Midwest Limited has delivered impressive financial performance for the quarter and nine months ended December 31, 2025, demonstrating strong growth across key metrics while advancing strategic expansion initiatives. The company, which serves as India's largest producer and exporter of Black Galaxy granite, continues to strengthen its position in the natural stone processing industry.

Financial Performance Highlights

The company's consolidated financial results for 9MFY26 showcase robust growth momentum across revenue, profitability, and operational efficiency metrics.

For Q3FY26 specifically, the company reported net revenue of ₹128.86 crores compared to ₹117.12 crores in Q3FY25, representing 10.02% YoY growth. EBITDA for the quarter reached ₹30.54 crores with a margin of 23.70%, while PAT stood at ₹17.36 crores, marking 19.71% YoY growth.

Strategic Business Developments

Midwest Limited achieved several significant milestones during the reporting period that position the company for future growth and diversification.

The management has also revised its expansion strategy, planning to add the HPQ (High Purity Quartz) line along with Quartz Phase II instead of the initially planned Phase III approach.

Business Segment Performance

Midwest Limited operates across multiple segments with granite remaining the core business while expanding into quartz processing and rare earth materials. The company maintains exclusive mining rights that provide competitive advantages and strong revenue visibility.

The granite business continues to demonstrate strong fundamentals, with the company holding the position as India's largest Black Galaxy granite producer and exporter. Black Galaxy granite, available only in one village in Andhra Pradesh globally, commands premium pricing between ₹50,000-100,000 per cubic meter.

Operational Excellence and Future Outlook

The company's quartz processing operations have gained momentum with Phase I of the 303,600 MTPA plant commissioned in September 2025. This facility serves the solar glass and engineered stone sectors, with management planning to double capacity to 606,600 MTPA for Ultra-High-Purity Quartz production.

Midwest Limited's diversification into Heavy Mineral Sands and Rare Earth Materials aligns with the Union Budget 2026-27 announcement of Dedicated Rare Earth Corridors. The company has secured four HMS exploration licenses in Sri Lanka for minerals including Rutile, Ilmenite, Zircon, Garnet, Sillimanite, and Monazite.

Management Commentary

Mr. Kollareddy Ramachandra, Promoter, Whole-time Director & CEO, highlighted the company's progress toward becoming a world-class integrated materials processing company. He emphasized the strong leadership, diversified reserves, and operational excellence that support the long-term vision of becoming one of the world's top three producers of Quartz Grit and Powder, South East Asia's largest producer of Titanium feedstock, and among the world's leading producers of Rare Earth Oxides.

The company's financial performance reflects effective execution of its diversification strategy while maintaining strong fundamentals in its core granite business. With proven reserves, strategic partnerships, and expanding product portfolio, Midwest Limited continues to strengthen its market position across multiple mineral processing segments.

Source:

Midwest Limited announced that its Board of Directors has approved the incorporation of a wholly-owned subsidiary in Sierra Leone during a board meeting held on January 7, 2026. This strategic decision represents a significant step in the company's global expansion efforts to secure additional Heavy Mineral Sands (HMS) reserves.

Strategic Expansion Initiative

The company has identified Sierra Leone as a prospective location for expanding its HMS reserves portfolio as part of its long-term growth strategy. Sierra Leone, recognized as a resource-rich West African nation, offers promising opportunities for mineral exploration and extraction activities.

Regulatory Compliance and Subsidiary Formation

The incorporation of a local subsidiary is essential to meet regulatory requirements in Sierra Leone's jurisdiction. Local regulations necessitate the establishment of a domestic entity to apply for mineral rights in the country. The following details outline the subsidiary formation:

Growth Objectives and Market Expansion

Midwest Limited is actively exploring global opportunities to diversify its mineral reserves and strengthen its market position. The Sierra Leone subsidiary will serve as a strategic platform to advance the company's expansion objectives in the West African mining sector. This initiative aligns with the company's commitment to securing long-term growth through geographical diversification of its HMS operations.

Regulatory Disclosure and Next Steps

The company has informed both BSE Limited and National Stock Exchange of India about this development in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Additional information regarding the subsidiary incorporation will be disclosed as required under regulatory guidelines in due course.

The board meeting was conducted efficiently, lasting approximately 20 minutes, demonstrating the directors' clear alignment on this strategic expansion initiative. This development positions Midwest Limited to capitalize on mineral exploration opportunities in Sierra Leone while adhering to local regulatory frameworks.