Board Meeting Details
The meeting commenced at 6:30 PM IST and concluded at 7:30 PM IST on November 14, 2026.
Key Decisions Approved
1. Financial Results Approval
- Approved Un-audited Financial Results (Standalone and Consolidated) for the quarter ended September 30, 2026
- Took note of the Limited Review Report from Statutory Auditors, M/s. Majeti & Co., Chartered Accountants (Firm Registration No. 015975S)
2. Subsidiary Incorporation
- Approved incorporation of a new subsidiary named 'Midwest Advanced Magnets Private Limited' (subject to MCA approval)
- Authorized Capital: ₹10,00,000 (Rupees Ten Lakh)
- Paid-up Capital: ₹10,00,000 with 90% equity subscription by Midwest Energy Limited
- Business: Rare earths, advanced materials and energy materials including rare earth metals, alloy powders and NdFeB permanent magnets
- Expected completion: Within 6 months from board meeting date
- Consideration: Cash subscription to equity share capital
3. Preference Share Allotment
- Approved allotment of 1,34,70,000 (One Crore Thirty-Four Lakh Seventy Thousand) 9% Non-Convertible, Non-Cumulative Preference Shares of ₹10 each
- Aggregate value: ₹13,47,00,000
- Allottee: Midwest Limited
- Consideration: Other than cash, in lieu of preference shares held in transferor company (Midwest Energy Private Limited)
- Basis: Clause 11 of Scheme of Amalgamation confirmed by Regional Director, South East Region, Hyderabad under Section 233 of Companies Act, 2013 dated March 26, 2026
- Terms: 9% p.a. non-cumulative dividend, redeemable at company's option within 7 years from allotment date, not proposed to be listed
Standalone Financial Results (Quarter Ended September 30, 2026)
Income Statement Highlights:
- Total Income: ₹679.63 lakhs (Q2 FY27) vs ₹749.43 lakhs (Q1 FY27) vs ₹183.57 lakhs (Q2 FY26)
- Revenue from Operations: ₹337.93 lakhs (Q2 FY27) vs ₹463.39 lakhs (Q1 FY27) vs ₹0.52 lakhs (Q2 FY26)
- Other Income: ₹341.70 lakhs (Q2 FY27) vs ₹286.04 lakhs (Q1 FY27) vs ₹183.06 lakhs (Q2 FY26)
- Profit Before Tax: ₹130.03 lakhs (Q2 FY27) vs ₹315.33 lakhs (Q1 FY27) vs ₹54.56 lakhs (Q2 FY26)
- Profit for the Period: ₹130.03 lakhs (Q2 FY27) vs ₹315.33 lakhs (Q1 FY27) vs ₹54.56 lakhs (Q2 FY26)
- EPS (Basic): ₹0.10 (Q2 FY27) vs ₹0.24 (Q1 FY27) vs ₹0.05 (Q2 FY26)
Half-Yearly Performance (April-September 2026):
- Total Income: ₹1,429.06 lakhs vs ₹342.35 lakhs (H1 FY26)
- Profit for the Period: ₹445.36 lakhs vs ₹105.68 lakhs (H1 FY26)
- EPS (Basic): ₹0.34 vs ₹0.10 (H1 FY26)
Balance Sheet Position (Standalone as of September 30, 2026):
- Total Assets: ₹55,351.61 lakhs vs ₹52,569.15 lakhs (March 31, 2026)
- Equity Share Capital: ₹1,297.22 lakhs
- Total Equity: ₹43,630.02 lakhs
- Current Borrowings: ₹9,565.24 lakhs
- Cash & Cash Equivalents: ₹1,692.19 lakhs vs ₹10,911.95 lakhs (March 31, 2026)
Consolidated Financial Results (Quarter Ended September 30, 2026)
Income Statement Highlights:
- Total Income: ₹1,514.39 lakhs (Q2 FY27) vs ₹790.78 lakhs (Q1 FY27) vs ₹141.23 lakhs (Q2 FY26)
- Revenue from Operations: ₹1,381.33 lakhs (Q2 FY27) vs ₹623.95 lakhs (Q1 FY27) vs ₹120.12 lakhs (Q2 FY26)
