Midwest Ltd.
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ABOUT
AI Sector View
AI GENERATEDConsumer Durables
Urban discretionary demand is mixed but investable. Credit card transactions rose 27.0% YoY (2026-06), urban CMIE sentiment was 109.5 (2026-07), and consumer spending remained large at INR 44743 billion (Jun/26), even though formal consumer confidence fell to 88.3 points (Jul/26) and debit card transactions were -9.0% YoY (2026-06). Heavy sector inflows of INR 13175 crore over 3 months to 2026-08-31 indicate strong investor positioning behind the theme.
PROS
- Company has delivered good profit growth of 52.1% CAGR over last 5 years
- Company has a healthy return on capital (ROCE) of 25.2%
- Company has a good return on equity (ROE) track record: 3 Years ROE 23.2%
- Company has consistently been profitable over the last 5 years
- Company has delivered good sales growth of 19.5% CAGR over last 5 years
- Latest quarter profit grew 27.3% YoY, showing strong momentum
CONS
- Receivables are growing faster than sales - a possible quality concern
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.57x)
- Total debt has risen sharply - up 96.4% year on year
- Debtor days have increased from 67 to 105
- Growth is decelerating - 3Y profit CAGR (25.7%) trails the 5Y trend (52.1%)
- Though reporting repeated profits, the company pays out little dividend (0.0%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| KAJARIACER | 1244.00 | 35.81 | 19548.60 | 1.13 | 171.03 | 55.04 | 1328.08 | 20.43 | 23.07 | 19.69 |
| CERA | 5607.95 | 29.40 | 7232.88 | 1.34 | 47.05 | -0.86 | 422.19 | 5.36 | 19.41 | 13.05 |
| MIDWESTLTD | 1066.05 | 34.72 | 3854.92 | 0.00 | 310.39 | 1173.13 | 1918.39 | 1248.46 | 27.81 | 25.47 |
| POKARNA | 780.50 | 25.50 | 2419.86 | 0.08 | 42.60 | 50.56 | 189.42 | 10.79 | 11.85 | 35.89 |
| NITCO | 95.18 | 0.00 | 2404.02 | 0.00 | -10.33 | -121.77 | 116.02 | -22.48 | 6.58 | -7.07 |
| SOMANYCERA | 559.15 | 21.56 | 2293.23 | 1.07 | 34.23 | 365.71 | 749.56 | 24.62 | 14.43 | 11.50 |
| ASIANTILES | 50.11 | 117.89 | 1485.64 | 0.00 | 8.07 | 11.48 | 530.95 | 36.76 | 2.97 | 6.19 |
| ORIENTBELL | 410.00 | 28.57 | 603.33 | 0.24 | 8.32 | 2318.40 | 203.82 | 43.44 | 5.56 | 8.02 |
| EXXARO | 6.42 | 70.14 | 287.24 | 0.00 | 2.07 | 156.24 | 85.22 | 31.25 | 3.69 | 8.18 |
| MURUDCERA | 29.96 | 18.74 | 181.39 | 0.00 | 0.81 | -58.06 | 50.09 | 8.54 | 5.23 | 19.10 |
| GSLSU | 27.22 | 12.61 | 115.36 | 0.00 | 0.06 | 111.19 | 65.42 | -12.19 | -2.15 | 12.74 |
| PACIFICI | 146.95 | 36.79 | 101.29 | 0.00 | 1.69 | 82.31 | 63.92 | 28.72 | 1.09 | 4.45 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|
| 141 | 117 | 230 | 142 | 159 | 129 | 216 | 192 | |
| 113 | 94 | 156 | 114 | 116 | 98 | 157 | 156 | |
| Operating Profit | 28 | 23 | 75 | 29 | 43 | 31 | 58 | 36 |
| OPM % | 20.01% | 19.95% | 32.43% | 20.15% | 27.08% | 23.71% | 27.03% | 18.83% |
| 4 | 6 | 2 | 4 | 2 | 5 | 3 | 6 | |
| Interest | 0 | 3 | 3 | 4 | 0 | 5 | 2 | 4 |
| Depreciation | 6 | 6 | 8 | 7 | 7 | 9 | 8 | 9 |
| Profit before Tax | 27 | 20 | 66 | 33 | 38 | 22 | 51 | 42 |
| Tax % | 42.19% | 27.78% | 26.23% | 25.82% | 26.38% | 22.84% | 27.01% | 26.19% |
| Net Profit | 0 | 0 | 0 | 24 | 28 | 17 | 37 | 31 |
