Midwest Limited (MIDWESTLTD)

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Midwest Limited (MIDWESTLTD) · mywealthgrid

About

Midwest Limited manufactures and sells specialty granites and marbles in the Consumer Discretionary sector, with ₹4,075 Cr market cap and recent quarterly revenues ranging ₹98–₹215 Cr. It operates as a mid-sized player in the consumer durables industry, maintaining strong operating margins of 27% and low financial leverage (D/E 0.18).

Face value: ₹5

Market cap

₹3,273 Cr

P/E

29.5×

P/B

3.4×

Dividend yield

ROE

13.3%

ROCE

16.2%

Debt / equity

0.18

OPM

27%

EPS (TTM)

₹30.7

Book value

₹266.1

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

High PE of 36.7 against ROE of 13.26% raises questions about earnings growth sustainability and valuation justification.
Quarterly revenue volatility (₹98.52–₹215.81 Cr range) signals inconsistent demand or segment mix; clarify whether this reflects normal cyclicality or structural issues.
Public float of 4.44% with 77.12% promoter concentration may constrain stock liquidity and future capital-raising options.
Operating margin ranged 23.7%–39.0% across recent quarters; verify drivers of volatility (input costs, product mix, execution) and sustainability.

Generated analysis · source review pending

Growth drivers

Operating margin of 27.01% (reaching 39.02% in prior quarters) indicates cost control; expansion at similar margins would drive earnings if revenue volumes scale.
D/E of 0.18 with quarterly net profits of ₹17.36–₹37.02 Cr provides internal cash for reinvestment; verify plans for capacity expansion, geographic reach, or adjacent products.
Quarterly revenue volatility between ₹98–₹215 Cr suggests normalization to higher range or acceleration could significantly lift earnings.
Granites & Marbles in Consumer Discretionary sector; verify whether India's construction and discretionary household spending are expanding and Midwest's market position.

Generated analysis · source review pending

229 historical price candles were omitted because the exchange source has not been verified.

₹904.2+3.1%1Y

Quick read

rule-based

Pros

+Strong return on equity of 18.9% (3-yr avg)
+High return on capital employed of 22.5%
+Healthy operating margin of 27%
+Profit CAGR of 24.7% over the last 3 years
+Comfortable interest coverage of 11.4×
+High promoter holding of 77.1% with no pledge

Cons

−Modest revenue growth of 8.7% a year over the last 3 years

Research score

Structured signal from quality, growth, valuation and momentum.

58/100

Business quality: 62
Growth: 59

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	525	503	586	626	646
COGS	22	1	33	25	9
Gross profit	503	—	553	601	636
	397	433	424	455	462
	106	68	129	146	174
OPM %	20.1%	13.5%	22.1%	23.4%	27%
Depreciation	18	—	—	—	31
Interest	9	9	9	11	14
	14	20	18	43	14
Profit before tax	—	—	—	—	144
Tax	26	24	37	45	37
Tax %	—	—	—	—	25.9%
	68	24	1	23	106
PAT margin %	13%	4.9%	0.2%	3.7%	16.5%
EPS (₹)	19.8	16.1	29.7	39.4	29.5
EPS adjusted (₹)	—	—	—	—	29

₹ Cr	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	1	1	10	17	18
Reserves	345	409	485	602	944
Minority interest	6	2	5	13	16
	96	149	120	237	172
	155	99	141	190	216
Total equity & liabilities	604	660	760	1,059	1,367
	220	244	241	287	388
CWIP	10	2	13	116	90
Investments	11	20	38	20	20
	362	393	469	635	868
Total assets	604	660	760	1,059	1,367

₹ Cr	Mar 2026
	175
	-276
	150
Net cash flow	49
Free cash flow	45
CFO / Operating profit %	100.2%

