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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 ₹4779 Cr.

Stock P/E 35.9

P/B 5.4

Current Price ₹1321.7

Book Value ₹ 245.2

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

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Midwest Quarterly Results

#(Fig in Cr.) Sep 2024 Dec 2024 Sep 2025 Dec 2025
Net Sales 141 117 159 129
Other Income 4 6 2 5
Total Income 145 123 161 134
Total Expenditure 113 94 116 98
Operating Profit 32 29 45 36
Interest 0 3 0 5
Depreciation 6 6 7 9
Exceptional Income / Expenses 0 0 0 0
Profit Before Tax 27 20 38 22
Provision for Tax 11 6 10 5
Profit After Tax 15 15 28 17
Adjustments -1 -0 0 1
Profit After Adjustments 15 14 28 18
Adjusted Earnings Per Share 4.4 4.2 8.2 5.1

Midwest Profit & Loss

#(Fig in Cr.) Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 257 380 525 503 586 626 546
Other Income 4 14 14 20 18 17 17
Total Income 261 394 539 522 603 643 563
Total Expenditure 215 286 419 412 434 454 421
Operating Profit 47 108 121 110 170 189 142
Interest 8 7 10 10 10 11 8
Depreciation 18 18 18 22 22 26 28
Exceptional Income / Expenses 0 0 0 0 0 26 0
Profit Before Tax 21 83 93 79 138 178 107
Provision for Tax 5 23 26 24 37 45 32
Profit After Tax 16 60 67 54 100 133 75
Adjustments -0 -3 -3 -0 -4 -11 0
Profit After Adjustments 16 57 64 54 97 122 75
Adjusted Earnings Per Share 3.9 16.8 18.9 16 28.5 36.2 21.9

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 7% 6% 19% 0%
Operating Profit CAGR 11% 16% 32% 0%
PAT CAGR 33% 26% 53% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR NA% NA% NA% NA%
ROE Average 27% 23% 23% 21%
ROCE Average 28% 25% 25% 23%

Midwest Balance Sheet

#(Fig in Cr.) Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 235 277 346 410 495 619
Minority's Interest -1 6 6 2 5 13
Borrowings 47 54 54 61 57 138
Other Non-Current Liabilities 8 5 3 4 22 18
Total Current Liabilities 178 158 207 196 176 263
Total Liabilities 467 499 616 673 754 1051
Fixed Assets 193 206 232 255 254 307
Other Non-Current Assets 121 130 157 168 207 322
Total Current Assets 152 163 227 250 293 423
Total Assets 467 499 616 673 754 1051

Midwest Cash Flow

#(Fig in Cr.) Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 2 5 5 36 11 25
Cash Flow from Operating Activities 44 67 143 -52 128 87
Cash Flow from Investing Activities -39 -40 -99 -17 -64 -201
Cash Flow from Financing Activities -2 -27 -14 45 -50 102
Net Cash Inflow / Outflow 3 -0 31 -25 14 -11
Closing Cash & Cash Equivalent 5 5 36 11 25 14

Midwest Ratios

# Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 3.86 16.8 18.87 16 28.55 36.2
CEPS(Rs) 8.21 0 0 0 36.23 46.99
DPS(Rs) 0 0 0 3.96 0 0
Book NAV/Share(Rs) 56.45 81.86 84.91 103.11 128.81 165.69
Core EBITDA Margin(%) 16.56 24.76 20.3 17.93 25.94 27.51
EBIT Margin(%) 11.24 23.57 19.66 17.57 25.17 30.25
Pre Tax Margin(%) 8.17 21.81 17.76 15.66 23.53 28.43
PAT Margin (%) 6.37 15.85 12.77 10.83 17.13 21.29
Cash Profit Margin (%) 13.27 20.7 16.13 15.12 20.92 25.37
ROA(%) 3.51 12.47 10.88 8.44 14.07 14.77
ROE(%) 6.98 23.55 23.37 17.13 25.59 26.77
ROCE(%) 8.39 24.82 26.82 19.92 27.75 27.81
Receivable days 85.36 53.76 28.94 50.08 67.1 104.64
Inventory Days 61 49.36 35.43 39.37 29.49 18.89
Payable days 315.46 -386.84 326.53 6990.81 235.76 527.23
PER(x) 0 0 0 0 0 0
Price/Book(x) 0 0 0 0 0 0
Dividend Yield(%) 0 0 0 0 0 0
EV/Net Sales(x) 0.4 0.24 0.06 0.27 0.17 0.38
EV/Core EBITDA(x) 2.23 0.86 0.27 1.24 0.6 1.25
Net Sales Growth(%) 0 47.73 0 -4.33 16.54 6.93
EBIT Growth(%) 0 209.78 0 -14.48 66.94 28.5
PAT Growth(%) 0 267.48 0 -18.86 84.3 32.87
EPS Growth(%) 0 335.43 12.32 -15.2 78.45 26.82
Debt/Equity(x) 0.47 0.36 0.33 0.43 0.28 0.42
Current Ratio(x) 0.86 1.03 1.1 1.28 1.66 1.6
Quick Ratio(x) 0.61 0.65 0.85 0.98 1.45 1.5
Interest Cover(x) 3.66 13.37 10.37 9.19 15.34 16.58
Total Debt/Mcap(x) 0 0 0 0 0 0

Midwest Shareholding Pattern

# Sep 2025 Oct 2025 Dec 2025 Mar 2026
Promoter 77.13 77.13 77.13 77.13
FII 2.11 2.11 4.7 4.38
DII 12.51 12.51 13.71 13.78
Public 8.26 8.26 4.46 4.71
Others 0 0 0 0
Total 100 100 100 100

Midwest News

Midwest Pros & Cons

Pros

  • Company has delivered good profit growth of 52% CAGR over last 5 years
  • 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 5.4 times its book value.
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