cr₹257 Cr₹275 Cr₹347 Cr₹470 Cr₹709 Cr
Total assets₹502 Cr₹604 Cr₹656 Cr₹757 Cr₹1.1k Cr₹1.4k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Dec 2025, FIIs trimmed −0.82 pp while DIIs added +0.76 pp.

Promoters
77.1%
FIIs
3.9%
DIIs
14.5%
Government
0.1%
Public
4.4%

Since Dec 2025

  • FIIs −0.82 pp
  • DIIs +0.76 pp
  • Government +0.11 pp

How it drifted, 3 quarters

Dec '25Mar '26Jun '26

Ownership split by quarter, oldest first. Dec '25: Promoters 77.1%, FIIs 4.7%, DIIs 13.7%, Public 4.5%.Mar '26: Promoters 77.1%, FIIs 4.4%, DIIs 13.8%, Public 4.7%.Jun '26: Promoters 77.1%, FIIs 3.9%, DIIs 14.5%, Government 0.1%, Public 4.4%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Midwest Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Rama Raghava Reddy Kollareddy 59.79%−4.31 pp
Ravindra Reddy Guntaka 8.28%unchanged
Svadha India Emerging Opportunities Scheme 1 AIF7.35%unchanged
Kollareddy Ranganayakamma 4.68%+3.90 pp
Kotak ELSS Tax Saver Fund Mutual fund4.12%unchanged
Goldman Sachs Funds - Goldman Sachs India Equity P Global fund house2.86%unchanged
Axis Mutual Fund Trustee Ltd. A/C Axis Mutual Fund Mutual fund1.79%+0.65 pp
Uma Priyadarshini Kollareddy 1.49%+0.42 pp
Deepak Kukreti 1.07%unchanged
Soumya Kukreti 0.93%unchanged
Ramachandra Kollareddy 0.88%unchanged
Midwest Green Marine Private Limited 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Growth the price implies
22.7% a year
for 7 years, fading to 4%
It has actually compounded at
Not enough history
The gap
—
between what it did and what it must do
Price today ₹1,016.4

Change the assumptions yourself →

All earnings calls (4)

Read the Q1 FY27 call →

Learn to analyse Midwest Limited

Guides on how to read this kind of business and the numbers that matter.