Midwest Ltd

Midwest Ltd announced the approval by its Board of Directors to establish a wholly owned subsidiary in the Republic of Singapore. This new entity will serve as an intermediate holding and investment company for the company's overseas operations, focusing on the mining of heavy mineral sands and rare earth materials, mineral trading, and processing. The incorporation is planned with ACRA, Singapore, and will be funded through cash by way of subscription to equity share capital. Midwest Ltd will hold 100% of the share capital of this subsidiary.

Midwest Ltd has received a prohibitory order from the Directorate General of Mines Safety (DGMS) following a site inspection that cited a mine side collapse. The order, issued under the Occupational Safety, Health and Working Conditions Code, 2020, prohibits the extraction of granite and the employment of persons at the company's Midwest Granite Mine in Chimakurthy, Andhra Pradesh, until the danger is rectified. No injuries or loss of life have been reported. The company has suspended operations at the mine, but the order does not impose any fines or penalties. Financial and operational impacts are currently limited to the suspension of extraction activities.

Midwest Ltd announced key management changes and auditor appointment following its Annual General Meeting on September 28, 2026. Shareholders approved the continuation of Mr. Rana Som as an Independent Director, notwithstanding his age of 75 years. Additionally, Mrs. Soumya Kukreti's designation changed from Whole-Time Director to Non-Executive Director. The company also appointed M/s B S S & Associates as its Secretarial Auditor for a five-year term.

Midwest Ltd has announced the closure of its trading window for all designated persons and their immediate relatives. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, and the company's internal code of conduct. The trading window will be effective from October 01, 2026, and will reopen 48 hours after the announcement of the Un-audited (Standalone & Consolidated) Financial Results for the quarter ending September 30, 2026. The specific date for the Board Meeting to consider these financial results will be communicated later.

Midwest Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for the Financial Year 2025-26, as required by SEBI regulations. The report, which is part of the company's Annual Report, details its business activities, primarily focused on the extraction and manufacturing of natural stones like Black Galaxy and Absolute Black, contributing 93.07% to turnover. The company serves markets across 17 countries, with exports accounting for 20.86% of its total turnover. The BRSR also outlines employee and worker statistics, with a total of 222 employees and 151 workers as of the financial year-end.

Midwest Ltd has announced its 45th Annual General Meeting (AGM) to be held on Monday, September 28, 2026, at 11:00 AM IST. The company has also released its Annual Report for the financial year 2025-26. The report details the company's transformation of raw materials into strategic assets, focusing on critical minerals for semiconductor, solar, electric mobility, and defense industries. Key financial highlights include ₹645cr Revenue from Operations, 27% EBITDA margin, 16% PAT margin, ₹913cr Net worth, and ₹175cr Cash flow from operations. The report also addresses India's paradox of geological endowment versus value chain development in strategic minerals. The AGM will include e-voting from September 25 to September 27, 2026.

Midwest Ltd has announced the acceptance of Letters of Intent (LOI) for working quarry leases in Andhra Pradesh on a Raising-Cum-Sale Contract basis. The leases are for specific schedule numbers and survey numbers across Chittoor and Srikakulam districts, awarded by The Andhra Pradesh Mineral Development Corporation Ltd. (APMDC). The LOI does not specify any financial consideration at this stage, and the contract is with a domestic entity. The company has confirmed no interest from promoters or group companies in APMDC and that the contract does not fall within related party transactions.

Midwest Ltd has filed its Statement of Deviation or Variation for the quarter ended June 30, 2026. The company confirms there have been no deviations or variations in the utilization of its Initial Public Offer (IPO) proceeds during the period. The report, reviewed by the Audit Committee on August 12, 2026, indicates that all funds raised were utilized as per the original objects. The total IPO amount raised was ₹2,500.00 Million. Specific allocations and utilizations are detailed for various capital expenditure projects, loans to subsidiaries, debt repayment, and general corporate purposes, with no discrepancies noted.

Midwest Ltd has submitted its Monitoring Agency Report from CRISIL Ratings Limited for the quarter ended June 30, 2026, detailing the utilization of its Initial Public Offer (IPO) proceeds. The report confirms that the utilization of IPO funds is in line with the objects disclosed in the Offer Document. Proceeds were utilized for capital expenditure at a subsidiary level, repayment, and issue expenses. The gross IPO proceeds were ₹2,500.00 million, with issue expenses of ₹203.75 million, resulting in net proceeds of ₹2,296.25 million. CRISIL Ratings monitored the gross proceeds.

Midwest Ltd announced the re-appointment of M/s. Eswaraiah & Co. as Internal Auditors and M/s PKR and Associates LLP as Cost Auditors for the Financial Year 2026-27. The Board also recommended the appointment of M/s. B S S & Associates as Secretarial Auditors for a term of five years, subject to shareholder approval. These appointments were approved at the Board meeting held on August 12, 2026. The filing provides brief profiles of the appointed auditors and details required under SEBI LODR Regulations.