Slide 1: Exchange filing cover letter for investor presentation
May 27, 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 / Madam,
Slide 2: Q4 & FY26 Investor Presentation
Q4 & FY26 INVESTOR PRESENTATION May 2026 www.midwest.in Level 19, Wing A, Sky One, Prestige Skytech, Financial District, Nanakramguda, Gachibowli, K.V. Rangareddy, Serilingampally, Telangana, 500032
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 Q4 & FY26 Company at a USPs Financial and Performance Glance Operating Annexures Performance www.midwest.in 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, has expanded into Heavy Mineral Sands and Rare Earth Minerals. I am happy to share that Midwest has been selected as the Lead Consortium Part
Slide 6: Q4 & FY26 Performance
Q4 & FY26 Performance www.midwest.in
Slide 7: Q4 & FY26 Strategic Update
Q4 & FY26 Strategic Update Received a 30-year quarry lease work Management has planned to order from the Department of Mines & add the HPQ line along with Geology, Government of Andhra Quartz Phase II instead of its Pradesh, effective January 6, 2026, for initial plan of Phase III. extraction of col
Slide 8: FY26 Segment-wise Financial Highlights
FY26 Segment-wise Financial Highlights Revenue (INR’ Cr) EBITDA (INR’ Cr) & Margin (%) PAT (INR’ Cr) & Margin (%) 700.00 240.00 240.00 643.78 600.00 27.55% 17.47% 190.00 190.00 500.00 177.39 400.00 140.00 140.00 300.00 112.49 90.00 90.00 200.00 40.00 40.00 100.00 -3.02 -6.01 1.84 0.00 -10.00 Granite
Slide 9: Q4 & FY26 Financial Highlights
Q4 & FY26 Financial Highlights Revenue (INR’ Cr) EBITDA (INR’ Cr) & Margin (%) PAT (INR’ Cr) & Margin (%) 250 230.19 80 32.43% 35.00% 60 25.00% 215.81 21.06% Quarterly Results 27.03% 30.00% 200 74.66 23.70% 50 17.16% 20.00% 60 25.00% 48.47 58.32 40 13.48% 150 128.86 20.00% 15.00% 40 30 37.02 100 15.
Slide 10: Q4 & FY26 Income Statement
Q4 & FY26 Income Statement Particulars (Rs. Cr) Q4FY26 Q4FY25 YoY Q3FY26 QoQ FY26 FY25 YoY Net Revenue 215.81 230.19 -6.25% 128.86 67.48% 645.62 626.18 3.10% Total Expenses 157.48 155.53 1.26% 98.31 60.18% 471.25 454.40 3.71% EBITDA 58.32 74.66 -21.88% 30.54 90.96% 174.37 171.78 1.51% EBITDA Margin
Slide 11: Detailed Balance Sheet
Detailed Balance Sheet Current Liabilities (Rs. Cr) 31 March'26 31 March'25 Assets (Rs. Cr) 31 March'26 31 March'25 Shareholders funds Non Current Assets Share Capital 18.08 16.91 Property, Plant & Equipment 386.26 285.63 Reserves and Surplus 944.29 602.26 Capital Work-In-Progress 90.37 116.37 NCI 1
Slide 12: Company at a Glance
Company at a Glance www.midwest.in
Slide 13: Strengthening Midwest's Portfolio from Granite to Quartz and Rare Earths
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 14: 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 Quartzit HMS 3 Ye
Slide 15: USPs
MIDWEST LIMITED Y www.midwest.in
Slide 16: Key USPs
4 1 2 3 4 India’s Largest Black Galaxy India’s largest integrated Diversifying into extraction Focus on Innovation and Granite producer & Quartz Processing Plant, of Heavy Mineral Sands and Technology Integration for exporter and largest supplying raw materials to Rare Earth Oxides Efficiency, Optim
Slide 17: 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 65,284 cu. mtr. ~37%2 8.47 mn CBM Black Galaxy Granite Andhra Pradesh Our exports share of Black Galaxy is Black Galaxy Granite Blockable reserves for Midwest’s p
Slide 18: India's Largest Integrated Quartz Processor with plans to double 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 19: Diversifying into 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 20: 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 operational efficiency and deposits to expand resource i
Slide 21: Vision for Next 3 to 4 Years
Vision for Next 3 to 4 Years 35% ROCE New Verticals Rare Earth Materials Rs. 300 Cr. and Capex Heavy Mineral Sands; 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 www.midwest.in
Slide 22: Financial and Operating Performance
Financial and Operating Performance www.midwest.in
Slide 23: 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% 16.49% 17.83% 25.86% 27.43% 27.01% 626.18 645.62 585.62 107.51 106.48 171.78 174.37 100.32 502.52 151.44 89.59 54.44 FY23 FY24 FY25 FY26 FY23 FY24 FY2
Slide 24: Proven Track Record: Production and Sales Volumes
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) 75,988 263,615 66,548 42,820 57,519 51,672 40,105 39,758 157,544 38,120 105,928 106,366 FY23 FY24
Slide 25: Annexures
IDWEST IMITED 24 £3 www.midwest.in
Slide 26: 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. • Bachelor’s degree and master’s degree in arts (economics) from the Mr. Kollareddy • Visionary entrepreneur
Slide 27: Strong Professional Management
2 Strong Professional Management Mr. Dilip Kumar Chalasani Mr. Mallikarjuna Rao Kommana (Chief Financial Officer) (Chief Operating Officer (Mines)) • Fellow member of the ICAI with more than two decades of experience • Associated with Midwest since 2018 • Previously worked with Power Mech Projects L
Slide 28: Approach towards Sustainability and CSR
Approach towards Sustainability and CSR Electricity Management Water Management In MWH Energy Sources Sustainable use of water resources for water management, Focused areas are: 1 Assess water risk (availability & quality) 2 Implement water-efficient technologies Energy Sources FY23 FY24 FY25 FY26 S
Slide 29: Key Awards & Recognitions
Key Awards & Recognitions Model Granite Quarry Award Awarded by Federation of Indian Export Promotion Award Model Granite Quarry Award Mineral Industries Awarded by Development Awarded by FIMI in association with (FIMI) in association with All India Commissioner, Visakhapatnam 2003, 2008, AIGSA Gran
Slide 30: Historical Income Statement
Historical Income Statement Particulars (Rs. Cr) FY 2026 FY 2025 FY 2024 FY 2023 Net Revenue 645.62 626.18 585.62 502.52 Total Expenses 471.25 454.40 434.18 412.93 EBITDA 174.37 171.78 151.44 89.59 EBITDA Margin % 27.01% 27.43% 25.86% 17.83% Depreciation 31.02 25.59 22.18 21.54 EBIT 143.35 146.19 12
Slide 31: Historical Balance Sheet
Historical Balance Sheet Particulars (Rs. Cr) FY 2026 FY 2025 FY 2024 FY 2023 EQUITY AND LIABILITIES Share Capital 18.08 16.91 9.66 0.74 Reserve and Surplus 944.29 602.26 484.86 408.88 NCI 16.15 13.24 4.56 2.25 Net Worth 978.52 632.40 499.07 411.87 Borrowings 171.83 236.61 120.48 149.08 Other Liabil
Slide 32: 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