Midwest

What Midwest does

Midwest Limited is a Hyderabad-headquartered, publicly listed (NSE/BSE since October 2025) mining and materials processing company founded in 1981. It is the sole global producer of Black Galaxy Granite — a premium dimensional stone sourced exclusively from Chimakurthy, Andhra Pradesh — and operates 20 mines across India producing 3.5 million tons of granite annually, exporting to 17 countries with a 64% share of India's Black Galaxy Granite export volume and 23% of global export volume. The company also produces Absolute Black Granite (15.7% of India's FY2025 output), precision-engineered diamond wire tools (200,000 meters annual capacity, used captively and commercially), and is expanding into quartz processing (Phase 1 commissioned September 2025 at 303,600 MT), heavy mineral sands in Sri Lanka, and rare earth processing through a KMML consortium partnership.

Midwest monetizes primarily through one-time B2B sales of granite and mineral products via a distributor model that positions inventory near key consumption markets in China, Italy, and Thailand, with quote-based pricing (₹50,000–1,00,000 per cubic meter for Black Galaxy Granite) and customer advances/LCs providing revenue visibility. Underlying technology centers on vertical integration across mining, processing, and tool manufacturing, augmented by sustainability investments including electric dump trucks, 0.66 MW of captive solar capacity, an in-house quartz laboratory, and a co-developed electric squaring and dressing station with an Italian partner. Customer segments span premium natural stone buyers (architects, construction firms, interior designers for high-end residential and commercial projects) and, increasingly, industrial manufacturers in solar glass, semiconductor, engineered stone, and titanium-based industries.

Financially, Midwest reported Rs 645.62 crore in FY2026 revenue (up 3.10% YoY) and Rs 104.85 crore in net profit (down 14.35% YoY) at a Rs 46.8 billion market capitalization as of February 2026. The company employs 1,232 personnel across geology, engineering, R&D, and finance, and is led by Founder & President K. Raghava Reddy, CEO K. Ramachandra, and an independent board chaired by Rana Som (former NMDC CMD). Headquartered at Level 19, Sky One, Prestige Skytech, Financial District, Hyderabad, Midwest operates through wholly-owned subsidiaries including Midwest Neostone, Midwest Altira (formerly Midwest Quartz), Andhra Pradesh Granite, and Midwest Holdings.

Name

Midwest

Legal name

Midwest Limited

Website

https://midwest.in

Company type

Public

Founded year

1981

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Midwest Limited is India's largest producer and exporter of Black Galaxy Granite, operating 20 mines across India and exporting to 17 countries, while expanding into quartz processing, heavy mineral sands, and rare earth minerals.

Ownership category

akta.pro rank

Product category

Natural Stone Mining and Processing

NAICS

Crushed and Broken Granite Mining and Quarrying (212313), Industrial Sand Mining (212322), Other Nonmetallic Mineral Mining and Quarrying (212390), Ground or Treated Mineral and Earth Manufacturing (327992)

SIC

Mining & Quarrying Of Nonmetallic Minerals (No Fuels) (1400), Cut Stone & Stone Products (3281), Miscellaneous Metal Ores (1090)

akta.pro primary industry

Granite Quarrying & Dimension Stone Fabrication (IMAKAHAD)

akta.pro secondary industries

Critical Minerals Recycling & Urban Mining (Li, Ni, Co, Graphite, REE) (IMAKAFAK), Exploration & Resource Development (Critical Minerals) (IMAKAFAL), Industrial Sand (Silica Sand for Foundry, Glass & Industrial Uses) (IMAKAHAK)

Keywords

• Natural stone mining
• Granite processing
• Quartz processing
• Diamond wire tools
• Heavy mineral sands

Headquarters

HQ city

Hyderabad

HQ country

India

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Natural Stone (Granite) Mining and Processing: Core business generating revenue through extraction and processing of granite including Black Galaxy Granite and Absolute Black Granite. The company operates 20 mines and processes 3.5 million tons of granite annually. Products are sold to distributors and end customers across 17 countries.
2. Quartz Processing and Sales: Phase 1 of quartz processing plant commissioned in September 2025 targeting 303,600 metric tonnes capacity. Phase II will expand capacity to 606,600 metric tonnes. Quartz is sold to solar glass and engineered stone industries.
3. Diamond Wire Tools: Precision-engineered diamond wire tools for natural stone and construction industries. Products include Quarry Wire, Stationery Wire, and Multi-Wire sold to both captive consumption and external market demand.
4. Heavy Mineral Sands: Expansion into extraction of minerals including Rutile, Ilmenite, Zircon, Garnet, Sillimanite, and Monazite through operations in Sri Lanka. Four exploration licenses obtained with planned production capacity of 37,000 MTPA.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Midwest is a vertically integrated mining and materials processing company that explores, mines, processes, markets, distributes, and exports natural stone (primarily Black Galaxy Granite and Absolute Black Granite), quartz, heavy mineral sands, and precision-engineered diamond wire tools. The company operates 20 mines across India, processes 3.5 million tons of granite annually, and serves customers in 17 countries across five continents. It has also commissioned Phase 1 of India's largest integrated quartz processing plant to serve solar glass, semiconductor, and engineered stone industries.

