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15 Days Price Change

Midwest IPO

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Profile
Issue Size 332.01 Cr
Profile
Price Range 1014  to  1065 per share
Profile
Min Investment ₹1065
Profile
Lot Size 1
Profile
Face Value ₹5
Profile
Draft Prospectus
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Profile
  • Basic Info
  • IPO Tentative Timetable
  • IPO Lot Size
  • Subscription Status
  • Financials
  • Profit & Loss
  • Balance Sheet
  • Cash Flow
  • Ratios
  • Growth Rates
  • Other info

Overview

We have a legacy of more than four decades in the dimensional natural stone (i.e., naturally occurring stones) industry with experience in exploration, development and operation of mines, stone processing and fabrication, sales, distribution and marketing of various types of natural stone. We are engaged in the business of exploration, mining, processing, marketing, distribution and export of natural stones, with an emphasis on sustainability. We are India’s largest producer and exporter of Black Galaxy Granite (a variety of Granite which is sparkling with flakes of a golden hue), and held a share of approximately 23% of the Indian export market for Black Galaxy Granite in Fiscal 2024 (Source: CRISIL Report), exporting 48,249 cubic meters of Black Galaxy Granite during Fiscal 2024. Read More

Basic Info

Face Value 5 per share

Price 1014  to  1065 per share

P/E (x) 27

Sales( Cr.) 626

PAT( Cr.) 133

EPS 39.4

Draft Prospectus

Exchange BSE-NSE

Promoter

Company Promoters

Kollareddy Rama Raghava Reddy Kollareddy Ramachandra Kukreti Soumya Uma Priyadarshini Kollareddy

Pre Issue Share Holding 88.07%

Post Issue Share Holding 77.13%

Listing Details:

Listing Price: 1165.1

Listing Gain: 8.59%

Current Price: 1190.3

Gain On Issue: 1190.3 | 0%

GMP: 100

GMP %: 9.4 %

IPO Tentative Timetable

Opening Date Oct 15, 2025
Closing Date Oct 17, 2025
Allotment Oct 20, 2025
Refund Oct 21, 2025
Delivery of Shares Oct 21, 2025
Listing Date Oct 22, 2025

IPO Lot Size

Application Lots Shares Amount
Retail (Min) 1 14 14,910
Retail (Max) 13 182 193,830
S-HNI (Min) 14 196 208,740
S-HNI (Max) 67 938 998,970
B-HNI (Min) 68 952 1,013,880

Objective of the Issue

Our Company proposes to utilize the Net Proceeds from the Fresh Issue towards funding the following objects:1. Investment in Midwest Neostone Private Limited (“Midwest Neostone”), our wholly owned subsidiary, by way of a loan, towards funding capital expenditure for Phase II of the quartz grit and powder processing plant (the “Phase II Quartz Processing Plant”) 2. Capital expenditure for purchase of electric dump trucks (“Electric Dump Trucks”) to be used by our Company and investment in Andhra Pradesh Granite (Midwest) Private Limited (“APGM”), our Material Subsidiary, by way of a loan, for purchase of Electric Dump Trucks 3. Capital expenditure for integration of solar energy at certain Mines of our Company 4. Pre-payment/re-payment of, in part or full, certain outstanding borrowings of the Company and investment in APGM, by way of a loan, for pre-payment/ re-payment of, in part or full, certain outstanding borrowings of APGM 5. General corporate purposes.

Issue

Category Nos Bid Bid (x)
QIB 887572 124148388 139.9x
NII 665681 111884290 168.1x
Retail 1553255 37683548 24.3x
EMP 10952 267694 24.4x
Total 3117460 273983920 87.9x

Net Sales (in cr.)

Total Income (in cr.)

Operating Profit (in cr.)

Net Profit (in cr.)

Shareholder Funds (in cr.)

Total Assets (in cr.)

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
Other Income 4 14 14 20 18 17
Total Income 261 394 539 522 603 643
Total Expenditure 215 286 419 412 434 454
Operating Profit 47 108 121 110 170 189
Interest 8 7 10 10 10 11
Depreciation 18 18 18 22 22 26
Exceptional Income / Expenses 0 0 0 0 0 26
Profit Before Tax 21 83 93 79 138 178
Provision for Tax 5 23 26 24 37 45
Profit After Tax 16 60 67 54 100 133
Adjustments -0 -3 -3 -0 -4 -11
Profit After Adjustments 16 57 64 54 97 122
Adjusted Earnings Per Share 3.9 16.8 18.9 16 28.5 36.2

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

Sihora Industries 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%

Company Contact Information

Midwest Ltd.

Rohit Tibrewal

91 40 2330 5194

cs@midwest.in

Midwest Limited, Floor 19 Prestige Skytech, Financial District Nanakramguda

IPO Lead Manager(s)

Midwest Ltd.

Dam Capital Advisors Ltd. (Formerly IDFC Securities Ltd.)

Intensive Fiscal Services Pvt Ltd

Motilal Oswal Investment Advisors Pvt Ltd

Registrar Info

Midwest Ltd.

K FIN Technologies Ltd.-(Karvy Fintech Pvt Ltd.)

Karvy Selenium Tower B, Plot 31-32 Gachibowli,Financial District, Nanakramguda Hyderabad – 500032 Tel. No. 040 67161500 Fax. No. 040 23001153 E-mail: einward.ris@karvy.com Website: www.karvy.com Toll Free No. of exclusive Call Centre:1-800-345001

040 - 67162222/18003094001

einward.ris@kfintech.com

https://www.kfintech.com

Frequently Asked Questions

All You Need To Know About IPO

When you leave without vesting, generally unvested ESOPs are cancelled. Vested ESOPs usually can be exercised after you depart, often within 3 to 6 months, depending on the company's ESOP plan.

For companies listed on a stock exchange, you can sell the shares any time after you exercise the ESOP option and the shares are in your demat account. If the company is unlisted or otherwise a startup, you can only sell the shares if and when the company announces a buyback or has a process for secondary sales.

Whenever you exercised your options to hold shares, you entered into a market risk situation, and if the valuation of the company drops, so do the shares.

Yes. ESOPs are valuable to the employer in that the employer is able to retain the best talent, align employee interests with company goals, and preserve cash while rewarding performance.

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