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Midwest Limited is a leading player in the natural stone industry with over four decades of experience in exploration, mining, processing, and exporting. The company is India's largest producer and exporter of the premium Black Galaxy Granite, holding a significant share of the Indian export market. It is also the largest producer of Absolute Black Granite in India. Midwest Limited's operations span the entire value chain, from mine to distribution, with a strong emphasis on sustainability and technological integration. The company is diversifying its portfolio into quartz, marble, and heavy mineral sands.
Opening Date
Oct 15, 2025
Closing Date
Oct 17, 2025
Listing Date
Oct 24, 2025
IPO Type
Mainboard
IPO Status
Closed
Issue Size
451 Cr
Fresh Issue
250 Cr
Offer for Sale
201 Cr
Price Band
₹1014 - ₹1065
Lot Size
14
The main objectives of the issue are as follows:
Investment of ₹130.30 crores in its wholly-owned subsidiary, Midwest Neostone Private Limited, via a loan to fund capital expenditure for Phase II of the quartz grit and powder processing plant.
Capital expenditure of ₹25.76 crores for the purchase of electric dump trucks for the company and its material subsidiary, APGM, through a loan.
Capital expenditure of ₹3.26 crores for the integration of solar energy at certain company mines to enhance sustainability and reduce operational costs.
Pre-payment or repayment of certain outstanding borrowings of the company and its material subsidiary, APGM, amounting to ₹56.22 crores.
To fund general corporate purposes and meet future business requirements.
P/E Ratio
6.5
EPS
17.17
ROE
19.42%
ROCE
18.84%
RONW
22.11%
Debt to Equity Ratio
0.43
PAT Margin
17.17%
EBITDA Margin
27.43%
P/B
6.5
Largest producer and exporter of premium Black Galaxy granite with captive quarries and significant market share.
Lower manufacturing costs driven by operational efficiencies, backward integration, and technology adoption like SAP.
Strong global distribution network supported by long-term contracts and a superior pricing position.
High barriers to entry due to capital-intensive nature of the business and established mining rights.
Heavy dependence on a few key customers for a significant portion of revenue.
Substantial revenue concentration from international markets, with a high dependency on China as a distribution hub.
High product concentration, with a majority of revenue derived from Black Galaxy and Absolute Black granite.
Geographical concentration of mines and processing facilities primarily in the southern Indian states of Telangana and Andhra Pradesh.
Capitalize on the growing global construction industry, particularly in emerging economies.
Expand export market reach into new geographies with high demand for natural stones.
Innovate and differentiate product offerings with specialty finishes, designs, and new stone varieties like marble and quartzite.
Diversify revenue streams by expanding into high-growth segments like quartz grit/powder and heavy mineral sands.
Increasing competition from alternative materials such as engineered stone, ceramic tiles, and synthetic substitutes.
Stringent environmental regulations and complex permitting processes which can increase compliance costs and cause delays.
Volatility in the global economy that can adversely impact construction activity and consumer spending.
Exposure to risks from international trade policies, geopolitical tensions, and imposition of tariffs.
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