Midwest Ltd
Midwest Q3 FY26 earnings call: Revenue & Margins
Q3 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
Midwest Limited expects strong growth across its business verticals, including Granite, Quartz, and Heavy Mineral Sands (HMS). Midwest Limited expects solid revenue growth driven by new verticals like Quartz and HMS, with Quartz Phase 1 & 2 and HPQ plants potentially contributing INR 500-550 crores, around 40% of overall revenue.
From Midwest Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Midwest Limited expects strong growth across its business verticals, including Granite, Quartz, and Heavy Mineral Sands (HMS).
- Quartz Phase 1 and Phase 2, including HPQ plant, are projected to contribute around INR 500-550 crores, exceeding 40% of overall revenue.
- The company anticipates double-digit volume growth till 2030 and beyond, driven by new verticals and capacity build-up.
- Tailwinds include increasing domestic demand, a strong RMB boosting exports to China, and a China Plus One strategy enhancing supply chain opportunities.
- Expansion plans include Phase 2 Quartz plant commissioning by Q3/Q4 next year and new mining projects, such as a Black Galaxy mine and Grey Quartzite mine.
2 more points management made on revenue & sales performance
Profitability & Margins
See what Midwest Ltd said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- Quartz Phase 2 plant capex is ongoing, funded by fresh issue proceeds; orders and vendor advances are being placed (to be spent during this and next fiscal year).
- EV dump trucks project with a capex of about INR 27 crores; aimed at converting diesel trucks to electric.
- Prototype electric excavator being tested with plans to convert diesel excavators to electric in coming quarters.
- Investment in captive solar power capacity planned to increase aggressively in the next financial year to reduce costs.
- Routine mining segment replacements and capex of around INR 150-160 crores funded from internal accruals.
2 more points management made on capital expenditure plans
Top-ranked in Consumer Durables
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
See what Midwest Ltd said on fundraising & capital structure — free account, 30 seconds.
Order Book & Pipeline
- Midwest Limited does not specifically maintain an order book in the traditional sense for natural stone; distributors have deposits and offtake what is produced.
- For Quartz, there is enough demand for the entire year from engineered stone plants (around seven companies).
- The solar glass segment has a single major customer expected to offtake the entire material.
- They have orders for tailings/remnants from other companies like AGI for glass manufacturing.
- Exports have demand but no confirmed orders yet; aggressive export efforts to start next quarter after meeting domestic demand.
2 more points management made on order book & pipeline
Midwest Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹216 Cr, net profit ₹37 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Midwest's management said in earlier quarters
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Frequently Asked Questions
What were Midwest Ltd Q3 FY26 results?
Midwest Limited expects strong growth across its business verticals, including Granite, Quartz, and Heavy Mineral Sands (HMS). Midwest Limited expects solid revenue growth driven by new verticals like Quartz and HMS, with Quartz Phase 1 & 2 and HPQ plants potentially contributing INR 500-550 crores, around 40% of overall revenue.
What is Midwest Ltd share price analysis?
Midwest Ltd currently shows a neutral. The stock trades at a P/E of 41.5 with a market cap of ₹4,356 Cr. Investors should review the full earnings analysis for detailed insights.
Is Midwest Ltd planning capital expenditure?
Quartz Phase 2 plant capex is ongoing, funded by fresh issue proceeds; orders and vendor advances are being placed (to be spent during this and next fiscal year).
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.