Key Decisions Approved

  • Audited Standalone and Consolidated Financial Results for the quarter and year ended March 31, 2026
  • Appointment of Mr. K. Achyutanand Reddy (Membership No. A44619) as Company Secretary & Compliance Officer effective May 26, 2026 pursuant to Section 203 of the Companies Act, 2013 and Regulation 6 of SEBI (LODR) Regulations, 2015

Appointment Details of Company Secretary & Compliance Officer

  • Name: Mr. K. Achyutanand Reddy
  • Designation: Company Secretary & Compliance Officer
  • Effective date: May 26, 2026
  • Profile: Associate Member of Institute of Company Secretaries of India with over 10 years experience in Corporate Laws, Corporate Governance, and SEBI-related compliances
  • Previous experience: Worked with Penna Group and as Manager – Legal & Secretarial at Rubamin Private Limited
  • Relationship with directors: Not related to any Director of the Company

Financial Results Overview

Standalone Financial Position (₹ Millions)

Assets as at March 31, 2026:

  • Total Assets: ₹9,756.38 (vs ₹6,857.37 in FY25)
  • Non-current assets: ₹5,265.10 (including Property, plant and equipment: ₹2,414.72, Investments: ₹958.91, Loans: ₹1,062.00)
  • Current assets: ₹4,419.76 (including Trade receivables: ₹1,652.96, Cash and cash equivalents: ₹448.61, Bank balances: ₹1,630.64)
  • Asset held for sale: ₹71.52

Equity and Liabilities as at March 31, 2026:

  • Total Equity: ₹8,197.67 (Equity share capital: ₹180.80, Other equity: ₹8,016.87)
  • Total Liabilities: ₹1,558.71
  • Non-current liabilities: ₹493.25 (Borrowings: ₹321.74)
  • Current liabilities: ₹1,065.46 (Borrowings: ₹187.58, Trade payables: ₹232.48, Current tax liabilities: ₹232.95)

Standalone Performance (₹ Millions)

For year ended March 31, 2026:

  • Profit before tax: ₹1,315.50 (vs ₹1,186.03 in FY25)
  • Net cash from operating activities: ₹927.76
  • Net cash used in investing activities: ₹(2,289.71)
  • Net cash from financing activities: ₹1,765.11
  • Net increase in cash: ₹403.16

Consolidated Financial Position (₹ Millions)

Assets as at March 31, 2026:

  • Total Assets: ₹13,667.72 (vs ₹10,587.00 in FY25)
  • Non-current assets: ₹7,689.61
  • Current assets: ₹5,906.59
  • Asset held for sale: ₹71.52

Equity and Liabilities as at March 31, 2026:

  • Total Equity: ₹9,623.71 (Equity share capital: ₹180.80, Other equity: ₹9,442.91)
  • Total Liabilities: ₹3,882.51

Consolidated Performance (₹ Millions)

For year ended March 31, 2026:

  • Profit before tax: ₹1,437.33 (vs ₹1,780.06 in FY25)
  • Net profit after tax: ₹1,064.76 (vs ₹1,332.99 in FY25)
  • Net cash from operating activities: ₹1,747.20
  • Net cash used in investing activities: ₹(2,757.08)
  • Net cash from financing activities: ₹1,501.34
  • Net increase in cash: ₹491.46

Segment Information (Consolidated)

The Group operates in three segments:

1. Granite: Profit before interest and taxes of ₹1,660.99 million for FY26

2. Quartz: Loss before interest and taxes of ₹(67.41) million for FY26

3. Others: Profit before interest and taxes of ₹19.27 million for FY26

IPO Details and Utilization of Proceeds

The Company's equity shares were listed on NSE and BSE on October 24, 2025. The IPO aggregated to ₹4,510.00 million, comprising:

  • Fresh Issue of 2,348,401 equity shares aggregating to ₹2,500.00 million
  • Offer for Sale (OFS) of 1,887,323 equity shares aggregating to ₹2,010.00 million

Utilization of IPO proceeds (net of expenses ₹203.75 million) as of March 31, 2026:

  • Total proceeds: ₹2,296.25 million
  • Utilized: ₹646.81 million
  • Unutilized: ₹1,649.44 million (temporarily invested in short-term deposits)

Breakdown of utilization:

  • Investment in Midwest Neostone Private Limited: ₹17.80 million utilized (₹1,285.18 million unutilized)
  • Electric Dump Trucks and related investments: ₹0 utilized (₹257.55 million unutilized)
  • Solar energy integration: ₹0 utilized (₹32.56 million unutilized)
  • Pre-payment/repayment of borrowings: ₹543.28 million utilized (₹18.95 million unutilized)
  • General corporate purposes: ₹85.73 million utilized (₹55.20 million unutilized)

Labour Code Impact Assessment

On November 21, 2025, Government of India notified provisions of four Labour Codes. The management reassessed financial implications resulting in:

  • Standalone: Increase in gratuity liability of ₹7.41 million included in employee benefits expense
  • Consolidated: Increase in gratuity liability of ₹11.42 million included in employee benefits expense

The Company assessed that incremental impact is not material and continues to monitor finalization of Central/State Rules.

Subsidiaries and Joint Ventures

The consolidated results include 17 entities:

  • 15 subsidiaries (9 Indian, 6 international)
  • 1 joint venture (South Coast Infrastructure Development Company of Andhra Pradesh Limited)
  • 1 subsidiary of joint venture (S.C.R Agro Tech Private Limited)

Key subsidiaries include Andhra Pradesh Granite (Midwest) Private Limited (89% holding), Midwest Neostone Private Limited (100%), and various international operations in Sri Lanka, Isle of Man, Mauritius, and Mozambique.

Auditor's Opinion

M S K A & Associates LLP issued unmodified audit opinions on both standalone and consolidated financial results for the year ended March 31, 2026.

Additional Information

  • The Company is primarily engaged in exploration, exploitation, manufacturing, processing and selling of dressed Granite blocks, Slabs, Quartz and Diamond cutting wires
  • Financial results are available on Company's website (www.midwest.in) and stock exchange websites
  • The figures for corresponding quarter ended March 31, 2025 were approved by Board but not subjected to review as listing requirement applied from quarter ended September 30, 2025