Midwest IPO

Midwest Limited, established in 1981, is a company engaged in the exploration, mining, processing, marketing, distribution, and export of natural stones. It is best known for producing and exporting Black Galaxy Granite, a distinctive variety featuring golden sparkles. The company operates 16 granite mines across six locations in Telangana and Andhra Pradesh, offering a variety of granites including Black Galaxy, Absolute Black, and Tan Brown. It also runs one granite processing facility in each of these two states, enabling large-scale granite processing. In addition to its active mining operations, Midwest Limited has secured 25 resource locations across Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu for future mining development.

Midwest Limited has a strong global presence, exporting to 17 countries across five continents, with China, Italy, and Thailand being its main markets. Key international clients include MP STENEKO AB in Sweden, GI-MA STONE SRL in Italy, Quanzhou Xingguang Stone Co. Ltd. and The Xiamen Group in China, and King Marble and Granite Co. Ltd. in Thailand. As of June 30, 2025, the company employed 1,326 individuals, including 475 permanent employees, 822 contract workers, and 29 consultants. With a strong resource base and expansion strategy, Midwest Limited is well-positioned for sustainable growth in the global granite industry.

Midwest IPO Strengths

• Midwest Limited is India’s largest producer and exporter of Black Galaxy Granite, commanding over 23% of national exports in FY2024. The company’s industry dominance provides wide recognition and pricing power.
• The company manages operations from mining to processing to export, supporting efficiency, cost control, and quality assurance across its business segments.
• Established in 1981, Midwest brings seasoned expertise in the natural stone sector, fostering trust among clients and stakeholders.
• Midwest exports to 17 countries on five continents, ensuring diversified revenue streams and global market visibility.
• Midwest offers various granite, marble, and quartz products including Absolute Black Granite and Quartzite, catering to construction, interiors, and renewable energy industries.
• With 16 mines and multiple facilities, Midwest recently launched a new quartz processing plant and plans to expand further, enhancing long-term growth prospects.
• State-of-the-art facilities and adoption of innovative mining and processing methods allow it to maintain high quality and operational excellence.

Midwest IPO Risks

• The company’s significant dependence on exports exposes it to global demand cycles and economic fluctuations that can quickly impact financial results.
• Midwest’s operations are subject to raw material and input price swings, which can reduce margins and predictability in costs.
• The natural stone sector sees strong rivalries from domestic and international companies, which can squeeze pricing and market share
• Ongoing changes in mining and environmental regulations may require costly operational adjustments and expose the business to compliance risks.
• With extensive export activity, Midwest’s earnings are vulnerable to changes in currency exchange rates, impacting profitability.
• Geographic focus in Telangana and Andhra Pradesh means that environmental, political, or operational disruptions in these regions could hamper output.