Midwest Gold Ltd (526570) — share price & stock analysis
Profits are still 15656% below their best year.
Midwest Gold Ltd (526570) trades at ₹4,445 as of 1 July 2026, up 355% over the past year — beating NIFTY 500 for 103 weeks. The machine reads this as shrinking: profits are still 15656% below their best year. the price is in Stage 2 — advancing, 101 weeks in; the business cycle reads DEEP CYCLICAL / IN THE DOWNCYCLE. Fundamentals-momentum score: 75/100 (mostly improving).
Data as of 1 July 2026 · every number traces to its Screener source column · not investment advice.
- Market cap
- ₹5,766 Cr
- ROE
- −5.7%
- Book value / share
- ₹311
- Revenue (FY26)
- ₹9 Cr
- Profit after tax (FY26)
- ₹-14 Cr
- Weinstein stage
- Stage 2 (101 weeks)
- Data as of
- 1 July 2026
Profits swing violently in this business — real losses in FY14 and FY16 and FY17 and FY18 and FY19 and FY20 and FY21 and FY22 and FY23 and FY24 and FY25 and FY26. That is what “deep cyclical” means: the same company looks brilliant at the top of its cycle and broken at the bottom.net_profit
Where the clock stands now: earnings sit at 0% of their historical range, margins are near the top of their band, and valuation history is thin. That reads as IN THE DOWNCYCLE — cheap, but the knife is still falling — a trough is only a trough once profits stop shrinking.net_profit
4 of the 5 things we track are currently moving the right way — nearly everything is pulling in the same direction.
Where the levels actually stand: ROCE −3% — weak; debt moderate (0.75× equity); margins near the top of their band. Momentum says which way things are moving; these say where they are.
Read this number for what it is: it measures the DIRECTION of change, not the quality of the business. A mediocre business getting better scores high here; a great one having a soft quarter scores low. Profit, sales and margins count double.
An uptrend that has held for 101 weeks
STAGE 2 · ADVANCING · 101 WEEKSEvery stock cycles through the same four seasons — a flat base (stage 1), an advance (2), a top (3), a decline (4). Right now this one is in Stage 2: advancing, 101 weeks in, confirmed.stage
The price sits above its rising 200-day average (₹3,709 today) — trends like this persist more often than they reverse, which is why the system rides them instead of guessing the top.dma_200
Beating NIFTY 500 for 103 weeks — relative strength is the market’s live opinion, and right now it is on this stock’s side.rs_mansfield
What would end it: two Friday closes in a row below the 200-day line. That is the house exit rule — mechanical, no debates.dma_200
