Midwest Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹3,996 Cr
- P/E
- 35.99
- ROE
- 13.61%
- PEG
- 1.37
- Price to sales
- 5.74
- Debt to equity
- 0.20
- 52W high / low
- ₹1,804 / ₹877
- Sales growth (5Y)
- 11.18%
- EBITDA margin
- 26.51%
- Net profit margin
- 16.93%
- Promoter holding
- 77.12%
- Sales (last year)
- ₹695 Cr
Guidance scorecard · Q1 FY27 call
What Midwest Ltd's management guided
and where it ranks in Consumer Durables
Consumer Durables
RevenueQ1 FY27 call
10–20%- Granite revenue growth expected at around 10-12% for FY28, building on previous strong performances.
- Quartz business to grow from approx. INR120 crores in FY27 to INR180-200 crores in FY28 with further contributions from Phase 2 starting mid-next year.
- Quartz production volume stabilization targeted at 15,000 tons per month by Q4 FY27; break-even expected by Q3.
- Overall FY27 revenue guidance is conservative at approx. INR840 crores, with INR720 crores from granite and INR120 crores from quartz.
- Volume growth in key granite products (Absolute Black and Black Galaxy) around 10% year-on-year.
- Sri Lanka and Kerala projects expected to become significant revenue contributors post-policy clearances and government approvals; Sri Lanka plant construction projected to start Oct 2026 with operations 12-15 months later.
2 more points from Midwest Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Midwest Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Quartz business Phase 2 capex: Approximately INR 125 crores, split over current and next year.
- Sri Lanka project capex: Around INR 120-150 crores for plant building; build-out expected to start next quarter with 12-15 months plant build-out timeline.
- Kerala pilot plant capex: Insignificant cost as it's a pilot plant; Phase 2 pending government approval.
- Indonesia rare earth project: Plans forming 2 JVs (mine to oxide by Midwest Limited, oxide to magnet by Energy); capex details evolving.
2 more points from Midwest Ltd's call on capex
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FundraisingQ1 FY27 call
None plannedSee what Midwest Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- Management expressed optimism about the current and expected order book.
- They aim to take on all mentioned opportunities in parallel with independent teams for each significant project.
- The goal is to translate these opportunities into measurable numbers within the next 18 months.
- The momentum in granite demand and volume increase is strong and expected to continue.
- For FY27, the revenue guidance is around INR 840-850 crores, with granite contributing ~INR 720 crores and quartz ~INR 120 crores.
- Orders appear robust with a 33% growth in granite and ~10% volume growth in key products like Absolute Black and Black Galaxy granite.
2 more points from Midwest Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Consumer Durables
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Consumer Durables companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹166 Cr | 20.3 | |
| 2 | 40%+ | Up 2%+ | ₹100 Cr | 12.7 | |
| 3 | 40%+ | Up 0–2% | ₹3,249 Cr | 17.4 | |
| 4 | 40%+ | Up 0–2% | ₹2,081 Cr | 18.8 | |
| 5 | 40%+ | Flat | ₹2,429 Cr | 41.1 | |
| 6 | 40%+ | Flat | ₹2,163 Cr | 25.6 |
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Pro shows every company guiding 40%+ revenue growth →Full Consumer Durables rankingFinancials of Midwest Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Midwest Ltd
Shareholding breakup across reporting periods.
| Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|
| Promoters + | 77.13% | 77.13% | 77.12% | 77.12% |
| FIIs + | 4.70% | 4.37% | 3.88% | 3.84% |
| DIIs + | 13.70% | 13.78% | 14.46% | 14.23% |
| Government + | 0.00% | 0.00% | 0.11% | 0.11% |
| Public + | 4.45% | 4.71% | 4.44% | 4.70% |
| No. of Shareholders | 20,025 | 21,086 | 20,204 | 20,601 |
Financials of Midwest Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|
| Sales + | 141 | 117 | 230 | 142 | 159 | 129 | 216 | 192 |
| Expenses + | 111 | 94 | 156 | 103 | 112 | 98 | 157 | 143 |
| Operating Profit | 31 | 23 | 75 | 39 | 47 | 31 | 58 | 49 |
| OPM % | 22% | 20% | 32% | 27% | 29% | 24% | 27% | 25% |
| Other Income + | 4 | 6 | 2 | 4 | 2 | 5 | 3 | 6 |
| Interest | 2 | 3 | 3 | 4 | 4 | 5 | 2 | 4 |
| Depreciation | 6 | 6 | 8 | 7 | 7 | 9 | 8 | 9 |
| Profit before tax | 27 | 20 | 66 | 33 | 38 | 22 | 51 | 42 |
| Tax % | 42% | 28% | 26% | 26% | 26% | 23% | 27% | 26% |
| Net Profit + | 15 | 15 | 48 | 24 | 28 | 17 | 37 | 31 |
| EPS in Rs | 4.40 | 4.18 | 13.95 | 6.86 | 8.22 | 5.06 | 9.83 | 8.13 |
Financials of Midwest Ltd
Profit & Loss
Annual income statement trend
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|
| Sales + | 380 | 525 | 503 | 586 | 626 | 646 | 695 |
| Expenses + | 284 | 418 | 412 | 428 | 451 | 467 | 511 |
| Operating Profit | 96 | 108 | 91 | 158 | 175 | 179 | 184 |
| OPM % | 25% | 20% | 18% | 27% | 28% | 28% | 27% |
| Other Income + | 12 | 13 | 19 | 12 | 40 | 10 | 16 |
| Interest | 7 | 10 | 10 | 10 | 11 | 14 | 14 |
| Depreciation | 18 | 18 | 22 | 22 | 26 | 31 | 33 |
| Profit before tax | 83 | 93 | 79 | 138 | 178 | 144 | 153 |
| Tax % | 27% | 28% | 31% | 27% | 25% | 26% | |
| Net Profit + | 60 | 67 | 54 | 100 | 133 | 106 | 113 |
| EPS in Rs | 16.23 | 18.22 | 15.45 | 28.56 | 38.27 | 29.00 | 31.24 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Midwest Ltd
Balance Sheet
Capital structure and asset base
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 0.74 | 0.74 | 0.74 | 10 | 17 | 18 |
| Reserves | 277 | 345 | 409 | 485 | 602 | 944 |
| Borrowings + | 103 | 98 | 151 | 124 | 242 | 192 |
| Other Liabilities + | 122 | 160 | 95 | 138 | 195 | 209 |
| Total Liabilities | 502 | 604 | 656 | 757 | 1,056 | 1,364 |
| Fixed Assets + | 206 | 232 | 255 | 254 | 307 | 424 |
| CWIP | 92 | 103 | 105 | 119 | 226 | 214 |
| Investments | 1 | 11 | 20 | 38 | 20 | 20 |
| Other Assets + | 202 | 257 | 275 | 347 | 503 | 706 |
| Total Assets | 502 | 604 | 656 | 757 | 1,056 | 1,364 |
Financials of Midwest Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 67 | 143 | -52 | 128 | 87 | 175 |
| Cash from Investing Activity + | -40 | -99 | -17 | -64 | -201 | -276 |
| Cash from Financing Activity + | -27 | -14 | 45 | -50 | 102 | 150 |
| Net Cash Flow | -0 | 31 | -25 | 14 | -11 | 49 |
| Free Cash Flow | 26 | 87 | -86 | 79 | -94 | 48 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 90% | 164% | -35% | 105% | 65% | 123% |
Financials of Midwest Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 50 | 29 | 70 | 74 | 140 | 129 |
| Inventory Days | 417 | |||||
| Days Payable | 242 | |||||
| Cash Conversion Cycle | 50 | 29 | 70 | 249 | 140 | 129 |
| Working Capital Days | -2 | -30 | 30 | 43 | 83 | 81 |
| ROCE % | 25% | 17% | 24% | 22% | 16% |
Guidance history
How Midwest Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Flat | Planned | None planned | Rising |
| Q4 FY26 call → | 10–20% | Flat | Planned | — | — |
| Q3 FY26 call → | 20–40% | Flat | Planned | Planned | — |
| Q2 FY26 call → | 20–40% | Up 2%+ | Planned | Planned | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
24 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +1.4% | 61% |
| Last 6 months | −11.0% | 35% |
| Last 3 months | −8.1% | 45% |
The price is 38.7% below its all-time high of ₹1,803.6 (7 Jan 2026). Stocks more than 20% below their peak have their score halved, so 47 became 24.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Midwest Ltd: 0.4 × 61 + 0.4 × 35 + 0.2 × 45 = 47, halved to 24 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
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What Midwest Ltd's management said in earlier quarters
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