Midwest LimitedMetals & MiningMIDWESTLTD
Q1 FY27 earnings callMidwest Limited
Midwest started FY27 strong with 35% revenue growth led by granite and commenced quartz commercialization while securing strategic international MoUs for rare earths.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue Growth YoY | 35% | — | |
| EBITDA Growth YoY | 25% | — | |
| PAT Growth YoY | 27% | — | |
| Quartz Q1 Revenue | INR5 crores | — |
TL;DR
- Q1 revenue grew 35%, EBITDA 25%, PAT 27% year-on-year despite higher diesel costs.
- Quartz segment sold 5,000 tons generating INR5 crores in Q1; targets 120,000 tons for FY27 with volume ramp-up.
- Signed MoU with Indonesia's PERMINAS for rare earths (including heavy rare earths), targeting JV formation this quarter.
- Sri Lanka project policy finalized; finalizing data for license, expecting to start development next quarter.
- Kerala JV progress paused awaiting new government appointments.
- FY27 revenue guidance is INR840 crores, with INR720 crores from granite and INR120 crores from quartz.
Said on the call
“We have started the year with a strong note in terms of numbers.”
From the Q&A
| Topic | What management said |
|---|---|
| Quartz Business Volumes & Break-even | Sold 5,000 tons in Q1; targets 10,000 tons/month run rate next quarter, break-even at 10,000 tons/month (expected Q3), and FY27 revenue of INR120 crores. |
| Indonesia MoU Details | MoU with PERMINAS for rare earths, focusing on heavy rare earths (DyTb); aims to convert to JV this quarter, with capital from Midwest and PERMINAS; expects project cash flows in 12-15 months. |
| Sri Lanka Project Timeline | Policy finalized; finalizing project report for license; expects to break ground in October, with plant build-out and operations in 12-15 months, contributing in FY29. |
| FY27 Guidance & Margins | Revenue guidance INR840 crores (INR720cr granite, INR120cr quartz); granite margins stable; quartz to lower blended EBITDA this year, improve to ~30% next year; overall blended EBITDA around 29-30% in FY28. |
| Capex Plans | Quartz Phase 2 capex ~INR125 crores over FY27/FY28; Sri Lanka plant capex ~INR120 crores; funding from internal accruals and low debt (0.2x gearing). |
| Diesel Cost Impact & Mitigation | Diesel cost rose from INR85 to INR125-130/litre, impacting margins by 190 bps; offset by price increases (~3-5%), fleet electrification, and solar back-integration to reduce future exposure. |
Guidance
- FY27 revenue estimated at INR840 crores (vs. prior year INR645 crores), with ~INR720 crores from granite and ~INR120 crores from quartz.
- Granite revenue growth of 10-12% expected year-on-year.
- Quartz Phase 1 expected to generate INR180-200 crores revenue in FY28.
- Overall blended EBITDA margin for FY28 estimated around 29-30%.
- Sri Lanka and Indonesia projects expected to start contributing revenue in FY29.
Source
Summary written from the transcript filed by Midwest Limited for the call held on 13 Aug 2026; published 21 Aug 2026, 13:17 IST.