Midwest , a leading player in the granite and quartz industry, has announced robust financial results for the quarter ended September 30, 2025, showcasing significant growth in both revenue and profitability.

Financial Highlights

The company reported a substantial increase in profit for Q2 2025, with net earnings reaching ₹290.63 million, marking a 106% rise from ₹141.15 million in the same period last year. This impressive growth was accompanied by a 55.4% year-over-year increase in revenue from operations, which climbed to ₹1,222.52 million from ₹786.94 million.

Half-Year Performance

For the first half of the fiscal year 2025-26, Midwest's financial performance remained strong:

Recent IPO Success

Midwest's growth story was further bolstered by its successful initial public offering (IPO) on October 24, 2025. The IPO raised a total of ₹4,510 million, with the company's equity shares now listed on both the National Stock Exchange and Bombay Stock Exchange.

Business Overview

Midwest is primarily engaged in exploration, extraction, manufacturing, processing, and sale of dressed granite blocks, slabs, quartz, and diamond cutting wires. The company's diverse product portfolio and strong market presence have contributed to its robust financial performance.

Management Approval

The unaudited standalone and consolidated financial results were approved by the company's Board of Directors at their meeting held on November 12, 2025, underscoring the management's confidence in the company's financial health and growth trajectory.

As Midwest continues to capitalize on its market position and operational efficiencies, investors and industry observers will be keenly watching its performance in the coming quarters. The company's strong Q2 results and successful IPO suggest a positive outlook for its future growth and market expansion efforts.

Midwest (formerly known as Midwest Private Limited) has reported robust financial results for the second quarter of fiscal year 2026, with significant improvements in key financial metrics. Additionally, the company's subsidiary, Andhra Pradesh Granite (Midwest) Private Limited (APGMPL), has received a credit rating upgrade from CRISIL Ratings Limited.

Q2 Financial Highlights

Midwest delivered strong quarterly results with the following key performance indicators:

The company's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) rose to 430.00 crore rupees from 283.00 crore rupees in the same quarter last year, marking a significant 52.00% increase. The EBITDA margin expanded substantially to 27.10% compared to 20.04% in the corresponding period of the previous year.

Midwest's consolidated net profit nearly doubled, reaching 278.00 crore rupees from 149.00 crore rupees year-over-year. Revenue growth was also notable, with the company reporting 1,600.00 crore rupees in revenue, up from 1,400.00 crore rupees in the same quarter of the previous fiscal year.

Credit Rating Upgrade for Subsidiary

In a separate development, CRISIL Ratings Limited has upgraded the credit rating of Andhra Pradesh Granite (Midwest) Private Limited, a subsidiary of Midwest. The upgrade reflects the improved financial profile and business performance of APGMPL.

The revised ratings are as follows:

CRISIL's upgrade is based on several factors, including:

1. Strong support from the parent company, Midwest
2. Extensive experience of the promoters in the granite industry
3. Healthy business performance and strong financial risk profile of APGMPL

The rating agency noted that APGMPL's revenue increased to 256.84 crore rupees in fiscal 2025 from 242.59 crore rupees in fiscal 2024. The company's operating margin remained strong at over 25%, which CRISIL attributes to APGMPL's presence in the premium segment of granites.

Outlook

The credit rating upgrade for APGMPL, coupled with Midwest's strong Q2 performance, indicates a positive outlook for the company. However, CRISIL has identified certain risk factors, including exposure to intense competition from alternative products, product concentration risk, and susceptibility to fluctuations in foreign exchange rates.

As Midwest continues to strengthen its market position in the granite industry, investors and stakeholders will be watching closely to see if the company can maintain its growth trajectory and address the identified risks in the coming quarters.