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₹1,065 - 1,065
Midwest Ltd
Consumer DurablesIPO
₹1,065 - 1,065
We are engaged in the business of exploration, mining, processing, marketing, distribution and export of natural stones, with an emphasis on sustainability. We are India's largest producer and exporter of Black Galaxy Granite, a premium variety of Granite, and held a share of approximately 64% of the Indian export market for Black Galaxy Granite in Fiscal 2025 (Source: CRISIL Report), exporting 44,992 cubic meters of Black Galaxy Granite during Fiscal 2025. We are also the largest producers in Absolute Black Granite in India, both of which have high demand. Our Absolute Black Granite production accounted for 15.7% of the overall black granite production in India during Fiscal 2025.
Lot14Min Invest₹14,910Face Value₹5Issue Size₹451 CrFresh Issue₹250 CrOffer for Sale₹201 CrListing Price₹1,165CMP₹1,086
Timeline
15 Oct
Bidding opens
17 Oct
Bidding closes
20 Oct
Allotment
23 Oct
Refund & demat credit
24 Oct
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹451 Cr0.42 Cr shares
Fresh Issue₹250 Cr
Offer for Sale₹201 Cr
Face Value₹5
Lot Size14 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,9101-13 lots
sNII₹2,08,740from 14 lots
bNII₹10,13,880from 68 lots
Managers & Registrar
Lead ManagerDAM Capital Advisors Ltd
Co-ManagerIntensive Fiscal Services Pvt Ltd, Motilal Oswal Investment Advisors Ltd
RegistrarKFin Techologies Ltd
Ownership & Proceeds
Shareholding
CategoryPre IPOPost IPOPromoter Group95.83%84.41%Public4.17%15.59%
Objects of the Issue
- Funding capital exp by Midwest Neostone its wholly owned subsidiary towards the phase II quarts processing plant
- Capital exp for purchase of Electric Dump Truck to be used by the company and APGM its material subsidiary
- Capital exp for integration of solar energy at certain Mines of the company
- Pre-payment/re-payment of in part or full certain outstanding borrowings of the company and APGM
- General corporate purposes
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| RevenueCr | 503 | 586 | 626 | 646 | 695 |
| Operating ProfitCr | 90 | 151 | 172 | 174 | 184 |
| OPM% | 17.8 | 25.9 | 27.4 | 27.0 | 26.5 |
| PBTCr | 79 | 138 | 178 | 144 | 153 |
| PATCr | 54 | 100 | 133 | 106 | 113 |
| EPS | 16 | 30 | 39 | 29 | 32 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Equity CapitalCr | 1 | 10 | 17 | 18 | - |
| ReservesCr | 405 | 480 | 598 | 940 | - |
| BorrowingsCr | 151 | 124 | 242 | 192 | - |
| Fixed AssetsCr | - | - | 437 | 567 | - |
| Total AssetsCr | 656 | 757 | 1,059 | 1,367 | - |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Operating Cash FlowCr | -52 | 128 | 87 | 175 | - |
| Investing Cash FlowCr | -17 | -64 | -201 | -276 | - |
| Financing Cash FlowCr | 45 | -50 | 103 | 150 | - |
| Net Cash FlowCr | -25 | 14 | -11 | 49 | - |
Strengths & Risks
Strengths · as stated in the DRHP
- India's largest producer and exporter of Black Galaxy Granite, a premium variety of Granite and the largest producers of Absolute Black Granite in India
- Presence across the entire Dimensional Granite value chain with mine to distribution capabilities.
- Emphasis on research and development and technology integration.
- Significant establishment costs with a long gestation period benefitting established players.
- Proven track record of financial and operational performance
- Experienced Promoters and professional management team with deep industry experience and strong track record.
Strategies · as stated in the DRHP
- Capitalize on the growing market for Black Galaxy Granite and Absolute Black Granite and build our resource base.
- Expand our Dimensional Stone products and enter new geographies.
- Diversify revenue through production of Quartz grit and powder.
- Expand into heavy mineral sand mining.
- Growing and augmenting operations in our Diamond Wire Segment.
- Improve efficiency and sustainability of our operations.
Risks · as stated in the DRHP
- One of our Promoters, Mr. Kollareddy Rama Raghava Reddy, had received a notice in 2015 from the Central Bureau of Investigation ("CBI") in relation to the formation and operations of our Subsidiary, BEML Midwest Limited. Any regulatory actions in relation to this notice, could adversely affect our and our Promoter's reputation or divert the time and attention of our management, and accordingly, may affect our business and results of operations.
- Our estimates of natural stone reserves in our Mines may be materially different from the quantity and quality of natural stone that may actually be recovered from such Mines. Further, our estimates of mine life, i.e., the operational lifespan of a Mine, may prove to be inaccurate and market price fluctuations and changes in operating and capital costs may render certain or all of our natural stone reserves uneconomical to exploit.
- Our business operations are subject to regulation. We are required to obtain, renew or maintain statutory and regulatory approvals to operate our business, and we may experience delays in obtaining, renewing or maintaining such approvals or be unable to obtain such approvals due to litigation and change in regulatory landscape.
- There are outstanding legal proceedings involving our Company, our Subsidiaries, our Directors and our Promoters. Any adverse outcome in such proceedings may adversely affect our reputation, business, results of operations, cash flows and financial condition.
- Our Company and one of our Promoters, Mr. Kollareddy Rama Raghava Reddy, are involved in a dispute with BEML Limited ("BEML"), the joint venture partner in BEML Midwest Limited ("BEML Midwest"), one of our Subsidiaries which is currently under liquidation by order of the National Company Law Tribunal. In this connection, various legal proceedings have been initiated and the Ministry of Corporate Affairs, Government of India ("MCA") had ordered an investigation into the affairs of BEML Midwest. The results of such investigation included certain adverse recommendations against Mr. Kollareddy Rama Raghava Reddy. Such proceedings, or any further regulatory actions in relation to this dispute, could adversely affect our and our Promoter's reputation or divert the time and attention of our management, and accordingly, may affect our business and results of operations.
- We have entered into and propose to enter into new business segments and our inability to establish ourselves in such nascent business segments could adversely affect, our business condition, results of operations and cash flows.