Midwest Ltd. IPO: All You Need to Know

India’s granite industry, valued at around US$40 billion, plays a vital role in supporting rural employment by generating large-scale semi-skilled job opportunities. Although granite is considered relatively expensive for decorative use within India, its export potential far exceeds domestic consumption, making the sector a key contributor to the country’s stone export market. Granite production increased from 17,132 KT in FY22 to 19,709 KT in FY25, reflecting a CAGR of 4.7%, driven by rising demand from the building and construction sectors. With ongoing infrastructure expansion, urbanization, and strong global demand for premium natural stones, the Indian granite industry is expected to witness steady growth in the coming years.

IPO Open Date	Sep 15, 2025
IPO Close Date	Oct 17, 2025
Price Band	₹1014– ₹1065 per share
Lot Size	14 shares
Issue Size	₹4,510 million
Listing At	BSE, NSE
Tentative Listing Date	To be announced

Midwest Granite Ltd. is engaged in the exploration, mining, processing, marketing, distribution, and export of natural stones with a strong focus on sustainability. The company stands as India’s largest producer and exporter of Black Galaxy Granite, a premium variety of granite, commanding an impressive 64% share of India’s export market for Black Galaxy Granite in FY25, with exports of 44,992 cubic meters during the year. Midwest is also the largest producer of Absolute Black Granite in India, a variety with strong domestic and international demand, accounting for 15.7% of the country’s overall black granite production in FY25.

Midwest demonstrated robust financial growth between FY23 and FY25, with revenue from operations rising from ₹5,025.17 million in FY23 to ₹6,261.82 million in FY25, reflecting consistent demand momentum. EBITDA nearly doubled to ₹1,717.80 million, while EBITDA margin improved sharply from 17.83% to 27.43%, underscoring operational efficiency and better realizations. Profit after tax grew significantly to ₹1,075.11 million in FY25 from ₹544.36 million in FY23, leading to an improvement in net profit margin from 10.83% to 17.17%. Return ratios remained healthy, with ROCE at 18.84% and ROE at 19.42% in FY25, indicating strong capital productivity. The debt-to-equity ratio remained healthy at 0.37x in FY25, highlighting a conservative capital structure.

Objects of the issue: 

1. Investment in Midwest Neostone Pvt. Ltd., a wholly owned subsidiary, through a loan to fund Phase-II expansion of the quartz grit and powder processing plant – ₹1302.98 million
2. Capital expenditure for purchase of electric dump trucks and a loan investment in APGM for acquiring additional electric dump trucks – ₹257.55 million
3. Capital expenditure for integration of solar energy at certain Mines – ₹32.56 million
4. Prepayment and/or repayment of borrowings – ₹562.23 million

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