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WEBSITE Inc. Year: 1981 Industry: Ceramics/Marble/Granite/Sanitaryware Listed Page
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Company Promoters
Pre Issue Share Holding 88.07%
Post Issue Share Holding 77.13%
Listing Price: 1165.1
Listing Gain: 8.59%
Current Price: 1190.3
Gain On Issue: 1190.3 | 0%
GMP: 100
GMP %: 9.4 %
| 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 |
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.
| 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 |
| #(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 |
| #(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 |
| #(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 |
| # | 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 |
| # | 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 Ltd.
Rohit Tibrewal
91 40 2330 5194
Midwest Limited, Floor 19 Prestige Skytech, Financial District Nanakramguda
Midwest Ltd.
Dam Capital Advisors Ltd. (Formerly IDFC Securities Ltd.)
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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
| #(Fig in Cr.) | Sep 2024 | Dec 2024 | Mar 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Net Sales | 141 | 117 | 230 | 159 | 129 | 216 |
| Other Income | 4 | 6 | 2 | 2 | 5 | 3 |
| Total Income | 145 | 123 | 232 | 161 | 134 | 218 |
| Total Expenditure | 113 | 94 | 156 | 116 | 98 | 157 |
| Operating Profit | 32 | 29 | 77 | 45 | 36 | 61 |
| Interest | 0 | 3 | 3 | 0 | 5 | 2 |
| Depreciation | 6 | 6 | 8 | 7 | 9 | 8 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 27 | 20 | 66 | 38 | 22 | 51 |
| Provision for Tax | 11 | 6 | 17 | 10 | 5 | 14 |
| Profit After Tax | 15 | 15 | 48 | 28 | 17 | 37 |
| Adjustments | -1 | -0 | -1 | 0 | 1 | -1 |
| Profit After Adjustments | 15 | 14 | 47 | 28 | 18 | 36 |
| Adjusted Earnings Per Share | 4.4 | 4.2 | 14 | 8.2 | 5.1 | 9.8 |
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