Midwest Ltd(MIDWESTLTD)

NSE: MIDWESTLTDBSE: 544587

₹ 1,075+1.32%refreshed 27 Oct, 10:17 am ISTMarket cap: ₹ 3,887 crWebsite: www.midwest.inUpdated: 27 Oct 2026

About

Midwest Ltd quarries and processes Black Galaxy and Absolute Black granite in Andhra Pradesh. It also runs a quartz plant with 303,600 tonnes per annum of capacity, commissioned in September 2025, and is building a heavy mineral sands and rare-earth business. It is India's largest producer and exporter of Black Galaxy Granite and accounted for approximately 64% of Black Galaxy Granite export volume in FY25. FY26 consolidated revenue was INR 645.62 cr.^[1][2]

Business segments

FY26 segment revenue: Granite Rs 633.98 Cr, Quartz Rs 1.84 Cr, Others Rs 12.08 Cr.^[2]
There are three verticals: granite and natural stone as the core business; quartz grit, powder and high purity quartz; and heavy mineral sands with rare-earth oxides as an emerging vertical.^[2]
Management guided FY27 granite revenue at ~INR 720 cr out of total consolidated guidance of ~INR 840 cr.^[3]
Q1 FY27 quartz revenue was ~INR 5 cr on ~5,000 tonnes sold; FY27 quartz guidance is INR 100 - 120 cr.^[3]
Q1 FY27 quartz product mix was 65% engineered stone and 35% solar.^[3]

Operations and capacity

Facilities include mines in Andhra Pradesh and Telangana, granite processing units and a quartz plant in Andhra Pradesh, and a diamond tool plant in Hyderabad (as of FY26).^[2]
Operational granite reserves were 8.47 Mn CBM as of FY26.^[2]
A new 10.9-hectare Black Galaxy concession on a 20-year lease has started production, with a target of 10,000 to 12,000 cubic metres a year.^[2]
Quartz Phase I is run by the subsidiary Neostone at Annangi, Prakasam District. It has 303,600 tonnes per annum of capacity and was commissioned in September 2025.^[2]
Quartz monthly output reached about 2,000 tonnes by April 2026 and was running at ~5,000 tonnes a month in Q1 FY27. The target is 10,000 to 15,000 tonnes a month by the end of Q1 FY27 and 60% utilisation in FY27.^[2][4]
Captive solar met 10.35% of electricity needs in FY26; another 0.66 MW of captive solar is planned at two mine locations.^[3]
Sri Lankan subsidiaries hold four exploration licences for heavy mineral sands, with identified resources above 3.5 million tonnes, an estimated 20 to 25 year runway.^[2]
Midwest is the first private company in India permitted to process monazite into rare-earth oxides.^[2]

Key operating numbers

Black Galaxy Granite production was 75,988 cubic metres and sales were 72,789 cubic metres in FY26.^[2]
Diamond wire production was 263,615 metres and sales were 268,611 metres in FY26.^[2]
Granite volume grew ~10% YoY in Q1 FY27, and a 3 - 5% price increase was put through to partly offset diesel cost inflation.^[3]
Quartz realisation was ~INR 10,000 per tonne in Q1 FY27.^[3]
Diesel rose from INR 85 to INR 125 - 130 per litre in Q1 FY27; diesel is 13% of total costs.^[3]
Granite exports were ~37% of granite revenue in FY26.^[3]

Customers and markets

As of FY26, the company serves customers in 17 countries across five continents. China is an important export market; Algeria and Egypt are developing markets.^[2]
Algeria and Egypt began importing blocks directly from Midwest in Q4 FY26, having earlier bought finished slabs through Midwest's downstream customers.^[4]
Export to domestic mix was approximately 60:40 in FY25; the domestic share has been rising since GST on granite was cut from 18% to 5%.^[5]

Expansion and capex

Quartz Phase II capex is estimated at Rs 125-130 crore and will double capacity to 607,200 TPA. It includes a high purity quartz line; commissioning is expected around Q2 FY28.^[2][3]
High purity quartz (99.9%+) was moved forward into the Phase II plant; initial capacity of ~20,000 tonnes targets crucible makers in China.^[4]
Phase II machinery sourcing has moved away from China after tariff developments.^[3]
Sri Lanka heavy mineral sands Phase I plant (150,000 tonnes ROM feed) will produce ilmenite, rutile and zircon. Ground-breaking is targeted for October 2026, with revenues expected in FY29 and capex of ~INR 120 cr.^[2][3]
A 30-year quarry lease for coloured quartzite has been secured; its B2B2C model is at early validation as of FY26.^[2]
The 3 - 4 year consolidated topline target is ~INR 1,950 cr: granite ~INR 1,000 cr, quartz ~INR 400 cr, Sri Lanka heavy mineral sands ~INR 350 - 400 cr, and KMML rare earths ~INR 200 cr.^[4]

Recent developments

06 October 2026: a DGMS prohibitory order suspended granite extraction and employment at the Chimakurthy mine after a collapse, until the danger is removed.^[6]
Q1 FY27: Midwest signed an MoU with Indonesia's state-owned PERMINAS for heavy rare-earth ionic clay deposits (dysprosium, terbium).^[3]
Q1 FY27: the KMML Kerala rare-earth pilot plant made no progress amid the change of state government.^[3]
FY26: CRISIL upgraded the credit rating from A- to A/Stable.^[2][5]
Q2 FY26: the company raised INR 250 cr through an IPO on NSE and BSE, earmarked for Quartz Phase 2, electric dump trucks, solar and debt repayment.^[5]

Market Cap

₹3,887 Cr

High / Low

₹1,857 / 865

Stock P/E

35.5

Price / Book

4.1

Book Value

₹266

EPS

₹29.0

No. of Shares

3.62 Cr

ROCE

13.4%

ROE

10.9%

OPM

23.9%

Debt / Equity

0.18

Sales

₹646 Cr

Net Profit

₹106 Cr

Promoter holding

77.1%

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