Introduction
Midwest Ltd., a leading player in mining, mineral processing, and infrastructure development, has filed for its IPO, aiming to capitalize on India’s growing demand for natural resources and construction materials. Known for its expertise in iron ore and granite mining, as well as infrastructure execution, Midwest has built a strong presence across India and overseas. Its upcoming ₹451 crore issue is poised to be one of the most closely tracked industrial IPOs of the year.
IPO Details
| Detail | Information |
| Opening Date | 15 Oct 2025 |
| Closing Date | 17 Oct 2025 |
| Price Band | ₹1014 – ₹1065 per share |
| Issue Size | 42,34,740 shares (aggregating up to ₹451.00 Cr) |
| Lot Size | 14 shares per lot |
| Minimum Investment (Retail) | ₹14,910 (at upper price band) |
| Listing Exchanges | BSE & NSE |
| Expected Listing Date | 24 Oct 2025 |
Source: BSE | Chittorgarh
Business Overview
Midwest Ltd. is a diversified mining and infrastructure company with operations spanning iron ore, granite, quartz, and heavy mineral sands. Established in 1981 and headquartered in Hyderabad, the company has evolved into an integrated player across the natural resources value chain, combining mining, mineral processing, and infrastructure execution.
Its key business segments include:
- Mining and Quarrying: Extraction of iron ore, granite, and heavy minerals through its own leases and joint ventures in India and overseas.
- Mineral Processing: Value-added production of quartz grit and powder through its subsidiary, Midwest Neostone Pvt. Ltd., catering primarily to the engineered stone and solar glass industries.
- Infrastructure Development: Execution of civil, material handling, and road construction projects through public and private partnerships.
The company operates across Andhra Pradesh, Telangana, Odisha, and select international locations such as Africa and Sri Lanka. Midwest is also expanding its capacity through the Phase II quartz processing plant at Prakasam, Andhra Pradesh, and investing in solar energy integration and electric dump trucks to enhance efficiency and reduce environmental impact.
Source: RHP
Financial Performance (Amount in ₹ Crore)
| Particulars | 31 Mar 2025 (Consolidated) | 31 Mar 2024 (Standalone) | 31 Mar 2023 (Standalone) |
| Assets | 1,058.70 | 757.12 | 656.00 |
| Total Income | 643.14 | 603.33 | 522.23 |
| Profit After Tax | 133.30 | 100.32 | 54.44 |
Source: RHP | Chittorgarh
Company’s Strengths & Weaknesses
Strengths
- Diversified operations across mining and infrastructure
- Integrated presence from extraction to processing
- Long-standing industry experience and mining rights
- Expanding quartz capacity for solar and engineered stone markets
- Investing in sustainability and energy-efficient operations
Weaknesses / Risks
- Cyclical demand linked to commodity and infrastructure cycles
- Exposed to regulatory and environmental approval risks
- High capital intensity and dependence on global mineral prices
- Significant portion of IPO is offer-for-sale, limiting fund inflow to the company
Key IPO Highlights
- Sector play: Opportunity to invest in one of India’s established mining and infrastructure companies
- Expansion drive: Funds to support quartz plant Phase II, solar integration, and electric fleet upgrades
- Growth potential: Rising demand for construction materials and engineered stone in India and overseas
- Valuation watch: Premium pricing expected given strong asset base and diversified operations
- IPO timeline: Issue opens Oct 15 and closes Oct 17; listing expected on Oct 24 2025
Conclusion
Midwest Ltd.’s IPO offers investors exposure to India’s expanding mining and infrastructure sector. With a diversified portfolio, decades of experience, and upcoming capacity expansion, the company is positioned to benefit from rising demand for minerals and construction materials. However, regulatory risks, commodity price swings, and high capital intensity could influence investor sentiment and post-listing performance.
Source: RHP
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