Key Financial Figures - Standalone (FY2026)
Income Statement:
- Total Income: ₹3,199.21 lakhs
- Total Expenses: ₹2,919.63 lakhs
- Profit before tax: ₹279.59 lakhs
- Net Profit: ₹279.58 lakhs
- Earnings Per Share (Basic & Diluted): ₹6.18
Balance Sheet (as at March 31, 2026):
- Total Assets: ₹52,568.50 lakhs
- Total Liabilities: ₹10,205.85 lakhs
- Net Worth: ₹42,362.65 lakhs
- Paid-up Equity Share Capital: ₹1,289.87 lakhs
- Other Equity: ₹41,072.80 lakhs
Cash Flow Statement (FY2026):
- Net cash from operating activities: (₹2,187.36) lakhs
- Net cash from investing activities: (₹27,864.43) lakhs
- Net cash from financing activities: ₹37,088.14 lakhs
- Net increase in cash: ₹7,036.35 lakhs
Key Financial Figures - Consolidated (FY2026)
Income Statement:
- Total Income: ₹1,053.23 lakhs
- Total Expenses: ₹2,453.92 lakhs
- Loss before tax: (₹1,400.69) lakhs
- Net Loss: (₹1,400.69) lakhs
- Loss Per Share (Basic & Diluted): (₹12.67)
Balance Sheet (as at March 31, 2026):
- Total Assets: ₹71,395.14 lakhs
- Total Liabilities: ₹31,571.67 lakhs
- Net Worth: ₹39,823.47 lakhs
Audit Qualification
The statutory auditors, M/s. Majeti & Co., issued a qualified opinion on both standalone and consolidated financial results. The qualification relates to the company's classification of expenditure under "Intangible Assets Under Development" amounting to ₹2,558.10 lakhs (Previous Year: ₹1,746.28 lakhs). The auditors stated that the company has not provided sufficient appropriate audit evidence to demonstrate that the recognition criteria set out in Paragraph 57 of Ind AS 38 - Intangible Assets have been met for such capitalization. The auditors are unable to determine whether any adjustments to these amounts are necessary.
Emphasis of Matter
The auditors drew attention to Note 4 regarding the Scheme of Amalgamation of Midwest Energy Private Limited with the Company, accounted for in accordance with Appendix C of Ind AS 103 - Business Combinations relating to entities under common control. The financial statements have been restated to give effect to the amalgamation.
Corporate Actions and Changes
Name Change:
- The company name was changed from "Midwest Gold Limited" to "Midwest Energy Limited" effective May 25, 2026
- Fresh Certificate of Incorporation consequent to change of name has been issued
Amalgamation:
- Scheme of Amalgamation of Midwest Energy Private Limited with the company approved by Regional Director, South East Region, Ministry of Corporate Affairs on March 26, 2026
- Effective from July 01, 2025
- Filed with Registrar of Companies
Preferential Allotments in FY2026:
1. December 31, 2025: Allotment of 10,00,000 Equity Shares of ₹10 each with premium of ₹1,490 each (₹1,500 per share) for cash consideration
2. March 29, 2026: Allotment of 4,50,750 Equity Shares of ₹10 each with premium of ₹1,990 each (₹2,000 per share) for cash consideration
3. March 30, 2026: Allotment of 4,00,000 Equity Shares of ₹10 each with premium of ₹1,990 each (₹2,000 per share) for cash consideration
- Total funds raised: ₹322.63 crore
Fund Utilization
From December 2025 Preferential Issue (₹150 crore):
- Loan Provided to Midwest Energy Private Limited: ₹135.30 crore
- General Corporate Purposes: ₹90,000
- Parked in Term Deposits: ₹12 crore
- In Share Application Account: ₹2.73 crore
From March 2026 Preferential Issue (₹170.15 crore):
- Repayment of Unsecured Loan: ₹80 crore
Segment Information
The company operates in three segments:
1. Rare-earth materials and magnets
2. Renewable energy & power storage systems
3. Others
FY2026 Segment Revenue:
- Renewable energy & power storage systems: ₹2,525.90 lakhs
- Others: ₹376.40 lakhs
- Rare-earth materials and magnets: Nil