Midwest Ltd (MIDWESTLTD) Stock Analysis: Valuation, Latest Results, Financial Ratios & DeciZen Rating

BSE: 544587 | NSE: MIDWESTLTD | Ceramics/Marble/Granite/Sanitaryware | Small Cap

Midwest Share Price

1,432.25 -59.60 -4.00%
as on 05-Dec'25 16:59

Midwest Ltd (MIDWESTLTD) Stock Analysis: Valuation, Latest Results, Financial Ratios & DeciZen Rating

BSE: 544587 | NSE: MIDWESTLTD | Ceramics/Marble/Granite/Sanitaryware | Small Cap

DeciZen - make an informed investing decision on Midwest

Based on:

Overall Rating
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1. Quality


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2. Valuation


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3. Price Trend


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Midwest stock performance -

Key Ratios
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P/E Ratio (SA):
58.54
Market Cap:
5,179.1 Cr.
52-wk low:
1,048.7
52-wk high:
1,576.7

Is Midwest Ltd an attractive stock to invest in?


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10 Year X-Ray of Midwest: Login to view analysis.

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Midwest Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Value Creation Index Colour Code Guide

Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 20.8%17.1%22.6%24%-
Value Creation
Index
0.50.30.70.8-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 331310342370370
Sales YoY Gr.--6.3%10.4%8.1%-
Adj EPS 15.414.621.925.924.5
YoY Gr.--5%50%18.1%-
BVPS (₹) 88.9102.3119.7145.7217.5
Adj Net
Profit
5249.474.187.588
Cash Flow from Ops. 87.5-23.310620.7-
Debt/CF from Ops. 0.7-3.70.64.6-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales NANA3.8%8.1%
Adj EPS NANA18.9%18.1%
BVPSNANA17.9%21.7%
Share Price - - - -

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
17.315.319.819.513.5
Op. Profit
Mgn %
24.122.428.430.330.9
Net Profit
Mgn %
15.715.921.723.723.9
Debt to
Equity
0.20.30.20.20.1
Working Cap
Days
022724029595
Cash Conv.
Cycle
074718745

Recent Performance Summary

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Latest Financials - Midwest Ltd.

Standalone Consolidated
TTM EPS (₹) 24.5 33.9
TTM Sales (₹ Cr.) 370 626
BVPS (₹.) 217.5 240.4
Reserves (₹ Cr.) 768 851
P/BV 6.59 5.96
PE 58.54 42.31
From the Market
52 Week Low / High (₹) 1048.65 / 1576.70
All Time Low / High (₹) 1048.65 / 1576.70
Market Cap (₹ Cr.) 5,179
Equity (₹ Cr.) 18.1
Face Value (₹) 5
Industry PE 43.8

Management X-Ray of Midwest:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.00
* Pledged shares as % of Promoter's holding (%)

Valuation of Midwest - Standalone Basis

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Event Update

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Analyst's Notes

data not found
No data found!

Key Ratios of Midwest

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'22Mar'23Mar'24Mar'25
Sales331310342370
Operating Expenses 253246247260
Manufacturing Costs168189167170
Material Costs1412321
Employee Cost 42262637
Other Costs 29303131
Operating Profit 786395110
Operating Profit Margin (%) 23.6%20.5%27.8%29.7%
Other Income 9192235
Interest 6778
Depreciation 13151518
Exceptional Items 0000
Profit Before Tax 686195119
Tax 17162230
Profit After Tax 51457388
PAT Margin (%) 15.4%14.6%21.2%23.9%
Adjusted EPS (₹)15.113.421.526.2
Dividend Payout Ratio (%)0%30%0%0%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund 300346405493
Share Capital 111017
Reserves 300345395476
Minority Interest0000
Debt40654471
Long Term Debt30373657
Short Term Debt928814
Trade Payables711923
Others Liabilities 13072112105
Total Liabilities 477494569692

Fixed Assets

Gross Block234261263290
Accumulated Depreciation53636570
Net Fixed Assets 182198197220
CWIP 81727
Investments 799011292
Inventories34402921
Trade Receivables284747128
Cash Equivalents 24345
Others Assets 121115173198
Total Assets 477494569692

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity 88-2310621
PBT 686195119
Adjustment 2111116
Changes in Working Capital 20-8323-92
Tax Paid -22-12-23-12
Cash Flow From Investing Activity -78-0-65-43
Capex -37-19-38-60
Net Investments -267-2424
Others -1512-3-7
Cash Flow From Financing Activity -821-4124
Net Proceeds from Shares 0000
Net Proceeds from Borrowing -58-125
Interest Paid -5-6-6-7
Dividend Paid 00-130
Others 219-206
Net Cash Flow 2-311

