Midwest IPO Review & Investor Guide – IPO Watch

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For traders, it may be fairly difficult to determine if the Midwest IPO is an efficient funding or not. If you’re not sure and nonetheless serious about whether or not to use or skip this IPO, don’t fear. In this text, we current the highest key components and an in depth overview of the Midwest IPO. This will assist you to analyze the strengths, dangers, and monetary particulars of the Midwest IPO, making your funding determination higher.

About Company 

Founded in 1981, Midwest Limited is likely one of the main corporations concerned within the enterprise of exploration, mining, processing, advertising and marketing, distribution, and export of pure stones. 

The firm has over 40 years of expertise within the pure stone trade, from mining and processing to gross sales, distribution, and advertising and marketing of various kinds of pure stones, they cowl every part. Moreover, the Midwest is the most important producer and exporter of Black Galaxy Granite, which is quite a lot of Granite that’s glowing with flakes of a golden hue, Absolute Black Granite (a spread identified for its exceptional floor end), and Tan Brown Granite in India. 

The firm consists of 16 energetic granite mines in 6 places throughout Telangana and Andhra Pradesh in India. Over the years of arduous work, the corporate has established a powerful worldwide presence by exporting its merchandise to 17 international locations, primarily China, Italy, and Thailand. Its main shoppers embody MP STENEKO AB (Sweden), GI-MA STONE SRL (Italy), Quanzhou Xingguang Stone Co., Ltd. (China), The Xiamen Group (China), King Marble and Granite Co. Limited (Thailand), and extra. Midwest Limited Company consists of a complete of 1,326 staff as of June 30, 2025.

Strengths

  • Midwest is India’s largest producer and exporter of Black Galaxy Granite, which is a premium sort of Granite.
  • From mining to distribution, the corporate has its presence throughout all the granite worth chain. 
  • The firm’s precedence is on analysis, growth, and using expertise.
  • The firm consists of skilled promoters and a talented administration crew who’ve greater than 40 years of expertise within the mining trade.

Weaknesses

  • The quantity and high quality of mine stones might be completely different from what they count on them to be. Also, the mine life will not be correct, or adjustments within the worth or value of the mine will not be worthwhile to function.
  • The mining enterprise requires many approvals to function its enterprise. Meaning typically granting or renewing approvals can take time, which might badly impression the enterprise, money movement, and total monetary situation.
  • Midwest is increasing into a brand new enterprise section, and if it fails to develop on this new section efficiently can badly have an effect on the enterprise, money movement, and monetary efficiency.
  • The firm largely generated its income from the highest 10 clients, which means that if it will get much less income from these clients, then it could possibly adversely impression the enterprise, earnings, and money movement. 

Midwest IPO Review 

Midwest IPO Details

IPO Open Date: October 15, 2025
IPO Close Date: October 17, 2025
Face Value: ₹5 Per Equity Share
IPO Price Band: ₹1014 to ₹1065 Per Share
Issue Size: ₹451 Crores
Offer-for-Sale Up to 18,87,323 Equity shares
Registrar  Kfin Technologies Ltd.
IPO Lead Managers Dam Capital Advisors Ltd.
Intensive Fiscal Services Pvt. Ltd.
Motilal Oswal Investment Advisors Ltd
Basis of Allotment October 20, 2025
IPO Listing Date: October 24, 2025
Listing  BSE, NSE

Financial Performance Trend Details 

Amount in ₹ Crore

Particulars  30 Jun 2025 31 Mar 2025 31 Mar 2024
Total Income 146.47 643.14 603.33
EBITDA 38.97 171.78 151.44
PAT 24.38 133.30 100.32
Net Worth 577.03 553.69 421.93
Total Borrowings 270.11 236.61 120.48

Peer Comparison with the Company

Name of the Company Face Value per Equity Share (₹) P/E EPS (Basic) (₹) RoNW (%) NAV(₹ per Share)
Midwest  Limited ₹5 [●] ₹39.42 22.11% ₹163.75
Pokarna Limited ₹2 12.73x ₹60.49 24.11% ₹250.93

Key Performance Indicator

KPI Values
ROE 19.42%
ROCE 18.84%
PAT Margin  17.17%
Debt/Equity 0.43
RoNW 22.11%
EBITDA Margin 27.43%
Price to Book Value  6.50
  • Mr. Kollareddy Rama Raghava Reddy, born on April 28, 1953, aged 72 years, is the Founder and one of many Promoters of the Company. He holds 24,879,304 shares, representing 73.58% of pre-Issue paid-up capital within the firm.
  • Mr. Kollareddy Ramachandra is likely one of the Promoters of the Company and can be the Whole-time Director and Chief Executive Officer of the Company. He holds 1,690,621 shares, representing 5.00% of pre-issue paid-up capital within the firm.
  • Kukreti Soumya is likely one of the Promoters of the Company and can be a Wholetime Director on the Board. She holds 1,690,621 shares, representing 5.00% of pre-issue paid-up capital within the firm.
  • Mrs. Uma Priyadarshini Kollareddy is likely one of the Promoters of the Company and can be a Whole-time Director on the Board. She holds 338,124 shares, representing 1.00% of pre-issue paid-up capital within the firm.

Information on Industry’s P/E Ratio 

The firm’s Midwest IPO didn’t present the P/E ratio within the RHP. However, let’s take a look at the mining trade’s peer P/E ratio to know it extra. 

Particulars Peer P/E Name of the Listed Peer
Highest 12.73 Pokarna Limited
Lowest 12.73 Pokarna Limited
Average 12.73 Pokarna Limited

Midwest  IPO – Should You Apply or Not?

Midwest Limited encompasses a robust market management in Black Galaxy Granite, constant monetary efficiency, and enlargement plans in quartz and granite processing can promote future development. However, Regulatory and Environmental Risks, worth volatility, and premium valuation are a few of the main considerations. 

The verdict is that short-term traders can apply for the itemizing positive aspects after valuing the GMP and the market sentiment & demand. Long-term traders should consider the dangers, the corporate’s total efficiency, and regulatory dependencies earlier than subscribing.

Please be aware:

Investors are suggested to make their very own choices and apply totally at their very own danger. This article makes use of data from the corporate’s RHP (Red Herring Prospectus) information and on-line sources. If you have got any queries, kindly contact the IPO Watch Team.



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