Data: Weekly price, moving averages and stage (sampled — full series in the embedded dataset)
| Period | Price (₹) | 200-DMA (₹) | 50-DMA (₹) | Stage |
|---|---|---|---|---|
| Apr 16 | 11.0 | 21.2 | 16.1 | 4 |
| Oct 16 | 11.6 | 20.8 | 15.4 | 4 |
| Oct 17 | 12.0 | 20.4 | 14.8 | 4 |
| Dec 18 | 13.0 | 20.0 | 14.4 | 4 |
| May 19 | 11.8 | 19.8 | 14.2 | 4 |
| Jul 19 | 10.4 | 19.3 | 13.6 | 4 |
| Jan 20 | 9.8 | 18.9 | 13.0 | 4 |
| Sep 20 | 9.0 | 18.3 | 12.1 | 4 |
| Dec 20 | 9.8 | 17.4 | 11.1 | 4 |
| Apr 21 | 11.0 | 17.0 | 11.0 | 4 |
| Jun 21 | 13.1 | 16.6 | 11.8 | 4 |
| Jul 21 | 16.8 | 16.4 | 13.0 | 4 |
| Aug 21 | 18.9 | 16.6 | 14.9 | 4 |
| Sep 21 | 18.3 | 16.7 | 15.8 | 1 |
| Oct 21 | 20.0 | 16.9 | 16.9 | 1 |
| Feb 22 | 28.7 | 17.6 | 19.3 | 2 |
| Dec 22 | 33.2 | 18.4 | 21.9 | 2 |
| Mar 23 | 32.3 | 19.1 | 24.0 | 2 |
| Jun 23 | 28.5 | 20.2 | 26.1 | 2 |
| Nov 23 | 30.7 | 20.9 | 27.3 | 2 |
| Dec 23 | 24.7 | 21.2 | 25.0 | 2 |
| Jan 24 | 22.1 | 21.6 | 24.9 | 2 |
| Feb 24 | 18.5 | 21.5 | 23.6 | 2 |
| Mar 24 | 17.5 | 21.2 | 21.6 | 3 |
| Apr 24 | 16.7 | 20.8 | 20.1 | 4 |
| Jun 24 | 21.3 | 20.5 | 19.5 | 4 |
| Jul 24 | 42.0 | 22.3 | 26.2 | 4 |
| Aug 24 | 47.8 | 25.2 | 34.1 | 2 |
| Sep 24 | 62.4 | 29.2 | 43.5 | 2 |
| Oct 24 | 71.7 | 31.8 | 49.5 | 2 |
| Nov 24 | 89.1 | 36.9 | 60.9 | 2 |
| Dec 24 | 106 | 40.9 | 69.6 | 2 |
| Jan 25 | 148 | 50.5 | 92.5 | 2 |
| Feb 25 | 199 | 67.8 | 130 | 2 |
| Mar 25 | 283 | 96.5 | 190 | 2 |
| Apr 25 | 388 | 132 | 262 | 2 |
| May 25 | 490 | 186 | 361 | 2 |
| Jun 25 | 727 | 263 | 505 | 2 |
| Jul 25 | 1,079 | 380 | 736 | 2 |
| Aug 25 | 1,603 | 555 | 1,086 | 2 |
| Sep 25 | 2,018 | 778 | 1,521 | 2 |
| Oct 25 | 2,617 | 1,050 | 1,986 | 2 |
| Oct 25 | 2,282 | 1,256 | 2,113 | 2 |
| Nov 25 | 3,746 | 1,564 | 2,634 | 2 |
| Dec 25 | 4,752 | 1,981 | 3,377 | 2 |
| Jan 26 | 4,586 | 2,423 | 3,984 | 2 |
| Feb 26 | 4,154 | 2,911 | 4,581 | 2 |
| Mar 26 | 4,413 | 3,161 | 4,452 | 2 |
| Apr 26 | 4,348 | 3,452 | 4,438 | 2 |
| May 26 | 4,854 | 3,604 | 4,399 | 2 |
| Jun 26 | 3,891 | 3,649 | 4,288 | 2 |
| Jun 26 | 4,444 | 3,683 | 4,217 | 2 |
| Jul 26 | 4,445 | 3,709 | 4,257 | 2 |
The business is losing money
Over 12 years, sales went from ₹1.0 Cr to ₹9.0 Cr (about 20% a year), and profit from ₹0.0 Cr to ₹−14.0 Cr.revenuenet_profit
Data: Revenue by year
| Period | Revenue (₹ Cr) |
|---|---|
| FY14 | 1 |
| FY15 | 0 |
| FY16 | 4 |
| FY17 | 3 |
| FY18 | 0 |
| FY19 | 0 |
| FY20 | 1 |
| FY21 | 0 |
| FY22 | 0 |
| FY23 | 2 |
| FY24 | 1 |
| FY25 | 1 |
| FY26 | 9 |
Data: Profit by year
| Period | Profit after tax (₹ Cr) |
|---|---|
| FY14 | 0 |
| FY15 | 0 |
| FY16 | -1 |
| FY17 | -2 |
| FY18 | -1 |
| FY19 | -1 |
| FY20 | -1 |
| FY21 | -1 |
| FY22 | -2 |
| FY23 | -10 |
