Midwest Ltd.

•

midwest.inBSE: 544587NSE: MIDWESTLTD

Market Cap₹ 3,673 Cr.

Current Price

High / Low₹ 1,860 / 1,006

Stock P/E35.1

Book Value₹ 218

Price to Book4.67

Dividend Yield0.00 %

ROCE24.0 %

ROE19.7 %

Face Value₹ 5

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ABOUT

AI Sector View

AI GENERATED

Consumer Durables

Buy

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.

Confidence

76%

View full sector analysis →

PROS

Company has delivered good profit growth of 41.6% CAGR over last 5 years
Company has a healthy return on capital (ROCE) of 21.2%
Latest quarter profit grew 49.7% YoY, showing strong momentum
Operating margins have improved to 29.7% from 26.3%
Company comfortably covers its interest (15.6x coverage)
Company maintains a comfortable, low leverage position

CONS

Receivables are growing faster than sales - a possible quality concern
A large part of profit comes from other income (29.2% of PBT)
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.50x)
Working capital days have increased from 65 to 102 days
Total debt has risen sharply - up 48.6% year on year

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Consumer DurablesConstruction MaterialsCeramics/Marble/Granite/Sanitaryware

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	KAJARIACER	1225.80	35.29	19262.60	1.14	171.03	55.04	1328.08	20.43	23.07	19.69
2.	CERA	5571.05	29.21	7185.28	1.35	47.05	-0.86	422.19	5.36	19.41	13.05
3.	MIDWESTLTD	1015.80	33.08	3673.22	0.00	310.39	1173.13	1918.39	1248.46	27.81	25.47
4.	POKARNA	807.75	26.39	2504.35	0.07	42.60	50.56	189.42	10.79	11.85	35.89
5.	NITCO	93.59	0.00	2363.86	0.00	-10.33	-121.77	116.02	-22.48	6.58	-7.07
6.	SOMANYCERA	564.05	21.75	2313.33	1.06	34.23	365.71	749.56	24.62	14.43	11.50
7.	ASIANTILES	50.40	118.57	1494.24	0.00	8.07	11.48	530.95	36.76	2.97	6.19
8.	ORIENTBELL	401.90	28.00	591.41	0.25	8.32	2318.40	203.82	43.44	5.56	8.02
9.	EXXARO	6.36	69.49	284.55	0.00	2.07	156.24	85.22	31.25	3.69	8.18
10.	MURUDCERA	29.76	18.61	180.18	0.00	0.81	-58.06	50.09	8.54	5.23	19.10
11.	GSLSU	28.45	13.18	120.58	0.00	0.06	111.19	65.42	-12.19	-2.15	12.74
12.	PACIFICI	140.00	35.05	96.50	0.00	1.69	82.31	63.92	28.72	1.09	4.45

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	79	72	144	79	122	103	118	99
	61	56	90	63	79	63	82	78
Operating Profit	19	16	54	15	44	40	36	21
OPM %	23.52%	22.60%	37.24%	19.49%	35.71%	39.02%	30.46%	21.06%
	22	5	3	4	2	6	5	7
Interest	2	2	2	3	3	2	1	1
Depreciation	4	4	5	4	5	5	5	5
Profit before Tax	34	15	49	19	39	39	34	28
Tax %	26.46%	24.81%	25.43%	26.51%	24.99%	26.23%	25.78%	25.17%
Net Profit	25	11	37	14	29	29	26	21
	7.45	3.27	10.92	4.17	8.60	8.09	7.07	5.84

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	189	220	331	310	342	370	442
	153	165	253	246	247	260	301
Operating Profit	36	56	78	63	95	110	141
OPM %	19.16%	25.27%	23.58%	20.48%	27.76%	29.73%	31.82%
	3	15	9	19	22	35	21
Interest	5	5	6	7	7	8	7
Depreciation	13	15	13	15	15	18	20
Profit before Tax	20	51	68	61	95	119	141
Tax %	23.80%	26.75%	25.45%	25.77%	23.61%	25.40%	25.56%
Net Profit	16	37	51	45	73	88	105
EPS	1700.56	4429.17	6851.86	13.37	752.02	26.17	—
Dividend Payout %	0.00%	0.00%	0.00%	29.58%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 14%
3 Years:: 4%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 42%
3 Years:: 20%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: —
5 Years:: 17%
3 Years:: 18%
Last Year:: 20%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	1	1	1	1	10	17
	222	249	300	345	395	476
	62	62	59	86	62	84
Trade Payables	1	8	7	11	9	23
	52	67	110	52	94	93
Total Liabilities	338	387	477	494	569	692
	157	168	182	198	197	219
Capital Work in Progress	5	6	8	1	7	27
	71	69	79	90	112	92
	21	34	34	40	29	21
	0	0	0	0	47	128
Cash & Bank	3	5	24	3	4	5
	81	106	150	161	174	199
Total Assets	338	387	477	494	569	692

