Midwest Limited has released the transcript of its earnings conference call held on May 27, 2026, discussing the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026. The company reported a consolidated revenue of INR645 crores for FY26, a growth of over 3% compared to the previous year's INR626 crores. The recording and transcript are available on the company's website pursuant to Regulation 30 and 46 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Performance

For the quarter ended March 31, 2026, the company posted a consolidated revenue of INR215 crores. The EBITDA margin for the quarter stood at 27%, compared to 23.7% in the sequential quarter, while the PAT margin was 17.16% against 13.48% sequentially. For the full year, the EBITDA margin was 27.01% compared to 27.43% in the previous year, and the PAT margin was 16.49% compared to 17.17%.

The company noted that it could have added an additional INR25 crores to its top line in the last quarter had it not been for logistics issues triggered by geopolitical events, which prevented the shipment of 4,000 to 5,000 CBM of granite. Overall debt was reduced by INR50 crores, and working capital days decreased from 122 to 104 days.

Business Updates

Midwest Limited secured a new 30-year mining lease for Galaxy granite, with production already contributing to revenue. The company targets a contribution of INR70 crores to INR80 crores from this mine. Additionally, the company has started building a Phase 2 plant for High Purity Quartz (HPQ) with a capex of INR125 crores to INR130 crores, expected to be commissioned by Q4FY27.

In the Rare Earths sector, Midwest Limited was selected as a consortium partner by Kerala Minerals and Metals Limited (KMML) to build a pilot plant. The project has a budget of INR20 crores and is expected to run for six months starting July. The company is also awaiting a new policy from the Sri Lankan government to progress its Heavy Mineral Sands project.

Operational Guidance

The company targets 60% capacity utilization for its Quartz Phase 1 plant this year, aiming for 150,000 tonnes of production. The plant is designed to produce 70% engineered stone and 30% solar glass. Management expects organic growth of 10% to 12% in the granite segment. The conference call featured participation from Mr. Ram Kollareddy, Promoter, Whole-time Director & CEO; Mrs. Uma Kollareddy, Promoter & Whole-time Director; and Mr. Dilip Kumar, Chief Financial Officer.

Midwest Limited has appointed Mr. K. Achyutanand Reddy as its Company Secretary & Compliance Officer, designated as Key Managerial Personnel, effective May 26, 2026. The Board of Directors approved the appointment during its meeting held on the same day, strengthening the company's governance framework. Reddy brings over a decade of specialized experience in corporate laws and regulatory compliance to the role.

The Board meeting commenced at 3.30 PM and concluded at 7.00 PM on May 26, 2026. The appointment was made pursuant to Regulation 30 read with Part A of Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has disclosed that the new appointee is not related to any director of Midwest Limited.

Profile of the Appointee

Mr. K. Achyutanand Reddy is an Associate Member of the Institute of Company Secretaries of India, holding membership number A44619. His professional background includes extensive exposure to secretarial practices, regulatory filings, and governance advisory across various organizations.

Prior to joining Midwest Limited, Reddy served as Manager – Legal & Secretarial at Rubamin Private Limited. In this capacity, he supported legal, governance, and regulatory functions. Before that, he worked with the Penna Group, where he gained significant experience in corporate laws and SEBI-related compliances.

Appointment Details

The disclosure regarding this change in Key Managerial Personnel was submitted in compliance with Regulation 30 and relevant SEBI circulars, including references dated November 11, 2024, and July 13, 2023. The information has been forwarded to the BSE Limited and the National Stock Exchange of India Ltd. for their records.