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Swing Capital

Midwest Ltd

NSE: MIDWESTLTD BSE: 544587

Incorporated in 1981, Midwest Ltd is engaged in the business of exploration, mining, processing, marketing, distribution, and export of natural stones.[1]

₹1,319
52W: ₹1048 — ₹1860
PE 45 · Book ₹148 · +791% vs book
Market Cap₹4,771 Cr
Stock P/E45Price to Earnings
ROCE23.9%Return on Capital
ROE19.6%Return on Equity
Div. Yield0%Face Value ₹5

Weaknesses

  • −Stock is trading at 8.87 times its book value
  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Contingent liabilities of Rs.1,620 Cr.
  • −Debtor days have increased from 77.3 to 127 days.
  • −Working capital days have increased from 67.3 days to 96.2 days

Shareholding Pattern

Promoters77.13%
FIIs4.37%
DIIs13.78%
Public4.71%
CategoryDec 2025Mar 2026
Promoters77.13%77.13%
FIIs4.7%4.37%▼0.3
DIIs13.7%13.78%▲0.1
Public4.45%4.71%▲0.3

Financial Statements

MetricSep 2024Dec 2024Jun 2025Sep 2025Dec 2025
Sales797279122103
Expenses6156567963
Operating Profit1916224440
OPM %24%23%28%36%39%
Net Profit2511142929
EPS ₹7.453.284.188.597.99

AI Insights

Revenue Trend

Mar 2025 revenue at ₹370Cr, up 8.2% YoY. OPM at 31%.

Debt Position

Borrowings at ₹105Cr. Debt-to-equity ratio: 0.20x. Healthy balance sheet.

Capex Cycle

CWIP at ₹26Cr (11% of fixed assets). Moderate ongoing capital expenditure.

Margin & Efficiency

ROCE improving from 0% (Mar 2021) to 24% (Mar 2025). Working capital days: 96.

Valuation

PE 45x with 23.9% ROCE. Price is 791% above book value of ₹148. Dividend yield: 0%.

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