Slide 1: Exchange filing cover letter
February 12, 2026 To, To, The Listing Department The Listing Department BSE Limited, National Stock Exchange of India Ltd., Phiroze Jeejeebhoy Towers, Exchange Plaza, Dalal Street, Bandra Kurla Complex, Bandra (East), Mumbai – 400001 Mumbai – 400051 Scrip Code: 544587 Symbol: MIDWESTLTD Dear Sir / M
Slide 2: Q3 & 9MFY26 Investor Presentation
Q3 & 9MFY26 INVESTOR PRESENTATION February 2026 www.midwest.in 8-2-684/3/25 & 26, Road No.12, Banjara Hills, Hyderabad 500 034, Telangana, India
Slide 3: Disclaimer
Disclaimer This presentation and the accompanying slides (the “Presentation”), which have been prepared by Midwest Limited (the “Company”) solely for the information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form
Slide 4: Table of Contents
Table of Contents 01 02 03 04 05 Q3 & 9MFY26 Company at a USPs Financial and Performance Glance Operating Annexures Performance www.midwest.in
Slide 5: Management Commentary & Business Outlook
Management Commentary & Business Outlook “Midwest Limited, a leading quartz processor and India’s largest producer of Black Galaxy and Absolute Black Granite, is expanding into Heavy Mineral Sands and Rare Earth Minerals. The Union Budget 2026–27 announcement of Dedicated Rare Earth Corridors for mi
Slide 6: Q3 & 9MFY26 Performance
Q3 & 9MFY26 Performance www.midwest.in
Slide 7: Q3 & 9MFY26 Strategic Update
Q3 & 9MFY26 Strategic Update Received a 30-year quarry lease work order Management has planned to add from the Department of Mines & Geology, the HPQ line along with Quartz Government of Andhra Pradesh, effective Phase II instead of its initial plan January 6, 2026, for extraction of colored of Phas
Slide 8: Q3 & 9MFY26 Financial Highlights
Q3 & 9MFY26 Financial Highlights Revenue (INR’ Cr) EBITDA (INR’ Cr) & Margin (%) PAT (INR’ Cr) & Margin (%) 200 50 35.00% 30 17.46% 20.00% 29.32% 158.69 Quarterly Results 30.00% 25 40 23.70% 27.71 13.48% 150 128.86 25.00% 12.39% 15.00% 117.12 19.95% 46.53 20 30 20.00% 100 30.54 15 17.36 10.00% 20 15
Slide 9: Q3 & 9MFY26 Income Statement
Q3 & 9MFY26 Income Statement Particulars (Rs. Cr) Q3FY26 Q3FY25 YoY Q2FY26 QoQ 9M-FY26 9M-FY25 YoY Net Revenue 128.86 117.12 10.02% 158.69 -18.80% 429.81 396.00 8.54% Total Expenses 98.31 93.75 4.87% 112.16 -12.34% 313.77 298.87 4.98% EBITDA 30.54 23.37 30.70% 46.53 -34.36% 116.05 97.12 19.48% EBITD
Slide 10: Detailed Balance Sheet
Detailed Balance Sheet Current Liabilities (Rs. Cr) 30 Sep'25 31 March'25 Assets (Rs. Cr) 30 Sep'25 31 March'25 Shareholders funds Non Current Assets Share Capital 16.91 16.91 Property, Plant & Equipment 364.36 285.63 Reserves and Surplus 656.75 602.26 Capital Work-In-Progress 80.77 116.37 NCI 14.35
Slide 11: Company at a Glance
Company at a Glance www.midwest.in
Slide 12: Strengthening Midwest's Portfolio from Granite to Quartz and Rare Earths Materials
Strengthening Midwest’s Portfolio from Granite to Quartz and Rare Earths Materials Business Model Snapshot Financial Snapshot o Over four decades of expertise in dimensional natural stone exploration, mining, processing, and global distribution across 17 countries and 5 continents, with key markets
Slide 13: Rich in Distinctive Natural Resource Strength
Rich in Distinctive Natural Resource Strength Portfolio of Mines 20 Operational Mines Producing Across India 16 3 1 Operational Granite Quartz Marble S.No Mine Location Category Mines Mines Mine 1 Vilasagar Colour Granite Arpanapally & 2 2 2 1 4 Teegalaveni Upcoming* Granite Quartz Quartzite HMS 3 Y
Slide 14: USPs
USPs www.midwest.in
Slide 15: USPs overview
4 1 2 3 4 India’s Largest Black Galaxy India’s largest integrated Quartz Diversifying into extraction of Focus on Innovation and Granite producer & exporter Processing Plant, supplying raw Heavy Mineral Sands and Rare Technology Integration for and largest Absolute Black materials to solar glass and
Slide 16: India's Largest Black Galaxy Granite producer & exporter
1 India’s Largest Black Galaxy Granite producer & exporter and Largest Absolute Black Granite Producer Key Highlights & Overview Products 66,548 cu. mtr. 15.7% ~64%2 8.47 mn CBM Black Galaxy Granite Andhra Pradesh Black Galaxy is Midwest’s Black Granite Our exports share of Blockable reserves for Bl
Slide 17: India's Largest Integrated Quartz Processor with plans to double its capacity
