Midwest Ltd

Midwest Limited reported Q1 FY27 revenue growth of 35%, EBITDA growth of 25%, and PAT growth of 27%, despite higher diesel costs. The granite segment drove most of the growth, with quartz revenue at INR5 crores in Q1, expected to reach 15,000 tons per month by year-end. A key development was an MoU with Indonesia's PERMINAS for rare earths, with plans to form a JV. The Sri Lanka project received final policy approval, with construction expected to start in October 2026, aiming for operations within 12-15 months. Capex for FY27 includes INR125 crores for quartz Phase 2 and INR120 crores for Sri Lanka. Management guided FY27 revenue to INR840 crores, with granite contributing INR720 crores and quartz INR120 crores. EBITDA margins are expected to remain around 26-27%, with potential improvement in FY28 as quartz production scales. Diesel costs remain a challenge, but electrification efforts are reducing exposure. The company emphasized strategic focus on rare earth projects and operational expansion.

The document highlights strong revenue and EBITDA growth, strategic partnerships, and expansion plans, indicating a positive outlook.