Midwest LimitedQ1 FY27 Results & Financial Update
Midwest Limited: Q1 FY27 consolidated results and company financials – revenue ₹19.18 Cr, PAT ₹2.94 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
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Quarterly Results AnalysisExplore Midwest Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
During the first quarter of fiscal 2027, Midwest Limited recorded consolidated revenue from operations of INR 1,918.39 million, reflecting a robust increase compared to INR 1,422.65 million in the corresponding quarter of the previous year.
Total consolidated income for the quarter reached INR 1,977.69 million, supported by other income of INR 59.30 million.
Profit before tax (PBT) for the quarter stood at INR 420.54 million compared to INR 328.67 million in Q1 FY26, while profit after tax (PAT) for the period registered at INR 310.39 million compared to INR 243.80 million in the same period last year.
Basic and diluted earnings per share (EPS) for the quarter stood at INR 8.58 compared to INR 7.21 in the corresponding period of the previous year.
Segment-wise performance indicates that the Granite division remained the primary growth pillar, contributing gross segment revenue of INR 1,844.26 million, while the Quartz segment generated gross revenue of INR 37.44 million.
The company continues to deploy its initial public offering (IPO) proceeds towards strategic capital expenditure initiatives, including funding for the Phase II Quartz Processing Plant, procurement of electric dump trucks, and integration of solar energy at mine sites.
01 · Business model
What does Midwest do?
Midwest Limited is primarily engaged in the exploration, extraction, manufacturing, processing, and sale of dressed granite blocks, slabs, quartz, and diamond cutting wires.
The company operates through a global footprint with subsidiaries and step-down entities spanning India, Sri Lanka, Isle of Man, Mauritius, and Mozambique.
The core revenue engine relies on the extraction and processing of natural stones, predominantly driven by its Granite segment alongside emerging contributions from Quartz and related mining products.
02 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Q1 FY27 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹19.18 Cr | ₹14.23 Cr | ₹21.58 Cr |
| Total income | ₹19.78 Cr | ₹14.65 Cr | ₹21.84 Cr |
| Profit before tax | ₹4.21 Cr | ₹3.29 Cr | ₹5.07 Cr |
| Profit after tax | ₹2.94 Cr | ₹2.32 Cr | ₹3.56 Cr |
| EPS | ₹8.58 | ₹7.21 | ₹10.24 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 15.3% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 21.9% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹0.59 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
03 · Why it moved
Why the quarter looked the way it did
What drove revenue
Granite operations delivered gross segment revenue of INR 1,844.26 million for the quarter, remaining the dominant contributor to overall top-line performance.
The Quartz business contributed gross segment revenue of INR 37.44 million during the quarter, expanding from earlier baseline levels.
What drove margins
Extraction expenses stood at INR 163.45 million, while seigniorage and cess fees accounted for INR 291.82 million during the quarter.
Employee benefits expenses were reported at INR 154.32 million, and other expenses amounted to INR 500.32 million for the quarter.
04 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The group operates primarily in dressed granite blocks, slabs, quartz, and diamond cutting wires, with segment results showing profit before interest and taxes of INR 521.88 million for Granite and a loss of INR 48.58 million for Quartz.
05 · Capacity, projects & execution
What is being built, commissioned or delivered
Projects, capex and execution
Out of total net IPO proceeds of INR 2,296.25 million, the company utilized INR 699.92 million up to June 30, 2026, leaving an unutilized balance of INR 1,596.33 million.
Utilization includes INR 35.00 million towards funding capital expenditure for the Phase II Quartz Processing Plant in Midwest Neostone Private Limited and INR 16.96 million for purchasing electric dump trucks.
06 · Reported developments
What changed operationally
Consolidated net profit for the quarter rose to INR 310.39 million compared to INR 243.80 million in Q1 FY26, driven by higher operational volumes.
07 · Pressure points & risks
What is not going smoothly
The Quartz segment recorded a segment result loss before interest and tax of INR 48.58 million for the quarter.
08 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Capital allocation & funding
The company fully utilized INR 562.23 million allocated from IPO proceeds towards the pre-payment or repayment of certain outstanding borrowings.
09 · Beyond the numbers
What changed beyond the numbers
Reported update
Auditor Review
Statutory auditors M S K A & Associates LLP issued an unmodified conclusion on both standalone and consolidated unaudited financial results for the quarter.
Reported update
Internal and Secretarial Auditor Appointments
The Board approved the appointment of M/s. Eswaraiah & Co. as Internal Auditors for FY 2026-27 and M/s. B S S & Associates as Secretarial Auditors for a five-year term.
10 · Key Q&A
The quarter, answered directly
What does Midwest do?
Midwest Limited is primarily engaged in the exploration, extraction, manufacturing, processing, and sale of dressed granite blocks, slabs, quartz, and diamond cutting wires.
What is the clearest takeaway from Q1 FY27?
During the first quarter of fiscal 2027, Midwest Limited recorded consolidated revenue from operations of INR 1,918.39 million, reflecting a robust increase compared to INR 1,422.65 million in the corresponding quarter of the previous year.
What drove revenue or demand?
Granite operations delivered gross segment revenue of INR 1,844.26 million for the quarter, remaining the dominant contributor to overall top-line performance.
What mattered most for margins or profitability?
Extraction expenses stood at INR 163.45 million, while seigniorage and cess fees accounted for INR 291.82 million during the quarter.
What changed operationally beyond the headline numbers?
Out of total net IPO proceeds of INR 2,296.25 million, the company utilized INR 699.92 million up to June 30, 2026, leaving an unutilized balance of INR 1,596.33 million.
What are the main pressure points disclosed for the quarter?
The Quartz segment recorded a segment result loss before interest and tax of INR 48.58 million for the quarter.
11 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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12 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Phase II Quartz Processing Plant: Monitor the deployment of the remaining INR 1,267.98 million unutilized IPO proceeds earmarked for the Phase II Quartz Processing Plant.
- 02
Quartz Segment Turnaround: Track operational progress and profitability improvements in the Quartz segment following recent capital investments.
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Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.