2 India’s Largest Integrated Quartz Processor with plans to double its capacity Commissioned Phase I of the 303,600 MTPA quartz processing plant in September 2025, serving the solar glass and engineered stone sectors, with plans to double the quartz capacity to 606,600 MTPA for Ultra-High-Purity Qua
Slide 18: Diversifying into extraction of Heavy Mineral Sands and Rare Earth Oxides
3 Diversifying into extraction of Heavy Mineral Sands and Rare Earth Oxides Secured four exploration licenses in Sri Lanka for minerals like Rutile, Ilmenite, Zircon, Garnet, Sillimanite, and Monazite, which are key feedstocks for Titanium dioxide, pigments, and Rare Earth Elements used in EVs, rene
Slide 19: Focus on Innovation and Technology Integration
4 Focus on Innovation and Technology Integration for Efficiency, Optimization, and a Greener Footprint Focus on R&D primarily comprises Technological Advancements Tracing, identifying and Developing methods to increase establishing new mineral deposits operational efficiency and improve the to expan
Slide 20: Vision for Next 3 to 4 Years
Vision for Next 3 to 4 Years 35% ROCE New Verticals Rare Earth Materials and Rs. 300 Cr. Heavy Mineral Sands; Capex High Purity Quartz (HPQ) 2.5 Times + 15% to 20% Revenue Growth Reduction in Energy Consumption to reduce Carbon Footprint 3 Times + Profitability Growth www.midwest.in
Slide 21: Financial and Operating Performance
Financial and Operating Performance www.midwest.in
Slide 22: Proven Track Record of Financial and Operational Performance
1 Proven Track Record of Financial and Operational Performance Revenue from Operations (INR’ Cr) EBITDA (INR’ Cr) PAT* (INR’ Cr) 10.83% 17.13% 17.17% 16.16% 17.83% 25.86% 27.43% 27.00% 626.18 107.51 585.62 171.78 100.32 502.52 151.44 429.81 116.05 69.45 89.59 54.44 FY23 FY24 FY25 9MFY26 FY23 FY24 FY
Slide 23: Proven Track Record of Financial and Operational Performance
2 Proven Track Record of Financial and Operational Performance Production of Black Galaxy Granite Production of Absolute Black (In cubic meters) Production of Diamond Wire (In meters) (In cubic meters) 66,548 184,866 57,519 42,820 157,544 40,105 51,672 38,120 46,871 30,624 106,366 105,928 FY23 FY24
Slide 24: Annexures
Annexures www.midwest.in
Slide 25: Experienced Promoters and Independent Directors
1 Experienced Promoters and Independent Directors Promoters of the company Independent Directors of the Company • More than 50 years of experience and expertise in the natural stone industry. • Visionary entrepreneur & expert in various technologies with the track record of Mr. Kollareddy • Bachelor
Slide 26: Strong Professional Management
2 Strong Professional Management Mr. Mallikarjuna Rao Mr. Rohit Tibrewal Mr. Dilip Kumar Chalasani Kommana (Company Secretary and (Chief Financial Officer) (Chief Operating Officer Compliance Officer) (Mines)) • Fellow member of the ICAI with more than two • Associate member of the Institute of Comp
Slide 27: Approach towards Sustainability and CSR
Approach towards Sustainability and CSR Electricity Management Water Management Energy Sources Sustainable use of water resources for water management, Focused areas are: In MWH 1 Assess water risk (availability & quality) 2 Implement water-efficient technologies 408.99 194.21 1,495.95 1,555.24 173.
Slide 28: Key Awards & Recognitions
Key Awards & Recognitions Model Granite Quarry Award Export Promotion Award Awarded by Federation of Indian Mineral Model Granite Quarry Award Awarded by Development Commissioner, Industries Awarded by FIMI in association with Visakhapatnam 2003, 2008, (FIMI) in association with All India AIGSA 2008
Slide 29: Historical Income Statement
Historical Income Statement Particulars (Rs. Cr) FY 2025 FY 2024 FY 2023 Net Revenue 626.18 585.62 502.52 Total Expenses 454.40 434.18 412.93 EBITDA 171.78 151.44 89.59 EBITDA Margin % 27.43% 25.86% 17.83% Depreciation 25.59 22.18 21.54 EBIT 146.19 129.26 68.04 EBIT Margin % 23.35% 22.07% 13.54% Oth
Slide 30: Historical Balance Sheet
Historical Balance Sheet Particulars (Rs. Cr) FY 2025 FY 2024 FY 2023 EQUITY AND LIABILITIES Share Capital 16.91 9.66 0.74 Reserve and Surplus 602.26 484.86 408.88 NCI 13.24 4.56 2.25 Net Worth 632.40 499.07 411.87 Borrowings 236.61 120.48 149.08 Other Liabilities 189.69 140.86 98.59 Total Equity an
Slide 31: Thank You
THANK YOU Sana Kapoor Sakshi Narvekar Go India Advisors Go India Advisors Investor Relations sana@GoIndiaAdvisors.com SakshiN@GoIndiaAdvisors.com M:+91 81465 50469 M:+91 87792 63625 www.midwest.in