| 4.56 | 4.29 | 14.33 | 7.21 | 8.19 | 4.87 | 10.24 | 8.58 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|
| 257 | 380 | 525 | 503 | 586 | 626 | 695 | |
| 215 | 286 | 419 | 412 | 434 | 454 | 527 | |
| Operating Profit | 43 | 94 | 107 | 90 | 152 | 172 | 168 |
| OPM % | 16.56% | 24.76% | 20.30% | 17.93% | 25.94% | 27.51% | 24.16% |
| 4 | 14 | 14 | 20 | 18 | 43 | 16 | |
| Interest | 8 | 7 | 10 | 10 | 10 | 11 | 10 |
| Depreciation | 18 | 18 | 18 | 22 | 22 | 26 | 33 |
| Profit before Tax | 21 | 83 | 93 | 79 | 138 | 178 | 153 |
| Tax % | 22.01% | 27.33% | 28.09% | 30.83% | 27.20% | 25.12% | 26.02% |
| Net Profit | 16 | 60 | 67 | 54 | 100 | 133 | 113 |
| EPS | 1793.88 | 6770.45 | 19.84 | 16.10 | 999.16 | 36.20 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 24.73% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 19%
- 3 Years:
- 6%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 50%
- 3 Years:
- 24%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 23%
- 3 Years:
- 23%
- Last Year:
- 27%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Equity Capital | 1 | 1 | 1 | 1 | 10 | 17 |
| Minority Interest | -1 | 6 | 6 | 2 | 5 | 13 |
| 234 | 276 | 343 | 405 | 480 | 598 | |
| 116 | 103 | 99 | 151 | 114 | 223 | |
| Trade Payables | 9 | 9 | 20 | 21 | 22 | 50 |
| 108 | 105 | 147 | 94 | 124 | 151 | |
| Total Liabilities | 467 | 499 | 616 | 673 | 754 | 1,051 |
| 193 | 206 | 232 | 255 | 254 | 307 | |
| Capital Work in Progress | 6 | 7 | 10 | 2 | 13 | 116 |
| 1 | 1 | 11 | 20 | 38 | 20 | |
| 43 | 60 | 51 | 57 | 37 | 28 | |
| 0 | 0 | 0 | 0 | 119 | 240 | |
| Cash & Bank | 7 | 7 | 64 | 13 | 28 | 17 |
| 217 | 217 | 249 | 325 | 265 | 324 | |
| Total Assets | 467 | 499 | 616 | 673 | 754 | 1,051 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 54 | 86 | 177 | -32 | 128 | 87 | |
| Cash from Investing | -39 | -40 | -99 | -17 | -64 | -201 |
| Cash from Financing | -2 | -27 | -14 | 45 | -50 | 102 |
| 3 | -0 | 31 | -25 | 14 | -11 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-08 - Midwest Limited has informed the Exchange regarding '' Compliance with Regulation 36(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015'.
2026-09-08 - Midwest Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-07 - Midwest Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 28, 2026
2026-09-03 - Midwest Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-31 - Midwest Limited has informed the Exchange about the acceptance of the Letter(s) of Intent (LOI) for working of quarry leases in Andhra Pradesh on Raising-Cum-Sale Contract basis issued by The Andhra Pradesh Mineral Development Corporation Ltd. (APMDC).
2026-08-20 - Midwest Limited has informed the Exchange about Transcript
2026-08-13 - Midwest Limited has informed the Exchange about Link of Recording of the Q1 FY27 Earnings Call
2026-08-13 - Midwest Limited has informed the Exchange about Investor Presentation
2026-08-13 - Midwest Limited has informed the Exchange about Copy of Newspaper Publication with respect to unaudited financial results for the quarter ended June 30, 2026.
News
Recent coverage and analyst commentary for MIDWESTLTD
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Midwest Ltd.
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