MIDWESTLTD

Midwest Limited

Granite processor and exporter with critical minerals initiatives

Consumer Discretionary›Consumer Durables›Consumer Durables›Granites & Marbles

midwest.in

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Key metrics

Price as of 2026-10-16

Stock price

₹1026.70

Market cap

3,713 Cr

Stock P/E

33.4

P/B

3.86

ROE (FY26)

10.7%

ROCE (FY26)

13.7%

Operating margin (FY26)

22.2%

Debt / equity (FY26)

0.18

OCF / EBITDA (FY26)

100.2%

OCF / EBITDA (3Y)

78.4%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Midwest mines, processes and exports natural granite, including Black Galaxy and Absolute Black, and is building new businesses in high-purity quartz, heavy mineral sands and rare earths.

Company snapshot

1stBy market cap

Ranked among 6 companies in Granites & Marbles.

What we see

Positives

✓Net margin of 16.5% — the business keeps a healthy share of every rupee it earns.

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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

Metric	Sept 2025	Dec 2025	Mar 2026	Jun 2026
Sales	159 Cr	129 Cr	216 Cr	192 Cr
Operating expenses (approx.)	112 Cr	98 Cr	157 Cr	143 Cr
EBITDA	47 Cr	31 Cr	58 Cr	49 Cr
OPM %	29.3%	23.7%	27.0%	25.5%
Other income	2 Cr	5 Cr	3 Cr	6 Cr
Interest	4 Cr	5 Cr	2 Cr	4 Cr
Depreciation	7 Cr	9 Cr	8 Cr	9 Cr
Profit before tax	38 Cr	22 Cr	51 Cr	42 Cr
Tax %	26.4%	22.8%	27.0%	26.2%
Net profit	28 Cr	17 Cr	37 Cr	31 Cr
EPS (₹)	₹8.19	₹4.87	₹10.24	₹8.58

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

Metric	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	503 Cr	586 Cr	626 Cr	646 Cr	Sign in free for the trailing twelve months
Operating expenses (approx.)	413 Cr	434 Cr	454 Cr	471 Cr	Sign in free for the trailing twelve months
EBITDA	90 Cr	151 Cr	172 Cr	174 Cr	Sign in free for the trailing twelve months
OPM %	17.8%	25.9%	27.4%	27.0%	Sign in free for the trailing twelve months
Other income	20 Cr	18 Cr	17 Cr	14 Cr	Sign in free for the trailing twelve months
Interest	9 Cr	9 Cr	11 Cr	14 Cr	Sign in free for the trailing twelve months
Depreciation	22 Cr	22 Cr	26 Cr	31 Cr	Sign in free for the trailing twelve months
Profit before tax	79 Cr	138 Cr	178 Cr	144 Cr	Sign in free for the trailing twelve months
Tax %	30.8%	27.2%	25.1%	25.9%	Sign in free for the trailing twelve months
Net profit	54 Cr	100 Cr	133 Cr	106 Cr	Sign in free for the trailing twelve months
EPS (₹)	₹16.10	₹29.67	₹39.42	₹29.45	Sign in free for the trailing twelve months
Dividend payout %	—	—	—	0.0%	Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

Metric	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	0.74 Cr	10 Cr	17 Cr	18 Cr
Reserves	409 Cr	485 Cr	602 Cr	944 Cr
Borrowings	149 Cr	120 Cr	237 Cr	172 Cr
Other liabilities	99 Cr	141 Cr	190 Cr	216 Cr
Total liabilities	660 Cr	760 Cr	1,059 Cr	1,367 Cr
Fixed assets (net)	243 Cr	239 Cr	286 Cr	386 Cr
CWIP	2 Cr	13 Cr	116 Cr	90 Cr
Investments	20 Cr	38 Cr	20 Cr	20 Cr
Loans & advances	—	—	—	16 Cr
Inventories	57 Cr	37 Cr	28 Cr	43 Cr
Trade receivables	96 Cr	119 Cr	240 Cr	228 Cr
Cash & bank	11 Cr	25 Cr	14 Cr	63 Cr
Other assets	230 Cr	289 Cr	355 Cr	519 Cr
Total assets	660 Cr	760 Cr	1,059 Cr	1,367 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

Metric	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from operating activity	-52 Cr	128 Cr	87 Cr	175 Cr
Cash from investing	-17 Cr	-64 Cr	-201 Cr	-276 Cr
Cash from financing	45 Cr	-50 Cr	102 Cr	150 Cr
Net cash flow	-25 Cr	14 Cr	-11 Cr	49 Cr
Free cash flow (OCF − Capex)	-86 Cr	81 Cr	-88 Cr	45 Cr

Ratios

Metric	Mar 2023	Mar 2024	Mar 2025	Mar 2026
ROCE %	15.6%	23.7%	21.7%	13.7%
ROE %	13.1%	19.3%	19.4%	10.7%
Debtor days	70	74	139	128
Inventory days	2521	1880	1309	899
Days payable	900	1090	2369	1476
Cash conversion cycle	1690	864	-920	-449
OCF / EBITDA %	-58.0%	84.5%	50.8%	100.2%
OCF / EBITDA % (3 years)	—	—	39.6%	78.4%
Debt / equity	0.36	0.24	0.38	0.18
Current ratio	1.31	1.66	1.60	2.74
Net debt / EBITDA	1.54	0.63	1.29	0.62