Midwest Limited
₹1,063.85-₹45.40 (-4.1%)
Last close · Data as of Oct 30, 2026
- Market cap
- ₹5,618 Cr
- P/E
- 61.1x
- EV / EBITDA
- 48.6x
- Revenue
- ₹370 Cr
- Net margin
- 21.3%
- ROCE
- 20.9%
Price chart
Technical chartScreen technicals →-6.7% over the last year
Daily closes.
Go deeper
Technical chart: candles, 9 moving averages, RSI, MACD and drawing tools
Performance
Price change over each period, before dividends.
- 1M
- +18.9%
- 3M
- -11.4%
- 6M
- -14.3%
- 1Y
- -6.7%
- 5Y
- -6.8%
52-week range
Day change -₹45.40 (-4.1%) from ₹1,109 to ₹1,064 · Last close Oct 30, 2026
AI Summary
Indian StockStrengths1
- Healthy return on equity of 18.0%
Concerns1
- Negative free cash flow (₹22 Cr)
Rule-based from financial data. Not advice.
About the company
Midwest Limited engages in the exploration, mining, processing, marketing, distribution, and export of natural stones in India and internationally. It offers black galaxy granite, absolute black granite, laza grey, quartz grit and powder, quartzite, and heavy mineral sand products, such as rutile, ilmenite, zircon, garnet, and sillimanite; diamond wires tools, including quarry, stationery, and multi wires; and color granite. The company was incorporated in 1981 and is based in Hyderabad, India.
- Sector
- Materials
- Shares outstanding
- 3.6 Cr shares
- ISIN
- INE0XAD01024
- BSE code
- 544587
Key statistics
Screen fundamentals →Valuation, profitability, growth and solvency at the latest close; hover a label for its meaning.
Valuation
- Market cap
- ₹5,618 Cr
- P/E
- 61.1x
- EV / EBITDA
- 48.6x
- EV / Sales
- 16.5x
- P/S
- 16.4x
- Earnings yield
- 1.6%
- 52-week high
- ₹1,799.45
- 52-week low
- ₹877.60
Profitability
- Operating margin
- 28.7%
- Net margin
- 21.3%
- EBITDA margin
- 33.9%
- ROE
- 18.0%
- ROCE
- 20.9%
- ROA
- 13.2%
- Dividend payout
- 0.0%
- Tax rate
- 24.0%
- Other income, % of PBT
- 18.9%
Growth
- RevenueLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹370 Cr
- Revenue growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 8.2%
- EBITDALatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹116 Cr
- EBITDA growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 39.8%
- Net profit growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 20.5%
- Cash from operationsLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹106 Cr
- CFO growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -657.9%
- Free cash flowLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹1.00 Cr
- Asset growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 14.1%
Solvency and efficiency
- Current ratio
- 4.23
- Debt / Equity
- 0.16
- Debt / Assets
- 0.12
- Debt / EBITDA
- 0.55
- Interest coverage
- 14.00
- Financial leverage
- 1.36
- CFO / Net profit
- 1.45
- Cash / Market cap
- 4.2%
- Cash per share
- ₹64.84
- Asset turnover
- 0.62
- Fixed asset turnover
- 1.74
- Capital intensity
- 0.58
- Debtor days
- 50 days
- Inventory turnover
- 0.80
- Cash conversion cycle
- 365 days
Where the revenue went
Of every ₹100 of FY2025 revenue, ₹24 was left as net profit.
| From | To | Amount |
|---|---|---|
| Sales | Expenses | ₹257 Cr |
| Sales | Operating profit | ₹113 Cr |
| Operating profit | Interest | ₹8 Cr |
| Operating profit | Depreciation | ₹18 Cr |
| Operating profit | Profit before tax | ₹87 Cr |
| Other income | Profit before tax | ₹32 Cr |
| Profit before tax | Tax and other | ₹31 Cr |
| Profit before tax | Net profit | ₹88 Cr |
Revenue and net profit
Revenue grew 8.2% in FY2025; net profit is the dashed line.
| Date | Revenue | Net profit |
|---|---|---|
| FY2021 | ₹220 Cr | ₹37 Cr |
| FY2022 | ₹330 Cr | ₹51 Cr |
| FY2023 | ₹310 Cr | ₹45 Cr |
| FY2024 | ₹342 Cr | ₹73 Cr |
| FY2025 | ₹370 Cr | ₹88 Cr |
Cash flows
FY2025: ₹21.0 Cr from operations, -₹22.0 Cr free after investment (dashed).
| Date | Operating cash flow | Free cash flow |
|---|---|---|
| FY2021 | ₹55 Cr | ₹18 Cr |
| FY2022 | ₹88 Cr | ₹10 Cr |
| FY2023 | -₹19 Cr | -₹24 Cr |
| FY2024 | ₹106 Cr | ₹41 Cr |
| FY2025 | ₹21 Cr | -₹22 Cr |
Growth
Latest fiscal year FY2025 (ending March): each figure with its change over the year before.