- Loss Before Tax: ₹(637.31) lakhs (Q2 FY27) vs ₹(101.87) lakhs (Q1 FY27) vs ₹(352.43) lakhs (Q2 FY26)
- Loss for the Period: ₹(637.31) lakhs (Q2 FY27) vs ₹(101.87) lakhs (Q1 FY27) vs ₹(352.43) lakhs (Q2 FY26)
- Attributable to Shareholders: ₹(587.02) lakhs (Q2 FY27) vs ₹(57.86) lakhs (Q1 FY27) vs ₹(319.51) lakhs (Q2 FY26)
- EPS (Basic): ₹(0.40) (Q2 FY27) vs ₹(0.09) (Q1 FY27) vs ₹(0.29) (Q2 FY26)
Half-Yearly Performance (Consolidated April-September 2026):
- Total Income: ₹2,305.17 lakhs vs ₹220.71 lakhs (H1 FY26)
- Loss for the Period: ₹(739.19) lakhs vs ₹(730.37) lakhs (H1 FY26)
- EPS (Basic): ₹(0.50) vs ₹(0.60) (H1 FY26)
Balance Sheet Position (Consolidated as of September 30, 2026):
- Total Assets: ₹76,716.19 lakhs vs ₹71,395.51 lakhs (March 31, 2026)
- Equity Share Capital: ₹1,297.22 lakhs
- Total Equity: ₹39,864.96 lakhs
- Non-current Borrowings: ₹21,053.69 lakhs
- Current Borrowings: ₹13,767.54 lakhs
- Cash & Cash Equivalents: ₹1,806.48 lakhs vs ₹12,676.34 lakhs (March 31, 2026)
Segment-wise Performance (Consolidated)
The Group operates in three segments:
1. Rare-earth materials and magnets
2. Renewable energy & power storage systems
3. Others
Q2 FY27 Segment Revenue:
- Rare-earth materials and magnets: ₹1,317.69 lakhs
- Renewable energy & power storage systems: ₹63.65 lakhs
- Others: ₹0 lakhs (after inter-segment elimination)
Q2 FY27 Segment Results:
- Rare-earth materials and magnets: Loss of ₹(7.22) lakhs
- Renewable energy & power storage systems: Profit of ₹4.73 lakhs
- Others: Loss of ₹(102.00) lakhs
Fund Utilization Details
Annexure I - Preferential Issue (December 2025):
- Total funds raised: ₹150,00,05,100 (10,00,000 shares at ₹1,500/share)
- Interest earned: ₹10,43,848
- Total available: ₹150,10,52,887
- Utilized during July-September 2026: ₹1,35,51,000
- Loans to subsidiaries: ₹1,32,81,000
- General Corporate Purposes: ₹2,70,000
- Unutilized funds as of September 30, 2026: ₹6,28,96,387 (parked in term deposits and bank accounts)
Annexure II - Preferential Issue (March-April 2026):
- Total funds raised: ₹1,84,85,00,000 (9,24,250 shares at ₹2,000/share)
- Interest earned: ₹15,27,534
- Total available: ₹1,85,00,27,534
- Utilized during July-September 2026: ₹2,38,64,738
- Land purchase: ₹8,53,900
- Plant & Machinery advances: ₹2,30,10,838
- Unutilized funds as of September 30, 2026: ₹24,30,08,813 (parked in term deposits and bank accounts)
Auditor's Review
Statutory Auditors, M/s. Majeti & Co., issued unmodified review reports for both standalone and consolidated financial results, noting nothing came to their attention causing belief that the statements contain material misstatements.
Additional Information
- The company changed name from Midwest Gold Limited to Midwest Energy Limited effective March 26, 2026, pursuant to amalgamation with Midwest Energy Private Limited
- Equity shares split from ₹10 to ₹1 per share effective September 25, 2026
- Financial figures for previous periods have been reclassified/regrouped for comparability