Compounded sales growth

7 years: —
5 years: —
3 years: 9%
1 year: 3%

Compounded profit growth

7 years: —
5 years: —
3 years: 64%
1 year: 359%

Return on equity

7 years: —
5 years: 8%
3 years: 5%
Last year: 11%

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	95.8%	—	94.4%	96%	98.6%
EBITDA margin %	20.1%	13.5%	22.1%	23.4%	27%
EBIT margin %	16.8%	13.5%	22.1%	23.3%	22.2%
PAT margin %	13%	4.9%	0.2%	3.7%	16.5%
Working capital
Receivable days	29	70	74	140	129
Inventory days	839	48	417	407	1,698
Payable days	0	17	242	736	2,789
NWC days	868	101	249	-189	-962
Leverage
Current ratio	1.11	1.31	1.66	1.6	2.74
Debt to EBITDA	0.91	2.19	0.93	1.62	0.99
Debt to equity	0.28	0.36	0.24	0.38	0.18
Interest coverage	11.3	9.7	16	14.9	11.4
Asset turnover	0.87	0.76	0.77	0.59	0.47
Return ratios
Return on assets %	11.3%	3.7%	0.2%	2.2%	7.8%
Return on capital employed %	24.8%	19.6%	27.5%	23.7%	16.2%
Return on equity %	19.7%	6%	0.2%	3.7%	11.1%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	77.13%	77.13%	77.13%	77.12%
	2.11%	4.7%	4.38%	3.88%
	12.51%	13.71%	13.78%	14.45%
	0%	0%	0%	0.11%
	8.25%	4.46%	4.71%	4.44%
No. of shareholders	1,09,175	20,025	21,086	20,204

Promoter holding down 0.01 percentage points since Sep 2025.

3 deals · 24 Oct 2025 – 24 Oct 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
24 Oct 2025	GOLDMAN SACHS FUNDS - GOLDMAN SACHS INDIA EQUITY PORTFOLIO	Bulk	NSE	Buy	4,34,323	₹1,152.56	₹50.06 Cr
24 Oct 2025	MARWADI CHANDARANA INTERMEDIARIES BROKERS PRIVATE LIMITED	Bulk	NSE	Sell	2,89,047	₹1,147.57	₹33.17 Cr
24 Oct 2025	MARWADI CHANDARANA INTERMEDIARIES BROKERS PRIVATE LIMITED	Bulk	NSE	Buy	2,89,047	₹1,146.97	₹33.15 Cr

1–3 of 3

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Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. Rana SomNon-Executive - Independent Director-Chairperson
Mr. Duvva Pavan KumarNon-Executive - Independent Director
Mrs. Smita Amol LahotiNon-Executive - Independent Director
Mr. Kollareddy RamachandraExecutive Director
Mrs. Kukreti SoumyaExecutive Director
Mrs. Uma Priyadarshani KollareddyExecutive Director
Mr. K. Achyutanand ReddyCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 4 fund houses

Held by these funds

6.78%

of the company's equity

All mutual funds

7.07%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

10 schemes · 4 fund houses

		Shares
Small Cap Fund	Axis Mutual Fund	5.67 L	62.15	0.2%	1.565%	-0
Portfolio of Kotak Consumption Fund	Kotak Mahindra Mutual Fund	4.48 L	49.18	2.84%	1.239%	-0
Portfolio of Kotak Special Opportunities Fund	Kotak Mahindra Mutual Fund	4.33 L	47.48	2.79%	1.196%	-0
Portfolio of Kotak ELSS Tax Saver Fund	Kotak Mahindra Mutual Fund	3.75 L	41.13	0.64%	1.036%	-587
Portfolio of Kotak MNC Fund	Kotak Mahindra Mutual Fund	2.35 L	25.75	1.11%	0.648%	-0
(LIVE SCHEMES)	ITI Mutual Fund	1.46 L	16.01	1.04%	0.403%	-0
(LIVE SCHEMES)	ITI Mutual Fund	1.4 L	15.34	0.99%	0.386%	-0
Multi Asset Allocation Fund	Axis Mutual Fund	85,773	9.41	0.36%	0.237%	-0

1–8 of 10

1 / 2

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Offer and rights documents

Midwest Limited — PROSPECTUSListing · 20 Oct 2025

Credit ratings

Investor Presentation and earnings call

Aug 2026Transcript AI SummaryPPTREC
May 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results12 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

9 announcementsExport CSV

29 Sept 2026, 7:10 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

29 Sept 2026, 6:57 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

28 Sept 2026, 6:05 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

8 Sept 2026, 5:36 pmCompany Update

Compliance With Regulation 36(1)(B) Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015

General PDF

8 Sept 2026, 12:30 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

7 Sept 2026, 12:12 amOthers

Business Responsibility and Sustainability Reporting (BRSR)

Business Responsibility and Sustainability Reporting (BRSR) PDF

7 Sept 2026, 12:05 amOthers

Reg. 34 (1) Annual Report.