| FY24 | -2 |
| FY25 | -7 |
| FY26 | -14 |
Data: OPM % by year
| Period | OPM % (%) |
|---|---|
| FY14 | -51.9 |
| FY15 | -336.4 |
| FY16 | -21.3 |
| FY17 | -51.9 |
| FY18 | -541.7 |
| FY19 | -481.8 |
| FY20 | -114.0 |
| FY21 | -294.6 |
| FY22 | -1,175.0 |
| FY23 | -296.0 |
| FY24 | -99.0 |
| FY25 | -400.0 |
| FY26 | -111.1 |
Sales exploded 3,288% last quarter
Mar 26 sales were ₹5.8 Cr, up 3,288% on the same quarter last year.revenue
Data: Quarterly sales
| Period | Revenue (₹ Cr) | YoY growth (%) |
|---|---|---|
| Jun 23 | 0.0 | – |
| Sep 23 | 0.0 | – |
| Dec 23 | 0.0 | – |
| Mar 24 | 1.0 | – |
| Jun 24 | 0.0 | -100.0 |
| Sep 24 | 0.0 | -85.7 |
| Dec 24 | 0.0 | – |
| Mar 25 | 0.0 | -76.7 |
| Jun 25 | 0.0 | – |
| Sep 25 | 1.0 | 11,900.0 |
| Dec 25 | 1.0 | 361.5 |
| Mar 26 | 6.0 | 3,288.2 |
Margins are widening — −310% → −56% in a year
Of every ₹100 of sales, the company keeps ₹−55.9 as operating profit (a year ago it kept ₹−309.5).opm_pct
Zoom out and this is the page's quiet hero: annual operating margin bottomed at −1,175.0% in FY22 and has been rebuilt to −111.1% — that recovery, not sales alone, is what powers the profit growth elsewhere on this page.operating_profit
The gross margin moved the same way (−67% → 83%), so this is about input costs and pricing power — the raw-material equation improved.gpm_pctopm_pct
Data: Three margins, quarterly
| Period | Gross (%) | Operating (%) | Net (%) |
|---|---|---|---|
| Jun 23 | 66.7 | -62.5 | -179 |
| Sep 23 | -257 | -571 | -1,014 |
| Dec 23 | – | – | – |
| Mar 24 | 8.2 | -49.3 | -91.8 |
| Jun 24 | – | – | – |
| Sep 24 | 0.0 | -1,500 | -3,700 |
| Dec 24 | -115 | -208 | -427 |
| Mar 25 | -66.7 | -310 | -313 |
| Jun 25 | 100 | -555 | -771 |
| Sep 25 | 100 | -170 | -294 |
| Dec 25 | 100 | -168 | -271 |
| Mar 26 | 83.3 | -55.9 | -59.9 |
The bottom line changed sign — read this one carefully
Mar 26 profit after tax was ₹−3.5 Cr, down 81% year on year.net_profit
Data: Quarterly profit after tax
| Period | PAT (₹ Cr) | YoY growth (%) |
|---|---|---|
| Jun 23 | 0.0 | – |
| Sep 23 | -1.0 | – |
| Dec 23 | 0.0 | – |
| Mar 24 | -1.0 | – |
| Jun 24 | -1.0 | -25.6 |
| Sep 24 | 0.0 | 47.9 |
| Dec 24 | -1.0 | -126.5 |
| Mar 25 | -2.0 | -185.1 |
| Jun 25 | -4.0 | -600.0 |
| Sep 25 | -4.0 | -854.1 |
| Dec 25 | -3.0 | -192.8 |
| Mar 26 | -3.0 | -80.6 |
The single biggest driver was selling more.
Data: Where the profit change came from (Mar 25 → Mar 26)
| Component | Effect (₹ Cr) |
|---|---|
| PAT Mar 25 | -2 |
| More sales | −70 |
| Fatter margins | +69 |
| Other income | +0 |
| Depreciation | −1 |
| Interest | +0 |
| PAT Mar 26 | -4 |
Does the profit turn into cash?
