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Midwest IPO
Midwest Ltd
₹14,196 /14 sharesMinimum Investment
Midwest IPO Listing Details
| Listed On | Issue Price | Listing Price | Listing Gains |
|---|---|---|---|
| BSE | ₹1,065.00 | ₹1,165.00 | ₹100.00 (9.39%) |
Midwest IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 15 Oct ‘25 - 17 Oct ‘25 | ₹14,196 | 14 | ₹1,014 - ₹1,065 |
| Issue Size | IPO Doc |
|---|---|
| 451 Cr | RHP PDF |
Subscription rate
As of 17 Oct'25, 04:01 PM
| Qualified Institutional Buyers | 125.07x |
| Non-Institutional Investor | 163.08x |
| Retail Individual Investor | 21.63x |
| Employees | 22.44x |
| Total | 81.29x |
About Midwest
Founded in
1981
MD/CEO
Mr Kollareddy Ramachandra
Parent organisation
Midwest Ltd
Midwest Ltd IPO
https://www.youtube.com/watch?v=7rVw8rOYXVY
Strengths & Financials of Midwest
Strengths
Risks
Midwest Limited claims to be India’s largest producer and exporter of black galaxy granite, a premium variety available in only one village in Andhra Pradesh. The company claims to have produced 66,548 cubic metres during FY25 and held approximately 64 percent of the Indian export market for this variety of granite.
Midwest Limited claims to have end-to-end capabilities in the dimensional granite segment, spanning extraction, processing, and distribution. The company operates 16 granite mines and two processing facilities, which allow it to cut and polish granite blocks into final products such as countertops, steps, window sills, and cladding. It also claims to maintain a stockyard at Krishnapatnam port and utilise flexible supply chain models, including ex-mine and cost-insurance-freight delivery, enabling consistent supply, inventory optimisation, and support for international distribution to key markets such as China and Italy.
Midwest Limited claims to have a long-standing presence in India’s dimensional stone mining sector, operating 20 mines, including 16 granite, 3 quartz, and 1 marble mine, with a resource base across Telangana, Andhra Pradesh, Karnataka, and Tamil Nadu. The company claims to deploy modern and specialised equipment, including excavators, dump trucks, wire saws, and mechanical drills, and leverages over 40 years of sectoral experience to maintain regulatory approvals and licenses. Its established scale, resource base, and operational expertise provide a competitive advantage over new and unorganised players in the capital-intensive and heavily regulated natural stone mining industry.
The company has reported a consistent increase in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 502.52 crore in FY23 to Rs 585.62 crore in FY24 and Rs 626.18 crore in FY25. PAT increased from Rs 54.44 crore in FY23 to Rs 100.32 crore in FY24 and Rs 133.30 crore in FY25.
Midwest Limited’s estimates of natural stone reserves in its mines may differ materially from the quantity and quality actually recoverable. Factors such as market price fluctuations, changes in operating and capital costs, or reduced recovery rates may render certain reserves uneconomical to exploit. Any material deviation in reserve estimates or mine life projections could adversely affect the company’s business, cash flows, and financial condition.
Midwest Limited and its promoter, Kollareddy Rama Raghava Reddy, are involved in a dispute with BEML Limited regarding the operations of their jointly held subsidiary, BEML Midwest Limited, which is currently under liquidation by order of the National Company Law Tribunal. Various legal and regulatory proceedings, including investigations by the Ministry of Corporate Affairs and prior CBI inquiries, have taken place, with certain recommendations against the promoter. Any such proceedings, or any further regulatory actions in relation to this dispute, could adversely affect the company’s and the promoter’s financial condition and reputation and, consequently, may affect the company’s business and results of operations.
The top 10 customers accounted for Rs 89.94 crore (63.22 percent) of the company’s revenue for the period ended June 30, 2025; Rs 320.67 crore (51.21 percent) in FY25; Rs 283.27 crore (48.37 percent) in FY24; and Rs 268.89 crore (53.51 percent) in FY23. Contracts with these customers typically range from two to three years and may be terminated without prior notice or compensation. Any failure to retain these key customers, a reduction in business volume, or adverse changes in their financial condition could affect the company’s business, cash flows, and financial condition.
The company derives a substantial portion of its revenue from China. It accounted for Rs 78.39 crore (55.10 percent) of the company’s revenue for the period ended June 30, 2025; Rs 248.77 crore (39.73 percent) in FY25; Rs 319.77 crore (54.60 percent) in FY24; and Rs 252.98 crore (50.34 percent) in FY23. China acts as a global distribution hub for the granite industry, and a significant portion of raw material is processed there before being distributed worldwide. Any adverse developments in this market, including changes in regulations, diplomatic relations, export/import laws, regional instability, or international sanctions, could adversely affect the company’s results of operations and cash flows.
The company derives a substantial portion of its revenue from the sale of black galaxy granite. It accounted for Rs 99.26 crore (69.77 percent) of the company’s revenue for the period ended June 30, 2025; Rs 435.48 crore (69.55 percent) in FY25; Rs 423.73 crore (72.35 percent) in FY24; and Rs 354.07 crore (70.46 percent) in FY23. Any disruption of production at the black galaxy granite mines or lower demand for the product could hurt the company’s business and finances.
The company’s mines, granite processing facilities, diamond wire manufacturing facility, quartz processing plant, and registered office are concentrated in two states - Telangana and Andhra Pradesh. Any disruption in these regions could hurt the company’s business and cash flows.
As of June 30, 2025, the company had contingent liabilities of Rs 140.74 crore. If any of these contingent liabilities materialise, it could adversely affect the company’s financial condition.
Midwest Limited relies on third-party transporters to move rough granite blocks to ports, stockyards, and processing facilities and depends on port facilities at Chennai, Tamil Nadu, and Krishnapatnam, Andhra Pradesh, for exports. As of June 30, 2025, the top three transporters accounted for 87.38 percent, 86.93 percent, 79.53 percent, and 61.24 percent of transportation expenditure for the period ended June 30, 2025, FY25, FY24, and FY23, respectively. Any disruptions in their operations could hurt the company’s financial standing.
The company, its promoters, and its subsidiaries are involved in certain ongoing legal proceedings, including criminal and tax-related cases. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
As of August 31, 2025, the company had financial indebtedness of Rs 225.82 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
Midwest Financials
*All values are in Rs. Cr
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Application Details of Midwest IPO
| Apply as | Price band | Apply Range |
|---|---|---|
| Regular | ₹1014 - 1065 | Upto ₹2 Lakh |
| Employee | ₹913 - 964 | Upto ₹2 Lakh |
| High Networth Individual | ₹1014 - 1065 | ₹2 - 5 Lakh |
For Midwest IPO, eligible investors can apply as Regular & Employee.