*this image is generated using AI for illustrative purposes only.
Midwest Limited filed its Business Responsibility and Sustainability Report (BRSR) for FY26 on September 6, 2026. The natural stone miner reported total revenue from operations of ₹ 4,217.71 million , up from ₹ 3,697.35 million in the prior year.
The company operates 17 plants across India and serves customers in 17 countries across five continents. Exports contributed 20.86% of the total turnover during the reporting period.
The standalone report highlights key operational and financial figures for the fiscal year ended March 31, 2026.
The company disclosed that its top 10 customers contributed approximately 51.21% of revenue in FY25. China remains a critical market, accounting for roughly 39.73% of FY25 revenue. The board identified customer concentration and geopolitical trade risks as primary material risks.
Midwest employed 222 permanent employees and 151 permanent workers as of the end of FY26. The turnover rate for permanent employees fell to 17.81% in FY26, down from 23.91% in FY25. Permanent worker turnover rose to 13.82% from 7.89% in the prior year.
The company reported zero lost-time injuries, fatalities, or high-consequence work-related injuries for both employees and workers in FY26. It maintains a 100% coverage rate for health and accident insurance among permanent employees and workers.
Total energy consumption increased to 44,879 Giga Joules in FY26, compared to 35,061 Giga Joules in FY25. Renewable sources accounted for 42,367 Giga Joules of this total. The company has installed a 1.10 MW captive solar plant and deployed electric dump trucks to reduce diesel consumption.
Greenhouse gas emissions (Scope 1 and 2) totaled 32,773.40 tCO2e in FY26, rising from 27,545.95 tCO2e in FY25. Waste generation increased significantly to 50,46,606 metric tonnes , primarily driven by overburden and waste rock from mining operations. All hazardous waste, including used oil, was disposed of through certified providers.
Revenue growth outpaced energy intensity improvements. While revenue grew by approximately 14%, total energy consumption rose by nearly 28%. This divergence suggests that operational expansion or increased mechanization drove higher absolute energy use, even as the company integrated renewable sources. Additionally, related-party transactions saw a shift in composition; while sales to related parties remained low at 0.54% of total sales, loans and advances to related parties constituted 86.13% of total loans and advances, indicating significant internal capital deployment.
Historical Stock Returns for Midwest
How will Midwest Limited mitigate the risk of customer concentration, particularly its heavy reliance on China for nearly 40% of FY25 revenue, amid evolving geopolitical trade tensions?
What specific strategies is the company implementing to decouple revenue growth from the rising trend in total energy consumption and Scope 1 & 2 GHG emissions?
Given that loans and advances to related parties constitute over 86% of total loans and advances, how does management plan to optimize this internal capital deployment to improve overall liquidity and returns?
Midwest Limited has filed its Annual Report for FY26 with BSE and NSE, reporting consolidated revenue from operations of ₹ 645.62 crore and profit after tax of ₹ 106.48 crore.
The company has convened its 45th Annual General Meeting for Monday, September 28, 2026 at 11:00 A.M. (IST) through Video Conferencing/Other Audio Visual Means, in compliance with Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Midwest Limited reported the following consolidated financial metrics for FY26:
The company holds a CRISIL A/Stable credit rating, upgraded during FY26. The debt-to-equity ratio declined from 0.42 times in FY25 to 0.19 times in FY26, following debt repayment from IPO proceeds. Operating cash flow doubled to ₹ 174.72 crore from ₹ 87.31 crore in FY25, while the working-capital cycle improved from 120 days to 104 days.
On a standalone basis, revenue from operations stood at ₹ 4,217.71 million during FY26, against ₹ 3,697.35 million in FY25. Standalone profit after tax was ₹ 976.28 million, compared with ₹ 884.73 million in the previous year.
Midwest Limited completed its Initial Public Offering in October 2025. The company's equity shares were listed on BSE Limited and National Stock Exchange of India Limited on October 24, 2025. The IPO comprised a fresh issue of 23,48,401 equity shares and an offer for sale of 18,87,323 equity shares, at an offer price of ₹ 1,065 per equity share. The aggregate issue size was approximately ₹ 451.00 crore, consisting of a fresh issue of ₹ 250 crore and an offer for sale of ₹ 201.00 crore.
IPO proceeds of ₹ 2,296.25 million (net of expenses) are being deployed as follows:
Market capitalisation on BSE as of March 31, 2026 stood at ₹ 4,143.49 crore. Capital employed as of March 31, 2026 was ₹ 1,084.87 crore.
Midwest Limited operates across three primary business verticals:
Granite (Core Business) The company is India's largest producer and exporter of Black Galaxy Granite, accounting for approximately 64% of India's Black Galaxy Granite exports. Black Galaxy Granite production increased to 75,988 cubic metres during FY26, with sales of 72,789 cubic metres. Absolute Black Granite production stood at 39,758 cubic metres, with sales of 39,684 cubic metres. The company operates across 17 countries and five continents.
Quartz Processing Quartz Phase I was commissioned in September 2025 and stabilised by Q1 FY2027, with an installed capacity of 303,600 tonnes per annum. The facility operates through wholly owned subsidiary Midwest Neostone Private Limited at Annangi, Prakasam District, Andhra Pradesh. Phase II is under construction, targeting approximately 606,600 TPA total installed capacity, with estimated capex of approximately ₹ 125 crore (FY28). The High-Purity Quartz line has been accelerated into Phase II.
Heavy Mineral Sands and Rare-Earth Oxides Through subsidiaries in Sri Lanka, the company holds four exploration licences covering heavy-mineral-sand deposits with resources under development of 2.806 Mt. Plant development is estimated at approximately ₹ 120 crore, with commercial revenue conservatively expected from FY2029. In May 2026, Midwest Limited was selected as lead consortium partner by Kerala Minerals & Metals Limited (KMML) for a rare-earth pilot plant, budgeted at approximately ₹ 20 crore. In July 2026, the company signed an MoU with Indonesia's state-owned PERMINAS for rare-earth-bearing ionic-clay deposits.
Diamond Wire Division Segment revenue grew to approximately ₹ 25 crore from ₹ 16 crore in the previous year, maintaining a profit before tax margin of approximately 15%.
The company inducted electric dump trucks into granite mining operations during FY26, generating estimated annual savings of approximately ₹ 20 lakh per truck. Captive solar capacity stands at 1 MW, with a further 0.66 MW planned. The company is targeting a 15-20% reduction in its overall carbon footprint over the medium term.
CSR expenditure for FY26 was ₹ 16.04 million against an obligation of ₹ 15.92 million, resulting in an excess spend of ₹ 0.12 million available for set-off in succeeding financial years.
The 45th AGM will be held on September 28, 2026 via video conferencing. The e-voting schedule is as follows:
Key agenda items at the 45th AGM include:
The Board of Directors did not recommend any dividend for FY26. The annual report is available on the company's website and on the stock exchange websites.
How will the delayed capital deployment for Midwest Neostone's Quartz Phase II impact the company's ability to meet its FY28 capacity expansion targets?
What are the specific regulatory and geopolitical risks associated with Midwest Limited's rare-earth oxide partnerships in Sri Lanka, Kerala, and Indonesia?
Given the zero dividend recommendation despite strong cash flows, how does management plan to utilize the ₹1,649 crore in unutilized IPO proceeds to drive shareholder value?
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