Reg. 34 (1) Annual Report PDF

6 Sept 2026, 11:43 pmAGM/EGM

Notice Of 45Th Annual General Meeting

AGM PDF

Date	Category	Subject	Filing
29 Sept 2026, 7:10 pm	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF
29 Sept 2026, 6:57 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF

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Ratio	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	95.8%	—	94.4%	96%	98.6%
EBITDA margin %	20.1%	13.5%	22.1%	23.4%	27%
EBIT margin %	16.8%	13.5%	22.1%	23.3%	22.2%
PAT margin %	13%	4.9%	0.2%	3.7%	16.5%
Working capital
Receivable days	29	70	74	140	129
Inventory days	839	48	417	407	1,698
Payable days	0	17	242	736	2,789
NWC days	868	101	249	-189	-962
Leverage
Current ratio	1.11	1.31	1.66	1.6	2.74
Debt to EBITDA	0.91	2.19	0.93	1.62	0.99
Debt to equity	0.28	0.36	0.24	0.38	0.18
Interest coverage	11.3	9.7	16	14.9	11.4
Asset turnover	0.87	0.76	0.77	0.59	0.47
Return ratios
Return on assets %	11.3%	3.7%	0.2%	2.2%	7.8%
Return on capital employed %	24.8%	19.6%	27.5%	23.7%	16.2%
Return on equity %	19.7%	6%	0.2%	3.7%	11.1%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Midwest LimitedMIDWESTLTDMIDWESTLTD	₹3,273 Cr	₹3,445 Cr	₹695 Cr	₹184 Cr	27%	₹111 Cr	16.5%	16.2%	13.3%	-962
Pokarna LimitedPOKARNAPOKARNA	₹2,167 Cr	₹2,594 Cr	₹590 Cr	₹178 Cr	29.3%	₹95 Cr	14.1%	11.5%	9.9%	299
Global Surfaces LimitedGSLSUGSLSU	₹127 Cr	₹290 Cr	₹224 Cr	₹-11 Cr	-4.9%	₹-31 Cr	-13.7%	-2.1%	-11.1%	295
Pacific Industries LtdPACIFICIPACIFICI	₹94 Cr	₹167 Cr	₹187 Cr	₹7 Cr	3.8%	₹7 Cr	3.5%	2.9%	1.7%	190
Elegant Marbles & Grani Industries LtdELEMARBELEMARB	₹52 Cr	₹52 Cr	₹9 Cr	₹-3 Cr	13.5%	₹-1 Cr	9.8%	3.7%	2.5%	780
Royal Cushion Vinyl Products LtdROYALCUROYALCU	₹47 Cr	₹131 Cr	₹64 Cr	₹-4 Cr	-15.5%	₹2 Cr	-14.2%	-3.5%	—	-131
Oriental Trimex LimitedORIENTALTLORIENTALTL	₹35 Cr	₹38 Cr	₹27 Cr	₹4 Cr	7.5%	₹2 Cr	8.5%	3.9%	1.8%	887
Aro Granite Industries LimitedAROGRANITEAROGRANITE	₹34 Cr	₹194 Cr	₹123 Cr	₹6 Cr	5.1%	₹-6 Cr	-5.2%	2.5%	-3.4%	—
Madhav Marbles And Granites LimitedMADHAVMADHAV	₹31 Cr	₹39 Cr	₹31 Cr	₹-2 Cr	-7.1%	₹-0 Cr	1.3%	1.8%	0.3%	855

Midwest Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Offer and rights documents

Credit ratings

Investor Presentation and earnings call

Events

Board meetings1

Announcements

Ratio timeline

Not in the F&O segment

Board meetings1

Quarterly record

Bulk & block deals

Board and management

Announcements

Offer and rights documents

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

1

1