Established in 1981 and headquartered in Hyderabad, Midwest is a natural stone company specializing in the exploration, mining, processing, and export of premium granites and quartz-based materials. The company is India’s largest producer and exporter of Black Galaxy Granite, accounting for approximately 23% of the nation’s exports in this category during FY2024. With a diversified product portfolio that includes Absolute Black Granite, Quartzite, and Laza Grey Marble, Midwest serves clients across the construction, interior design, and renewable energy sectors. The company operates a fully integrated mine-to-market model and is expanding into high-value materials like heavy mineral sands and quartz grit to support industries such as semiconductors and titanium-based manufacturing.
IPO schedule
Issue open date
2025-10-15
Issue close date
2025-10-17
UPI mandate deadline
2025-10-17 (5 PM)
Allotment finalization
2025-10-20
Refund initiation
2025-10-23
Share credit
2025-10-23
Listing date
2025-10-24
Mandate end date
2025-11-01
Lock-in end date for anchor investors (50%)
2025-11-19
Lock-in end date for anchor investors (remaining)
2026-01-18
Financials
Financial Year Ended
March 2024
March 2025
June 2025
Total Assets
757.12
1058.70
1082.81
Revenue
603.33
643.14
146.47
Profit After Tax
100.32
133.30
24.38
Issue size
Funds Raised in the IPO
Amount
Overall
₹451 crores
Fresh Issue
₹250 crores
Offer for sale
₹201 crores
Utilisation of proceeds
Purpose
INR crores (%)
Capital expenditure for Phase II Quartz Plant (Subsidiary)
127.05 (50.8%)
Capital expenditure for Electric Dump Trucks
25.76 (10.3%)
Capital expenditure for integration of solar energy
3.26 (1.3%)
Repayment of borrowings
53.8 (21.5%)
General corporate purposes
40.13 (16.1%)
Strengths
Over four decades of experience in the natural stone industry with a strong global presence.
Market leadership in Black Galaxy Granite exports, holding a 23% share of India’s exports in FY2024.
Diversified product portfolio catering to multiple industries, including construction and renewable energy.
Integrated operations from mining to distribution, enhancing operational efficiency.
Strategic expansion into high-value materials like quartz grit and heavy mineral sands.
Risks
High dependency on export markets, making revenues susceptible to global economic fluctuations.
Exposure to raw material price volatility impacts production costs.
Intense competition in the natural stone industry could affect market share.
Regulatory changes in environmental policies may necessitate operational adjustments.
Currency exchange rate fluctuations could impact profitability from exports.