Midwest Limited Board to Review Q2 FY27 Financial Results Nov 10

Midwest Limited's board is scheduled to consider unaudited Q2 and H1 FY27 financial results on November 10, 2026, following first-quarter revenue growth of 39% year-on-year to ₹198 crore. The company has not yet filed figures for the quarter ended September 30, 2026, so the board meeting is the immediate event for shareholders.

When will Midwest Limited release its Q2 FY27 results?

Midwest Limited has informed the exchanges that its Board of Directors will meet on November 10, 2026, to consider and approve unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026. The announcement places the company among firms reporting September-quarter performance after the close of the first half of FY27.

The available material also states that Midwest will report Q2 FY27 results at 12:08 PM IST on November 11, 2026. An earnings conference call is scheduled for 3:00 PM IST on the same day to discuss the Q2 and H1 FY27 financial performance. Investors and analysts will therefore have both the statutory results and management commentary to assess the period.

No revenue, profit, margin, or operational figures for Q2 FY27 are included in the available filing information. The board agenda relates to approval of the results, rather than an indication of performance. Any assessment of the September quarter before the financial statements are released would therefore be premature.

What did Midwest Limited report in the first quarter of FY27?

Midwest reported FY27 first-quarter revenue of ₹198 crore, net income of ₹29.4 crore, and earnings per share of ₹8.58. Revenue was 39% higher than in the first quarter of FY26, while net income rose 27% from the year-earlier period. Earnings per share increased from ₹6.86 in Q1 FY26.

The reported net profit margin was 15%, compared with 16% a year earlier. The company attributed the one-percentage-point reduction in margin to higher expenses. This means that revenue and net income growth were recorded alongside a modest decline in profitability as a proportion of sales.

Separately, the company information lists April-June sales of ₹192 crore and net profit of ₹31.04 crore as the last-quarter figures. The first-quarter earnings release cites ₹198 crore revenue and ₹29.4 crore net income. The available material does not explain the difference, including whether it results from standalone versus consolidated reporting or another presentation basis. The Q2 release should be read with attention to the stated reporting scope.

Which operations and projects are relevant to Midwest Limited's results?

Midwest mines, processes, and distributes dimensional natural stone, primarily Black Galaxy and Absolute Black Granite, while also operating an integrated quartz processing plant. Its business includes supplies of quartz raw material to solar-glass and engineered-stone industries, and the company holds mining rights across granite, quartz, and marble deposits in India.

Quartz Phase I, with capacity of 303,600 metric tonnes per annum, is operational and targets solar glass and engineered stone markets. Management has described quartz as an initial contributor to Q1 FY27 performance and has set an FY27 quartz revenue target of ₹840 crore. The company has also disclosed a ₹130 crore capex plan for Phase 2 high-purity quartz, aimed at semiconductor and solar-sector applications.

The company is pursuing overseas and strategic-mineral initiatives alongside its established stone operations. It has exploration licences in Sri Lanka for Heavy Mineral Sands and Rare Earth Elements, an MoU for rare earths in Indonesia, and plans for a subsidiary in Sierra Leone. On October 15, 2026, the board also approved a wholly owned subsidiary in Singapore for overseas mining and investment operations.

Why has the Heavy Mineral Sands project timeline changed?

The Heavy Mineral Sands facility has faced a delay after the policy needed for the Sri Lanka project was finalised later than originally expected. In the Q1 FY27 call transcript dated August 13, 2026, Midwest said this process had caused a six-month delay, with groundbreaking then planned for October 2026.

The plant build-out was expected to take a further 12 to 15 months after groundbreaking. This differs from the original 15-month timeline referred to in the Q2 FY26 call transcript dated November 13, 2025. The company has not provided a completion date in the supplied information, but the revised sequence makes project progress relevant to management's Q2 and H1 commentary.

Operationally, Midwest has also identified diesel-price volatility and delays in the Kerala joint venture as issues affecting the business environment. It has referred to electrification as part of its cost-management approach. These matters are relevant because the company's Q1 margin declined despite higher revenue and profit.

How does the Q2 FY27 review matter for Midwest Limited investors?

The Q2 FY27 review matters because it will provide the first official half-year view of growth, expenses, and execution across Midwest's granite and quartz businesses. The company reported FY26 revenue from operations of ₹645 crore, an EBITDA margin of 27%, a PAT margin of 16%, net worth of ₹913 crore, and cash flow from operations of ₹175 crore in its annual report.

For FY27, the reported Q1 numbers showed growth from the previous year but also higher expenses. The forthcoming disclosure can clarify whether the 15% Q1 profit margin, lower than the prior year's 16%, was an isolated quarter or part of a broader cost trend. It can also show the contribution from the operating quartz plant and progress toward the company's ₹840 crore quartz-revenue target.

The company operates in markets linked to construction materials, solar glass, engineered stone, and potential strategic-mineral supply chains. Its plans in high-purity quartz and overseas mineral projects broaden the set of activities investors must track, while the delayed Heavy Mineral Sands project illustrates that regulatory and project-timeline factors remain material. The announced results and conference call are the next scheduled sources for updated, company-specific information.

Conclusion

Midwest Limited enters its Q2 FY27 board review after reporting first-quarter revenue of ₹198 crore, 39% higher year-on-year, and net income of ₹29.4 crore, up 27%. The available data also show a margin decline to 15% as expenses increased, making the September-quarter cost and profitability details important alongside top-line growth.

Investors should watch for the unaudited standalone and consolidated Q2 and H1 FY27 figures, scheduled to be discussed in the November 11 earnings call. Management commentary on quartz revenue, Phase 2 capex, the Sri Lanka Heavy Mineral Sands timeline, and cost-management measures will provide the next disclosed milestones.