Finance Ratio

PARTICULARSMar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)16.9513.9919.3619.72
ROCE (%)20.7817.1322.6223.97
Asset Turnover Ratio0.690.640.640.59
PAT to CFO Conversion(x)1.73-0.511.450.24
Working Capital Days
Receivable Days31445087
Inventory Days37433725
Payable Days1862,456155272

Midwest Ltd Stock News

Midwest Ltd FAQs

The current trading price of Midwest on 05-Dec-2025 16:59 is ₹1,432.3.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 04-Dec-2025 the market cap of Midwest stood at ₹5,179.1.
The latest P/E ratio of Midwest as of 04-Dec-2025 is 58.54.
The latest P/B ratio of Midwest as of 04-Dec-2025 is 6.59.
The 52-week high of Midwest is ₹1,576.7 and the 52-week low is ₹1,048.7.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Midwest is ₹369.7 ( Cr.) .

About Midwest Ltd

Midwest was incorporated on December 11, 1981 at Hyderabad in the erstwhile state of Andhra Pradesh, India as ‘Midwest Granite Private Limited’, a private limited company under the Companies Act, 1956 and was granted a certificate of incorporation by the Registrar of Companies, Andhra Pradesh at Hyderabad.

The company has decades of legacy in dimensional natural stone (i.e., naturally occurring stones) industry with experience in exploration, development and operation of mines, stone processing and fabrication, sales, distribution and marketing of various types of natural stone. It is engaged in the business of exploration, mining, processing, marketing, distribution and export of natural stones, with an emphasis on sustainability. It is India’s largest producer and exporter of Black Galaxy Granite (a variety of Granite which is sparkling with flakes of a golden hue).  It is also the largest producer in Absolute Black Granite (a variety known for its remarkable surface finish) in India, both of which have high demand.

It places much emphasis on decarbonizing its operations to improve the sustainability of its business. Its mining operations are mechanized and incorporate advanced engineering and process optimization, aided by vertical integration of key operational components such as customized Diamond Wires. It beneficially leverages its experience and organizational capabilities to serve as an organized player in an otherwise unorganized sector with the objective of catering to the requirements of its customers, improving its processes, expanding its market reach and building its resource base.

Business area of the company

The company is engaged in the business of exploration, mining, processing, marketing, distribution and export of natural stones, with an emphasis on sustainability. It is India’s largest producer and exporter of Black Galaxy Granite (a variety of Granite which is sparkling with flakes of a golden hue).  It is also the largest producer in Absolute Black Granite (a variety known for its remarkable surface finish) in India, both of which have high demand.

