Q1 FY27 Financial Performance (Consolidated)

Income Statement Highlights

  • Net Revenue: ₹191.84 Cr in Q1 FY27 vs ₹142.27 Cr in Q1 FY26, growth of 34.85% YoY
  • EBITDA: ₹48.87 Cr in Q1 FY27 vs ₹38.97 Cr in Q1 FY26, growth of 25.40% YoY
  • EBITDA Margin: 25.47% in Q1 FY27 vs 27.39% in Q1 FY26
  • PAT: ₹31.04 Cr in Q1 FY27 vs ₹24.38 Cr in Q1 FY26, growth of 27.31% YoY
  • PAT Margin: 16.18% in Q1 FY27 vs 17.14% in Q1 FY26

Quarterly Comparison

  • Revenue declined 11.11% QoQ from ₹215.81 Cr in Q4 FY26
  • EBITDA declined 16.21% QoQ from ₹58.32 Cr in Q4 FY26
  • PAT declined 16.16% QoQ from ₹37.02 Cr in Q4 FY26

Full Year FY26 Performance

  • Net Revenue: ₹645.62 Cr vs ₹626.18 Cr in FY25, growth of 3.10%
  • EBITDA: ₹174.37 Cr vs ₹171.78 Cr in FY25, growth of 1.51%
  • PAT (adjusted for exceptional item): ₹106.48 Cr vs ₹107.51 Cr in FY25, decline of 0.96%
  • FY25 included exceptional item of ₹25.79 Cr

Strategic Developments

MoU with PERMINAS

Midwest Limited, together with Midwest Energy Limited and NFTDC, signed an MoU with Indonesia's state-owned PERMINAS to collaborate across the Critical Minerals and Rare Earth value chain, including Rare Earth Magnet manufacturing.

Capacity Expansion Plans

  • Management has planned to add the HPQ (High Purity Quartz) line along with Quartz Phase II instead of its initial plan of Phase III
  • Plans to double quartz capacity to 606,600 MTPA for Ultra-High-Purity Quartz

Credit Rating Update

CRISIL reaffirmed the Company's credit ratings at CRISIL A/Stable (Long Term) and CRISIL A1 (Short Term).

Energy Cost Optimization

The electricity requirement for the mines has been tied up with a renewable energy supplier under a group captive arrangement, enabling the Company to achieve savings of approximately ₹2 per unit.

Business Overview

Granite Business

  • India's largest producer & exporter of Black Galaxy Granite
  • Largest producer of Absolute Black Granite
  • Exclusive mining rights provides competitive edge
  • Serves high-value real estate projects globally across 17 countries
  • Black Galaxy Granite price range: ₹50,000-100,000 per cubic meter
  • Absolute Black Granite price range: ₹30,000-75,000 per cubic meter

Quartz Business

  • Commissioned Phase I - Quartz processing plant with installed capacity of 303,600 MTPA in Q1FY26
  • Caters to Engineered Stone & Solar Glass Industries

Diversification into HMS & REE

  • Diversifying into Heavy Mineral Sands (HMS) & Rare Earth Materials (REE)
  • Secured 4 HMS Exploration licenses in Sri Lanka
  • Will cater to Aerospace, Chemicals, Automotive, Electronics, Medical Devices

Management Commentary & Outlook

Mr. Kollareddy Ramachandra, Promoter, Whole-time Director & CEO, stated:

  • "Midwest has started FY27 on a strong note"
  • Over the next 3-4 years, aim to achieve 2.5x+ revenue growth
  • Target 3x+ profitability growth and 35% ROCE
  • Supported by ₹300 crore of planned capex
  • Target reducing energy consumption by 15-20%
  • Focus on establishing new growth verticals in Rare Earth Materials, Heavy Mineral Sands and High Purity Quartz

Balance Sheet Position (as of June 30, 2026)

Equity and Liabilities

  • Share Capital: ₹18.08 Cr
  • Reserve and Surplus: ₹944.29 Cr
  • NCI: ₹16.15 Cr
  • Net Worth: ₹978.52 Cr
  • Borrowings: ₹171.83 Cr
  • Total Equity and Liabilities: ₹1,366.77 Cr

Assets

  • Fixed Assets: ₹386.26 Cr
  • Capital Work-In-Progress: ₹90.37 Cr
  • Other Non-Current Assets: ₹292.33 Cr
  • Inventories: ₹43.46 Cr
  • Trade Receivables: ₹227.62 Cr
  • Cash and Bank Balances: ₹228.77 Cr
  • Other Current Assets: ₹72.08 Cr
  • Assets held for sale: ₹7.15 Cr

Historical Financial Performance

Income Statement Trend

| Fiscal Year | Revenue (₹ Cr) | EBITDA (₹ Cr) | PAT (₹ Cr) |

| FY2026 | 645.62 | 174.37 | 106.48 |

| FY2025 | 626.18 | 171.78 | 107.51* |

| FY2024 | 585.62 | 151.44 | 100.32 |

| FY2023 | 502.52 | 89.59 | 54.44 |

*Adjusted for exceptional item of ₹25.79 Cr

Balance Sheet Trend

| Fiscal Year | Net Worth (₹ Cr) | Total Assets (₹ Cr) |

| FY2026 | 978.52 | 1,366.77 |

| FY2025 | 632.40 | 1,058.70 |

| FY2024 | 499.07 | 760.41 |

| FY2023 | 411.87 | 659.54 |

Operational Highlights

Mining Operations

  • 20 Operational Mines Producing Across India
  • Blockable reserves for operational mines: 8.47 million CBM
  • Additional 3.51 million CBM for under development mines of Black Galaxy Granite
  • Developing additional Black Galaxy Granite Mine over 10.94 hectares adjacent to existing operations

Technology Initiatives

  • Backward integration into diamond wire manufacturing
  • Quartz laboratory facilities for quality assessment
  • Operational efficiencies reducing manufacturing costs
  • Electrification of dump trucks and reduction of cycle times

Corporate Governance

Board of Directors

  • Mr. Kollareddy Rama Raghava Reddy - Founder and President (50+ years experience)
  • Mr. Kollareddy Ramachandra - Promoter, Whole-time Director & CEO (20+ years experience)
  • Mrs. Uma Priyadarshini Kollareddy - Promoter and Whole-time Director (18+ years experience)
  • Mr. Rana Som - Chairman and Independent Director
  • Mr. Duvva Pavan Kumar - Independent Director
  • Ms. Smita Amol Lahoti - Independent Director
  • Mrs. Kukreti Soumya - Promoter and Non-Executive Director

Management Team

  • Mr. Dilip Kumar Chalasani - Chief Financial Officer
  • Mr. Peddibhotia Venkata Shiva Prasad - Chief General Manager (Mechanical)
  • Mr. Mallikarjuna Rao Kommana - Chief Operating Officer (Mines)
  • Mr. Kummetha Damodara Reddy - Chief General Manager (Mines) of APGM

Awards & Recognitions

The company has received numerous awards including:

  • Model Granite Quarry Award from FIMI and AIGSA (2009, 2024)
  • Export Excellence Award from Development Commissioner, Visakhapatnam SEZ
  • Various safety awards from Ministry of Labor and Employment
  • Star Export House status from Ministry of Commerce and Industry

Investor Relations Contacts

  • Sana Kapoor, Go India Advisors: sana@GoIndiaAdvisors.com, +91 81465 50469
  • Sakshi Narvekar, Go India Advisors: SakshiN@GoIndiaAdvisors.com, +91 87792 63625