Midwest Ltd

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.

Midwest Ltd announced the approval of its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. The Board of Directors also took note of the limited review report from statutory auditors M/s. M S K A & Associates LLP. Additionally, the board approved the appointment of M/s. Eswaraiah & Co. as Internal Auditors for FY 2026-27 and M/s. B S S & Associates as Secretarial Auditor for a five-year term. The continuation of Mr. Rana Som as Independent Director and a change in Mrs. Soumya Kukreti's designation were also approved, subject to shareholder consent. The Board of Director's Report for 2025-26 and the notice for the Annual General Meeting were approved.

Consolidated revenue came in at ₹191.8 Cr, up 34.8% YoY — ahead of the ₹155-170 Cr Street estimate range flagged in our pre-result preview — though down 11.1% QoQ from ₹215.8 Cr, a sequential dip consistent with monsoon-linked slowdowns in granite quarrying rather than any demand issue. Consolidated PAT was ₹31.0 Cr (owners'-attributable ₹29.4 Cr, +26.7% YoY, matching the figure reported in the press), up 27.3% on a total-PAT basis YoY but down 16.2% QoQ. Standalone (parent-only) PAT grew much faster at +49.7% YoY to ₹21.1 Cr on ₹98.5 Cr revenue (+25.2% YoY) — the consolidated number trails because subsidiaries, notably the still loss-making Quartz business, dilute the group print; the two are not contradictory, just different scopes, and readers will see both numbers elsewhere. Margins were the soft spot. Consolidated NPM compressed to 15.7% from 16.7% a year ago and 16.9% last quarter, slipping below the 16% floor our pre-result preview flagged as the key metric the Street was watching. OPM (EBITDA margin) eased to 25.5% from 27.4% YoY and 27.0% QoQ. The drag traces mainly to the Quartz segment, which posted a ₹4.9 Cr PBIT loss this quarter even as its revenue scaled to ₹3.7 Cr from a near-nil base a year ago as the Phase II plant ramps, plus higher consolidated finance costs (₹3.9 Cr vs ₹3.7 Cr YoY) tied to that capex. The core Granite segment stayed healthy, with a 28.3% PBIT margin on ₹184.4 Cr of segment revenue (96% of the consolidated total). On guidance, Granite segment revenue grew 35.8% YoY — well ahead of the 10-12% YoY growth management projected for the segment on the May 27, 2026 call — so the core business is tracking ahead of its own outlook even as blended margins soften. Capital deployment remains slow: only ₹70.0 Cr of the ₹229.6 Cr net IPO proceeds (30.5%) had been utilised as of June 30, 2026, with the Quartz Phase II allocation just 2.7% spent (₹3.5 Cr of ₹130.3 Cr) — a same-day regulatory filing confirmed no deviation in fund use, but the pace shows the newer growth levers (Quartz, Sri Lanka HMS, KMML rare earths) that underpin management's stated 2.5x/₹1,000 Cr three-to-four-year target remain largely unbuilt. The company also signed an MoU for critical minerals in Indonesia on July 7, 2026, extending its overseas mineral pipeline beyond the previously flagged Sri Lanka and KMML projects, with no financial contribution disclosed yet. No standalone management press release accompanied this filing beyond the routine board-outcome letter, so there is no fresh management commentary to reconcile against the print this quarter. With Granite still delivering above-guided growth but blended margins now under the 16% floor the Street was watching, the next quarter will need either a narrowing Quartz loss or a Granite margin lift to rebuild the case behind the ₹1,500 target that brokerages have tied to margin persistence.

Midwest Ltd has announced that its Board of Directors will convene on August 12, 2026. The primary agenda item for this meeting is to consider and approve the Unaudited Standalone and Consolidated Financial Results for the quarter ended June 30, 2026. In line with SEBI regulations, the company has also confirmed that the trading window for designated persons and their immediate relatives will remain closed from July 1, 2026, until 48 hours after the financial results are declared.

Midwest Limited, along with Midwest Energy Limited and NFTDC, has signed a Memorandum of Understanding (MoU) with Indonesia's state-owned PT Perusahaan Mineral Nasional (PERMINAS). This collaboration aims to explore and develop critical minerals and rare earth resources in Indonesia, covering the entire value chain from exploration to downstream manufacturing, including rare earth magnet production. A joint working group will be established to oversee project implementation. This strategic move aligns with Midwest Limited's objective to expand its presence in the rare earth sector and marks its first structured partnership with a Southeast Asian state-owned enterprise.