Midwest Ltd. IPO

IPO Details		RHP:
Bidding Date Oct 15, 2025	IPO Price Range ₹1014 to ₹1065 per share	IPO Size ₹451.00 Cr
Listing Exchange BSE, NSE	Listing Date Oct 24, 2025	Lot Size 14 shares

Minimum Investment
₹14,896/56shares

IPO Timeline

Open DateOct 15, 2025

Close DateOct 17, 2025

Allotment FinalisationOct 20, 2025

Demat TransferOct 23, 2025

Refund InitiationOct 23, 2025

ListingOct 24, 2025

About Midwest Ltd. IPO

Midwest Limited, established in 1981, is one of India’s leading granite mining and natural stone exporters, renowned globally for its signature Black Galaxy Granite. The company operates 16 granite mines across Telangana and Andhra Pradesh, producing premium varieties like Absolute Black, Tan Brown, and Quartzite. With dedicated granite processing plants in both states and over 1,300 employees, Midwest ensures superior quality control and operational efficiency.

The company has secured 25 mining locations across Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu, strengthening its future growth pipeline. With exports to 17 countries across five continents, including major markets like China, Italy, and Thailand, Midwest Limited has built long-term relationships with international clients in the construction and interior design industries. Its integrated operations, strong resource base, and global distribution network make it a key player in India’s granite export and mining sector.

Midwest Ltd. IPO Subscription Status

Date	QIB	NII	Retail	Total
TBA	0	0	0	0
TBA	0	0	0	0

Midwest Ltd. IPO Financial Status

Particulars (in Rs. Crores)	30 Jun 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	1,082.81	1,058.70	757.12	656.00
Total Income	146.47	643.14	603.33	522.23
Profit After Tax	24.38	133.30	100.32	54.44
EBITDA	38.97	171.78	151.44	89.59
Net Worth	577.03	553.69	421.93	334.92
Reserves and Surplus	625.60	602.26	484.86	408.88
Total Borrowing	270.11	236.61	120.48	149.08

Midwest Ltd. IPO SWOT Analysis

Strengths

India’s largest producer and exporter of Black Galaxy Granite, contributing over 23% of national exports in FY2024.
End-to-end control from mining to processing to export ensures quality consistency and cost efficiency.
Exports to 17 countries across five continents, reducing reliance on any single geography.
Offers granite, marble, and quartz products catering to construction and renewable energy industries.
Over four decades of expertise enhances credibility and operational excellence.
New quartz processing plant and secured mining sites strengthen future scalability.

Weaknesses / Risks

Heavy reliance on global markets makes revenue vulnerable to international demand cycles.
Fluctuations in raw material and energy costs can impact margins.
Frequent changes in mining and environmental laws may increase compliance costs.
Exposure to foreign exchange fluctuations affects profitability.
Heavy operational focus in Telangana and Andhra Pradesh poses location-specific risks.
Faces strong domestic and international rivalry impacting pricing power.