Any current/future capex/capital investment/strategic investment?

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 i

Future growth expectations in sales/revenue/volumes?

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

Future growth expectations in earnings/operating earnings/profits/EPS?

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. The company targets double-digit volume growth across Granite, Quartz, and HMS beyond 2030 due to capacity expansions and diversified high-value products. EBITDA margins have remained consistent around 27-28%, with expectations of improvement as Quartz and HMS projects mature and scale. The business aims for year-on-year growth rather than quarter-on-quarter due to staggered project timelines

Current/ Expected Orderbook/ Pending Orders?

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. Overall, the

Any current/future new fundraising through debt or equity?

No specific mention of new fundraising through debt or equity during the call. The company raised INR 250 crores through a fresh issue previously, with around INR 225 crores allocated for use excluding expenses. Out of these funds, INR 54 crores has been used for loan repayment. Remaining funds are planned to be spent on projects such as Quartz Phase 2 plant and EV dump trucks over this and next fiscal year. No indication of further planned equity issuance or fresh debt raising was discussed. Focus appears to be on deploying existing raised funds efficiently rather than new fundraising.

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Midwest LtdQ4 FY27Consumer Durables

Midwest Ltd Q4 FY27 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹1,247P/E: 44.5Market Cap: ₹4.8K CrSector: Consumer Durables

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→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.
→Growth also fueled by moving up the value chain in quartz products, targeting high-value industries like semiconductor, solar, and defense.
→Expected revenue growth rate is reflected in year-on-year improvements, with EBITDA margins stabilizing around 27-28%.

Margin guidance

Category 3

→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.
→The company targets double-digit volume growth across Granite, Quartz, and HMS beyond 2030 due to capacity expansions and diversified high-value products.
→EBITDA margins have remained consistent around 27-28%, with expectations of improvement as Quartz and HMS projects mature and scale.
→The business aims for year-on-year growth rather than quarter-on-quarter due to staggered project timelines.
→Capex focus includes Quartz Phase 2 and routine mining replacements, funded mostly through accruals.
→Operational efficiencies and cost controls, including transitioning machinery to electric and increasing captive solar power, will support profitability.
→The firm seeks to achieve world-class technological benchmarks, especially in rare earths, which could enhance margins and yields over time.

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Fundraise plans

Yes

→No specific mention of new fundraising through debt or equity during the call.
→The company raised INR 250 crores through a fresh issue previously, with around INR 225 crores allocated for use excluding expenses.
→Out of these funds, INR 54 crores has been used for loan repayment.
→Remaining funds are planned to be spent on projects such as Quartz Phase 2 plant and EV dump trucks over this and next fiscal year.
→No indication of further planned equity issuance or fresh debt raising was discussed.
→Focus appears to be on deploying existing raised funds efficiently rather than new fundraising.

Order book

→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.
→Overall, the company is full for the next year in terms of product positioning.
→Phase II Quartz plant work is underway in anticipation of strong demand growth.

Capex plans

Yes

→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.
→Potential future capex of INR 1,000 to 1,100 crores for oxide-to-magnet forward integration plant considered based on government PLI policy incentives and market conditions.
→No major strategy change due to PLI; focus remains on expansion in oxide production and processing capacity in India and Sri Lanka.

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