Financial Performance Highlights

Q2 FY27 Financial Results (Standalone and Consolidated)

  • Net Revenue: ₹182.54 Cr (Q2 FY26: ₹158.69 Cr), representing 15.03% YoY growth
  • EBITDA: ₹47.64 Cr (Q2 FY26: ₹46.53 Cr), with margin of 26.10% (Q2 FY26: 29.32%)
  • PAT: ₹30.25 Cr (Q2 FY26: ₹27.71 Cr), representing 9.16% YoY growth
  • PAT Margin: 16.57% (Q2 FY26: 17.46%)

H1 FY27 Financial Results (Standalone and Consolidated)

  • Net Revenue: ₹374.38 Cr (H1 FY26: ₹300.96 Cr), representing 24.40% YoY growth
  • EBITDA: ₹96.51 Cr (H1 FY26: ₹85.50 Cr), with margin of 25.78% (H1 FY26: 28.41%)
  • PAT: ₹61.29 Cr (H1 FY26: ₹52.09 Cr), representing 17.65% YoY growth
  • PAT Margin: 16.37% (H1 FY26: 17.31%)

Operational Highlights and Business Updates

Quartz Business Performance

  • Achieved EBIT profitability in Q2 FY27
  • PAT profitability expected by end of FY27
  • Phase I quartz processing plant operational with installed capacity of 303,600 MTPA
  • Phase II expansion planned to double capacity to 606,600 MTPA
  • Will integrate High Purity Quartz capabilities

Granite Business Expansion

  • Received Letters of Intent (LOIs) from Andhra Pradesh Mineral Development Corporation Ltd. (APMDC)
  • Three granite quarries in Chittoor and Srikakulam districts, Andhra Pradesh
  • Total area coverage approximately 15.4 hectares
  • Operating on Raising-Cum-Sale Contract basis

Rare Earth Elements and Heavy Mineral Sands

  • Collaborations with PERMINAS and KMML
  • Progress on Sri Lanka project
  • Secured 4 HMS Exploration licenses in Sri Lanka
  • Targeting aerospace, chemicals, automotive, electronics, and medical devices sectors

Cost Efficiency Initiatives

  • Electric Vehicles: Deployed 10 EVs across mining operations
  • Expected annual savings: ₹2-2.5 Cr
  • Renewable Energy:
  • Group captive renewable energy arrangement delivering savings of approximately ₹2 per unit
  • 1 MW solar power plant installation underway

Balance Sheet Position (as of September 30, 2026)

Liabilities

  • Share Capital: ₹18.08 Cr (unchanged from March 31, 2026)
  • Reserves and Surplus: ₹1,003.43 Cr (March 31, 2026: ₹944.29 Cr)
  • Net Worth: ₹1,040.29 Cr (March 31, 2026: ₹978.52 Cr)
  • Long-term Borrowings: ₹143.96 Cr (March 31, 2026: ₹129.92 Cr)
  • Short-term Borrowings: ₹61.21 Cr (March 31, 2026: ₹41.90 Cr)

Assets

  • Property, Plant & Equipment: ₹458.89 Cr (March 31, 2026: ₹386.26 Cr)
  • Capital Work-in-Progress: ₹52.93 Cr (March 31, 2026: ₹90.37 Cr)
  • Cash and Bank Balances: ₹176.89 Cr (March 31, 2026: ₹228.77 Cr)
  • Trade Receivables: ₹251.20 Cr (March 31, 2026: ₹227.62 Cr)
  • Inventories: ₹57.61 Cr (March 31, 2026: ₹43.46 Cr)

Management Commentary and Outlook

Mr. Kollareddy Ramachandra, Promoter, Whole-time Director & CEO, provided the following outlook:

  • Target 2.5x+ revenue growth over next 3-4 years
  • Target 3x+ profitability growth over next 3-4 years
  • Target 35% ROCE
  • Planned capex of ₹300 Cr
  • Natural Stones business contributed 19% to overall revenue growth during H1FY27

Company Overview and Business Model

Core Business Segments

1. Granite Business: India's largest producer & exporter of Black Galaxy Granite, largest producer of Absolute Black Granite

2. Quartz Business: India's largest integrated quartz processing plant serving solar glass and engineered stone industries

3. REE & HMS: Diversifying into Heavy Mineral Sands and Rare Earth Materials

Mining Portfolio

  • 20 operational mines across India
  • 16 granite mines, 3 quartz mines, 1 marble mine
  • Proved reserves:
  • Black Galaxy Granite: 29,743,110 cubic meters
  • Absolute Black Granite: 8,545,185 cubic meters
  • Colour Granite (Tan Brown): 3,761,254 cubic meters
  • Quartz: 2.1 Million Tonnes

Historical Financial Performance

Income Statement Trend (FY2023-FY2026)

  • FY2026 Revenue: ₹645.62 Cr (FY2025: ₹626.18 Cr)
  • FY2026 PAT: ₹106.48 Cr (FY2025: ₹107.51 Cr after adjusting for exceptional item)
  • FY2026 PAT Margin: 16.49%

Balance Sheet Trend (FY2023-FY2026)

  • FY2026 Net Worth: ₹978.52 Cr (FY2025: ₹632.40 Cr)
  • FY2026 Total Assets: ₹1,366.77 Cr (FY2025: ₹1,058.70 Cr)

Additional Information

  • Presentation available on company website: https://midwest.in/investors
  • Investor relations contacts: Sana Kapoor and Sakshi Narvekar of Go India Advisors
  • Company address: Level 19, Wing A, Sky One, Prestige Skytech, Financial District, Nanakramguda, Gachibowli, K.V. Rangareddy, Serilingampally, Telangana, 500032