Motilal Oswal Initiates Coverage on Midwest with Buy Rating, ₹2,500 Bull Target

Midwest Gold shares surged 4% on Friday following Motilal Oswal's initiation of coverage with a 'Buy' rating and target price of ₹2,000.00. In a bull case scenario, the brokerage has set an ambitious target of ₹2,500.00 per share, indicating an upside potential of 54% from recent levels. The positive outlook is based on the company's dominant position in the black granite market and strategic diversification into high-growth segments.

Market Leadership in Granite Segment

Midwest has established itself as India's largest producer and exporter of premium Black Galaxy and Absolute Black granite varieties. The company operates a vertically-integrated supply chain with 20 mines and generated ₹630.00 crores in revenue during FY25, achieving a compound annual growth rate exceeding 21% over the past five years.

Parameter:	Details
Black Galaxy Export Share:	Over 64%
Domestic Production Share:	Around 16% (FY25)
Annual Mining Capacity:	1.38 million cubic meters
Distribution Network:	17 countries across 5 continents
Revenue (FY25):	₹630.00 crores

Motilal Oswal expects granite volumes to scale up to ₹150,000.00 per cubic meter by FY28 through new mine and cluster-based expansions, ensuring steady earnings growth.

Strategic Diversification and Growth Projections

The brokerage highlights Midwest's expansion into quartz processing and heavy mineral sands as key growth drivers. The company possesses substantial quartz resources and has outlined ambitious production enhancement plans that will significantly diversify its revenue base.

Business Segment:	Current/Target Capacity
Quartz Resources:	Over 23 million tonnes
Quartz Capacity (Current):	300 ktpa
Quartz Capacity (FY27 Target):	600 ktpa
Phase 2 Capex Requirement:	₹130.00 crores
Sri Lanka Mining Focus:	Ilmenite, garnet, zircon

Motilal Oswal expects these expansions to reduce granite's revenue concentration from 96-98% in FY25 to 50% by FY28, while overall revenue and EBITDA are projected to post 36% and 47% CAGR respectively over FY25-28.

Financial Outlook and Bull Case Scenario

The brokerage forecasts Midwest's revenue and EBIT to clock a 12% CAGR each over FY25-28 in the base case. However, the bull case scenario presents significantly higher growth potential with enhanced operational metrics.

Financial Metric:	Base Case CAGR (FY25-28)	Bull Case CAGR (FY25-28)
Revenue Growth:	12%	40%
EBITDA Growth:	12%	56%
Adjusted PAT Growth:	56%	67%
Expected EBITDA Margin:	34%	38%

The company's net debt stands at ₹220.00 crores, translating to a net debt/EBITDA ratio of 1.30x as of FY25. This ratio is expected to decline below 1.00x due to rising operating profits, with operating cash flow likely to exceed ₹200.00 crores annually by FY27-28.

Stock Performance and Market Position

Midwest shares listed on October 24 at a 9% premium over the issue price of ₹1,065.00 per share. The stock has delivered impressive returns of 58% from its issue price, reaching a post-listing high of ₹1,687.00. Trading at ₹1,654.40 with a 1.80% gain on Friday, the stock demonstrates strong market confidence in the company's growth strategy and operational capabilities.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-5.00%	-13.08%	+19.84%	+300.87%	+2,938.64%	+41,299.49%

Midwest Gold Limited has announced the resignation of its Company Secretary and Compliance Officer, marking a key personnel change in the organization's leadership structure. The resignation was communicated to BSE Limited in compliance with regulatory requirements on December 20, 2025.

Key Personnel Departure Details

Mr. Anant Patwari, who served as Company Secretary and Compliance Officer (Key Managerial Personnel), has tendered his resignation from the position effective from the close of business hours on December 20, 2025. The resignation was submitted to pursue an alternate career opportunity outside the organization.

Parameter	Details
Position	Company Secretary and Compliance Officer
Effective Date	December 20, 2025
Reason	Alternate career opportunity
Membership Number	A63592

Regulatory Compliance and Disclosure

The company has fulfilled its obligations under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The announcement was made to BSE Limited with scrip code 526570, ensuring proper market disclosure of the personnel change.

In his resignation letter, Mr. Patwari confirmed that there are no other material reasons for his resignation beyond pursuing new career directions. He expressed gratitude for the professional and personal growth opportunities received during his tenure with the company.

Company Leadership Structure

The resignation letter was accepted and the regulatory filing was signed by Baladari Satyanarayana Raju, Whole-Time Director (DIN: 01431440), on behalf of Midwest Gold Limited. The company's registered office is located at 1st Floor, H.No.8-2-684/3/25&26, Road No.12, Banjara Hills, Hyderabad-500034.

The departure represents a personnel change as the outgoing Company Secretary expressed appreciation for his time with the organization.