Products of the company

Natural stone segments

  • Black galaxy granite
  • Absolute black granite

Mines

  • Colour granite (Tan Brown)
  • Quartz
  • Marble

Awards, Accreditations and Recognitions

  • 2008-2009: “Export Promotion Award” from Vishakhapatnam Special Economic Zone for the best export performance amongst 100% EOUs in granite sector in Andhra Pradesh.
  • 2009-2010: “Export Excellence Award” from Vishakhapatnam Special Economic Zone for the best export performance amongst 100% EOUs in granite sector in Andhra Pradesh.
  • 2010-2011: “Best Export Performance Award” from Vishakhapatnam Special Economic Zone in the category of Export Awards for EOUs in Andhra Pradesh, Chhattisgarh, Yanam.
  • 2011-2012: “Best Export Performance Award” from Vishakhapatnam Special Economic Zone in the category of Export Awards for EOUs in Andhra Pradesh, Chhattisgarh, Yanam.
  • 2012-2013: “Commendable Export Performance Award” from Vishakhapatnam Special Economic Zone in the category of Export Awards for EOUs in Andhra Pradesh, Chhattisgarh, Yanam: 
  • 2012: “First Prize” in the category of Mine Inspection – A+ for Appointment of Qualified Personnel & Maintenance of Plants from Prakasam & Guntur Granite Mines at the 15th Mines Safety Week Celebration 2012.
  • 2012: “Longstanding Customer Award” from Export Credit Guarantee Corporation of India Limited, Hyderabad branch
  • 2014: “First Prize” in the category of Maintenance of Quarry Roads and Footpaths from Prakasam & Guntur Granite Mines at the 16th Safety Week Celebrations, 2014.
  • 2017: “First Prize” in the category of Registers and Records and Maintenance of Plans from Prakasam & Guntur Granite Mines at the 18th Safety Week Celebrations, 2017.
  • 2017: “Overall First Prize” from Prakasam & Guntur Granite Mines at the 18th Safety Week Celebrations, 2017.
  • 2019: “First Prize” in the category of Publicity and Propaganda from Prakasam & Guntur Granite Mines, at the 19th Safety Week Celebrations, 2019.
  • 2022: “First Prize” in the category of Appointment of Qualified Personnel from Prakasam & Guntur Granite Mines, under the Directorate General of Mines Safety at the 20th Mines Safety Week Observance, 2022
  • 2022: “Overall Second Prize” from Prakasam & Guntur Granite Mines, under the Directorate General of Mines Safety at the 20th Mines Safety Week Observance, 2022.
  • 2023: Its Material Subsidiary, APGM, received the Overall First Prize from Prakasam, Bapatla & Palnadu Districts Granite Mines at the 21st Mines Safety Week Celebrations - 2023 for its Mines in Chimakurthy, Andhra Pradesh.
  • 2024: “Certificate of Recognition” as a Three Star Export House in accordance with Foreign Trade Policy, 2023, from Ministry of Commerce and Industry, Government of India
  • 2024: Its Material Subsidiary, APGM, received the Second Prize in the category of Environmental, Management and Welfare Amenities from Prakasam, Bapatla & Palnadu Districts Granite Mines, the safety committee appointed by the Director of Mines Safety at the 22nd Mines Safety Week Celebrations.
  • 2024: Its Material Subsidiary, APGM, received the First Prize in the category of Publicity and Propaganda from Prakasam, Bapatla & Palnadu Districts Granite Mines, the safety committee appointed by the Director of Mines Safety at the 22nd Mines Safety Week Celebrations.
  • 2024: Its Material Subsidiary, APGM, received the Second Prize in the category of Registers and Records and Maintenance of Plans from Prakasam, Bapatla & Palnadu Districts Granite Mines, the safety committee appointed by the Director of Mines Safety at the 22nd Mines Safety Week Celebrations.
  • 2024: Its Material Subsidiary, APGM, received the Second Prize in the category of Mine Workings from Prakasam, Bapatla & Palnadu Districts Granite Mines, the safety committee appointed by the Director of Mines Safety at the 22nd Mines Safety Week Celebrations.
  • 2024: “Second Prize” in the category of Appointment of Qualified Personnel from Prakasam, Bapatla & Palnadu Districts Granite Mines, the safety committee appointed by the Director of Mines Safety at the 22nd Mines Safety Week Celebrations. 
  • 2024: “Second Prize” in the category of Environmental, Management and Welfare Amenities from Prakasam, Bapatla & Palnadu Districts Granite Mines, the safety committee appointed by the Director of Mines Safety at the 22nd Mines Safety Week Celebrations.

History and milestones

  • 1981: Incorporated under the name of ‘Midwest Granite Private Limited’ and commenced business operations.
  • 1988: Received a quarry lease for an Absolute Black Granite Mine in Arpanapally in the erstwhile state of Andhra Pradesh (now Telangana).
  • 1994: Received a quarry lease for its first Black Galaxy Granite Mine in Chimakurthy in Andhra Pradesh.
  • 2002: Incorporated its Subsidiary ‘Southasia Granite and Marble (Private) Limited’ and commenced raw granite stone processing in Sri Lanka.
  • 2003: Incorporated its Subsidiary ‘Reliance Diamond Tools (Private) Limited’ and commenced manufacturing of Diamond tools in Sri Lanka for export.
  • 2007: Incorporated its Material Subsidiary, Andhra Pradesh Granite (Midwest) Private Limited together with the Government of Andhra Pradesh for mining of Black Galaxy Granite.
  • 2007: Won a global tender floated by the Government of Andhra Pradesh for a 48 acre block of Black Galaxy Granite.
  • 2007: Recognition as an ‘Export House’ by the Ministry of Commerce, Government of India from April 1, 2007 to March 31, 2009.
  • 2009: Recognition as a ‘Star Export House’ by the Ministry of Commerce, Government of India from April 1, 2009 to March 31, 2014.
  • 2015: Received a quarry lease for a Black Granite Mine located in Kodad, Telangana.
  • 2017: Received a quarry lease for a Black Granite Mine located in Theegalaveni, Telangana.
  • 2017: The company qualified for empanelment by the National Mineral Exploration Trust, Ministry of Mines, Government of India, as an exploration entity.
  • 2017: Incorporation of its Subsidiary, Midwest Neostone Private Limited, to carry out its operations for Quartz and silica.
  • 2021: Completed shifting its Diamond Wire mining tools manufacturing operations from Sri Lanka to Hyderabad, Telangana, India.
  • 2021: Established its first captive solar plant in Telangana.
  • 2023: Established operations in Sri Lanka, through incorporation of its subsidiaries, Midwest Heavy Sands Private Limited and Trinco Mineral Sands Private Limited for mining of mineral sand.
  • 2023: Its Material Subsidiary, Andhra Pradesh Granite (Midwest) Private Limited, was upgraded to a ‘Three Star Export House’ by the Ministry of Commerce, Government of India.
  • 2024: Upgraded to a ‘Three Star Export House’ by the Ministry of Commerce, Government of India.
  • 2025: Operationalization of Phase I of the Quartz Processing Plant.

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