Product overview

Midwest is a vertically integrated materials processing company operating across the dimensional stone value chain from mine to market. The company offers four main product categories: (1) Natural Stone including Black Galaxy Granite (India's largest producer with 64% export market share) and Absolute Black Granite; (2) Quartz Processing producing grit and powder for solar glass and semiconductor industries through its Phase I facility and upcoming Phase II expansion; (3) Heavy Mineral Sands covering ilmenite, rutile, zircon, garnet, sillimanite, and monazite for aerospace and renewable energy sectors; and (4) Diamond Wire Tools providing precision cutting solutions for stone processing. The company operates 20 mines across India, exports to 17 countries, and has expanded into rare earth processing through partnerships with government entities like KMML.

Differentiator

Problem solved

Functional benefit

Products and services

• Black Galaxy Granite Premium variety of natural granite sourced exclusively from Chimakurthy village in Andhra Pradesh. Midwest is India's largest producer and exporter, holding 64% of India's Black Galaxy Granite export volume in FY2025. Used for high-end applications including kitchen counters, floor tiles, bathroom vanities, window sills, facades, and sculptures.
• Absolute Black Granite One of India's largest producers of Absolute Black Granite, accounting for 15.7% of India's total black granite production in FY2025. Used for kitchen counters, flooring, and architectural elements.
• Laza Grey Granite Colored granite variant offered by Midwest as part of its natural stone portfolio.
• Quartzite Quartzite blocks extracted from Hanumanthunipadu, Andhra Pradesh, serving as an alternative to imported quartzite. Subject of new 30-year quarry lease in Prakasam district.
• Quartz Processing (Quartz Grit and Powder) Quartz grit and powder production for engineered stone, solar glass, and semiconductor industries. Operated through a mine-to-market integrated model covering mining, processing, packing, distribution, and branding. Phase I has 303,600 MTPA capacity.
• Heavy Mineral Sands Extraction and processing of minerals including ilmenite, rutile, zircon, garnet, sillimanite, and monazite for titanium-based products used in aerospace, renewable energy, and electronics industries. Operations planned through 4 exploration licenses in Sri Lanka.
• Diamond Wire Tools Precision-engineered diamond wire tools for cutting in natural stone and construction industries. Product range includes Quarry Wire (for dimensional stone quarries), Stationery Wire (for processing extracted stone), and Multi-Wire (for producing thin slabs). Annual production capacity of 200,000 metres.

Quantifiable outcome

• 64% share of India's Black Galaxy Granite export volume in FY2025
• +3 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered core and minor.

• Kerala Minerals and Metals Ltd (KMML)coreStrategic or Co-development Partner · 11 May 2026Midwest was selected by KMML as the lead consortium partner for a pilot plant and technology development project focused on processing monazite-rich tailings to produce rare earth mixed compounds and separate individual rare earth elements. The project will be 100% capitalized by Midwest, with KMML supplying up to 50 tonnes of monazite tailings, land, power, and water support. This partnership advances Midwest's diversification into rare earth processing supporting India's national self-reliance in critical minerals.
• Italian Company (Unnamed)coreTechnology or IntegrationMidwest co-developed an Electric Squaring and Dressing Station with an Italian company to optimize the granite dressing process. This innovative station replaces three mechanical drills, using electric power instead of diesel to lower production costs and emissions while improving safety.
• Synergene Crop InnovationsminorOthersMidwest partnered with Synergene Crop Innovations to distribute over 250 organic farming kits and train 250+ farmers on sustainable agricultural methods as part of CSR initiatives.

Scale indicators15 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Pokarna Limited: Pokarna Limited is an Indian processor and exporter of dimensional granite, including absolute black and galaxy granite variants. It directly competes with Midwest in the premium natural stone export market with similar customer bases in Europe and North America.
• Associated Stone Industries (Kota) Ltd: Associated Stone Industries is an Indian mining and processing company for dimensional stone including limestone and sandstone. It shares Midwest's mine-to-market integrated model and serves similar construction and architectural end markets.
• Asian Granito India Limited: Asian Granito is one of India's largest manufacturers of ceramic tiles, vitrified tiles, and marble/granite products. It competes with Midwest across India's natural stone and engineered surfaces market with overlapping distribution channels.
• Oriental Trimex Limited: Oriental Trimex is an Indian dimensional stone processor and exporter of marble and granite. It is comparable to Midwest in product portfolio, export market focus, and customer segments in construction and architecture.
• Madhav Marbles and Granites Limited: Madhav Marbles is an Indian producer and exporter of marble and granite products serving construction and architectural applications. It overlaps with Midwest in granite processing, exports, and distribution to international construction markets.

Broad incumbents

• Vulcan Materials Company: Vulcan Materials is the largest US producer of construction aggregates, including crushed stone. It provides a benchmark for a publicly listed, scaled aggregates and dimension stone mining operation with similar operational drivers to Midwest's granite business.
• Cosentino Group: Cosentino is a global Spanish leader in engineered quartz surfaces (Silestone) and natural stone products. It represents the broader downstream segment where Midwest's quartz and granite products are ultimately consumed in countertops and architectural surfaces.
• NMDC Limited: NMDC is India's largest iron ore mining company. Midwest's Chairman Rana Som previously led NMDC, and NMDC represents a comparable large-scale Indian public mining company with government relationships and critical minerals exposure.
• Caesarstone Ltd: Caesarstone is a global manufacturer of premium quartz surfaces for kitchens and bathrooms. It represents the engineered stone category competing with natural granite in Midwest's premium end markets, particularly in residential and commercial construction.

Emerging players

• Iluka Resources Limited: Iluka Resources is a major Australian producer of mineral sands including rutile, ilmenite, and zircon. It is comparable to Midwest's emerging heavy mineral sands business in Sri Lanka targeting similar titanium feedstock and critical minerals end markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Midwest