Midwest Limited is a seasoned player in the dimensional natural stone industry, with a legacy spanning over four decades in mining, processing, and global distribution of natural stone, emphasizing sustainability. The company is a dominant force in the high-demand black granite market, notably as India’s largest producer and exporter of Black Galaxy Granite (holding ∼64% of the Indian export market in Fiscal 2025) and the largest producer of Absolute Black Granite.

The company operates across the value chain, from its 16 operational granite mines in Telangana and Andhra Pradesh to two processing facilities and a robust global export network across 17 countries. Midwest leverages its experience to act as an organized player in an otherwise fragmented sector.

Beyond its core natural stone business, Midwest has a Diamond Wire Segment for manufacturing precision cutting tools, which serves both captive consumption and external market demand. Looking ahead, the company is significantly diversifying its portfolio by entering the Quartz mining and processing space with a new processing plant, and exploring new avenues in Marble, Quartzite, and Heavy Mineral Sand mining. This strategic expansion aims to capitalize on new material demands and further strengthen its market position.

For the year/period ended (Rs. in Cr.)

For year/ period ended ( in Cr.)

*Market cap @upper band

• Market Leadership in Premium Stone: Largest producer and exporter of Black Galaxy Granite and largest producer of Absolute Black Granite in India.
• Integrated Operations and Technology: Presence across the entire Dimensional Granite value chain with a focus on R&D and technology.
• Industry Barriers and Experience: Significant establishment costs benefit established players, supported by a proven track record and experienced management.
• Financial and Operational Track Record: Demonstrated proven track record of robust financial performance and strong operational execution.

The Company MIDWEST LIMITED IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:

• Funding capital expenditure by Midwest Neostone, the wholly owned subsidiary, towards the Phase II Quartz Processing Plant (₹ 127.05 Cr.)
• Capital expenditure for purchase of Electric Dump Trucks to be used by the Company and APGM, our Material Subsidiary (₹ 25.76 Cr.)
• Capital expenditure for integration of solar energy at certain Mines of the Company (₹ 3.26 Cr.)
• Pre-payment/re-payment of, in part or full, certain outstanding borrowings of the Company and APGM (₹ 53.8 Cr.)
• General corporate purposes

At the upper band of IPO ₹ 1065, the stock is valued at 39.49 P/E multiple. Hence, well-informed investors subscribe for medium to long term perspective