Midwest Ltd

- 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.

- 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%.

- 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.

- 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.

- 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.