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	57	67	109	-11	106	21
Cash from Investing	-36	-37	-78	-0	-65	-43
Cash from Financing	-9	-17	-8	21	-41	24
	1	1	2	-3	1	1

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025

Shareholding Pattern

Numbers in percentages

	Oct 2025	Dec 2025	Mar 2026	Jun 2026
	77.13	77.13	77.13	77.12
	2.11	4.70	4.37	3.88
	12.53	13.70	13.78	14.46
Government	0.00	0.00	0.00	0.00
Public	8.25	4.46	4.71	4.44

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-08

Updates

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

Copy of Newspaper Publication

2026-09-08 - Midwest Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-07

Shareholders meeting

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

Copy of Newspaper Publication

2026-09-03 - Midwest Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-31

Bagging/Receiving of orders/contracts

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

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-20 - Midwest Limited has informed the Exchange about Transcript

2026-08-13

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-13 - Midwest Limited has informed the Exchange about Link of Recording of the Q1 FY27 Earnings Call

2026-08-13

Investor Presentation

2026-08-13 - Midwest Limited has informed the Exchange about Investor Presentation

2026-08-13

Copy of Newspaper Publication

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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Name

KAJARIACER

1225.80

35.29

19262.60

1.14

171.03

55.04

1328.08

20.43

23.07

19.69

CERA

5571.05

29.21

7185.28

1.35

47.05

-0.86

422.19

5.36

19.41

13.05

MIDWESTLTD

1015.80

33.08

3673.22

0.00

310.39

1173.13

1918.39

1248.46

27.81

25.47

POKARNA

807.75

26.39

2504.35

0.07

42.60

50.56

189.42

10.79

11.85

35.89

NITCO

93.59

0.00

2363.86

0.00

-10.33

-121.77

116.02

-22.48

6.58

-7.07

SOMANYCERA

564.05

21.75

2313.33

1.06

34.23

365.71

749.56

24.62

14.43

11.50

ASIANTILES

50.40

118.57

1494.24

0.00

8.07

11.48

530.95

36.76

2.97

6.19

ORIENTBELL

401.90

28.00

591.41

0.25

8.32

2318.40

203.82

43.44

5.56

8.02

EXXARO

6.36

69.49

284.55

0.00

2.07

156.24

85.22

31.25

3.69

8.18

MURUDCERA

29.76

18.61

180.18

0.00

0.81

-58.06

50.09

8.54

5.23

19.10

GSLSU

28.45

13.18

120.58

0.00

0.06

111.19

65.42

-12.19

-2.15

12.74

PACIFICI

140.00

35.05

96.50

0.00

1.69

82.31

63.92

28.72

1.09

4.45

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

144

122

103

118

Operating Profit

OPM %

23.52%

22.60%

37.24%

19.49%

35.71%

39.02%

30.46%

21.06%

Interest

Depreciation

Profit before Tax

Tax %

26.46%

24.81%

25.43%

26.51%

24.99%

26.23%

25.78%

25.17%

Net Profit

7.45

3.27

10.92

4.17

8.60

8.09

7.07

5.84

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

189

220

331

310

342

370

442

153

165

253

246

247

260

301

Operating Profit

110

141

OPM %

19.16%

25.27%

23.58%

20.48%

27.76%

29.73%

31.82%

Interest

Depreciation

Profit before Tax

119

141

Tax %

23.80%

26.75%

25.45%

25.77%

23.61%

25.40%

25.56%

Net Profit

105

EPS

1700.56

4429.17

6851.86

13.37

752.02

26.17

—

Dividend Payout %

0.00%

29.58%

0.00%

—

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

222

249

300

345

395

476

Trade Payables

110

Total Liabilities

338

387

477

494

569

692

157

168

182

198

197

219

Capital Work in Progress

112

128

Cash & Bank

106

150

161

174

199

Total Assets

338

387

477

494

569

692

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

109

-11

106

Cash from Investing

-36

-37

-78

-0

-65

-43

Cash from Financing

-9

-17

-8

-41

-3

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Oct 2025

Dec 2025

Mar 2026

Jun 2026

77.13

77.12

2.11

4.70

4.37

3.88

12.53

13.70

13.78

14.46

Government

0.00

Public

8.25

4.46

4.71

4.44

Midwest Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

Midwest Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI