Q4 FY26 Financial Performance (Consolidated)

  • Net Revenue: ₹215.81 Cr (Q4FY25: ₹230.19 Cr; -6.25% YoY, Q3FY26: ₹128.86 Cr; +67.48% QoQ)
  • Total Expenses: ₹157.48 Cr (Q4FY25: ₹155.53 Cr; +1.26% YoY, Q3FY26: ₹98.31 Cr; +60.18% QoQ)
  • EBITDA: ₹58.32 Cr (Q4FY25: ₹74.66 Cr; -21.88% YoY, Q3FY26: ₹30.54 Cr; +90.96% QoQ)
  • EBITDA Margin: 27.03% (Q4FY25: 32.43%, Q3FY26: 23.70%)
  • Depreciation: ₹8.40 Cr (Q4FY25: ₹7.81 Cr; +7.46% YoY, Q3FY26: ₹8.62 Cr; -2.64% QoQ)
  • EBIT: ₹49.93 Cr (Q4FY25: ₹66.85 Cr; -25.31% YoY, Q3FY26: ₹21.92 Cr; +127.78% QoQ)
  • EBIT Margin: 23.14% (Q4FY25: 29.04%, Q3FY26: 17.01%)
  • Other Income: ₹2.63 Cr (Q4FY25: ₹2.13 Cr; +23.85% YoY, Q3FY26: ₹5.27 Cr; -49.99% QoQ)
  • Finance Cost: ₹1.84 Cr (Q4FY25: ₹3.27 Cr; -43.89% YoY, Q3FY26: ₹4.69 Cr; -60.80% QoQ)
  • PBT: ₹50.73 Cr (Q4FY25: ₹65.70 Cr; -22.79% YoY, Q3FY26: ₹22.50 Cr; +125.45% QoQ)
  • Tax Expenses: ₹13.70 Cr (Q4FY25: ₹17.23 Cr; -20.48% YoY, Q3FY26: ₹5.14 Cr; +166.84% QoQ)
  • PAT: ₹37.02 Cr (Q4FY25: ₹48.47 Cr; -23.61% YoY, Q3FY26: ₹17.36 Cr; +113.22% QoQ)
  • PAT Margin: 17.16% (Q4FY25: 21.06%, Q3FY26: 13.48%)

FY26 Financial Performance (Consolidated)

  • Net Revenue: ₹645.62 Cr (FY25: ₹626.18 Cr; +3.10% YoY)
  • Total Expenses: ₹471.25 Cr (FY25: ₹454.40 Cr; +3.71% YoY)
  • EBITDA: ₹174.37 Cr (FY25: ₹171.78 Cr; +1.51% YoY)
  • EBITDA Margin: 27.01% (FY25: 27.43%)
  • Depreciation: ₹31.02 Cr (FY25: ₹25.59 Cr; +21.21% YoY)
  • EBIT: ₹143.35 Cr (FY25: ₹146.19 Cr; -1.94% YoY)
  • EBIT Margin: 22.20% (FY25: 23.35%)
  • Other Income: ₹14.16 Cr (FY25: ₹16.96 Cr; -16.53% YoY)
  • Finance Cost: ₹13.78 Cr (FY25: ₹10.93 Cr; +26.02% YoY)
  • PBT: ₹143.73 Cr (FY25: ₹152.22 Cr; -5.57% YoY)
  • Exceptional Items: None in FY26 (FY25: ₹25.79 Cr)
  • Tax Expenses: ₹37.26 Cr (FY25: ₹44.71 Cr; -16.66% YoY)
  • PAT: ₹106.48 Cr (FY25: ₹133.30 Cr; -20.12% YoY)
  • PAT (Adj. for exceptional item): ₹106.48 Cr (FY25: ₹107.51 Cr; -0.96% YoY)
  • PAT Margin: 16.49% (FY25: 17.17%)

Balance Sheet Position (as of March 31, 2026)

  • Share Capital: ₹18.08 Cr
  • Reserves and Surplus: ₹944.29 Cr
  • Non-Controlling Interest: ₹16.15 Cr
  • Net Worth: ₹978.52 Cr
  • Non-Current Liabilities: ₹169.71 Cr (Long-term Borrowings: ₹129.92 Cr, Deferred Tax Liabilities: ₹2.69 Cr, Other Long-term Liabilities: ₹29.64 Cr, Long-term Provisions: ₹7.46 Cr)
  • Current Liabilities: ₹218.55 Cr (Trade Payables: ₹71.37 Cr, Short-term Borrowings: ₹41.90 Cr, Other Current and Financial Liabilities: ₹101.79 Cr, Short-term Provisions: ₹3.49 Cr)
  • Total Equity and Liabilities: ₹1,366.77 Cr
  • Non-Current Assets: ₹768.96 Cr (Fixed Assets: ₹386.26 Cr, Capital Work-in-Progress: ₹90.37 Cr, Goodwill: ₹1.55 Cr, Non-Current Investments: ₹20.29 Cr, Intangible Assets: ₹123.35 Cr, Other Financial and Non-Current Assets: ₹135.03 Cr, Deferred Tax Assets: ₹12.10 Cr)
  • Current Assets: ₹590.66 Cr (Inventories: ₹43.46 Cr, Trade Receivables: ₹227.62 Cr, Other Financial Assets: ₹2.66 Cr, Other Current Assets: ₹88.15 Cr, Cash and Bank Balances: ₹228.77 Cr)
  • Assets Held for Sale: ₹7.15 Cr
  • Total Assets: ₹1,366.77 Cr

Strategic Updates and Operational Highlights

  • Received 30-year quarry lease work order from Department of Mines & Geology, Government of Andhra Pradesh, effective January 6, 2026, for extraction of colored quartzite blocks
  • Management revised capacity expansion plan to add HPQ line along with Quartz Phase II instead of initial Phase III plan
  • Board approved establishment of wholly owned subsidiary in Sierra Leone to support expansion of HMS reserves
  • Selected as Lead Consortium Partner by The Kerala Minerals and Metals Ltd. (KMML), a Government of Kerala undertaking, for strategic technology development initiative and pilot plant for rare earth elements
  • Company operates 20 mines across India with significant reserves: Black Galaxy Granite (29.74 million cu. mtr. operational, 19.72 million cu. mtr. under development), Absolute Black Granite (8.55 million cu. mtr. operational, 13.35 million cu. mtr. under development), Color Granite (3.76 million cu. mtr. operational, 12.90 million cu. mtr. under development), Quartz (2.1 million tonnes operational, 1.6 million tonnes under development)
  • Phase I quartz processing plant commissioned in Q1FY26 with installed capacity of 303,600 MTPA
  • Plans to double quartz capacity to 606,600 MTPA for Ultra-High-Purity Quartz
  • Secured four HMS exploration licenses in Sri Lanka for minerals including Rutile, Ilmenite, Zircon, Garnet, Sillimanite, and Monazite
  • Export markets include China, Italy, and Thailand across 17 countries

Management Commentary

Mr. Kollareddy Ramachandra, Promoter, Whole-time Director & CEO, stated: "Midwest Limited has expanded into Heavy Mineral Sands and Rare Earth Minerals. Midwest has been selected as the Lead Consortium Partner by The Kerala Minerals and Metals Ltd. for a strategic technology development initiative and pilot plant for rare earth elements, marking a key step in its diversification into the rare earth ecosystem. With strong leadership, strong balance sheet, diversified reserves, and operational excellence, Midwest continues its journey toward becoming a world-class integrated materials processing company, targeting leadership in quartz, titanium feedstock, and rare earth oxides globally."

Sustainability and CSR Initiatives

  • Electricity: 10.35% of requirements met through captive solar plants in FY26
  • Emissions: Converted 21 diesel-operated compressors to electrical; 6 additional compressors planned for conversion by 2026
  • Water Management: Focus on water risk assessment, efficient technologies, recycling, and rainwater harvesting
  • CSR Spending: ₹2.58 Cr in FY26 (FY25: ₹2.24 Cr, FY24: ₹2.03 Cr) focused on school infrastructure, water tanks, solar street lights, community halls, and hospital equipment donations