Board Meeting Details
The Board of Directors meeting commenced at 12:00 Noon and concluded at 02:00 P.M. on August 12, 2026.
Key Board Resolutions
1. Approval of Financial Results: Approved the Un-audited (standalone & consolidated) financial results for the quarter ended June 30, 2026.
2. Limited Review Report: Took note of the Limited Review Report from M/s. M S K A & Associates LLP, Statutory Auditors for the quarter ended June 30, 2026.
3. Internal Auditor Appointment: Approved appointment of M/s. Eswaraiah & Co., Chartered Accountants (Firm Registration No. 006157S) as Internal Auditors for Financial Year 2026-27 pursuant to Section 138 of Companies Act, 2013.
4. Secretarial Auditor Appointment: Approved appointment of M/s. B S S & Associates, Company Secretaries (Firm Registration No. 7999) as Secretarial Auditor for a term of 5 years subject to shareholder approval.
5. Independent Director Continuation: Approved continuation of Mr. Rana Som (DIN: 00352904) as Independent Director pursuant to Reg 17(1A) of SEBI LODR subject to shareholder approval.
6. Designation Change: Approved change in designation of Mrs. Soumya Kukreti (DIN: 01760289) from Whole-time Director to Non-Executive Director subject to shareholder approval.
7. Board Report Approval: Approved Board of Director's Report along with Corporate Governance report and other annexures for year 2025-26.
8. AGM Notice: Approved Notice convening Annual General Meeting for Financial Year 2025-26 and authorized Company Secretary/Managing Director to issue the same.
9. Scrutinizer Appointment: Appointment of M/s. B S S & Associates, Company Secretaries as Scrutinizer for 45th Annual General Meeting, and NSDL for providing e-voting and video conferencing facilities.
Standalone Financial Results (Q1 FY27)
All amounts in ₹ Millions unless otherwise stated:
Income Statement:
- Revenue from operations: ₹985.24
- Other income: ₹74.87
- Total income: ₹1,060.11
- Total expenses: ₹777.70
- Profit before tax: ₹282.41
- Tax expense: ₹71.08 (Current tax: ₹76.00, Deferred tax credit: ₹(4.92))
- Profit for the period: ₹211.33
- Other comprehensive income/(loss): ₹(0.29)
- Total comprehensive income: ₹211.04
Key Metrics:
- Paid-up Equity Share Capital (Face value ₹5 each): ₹180.80
- Earnings Per Equity Share (Basic and Diluted): ₹5.84
Consolidated Financial Results (Q1 FY27)
All amounts in ₹ Millions unless otherwise stated:
Income Statement:
- Revenue from operations: ₹1,918.39
- Other income: ₹59.30
- Total income: ₹1,977.69
- Total expenses: ₹1,557.15
- Profit before tax: ₹420.54
- Tax expense: ₹110.15 (Current tax: ₹133.53, Deferred tax credit: ₹(23.38))
- Profit for the period: ₹310.39
- Total comprehensive income: ₹300.12
- Profit attributable to owners: ₹293.97
- Profit attributable to non-controlling interest: ₹16.42
Key Metrics:
- Paid-up Equity Share Capital (Face value ₹5 each): ₹180.80
- Earnings Per Equity Share: Not specifically stated in consolidated results
Segment Information (Consolidated)
- Granite Segment: Revenue ₹1,844.26 million, Segment result ₹521.88 million
- Quartz Segment: Revenue ₹37.44 million, Segment result ₹(48.58) million
- Others Segment: Revenue ₹38.51 million, Segment result ₹1.09 million
- Elimination: ₹(1.82) million
- Net Segment revenue: ₹1,918.39 million
IPO Proceeds Utilization
Total IPO proceeds: ₹2,296.25 million (net of expenses ₹203.75 million)
Utilization as of June 30, 2026:
| Object of Offer | Amount to be Utilized | Utilized | Unutilized |
| Investment in Midwest Neostone for Phase II Quartz Processing Plant | ₹1,302.98 million | ₹35.00 million | ₹1,267.98 million |
| Purchase of Electric Dump Trucks | ₹257.55 million | ₹16.96 million | ₹240.59 million |
| Solar energy integration at mines | ₹32.56 million | ₹0 | ₹32.56 million |
| Pre-payment/repayment of borrowings | ₹562.23 million | ₹562.23 million | ₹0 |
| General corporate purposes | ₹140.93 million | ₹85.73 million | ₹55.20 million |
| Total | ₹2,296.25 million | ₹699.92 million | ₹1,596.33 million |
Unutilized proceeds are temporarily invested in short-term deposits with a scheduled commercial bank.
Subsidiaries and Joint Ventures
The consolidated results include 16 subsidiaries and 1 joint venture across India, Sri Lanka, Isle of Man, Mauritius, and Mozambique. Key subsidiaries include Andhra Pradesh Granite (Midwest) Private Limited, Midwest Neostone Private Limited, and various international entities.
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 website (www.midwest.in) and stock exchange websites
- Figures for quarter ended June 30, 2025 extracted from audited special purpose Ind AS Interim financial statements