ALFA Finder
The call ran from 3:01 PM to 4:02 PM IST (1 h 1 min).
Key takeaways
H1 FY27 revenue +24%, PAT ~+17%, but operating cash flow turned negative on receivables, inventory and early payables. Quartz hit 16k tons in Q2 and is still ramping. Management is confident on targets; its cash-flow explanation is defensive.
| Management target | Revenue 150.0% |
|---|
| Revenue growth | Q2 revenue +15% YoY, PAT ~9%; H1 revenue +24%, PAT ~17%. |
|---|---|
| Margins | Granite H1 margin ~18%; quartz H1 EBITDA ~12%, Q2 one-off boosted. |
| Demand visibility | Quartz demand anchored by one large domestic customer; exports deferred. |
| Management confidence | Confident on long-term targets; defensive on negative operating cash flow. |
Growth
Q2 revenue +15% YoY, PAT ~9%; H1 revenue +24%, PAT ~17%. Q2 quartz EBITDA lifted by one-off recovery of scrapped material.
Outlook
Quartz ~₹90 Cr FY27 revenue (comfort); 2.5x revenue, 3x profit, 35% ROCE in 3-4 years on ₹300 Cr capex.
Risks
Negative H1 operating cash flow from receivables push and inventory build; KMML stalled on Kerala government transition.
Last quarter's promises, checked
Delivered
- Q2 quartz 10-12k t/mth run-rate → 16k t (= BEAT)
- Granite H1 growth ~12% → volume +14% (= BEAT)
Partly delivered
- Granite Q2 growth ~12% → Q2 volume ~7% (= PARTIAL)
- Quartz profit this FY → H1 EBITDA ~12%, Q2 one-off boosted (= PARTIAL)
- FY27 revenue ₹840 Cr (~30% growth implied) → H1 +24% YoY (= PARTIAL)
Missed
- Quartz FY27 ₹100-120 Cr → ~₹90 Cr (= MISS)
- Granite EBITDA 26-27% → H1 ~18% (= MISS)
- KMML activity next quarter → stalled (= MISS)
Summary by ALFA Finder, written with AI assistance from our own recording of the call, published . Open it on ALFA Filings ›
The results behind this call
Midwest Q2 FY27 Results: Net Profit ₹30.2 Cr, Up 9.0% YoY
Midwest Ltd reported revenue from operations of ₹182.5 Cr (+15.0% YoY) and net profit of ₹30.2 Cr (+9.0% YoY) for Q2 FY27.
- Key figure
- Net profit ₹30.2 Cr · +9.0% YoY
What management said last time
Full summary →From the call summary published .
Outlook they gave
FY27 revenue guidance is ₹840cr vs ₹645cr in FY26; Quartz phase 2 commissioning in 10-12 months.
Growth they described
Revenue grew 35% YoY driven by Granite; Quartz started with ₹5cr revenue targeting 15,000 tons/month throughput.
Call details
| Company | Midwest Ltd |
|---|---|
| NSE symbol | MIDWESTLTD |
| ISIN | INE0XAD01024 |
| Call | Q2 FY27 earnings call |
| Date | Wednesday, 11 November 2026 |
| Time | 3:00 PM IST |
| Length | 1 h 1 min |
| Audio | Our stream on YouTube ↗ |
Midwest Ltd: key numbers
- Share price
- ₹987.50
- Market cap
- ₹3,571 Cr
- Revenue (annual)
- ₹645.6 Cr
- Net profit (annual)
- ₹104.8 Cr
- P/E (TTM)
- 31.7×Sector 33.4×
- Promoter holding
- 77.12%+0.00% QoQ
- FII holding
- 3.84%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
Other calls on Wed, 11 Nov
Today's concalls →