- Revenue
- ₹370 Cr+8.2%1Y
- Net profit
- ₹88 Cr+20.5%1Y
- Cash from operations
- ₹21 Cr
- Free cash flow
- -₹22 Cr-153.7%1Y
| Year | Revenue | Operating income | EBITDA | Net profit | CFO | FCF | ROE | Revenue growth 1Y | Net profit growth 1Y |
|---|---|---|---|---|---|---|---|---|---|
| FY2025 | ₹370 Cr | ₹113 Cr | — | ₹88 Cr | ₹21 Cr | -₹22 Cr | 17.8% | +8.2% | +20.5% |
Monthly returns
Month-by-month returns of MIDWESTLTD across the years, with the seasonal pattern.
Balance sheet
What the company owns and owes at the end of FY2025.
| Line | FY2025 |
|---|---|
| Liabilities and equity | ₹686 Cr |
| Equity capital | ₹17 Cr |
| Reserves | ₹476 Cr |
| Borrowings | ₹96 Cr |
| Other liabilities | ₹97 Cr |
| Assets | ₹686 Cr |
| Fixed assets | ₹219 Cr |
| Capital work in progress | ₹27 Cr |
| Investments | ₹92 Cr |
| Other assets | ₹347 Cr |
Market cap against peers
8 peers: same sector group, nearest by size.
P/E against peers
MIDWESTLTD trades at 61.1x earnings against a peer median of 35.5x (a 72% premium).
Peer comparison
Same-sector peers by market cap, with the median.
| Company | Market cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|
| Midwest LimitedMIDWESTLTDthis companyP/E ↑ premium | ₹5,618 Cr | 61.1x | — | 18.0% | 48.6x |
| PRISM JOHNSON LIMITED.PRSMJOHNSN | ₹6,484 Cr | 68.1x | 4.3x | 13.7% | 10.9x |
| India Glycols LtdINDIAGLYCO | ₹6,455 Cr | 32.1x | 3.0x | 8.9% | 17.5x |
| Archean Chemical Industries LimitedACI | ₹6,326 Cr | 30.9x | 3.3x | 18.9% | 12.2x |
| Jai Balaji Industries LimitedJAIBALAJI | ₹6,004 Cr | 20.5x | 2.7x | 58.5% | 5.4x |
| JK Paper Ltd.JKPAPER | ₹5,949 Cr | 22.5x | 1.2x | 19.8% | 5.3x |
| Indigo Paints LimitedINDIGOPNTS | ₹5,829 Cr | 40.1x | 5.4x | 16.3% | 23.4x |
| Epigral LimitedEPIGRAL | ₹5,017 Cr | 12.5x | 2.4x | 15.6% | 12.1x |
| Rallis India LtdRALLIS | ₹4,860 Cr | 28.5x | 2.3x | 8.1% | 14.2x |
| Peer median | — | 35.5x | 3.7x | 12.9% | 19.2x |
Year-to-date ROI
MIDWESTLTD since 1 January, against earlier years.
Historical volatility
MIDWESTLTD's day-to-day swings over 30, 60 and 180 days.
Financial statements
Income statement, balance sheet and cash flow as reported, in ₹ crore, grouped into plain-language lines.
Figures in ₹ crore as reported, fiscal years ending March, newest first; the trailing twelve months (TTM) last.
Operating margin by fiscal year
| Date | Operating margin |
|---|---|
| FY2021 | 26.0% |
| FY2022 | 24.0% |
| FY2023 | 21.0% |
| FY2024 | 29.0% |
| FY2025 | 31.0% |
| Line | FY2025 |
|---|---|
| RevenueSales | ₹370 Cr |
| Costs | |
| Interest | ₹8 Cr |
| Expenses | ₹257 Cr |
| Operating profitOperating Profit | ₹113 Cr |
| Other income and charges | |
| Profit before tax | ₹119 Cr |
| Tax | |
| Net profitNet Profit | ₹88 Cr |
| Per share |
| Line | FY2025 |
|---|---|
| Liabilities and equityTotal Liabilities | ₹686 Cr |
| Equity capitalEquity Capital | ₹17 Cr |
| Reserves | ₹476 Cr |
| Borrowings | ₹96 Cr |
| Other liabilitiesOther Liabilities | ₹97 Cr |
| AssetsTotal Assets | ₹686 Cr |
| Fixed assetsFixed Assets | ₹219 Cr |
| Capital work in progressCWIP | ₹27 Cr |
| Investments | ₹92 Cr |
| Other assetsOther Assets | ₹347 Cr |
| Line | FY2025 |
|---|---|
| Operating cash flowCash from Operating Activity | ₹21 Cr |
| Investing cash flowCash from Investing Activity | -₹43 Cr |
| Financing cash flowCash from Financing Activity | ₹24 Cr |
| Change in cashNet Cash Flow | ₹1 Cr |
Learn while you research
Academy chapters picked for Midwest Limited and the metrics on this page.
- 01 Taxes on Investments (India)LTCG, STCG, dividend tax, what every Indian investor needs.6 min read
- 02 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read
- 03 Valuation Multiples ExplainedThis stock trades at a P/E of 61.1, learn when high multiples are justified.6 min read
- 04 Stock Market RisksSmall caps carry concentrated, idiosyncratic risk, learn to manage it.6 min read
- 05 Business Cycles & StocksThese cyclical sectors win and lose in different macro phases.6 min read
- 06 Essential Stock RatiosP/E, P/B, EV/EBITDA, what they mean and when to use each.7 min read