Midwest Limited is a leading natural stone company engaged in exploration, mining, processing, marketing, distribution, and export of premium-grade granite and minerals. The company is globally recognized for producing and exporting Black Galaxy Granite, a signature Indian granite known for its distinctive golden specks and superior quality.
The company operates 16 granite mines spread across six strategic locations in Telangana and Andhra Pradesh, producing a diverse range of granite varieties including Black Galaxy, Absolute Black, and Tan Brown. Midwest’s vertically integrated operations — from quarrying to large-scale processing and finishing — ensure product consistency and cost efficiency.
To strengthen its production capabilities, the company operates two major granite processing units, one each in Telangana and Andhra Pradesh, equipped with advanced machinery for cutting, polishing, and finishing natural stone blocks. In addition, Midwest has established a robust resource pipeline comprising 25 potential mining locations across Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu, providing a strong foundation for future expansion and long-term resource sustainability.
Midwest Limited has established a strong global footprint, exporting to 17 countries across five continents. Its products are in high demand in major export markets such as China, Italy, and Thailand, where they are supplied to leading stone importers and distributors.
The company’s international clientele includes:
- MP Steneko AB (Sweden)
- GI-MA Stone SRL (Italy)
- Quanzhou Xingguang Stone Co., Ltd. (China)
- The Xiamen Group (China)
- King Marble & Granite Co. Ltd. (Thailand)
As of June 30, 2025, Midwest Limited employed a total of 1,326 personnel, comprising 475 permanent employees, 822 contract workers, and 29 consultants, which reflects a strong and diverse workforce that supports its extensive mining, processing, and export operations across multiple locations.
Midwest IPO – Details
| IPO Opening Date | 15 October 2025 |
| IPO Closing Date | 17 October 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 42,34,740 Shares Worth ₹451.00 Crore Fresh Issue: 23,47,417 Shares Worth ₹250.00 Crore Offer For Sale: 18,87,323 Shares Worth ₹201.00 Crore |
| Face Value | ₹5 per equity share |
| IPO Price | ₹1014 – ₹1065 per share |
| Market Lot | 14 Shares |
| Min Order | 14 Shares [ 1 Lot ] |
| Employee Discount | ₹101 |
| Listing At | BSE, NSE |
| Register | Kfin Technologies Ltd. |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Midwest IPO – Date Schedule
| IPO Open Date | 15 October 2025 |
| IPO Close Date | 17 October 2025 |
| Basis of Allotment | 20 October 2025 |
| Initiation of Refund | 23 October 2025 |
| Credit of Shares to Demat Account | 23 October 2025 |
| IPO Listing Date | 24 October 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on October 17, 2025 |
Midwest IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 14 | ₹14,910 |
| Retail (Max) | 13 | 182 | ₹1,93,830 |
| S-HNI (Min) | 14 | 196 | ₹2,08,740 |
| S-HNI (Max) | 67 | 938 | ₹9,98,970 |
| B-HNI (Min) | 68 | 952 | ₹10,13,880 |
Competitive Strength
- India’s largest producer and exporter of Black Galaxy Granite, a premium variety of Granite, and the largest producer of Absolute Black Granite in India.
- Presence across the entire Dimensional Granite value chain from mine to distribution capabilities.
- Emphasis on research and development and technology integration.
- Significant establishment costs with a long gestation period benefit established players.
- Proven track record of financial and operational performance.
- Experienced Promoters and a professional management team with deep industry experience and a strong track record.
Company Promoters
- Mr. Kollareddy Rama Raghava Reddy
- Mr. Kollareddy Ramachandra
- Mrs. Kukreti Soumya
- Mrs. Uma Priyadarshini Kollareddy
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2023 | ₹522.23 Cr | ₹443.54 Cr | ₹54.44 Cr | ₹149.08 Cr |
| 31 March 2024 | ₹603.33 Cr | ₹465.53 Cr | ₹100.32 Cr | ₹120.48 Cr |
| 31 March 2025 | ₹643.14 Cr | ₹490.92 Cr | ₹133.30 Cr | ₹236.61 Cr |
| 30 June 2025 | ₹146.47 Cr | ₹113.60 Cr | ₹24.38 Cr | ₹270.11 Cr |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 19.42% |
| ROCE | 18.84% |
| Debt/Equity | 0.43 |
| RoNW | 22.11% |
| PAT Margin | 17.17% |
| EBITDA Margin | 27.43% |
| Price to Book Value | 6.50 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Funding capital expenditure by Midwest Neostone, the wholly owned subsidiary, towards the Phase II Quartz Processing Plant. | ₹127.05 |
| Capital expenditure for the purchase of Electric Dump Trucks to be used by the Company and APGM, our Material Subsidiary. | ₹25.76 |
| Capital expenditure for the integration of solar energy at certain Mines of the Company. | ₹3.26 |
| Pre-payment/re-payment of, in part or in full, certain outstanding borrowings of the Company and APGM. | ₹53.80 |
| General Corporate Purposes. | – |
Midwest IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 2 | Pokarna Limited | 12.73 |
✅Strengths
- India’s largest producer and exporter of Black Galaxy and Absolute Black Granite.
- Holds exclusive mining rights for rare Black Galaxy Granite found only in Andhra Pradesh.
- Advanced technology use, including electric mining equipment and captive solar power, reducing costs.
- Strong R&D and expert team of geologists and engineers for granite and quartz processing.
- Diversified portfolio with large quartz reserves (23.3 million tonnes) and a modern quartz plant.
- Global presence across multiple continents with reputed international clients.
⚠️Risks
- Environmental impact and regulatory challenges in mining operations.
- High capital intensity and dependence on manual labour.
- Customer concentration, with top 10 clients contributing ~50% of revenue.
- Heavy dependence on China for exports.
- Competition from engineered stones and synthetic alternatives.
- Economic volatility affecting global construction demand.
Midwest IPO Promoter Holding
| Pre Issue Share Holding | 95.83% |
| Post Issue Share Holding | 84.39% |
Midwest IPO Prospectus
Company Contact Information
| Midwest Ltd. 8-2-684/3/25 & 26, Road No.12, Banjara Hills Hyderabad, Telangana, 500034 Phone: +91 402330 5194 Email: cs@midwest.in Website: http://www.midwest.in/ |
Midwest IPO Registrar
| Kfin Technologies Ltd. Phone: 04067162222, 04079611000 Email: midwest.ipo@kfintech.com Website: https://ipostatus.kfintech.com/ |
Midwest IPO Lead Manager(s)
| 1. DAM Capital Advisors Limited 2. Intensive Fiscal Services Private Limited 3. Motilal Oswal Investment Advisors Limited |
Midwest IPO FAQs
| What is Midwest IPO? Midwest IPO is a main-board IPO. The issue is priced at ₹1014 to ₹1065 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will Midwest IPO open? The IPO is to open on 15 October 2025 for QIB, NII, and Retail Investors. |
| What is Midwest IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Midwest IPO Size? Midwest IPO size is ₹451.00 Crore. |
| What is the Midwest IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 14 Shares with ₹14,910, while the maximum bid is 1,82 Shares with ₹1,93,830. |
| What is the Midwest IPO Allotment Date? Midwest IPO allotment date is 20 October 2025. |
| What is the Midwest IPO Listing Date? Midwest IPO listing date is 24 October 2025. The IPO is to be listed on BSE and NSE. |
