MoneyWorks4Me

Midwest Ltd (MIDWESTLTD)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544587 NSE: MIDWESTLTD Ceramics/Marble/Granite/Sanitaryware | Small Cap | Midwest Share Price

₹1,007.55 -58.50 (-5.49%)

As on 11-Sep'26 15:50

Midwest Ltd (MIDWESTLTD)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544587 NSE: MIDWESTLTD Ceramics/Marble/Granite/Sanitaryware | Small Cap | Midwest Share Price

₹1,007.55 -58.50 (-5.49%)

As on 11-Sep'26 15:50

Key Metrics
Valuation Multiples
Market Cap
₹3,855 Cr.
Current Price
₹1,007.6
52-Week Low / High
₹1,030 / 1,857
TTM EPS
₹30.7
TTM Sales
₹695 Cr.
Book Value per Share
₹259.7
P/E Ratio
34.72
Lower than its 5-year historical median
Industry PE
40
Price to Book (P/B)
4.10
Lower than its 5-year historical median
Price to Sales (P/S)
5.55
Lower than its 5-year historical median
EV/EBITDA
19.32
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
26.77%
Outperforms industry median
Return on Capital Employed (ROCE)
27.81%
Outperforms industry median
Return on Assets (ROA)
14.77%
Operating Profit Margin
28.2%
Net Profit Margin
21.29%
Gross Profit Margin
28.4%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
8.09%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
13.42%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
32.87%
Asset Quality
Promoter Holding
77.12%
Pledged shares (%) of Promoter's holding (%)
1.39%
Reserves
₹921 Cr.
Equity
₹18.1 Cr.
Face Value
₹5
All Time Low / High
₹1030.00 / 1856.60

Midwest stock performance

Key Ratios
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Check Before You Invest

Valuation

Undervalued

Price Trend

Weak
Q.1 Is Midwest Ltd a good quality company?
Midwest Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Midwest Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Midwest Ltd vs industry peers?
Midwest Ltd revenue CAGR is 14.35%, compared to the industry median CAGR of 0.00%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Midwest Ltd?
Promoters hold 77.12% of the Midwest Ltd, with 1.39% of their stake pledged, indicating low pledge risk.
Q.1 Stock return of Midwest Ltd over the last decade?
Over the last - year(s), the stock has delivered a CAGR of N/A% based on the current price.

10 Year X-Ray :

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 majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 9.2%18.9%22.3%17.1%22.6%24%-
Value Creation
Index
-0.40.40.60.20.60.7-

Growth Parameters

Sales 189220331310342370442
Sales YoY Gr.-16.5%50.2%-6.3%10.4%8.1%-
Adj EPS 4.21115.414.621.925.928.9
YoY Gr.-161.4%39.4%-5%50%18.1%-
BVPS (₹) 53.673.888.9102.3119.7145.7217.5
Adj Net
Profit
17.537.35249.474.187.5105
Cash Flow from Ops. 46.554.687.5-23.310620.7-
Debt/CF from Ops. 1.21.10.7-3.70.64.6-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales NA14.4%3.8%8.1%
Adj EPS NA43.7%18.9%18.1%
BVPSNA22.1%17.9%21.7%
Share Price - - - -

Key Financial Parameters

Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
7.915.818.915.319.819.515.9
Op. Profit
Mgn %
20.725.924.122.428.430.333.2
Net Profit
Mgn %
9.316.915.715.921.723.723.7
Debt to
Equity
0.30.20.20.30.20.2-
Working Cap
Days
0200178227240295132
Cash Conv.
Cycle
0565174718787

Valuation of Midwest - Consolidated

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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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.001.39
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales257380525503586626
Operating Expenses + 215286419412434454
Manufacturing Costs130205291302285296
Material Costs10-82213325
Employee Cost 374955394151
Other Costs 374051707582
Operating Profit 439410790152172
Operating Profit Margin (%) 16.6%24.8%20.3%17.9%25.9%27.5%
Other Income + 41414201817
Exceptional Items 0000026
Interest 8710101011
Depreciation 181818222226
Profit Before Tax 21839379138178
Tax 52326243745
Profit After Tax 16606754100133
PAT Margin (%) 6.4%15.9%12.8%10.8%17.1%21.3%
Adjusted EPS (₹)3.916.818.916.028.636.2
Dividend Payout Ratio (%)0%0%0%24.70%0%0%
PARTICULARSMar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 235277344406490615
Share Capital 11111017
Reserves 234276343405480598
Debt +91757212293206
Long Term Debt4754546157138
Short Term Debt452118603668
Minority Interest-1662513
Trade Payables9920212250
Others Liabilities 132134174123144168
Total Liabilities 4674996166737541,051

Fixed Assets

Net Fixed Assets +193206232255254308
Gross Block286304324362359411
Accumulated Depreciation939792106105103
CWIP 9392103105119226
Investments 1111203820
Inventories436051573728
Trade Receivables60524296119240
Cash Equivalents 7764132817
Others Assets 6980114125159213
Total Assets 4674996166737541,051
PARTICULARSMar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 4467143-5212887
PBT 21839379138178
Adjustment 243433303233
Changes in Working Capital 9-3150-141-4-98
Tax Paid -10-19-34-20-38-26
Cash Flow From Investing Activity + -39-40-99-17-64-201
Capex -39-41-56-34-49-182
Net Investments 02-3516-1619
Others 0-0-711-38
Cash Flow From Financing Activity + -2-27-1445-50102
Net Proceeds from Shares 001000
Net Proceeds from Borrowing 016-111-585
Interest Paid -7-6-9-9-7-11
Dividend Paid 000-1-15-2
Others 4-37-544-2331
Net Cash Flow 3-031-2514-11
PARTICULARSMar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)6.9823.5523.3717.1325.5926.77
ROCE (%)8.3924.8226.8219.9227.7527.81
Asset Turnover Ratio0.550.790.850.780.820.69
PAT to CFO Conversion(x)2.751.122.13-0.961.280.65
Working Capital Days
Receivable Days85.4053.8028.9050.1067.10104.60
Inventory Days6149.4035.4039.4029.5018.90
Payable Days315.50-386.80326.506,990.80235.80527.20

Top 5 Mutual Funds Holding

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Announcements

Midwest Ltd FAQs

The current trading price of Midwest on 11-Sep-2026 15:50 is ₹1,007.6.

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 10-Sep-2026 the market cap of Midwest stood at ₹3,854.9 Cr

The latest P/E ratio of Midwest as of 10-Sep-2026 is 36.84.

The latest P/B ratio of Midwest as of 10-Sep-2026 is 4.90.

The 52-week high of Midwest is ₹1,856.6 and the 52-week low is ₹1,030.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Midwest is ₹442 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Midwest Ltd is a good quality company.

The key valuation ratios of Midwest Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Midwest Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

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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