Midwest Ltd
Incorporated in 1981, Midwest Ltd is engaged in the business of exploration, mining, processing, marketing, distribution, and export of natural stones.[1]
- Market Cap ₹ 4,550 Cr.
- Current Price ₹ 1,255
- High / Low ₹ 1,860 / 1,048
- Stock P/E 46.6
- Book Value ₹ 227
- Dividend Yield 0.00 %
- ROCE 19.2 %
- ROE 14.9 %
- Face Value ₹ 5.00
Pros
- Company has reduced debt.
- Company is almost debt free.
- Company has delivered good profit growth of 20.8% CAGR over last 5 years
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Contingent liabilities of Rs.1,620 Cr.
- Debtor days have increased from 107 to 143 days.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Consumer Discretionary Consumer Durables Consumer Durables Granites & Marbles
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| 220 | 330 | 310 | 342 | 370 | 422 | |
| 163 | 252 | 245 | 244 | 257 | 280 | |
| Operating Profit | 57 | 78 | 65 | 98 | 113 | 142 |
| OPM % | 26% | 24% | 21% | 29% | 31% | 34% |
| 13 | 9 | 18 | 18 | 32 | 17 | |
| Interest | 5 | 6 | 7 | 7 | 8 | 8 |
| Depreciation | 15 | 13 | 15 | 15 | 18 | 19 |
| Profit before tax | 51 | 68 | 61 | 95 | 119 | 132 |
| Tax % | 27% | 25% | 26% | 24% | 25% | 26% |
| 37 | 51 | 45 | 73 | 88 | 98 | |
| EPS in Rs | 5,000.00 | 6,853.30 | 6,086.14 | 751.99 | 26.16 | 27.00 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 14% |
| 3 Years: | 11% |
| TTM: | 14% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 21% |
| 3 Years: | 29% |
| TTM: | 11% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 17% |
| 3 Years: | 18% |
| Last Year: | 15% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 0.74 | 0.74 | 0.74 | 10 | 17 | 18 |
| Reserves | 249 | 300 | 345 | 395 | 476 | 802 |
| 61 | 58 | 85 | 64 | 96 | 51 | |
| 67 | 103 | 52 | 82 | 97 | 105 | |
| Total Liabilities | 377 | 462 | 483 | 551 | 686 | 976 |
| 168 | 178 | 195 | 197 | 219 | 250 | |
| CWIP | 6 | 12 | 4 | 7 | 27 | 8 |
| Investments | 69 | 79 | 90 | 112 | 92 | 96 |
| 134 | 193 | 194 | 235 | 347 | 621 | |
| Total Assets | 377 | 462 | 483 | 551 | 686 | 976 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| 55 | 88 | -19 | 106 | 21 | 93 | |
| -37 | -78 | -5 | -65 | -43 | -229 | |
| -17 | -8 | 21 | -41 | 24 | 177 | |
| Net Cash Flow | 1 | 2 | -3 | 1 | 1 | 40 |
| Free Cash Flow | 26 | 50 | -38 | 68 | -39 | 51 |
| CFO/OP | 118% | 140% | -9% | 132% | 29% | 88% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 28 | 31 | 55 | 50 | 127 | 143 |
| Inventory Days | 455 | 364 | ||||
| Days Payable | 140 | 391 | ||||
| Cash Conversion Cycle | 28 | 31 | 55 | 365 | 100 | 143 |
| Working Capital Days | 10 | 0 | 66 | 40 | 96 | 117 |
| ROCE % | 22% | 17% | 23% | 24% | 19% |
Insights
In beta| Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|
| Production of Absolute Black Granite Cubic Meters |
|
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| Production of Black Galaxy Granite Cubic Meters |
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| Production of Diamond Wire Meters |
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| Sales Volume Absolute Black Granite Cubic Meters |
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| Sales Volume Black Galaxy Granite Cubic Meters |
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| Sales Volume Diamond Wire Meters |
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| Solar Energy Contribution to Electricity Requirements % |
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| Market Share (Exports Volume) Black Galaxy Granite from India % |
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Extracted by Screener AI
Documents
Announcements
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Financial Results For The Quarter And Year Ended 31St March 2026.
1d - Audited standalone and consolidated FY26/Q4 results approved; K. Achyutanand Reddy appointed Company Secretary from 26 May 2026.
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
30 May - Transcript of the Earnings Call held on 27th May, 2026.
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Compliances-Reg.24(A)-Annual Secretarial Compliance
30 May - Submitted Annual Secretarial Compliance Report for FY 2025-26 on May 30, 2026.
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Statement Of Deviation Or Variation For The Quarter Ended March 31, 2026.
28 May - Quarter ended March 31, 2026 IPO proceeds utilized without deviation.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
28 May - Newspaper Publication with respect to Audited Standalone and Consolidated Financial Statements for the Quarter and FY Ended March 31, 2026.
Concalls
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May 2026Transcript PPT
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Feb 2026Transcript PPT REC
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Nov 2025Transcript PPT REC
Business Profile[1]
Midwest Limited is a vertically integrated natural stone and mining company, dominant in Black Galaxy and Absolute Black Granite, with diversified operations across Granite, Diamond Wire, Quartz, and emerging Heavy Mineral Sands.