Midwest Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Midwest Ltd filed with BSE on 20 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Midwest Limited reported Q1 FY27 revenue growth of 35% year-on-year, with EBITDA growth of 25% and PAT growth of 27%, driven largely by the granite business. Management discussed the quartz plant ramp-up, an MoU signed with Indonesia's PERMINAS for rare earth exploration, and progress on the Sri Lanka HMS project following finalization of the relevant government policy. Diesel cost volatility compressed granite EBITDA margins by 190 basis points during the quarter, which management attributed to a spike in diesel prices.
Numbers mentioned
Revenue growth: 35% (Q1 FY27 vs Q1 FY26)
p. 3
“we have a revenue growth of 35%, EBITDA 25%, and a PAT growth of 27%”
Ram Kollareddy, page 3 of the filed PDF · View the filing
Quartz revenue: INR5 crores (Q1 FY27)
p. 3
“we generated around INR5 crores of revenue”
Ram Kollareddy, page 3 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Quartz annual production — around 120,000 tons · FY27
stated firmly by Management
p. 13
“we will be doing around 120,000, so that is the effect of that”
Management, page 13 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management laid out a quarter-by-quarter ramp reaching 15,000 tons by Q4.
Answered by Management
Asked by Arvind: When will quartz production reach 15,000 tons per month?
p. 5
“So this quarter we are looking at around 20,000 and the next quarter by the end of this quarter, we will be able to touch a run rate of 10,000.”
Management, page 5 of the filed PDF · View the filing
Management said break-even is expected in Q3 with a small profit by year-end, not full optimum EBITDA until next year.
Answered by Management
Asked by Archit Agarwal: At what utilization does quartz reach EBITDA break-even?
p. 5
“break -- for your question break-even will be achieved maybe in Q3 and then at the end of the year, you will see a profit -- some profit.”
Management, page 5 of the filed PDF · View the filing
Management explained the MoU gives access to heavy rare earths (dysprosium, terbium) via Indonesian ionic clay deposits, with a JV expected to form and progress toward cash flows in 12-15 months post-JV formation.
Answered by Management
Asked by Yash Purbhe: What is the strategic rationale and timeline for the Indonesia MoU with PERMINAS?
p. 6
“So this MOU is giving us access to not only light rare earths, but also heavy rare earths.”
Management, page 6 of the filed PDF · View the filing
Management said demand and pricing were good, with over 30% topline growth excluding quartz, while diesel cost remained the main pressure.
Answered by Management
Asked by Chirag Gandhi: How did the granite business perform and how is demand shaping up?
p. 8
“Demand is good, you can see from the numbers we have 35% topline growth. I think if you remove the quartz part, we are still above 30.”
Management, page 8 of the filed PDF · View the filing
Management attributed the sequential decline to seasonal Q4 strength tied to Chinese New Year stocking patterns rather than an underlying weakness.
Answered by Management
Asked by Deepesh J.: What drove the quarter-on-quarter decline versus Q4, and was it seasonal?
p. 10
“our specific industry, we are most of the material is being sold to China and exports are to China and Chinese New Year is the biggest influencing factor in that timeline.”
Management, page 10 of the filed PDF · View the filing
Management said the guidance is deliberately conservative and they aim to over-deliver relative to the stated numbers.
Answered by Management
Asked by Alok Deora: Why does FY27 revenue guidance appear conservative given the Q1 run rate?
p. 11
“we basically as a company, we want to promise less and over-deliver, so these are considerable estimates, I mean, conservative estimates.”
Management, page 11 of the filed PDF · View the filing
Management said a production technical glitch has been resolved but full-year volume guidance has been revised down to around 120,000 tons.
Answered by Management
Asked by Archit Agarwal: Is the previously guided 150,000 tons of quartz production for FY27 still achievable?
p. 13
“We will not be able to do -- we are not doing 150,000 tons, we will be doing around 120,000, so that is the effect of that.”
Management, page 13 of the filed PDF · View the filing
Management said there was no progress this quarter due to a change in state government and absence of a new MD at KMML, but expects activity to resume once the new team is in place.
Answered by Management
Asked by Manish Gupta: What is the status of the Kerala JV with the Kerala government?
p. 14
“KMML there is no activity post that.”
Management, page 14 of the filed PDF · View the filing
Management said there was no update this quarter, citing local issues with certain concessions and minimal spend.
Answered by Management
Asked by Balamurali: What is the update on the Sierra Leone subsidiary?
p. 19
“we have looked at a couple of concessions which had local issues, so we are still actively looking for there.”
Management, page 19 of the filed PDF · View the filing
Risks flagged
Diesel price volatility increasing granite cost and compressing margins
p. 3
“we have faced a lot of volatility, especially higher prices on diesel for the last quarter compared to the Q1 of previous year”
Ram Kollareddy, page 3 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.