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Midwest Overview

Founded in 1981 and located in Hyderabad, Midwest Ltd. is a vertically integrated minerals and materials business that mines and processes dimensional stones, quartz, and advanced mineral products. Midwest is one of India\'s largest producers of high-end black granite, notably the Black Galaxy and Absolute Black granite varieties, as well as an exporter of granite to international markets. In addition to granite, Midwest has recently entered the quartz processing and heavy weight mineral sand markets, in line with growth sectors in solar glass,...Read More

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Midwest Key Financials

Market Cap ₹5593 Cr.

Stock P/E 42

P/B 6.4

Current Price ₹1546.8

Book Value ₹ 240.4

Face Value 5

52W High ₹1856.6

Dividend Yield 0%

52W Low ₹ 1048.7

Midwest Share Price

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Volume
Price

Midwest Quarterly Price

Show Value Show %

Midwest Quarterly Results

#(Fig in Cr.) Sep 2024 Sep 2025
Net Sales 141 159
Other Income 4 2
Total Income 145 161
Total Expenditure 113 116
Operating Profit 32 45
Interest 0 0
Depreciation 6 7
Exceptional Income / Expenses 0 0
Profit Before Tax 27 38
Provision for Tax 11 10
Profit After Tax 15 28
Adjustments -1 0
Profit After Adjustments 15 28
Adjusted Earnings Per Share 4.4 8.2

Midwest Profit & Loss

#(Fig in Cr.) Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 525 503 586 626 300
Other Income 14 20 18 17 6
Total Income 539 522 603 643 306
Total Expenditure 419 412 434 454 229
Operating Profit 121 110 170 189 77
Interest 10 10 10 11 0
Depreciation 18 22 22 26 13
Exceptional Income / Expenses 0 0 0 26 0
Profit Before Tax 93 79 138 178 65
Provision for Tax 26 24 37 45 21
Profit After Tax 67 54 100 133 43
Adjustments -3 -0 -4 -11 -1
Profit After Adjustments 64 54 97 122 43
Adjusted Earnings Per Share 18.9 16 28.5 36.2 12.6

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 7% 6% 0% 0%
Operating Profit CAGR 11% 16% 0% 0%
PAT CAGR 33% 26% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR NA% NA% NA% NA%
ROE Average 27% 23% 23% 23%
ROCE Average 28% 25% 26% 26%

Midwest Balance Sheet

#(Fig in Cr.) Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 346 410 495 619
Minority's Interest 6 2 5 13
Borrowings 54 61 57 138
Other Non-Current Liabilities 3 4 22 18
Total Current Liabilities 207 196 176 263
Total Liabilities 616 673 754 1051
Fixed Assets 232 255 254 307
Other Non-Current Assets 157 168 207 322
Total Current Assets 227 250 293 423
Total Assets 616 673 754 1051

Midwest Cash Flow

#(Fig in Cr.) Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 5 36 11 25
Cash Flow from Operating Activities 143 -52 128 87
Cash Flow from Investing Activities -99 -17 -64 -201
Cash Flow from Financing Activities -14 45 -50 102
Net Cash Inflow / Outflow 31 -25 14 -11
Closing Cash & Cash Equivalent 36 11 25 14

Midwest Ratios

# Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 18.87 16 28.55 36.2
CEPS(Rs) 0 0 36.23 46.99
DPS(Rs) 0 3.96 0 0
Book NAV/Share(Rs) 84.91 103.11 128.81 165.69
Core EBITDA Margin(%) 20.3 17.93 25.94 27.51
EBIT Margin(%) 19.66 17.57 25.17 30.25
Pre Tax Margin(%) 17.76 15.66 23.53 28.43
PAT Margin (%) 12.77 10.83 17.13 21.29
Cash Profit Margin (%) 16.13 15.12 20.92 25.37
ROA(%) 10.88 8.44 14.07 14.77
ROE(%) 23.37 17.13 25.59 26.77
ROCE(%) 26.82 19.92 27.75 27.81
Receivable days 28.94 50.08 67.1 104.64
Inventory Days 35.43 39.37 29.49 18.89
Payable days 326.53 6990.81 235.76 527.23
PER(x) 0 0 0 0
Price/Book(x) 0 0 0 0
Dividend Yield(%) 0 0 0 0
EV/Net Sales(x) 0.06 0.27 0.17 0.38
EV/Core EBITDA(x) 0.27 1.24 0.6 1.25
Net Sales Growth(%) 0 -4.33 16.54 6.93
EBIT Growth(%) 0 -14.48 66.94 28.5
PAT Growth(%) 0 -18.86 84.3 32.87
EPS Growth(%) 0 -15.2 78.45 26.82
Debt/Equity(x) 0.33 0.43 0.28 0.42
Current Ratio(x) 1.1 1.28 1.66 1.6
Quick Ratio(x) 0.85 0.98 1.45 1.5
Interest Cover(x) 10.37 9.19 15.34 16.58
Total Debt/Mcap(x) 0 0 0 0

Midwest Shareholding Pattern

# Sep 2025 Oct 2025 Dec 2025
Promoter 77.13 77.13 77.13
FII 2.11 2.11 4.7
DII 12.51 12.51 13.71
Public 8.26 8.26 4.46
Others 0 0 0
Total 100 100 100

Midwest News

Midwest Pros & Cons

Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 23%
  • Company is almost debt free.

Cons

  • Debtor days have increased from 235.76 to 527.23days.
  • Stock is trading at 6.4 times its book value.
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