Data: Cash collected vs profit reported (annual)
| Period | Operating cash flow (₹ Cr) | Profit after tax (₹ Cr) |
|---|---|---|
| FY14 | 0.0 | 0.0 |
| FY15 | 0.0 | 0.0 |
| FY16 | 0.0 | -1.0 |
| FY17 | 0.0 | -2.0 |
| FY18 | 0.0 | -1.0 |
| FY19 | 0.0 | -1.0 |
| FY20 | 0.0 | -1.0 |
| FY21 | 0.0 | -1.0 |
| FY22 | -4.0 | -2.0 |
| FY23 | -2.0 | -10.0 |
| FY24 | 0.0 | -2.0 |
| FY25 | -33.0 | -7.0 |
| FY26 | -10.0 | -14.0 |
The cash cycle is stretching — more money stuck in the pipeline
One rupee now takes about 2675 days to go out the door as materials and come back as collected cash — up from 353 days the year before.cash_conversion_cycle
The biggest mover: inventory sitting longer in the warehouse (879 → 2449 days).inventory_days
Data: Days of cash locked up (annual)
| Period | Customers owe (debtor days) (days) | Stock on shelf (inventory days) (days) | We owe suppliers (payable days) (days) |
|---|---|---|---|
| FY14 | 2,021 | 470 | 825 |
| FY15 | 19,445 | 5,950 | 11,096 |
| FY16 | 501 | 203 | 301 |
| FY17 | 708 | 78.5 | 501 |
| FY18 | 15,421 | 1,251 | 6,657 |
| FY19 | 16,823 | 3,285 | 14,710 |
| FY20 | 3,298 | 11,619 | 24,516 |
| FY21 | 5,140 | 990 | 1,825 |
| FY22 | 12,075 | 3,346 | 5,678 |
| FY23 | 70.9 | 411 | 690 |
| FY24 | 139 | 438 | 1,226 |
| FY25 | 295 | 879 | 820 |
| FY26 | 299 | 2,449 | 72.0 |
Building hard — new capacity is under construction
The productive asset base has gone from ₹6.0 Cr (FY14) to ₹141 Cr, with another ₹164 Cr of capacity under construction right now.fixed_assetscwip
Work-in-progress is 116% of the existing asset base — that is a serious bet on future demand. Capacity like this shows up in sales with a lag; it is tomorrow’s growth being paid for today.cwip
The build is bigger than the cash engine: investing outflows (₹506 Cr) exceeded operating cash (₹−43.4 Cr) over the last 3 years — the difference comes from debt or shareholders.investing_cash_flowoperating_cash_flow
Data: Assets in place vs under construction (annual)
| Period | Fixed assets (₹ Cr) | Under construction (CWIP) (₹ Cr) |
|---|---|---|
| FY14 | 6.0 | 0.0 |
| FY15 | 3.0 | 0.0 |
| FY16 | 3.0 | 0.0 |
| FY17 | 3.0 | 0.0 |
| FY18 | 2.0 | 0.0 |
| FY19 | 2.0 | 0.0 |
| FY20 | 2.0 | 0.0 |
| FY21 | 2.0 | 0.0 |
| FY22 | 2.0 | 0.0 |
| FY23 | 2.0 | 0.0 |
| FY24 | 2.0 | 0.0 |
| FY25 | 31.0 | 76.0 |
| FY26 | 141 | 164 |
Debt is present but comfortable
For every ₹100 shareholders have put in (and left in), the company has borrowed ₹75 — total borrowings have grown from ₹0.0 Cr to ₹302 Cr over the window.borrowings
Data: Total borrowings (annual)
| Period | Borrowings (₹ Cr) |
|---|---|
| FY14 | 0.0 |
| FY15 | 15.0 |
| FY16 | 12.0 |
| FY17 | 12.0 |
| FY18 | 12.0 |
| FY19 | 12.0 |
| FY20 | 14.0 |
| FY21 | 18.0 |
| FY22 | 22.0 |
| FY23 | 25.0 |
| FY24 | 27.0 |
| FY25 | 106 |
| FY26 | 302 |
Data: Debt vs shareholders’ money (annual)
| Period | Debt ÷ equity (x) |
|---|---|
| FY14 | 0.0 |
| FY15 | -8.0 |
| FY16 | -4.0 |
| FY17 | -2.5 |
| FY18 | -2.0 |
| FY19 | -1.7 |
| FY20 | -1.7 |
| FY21 | -1.9 |
| FY22 | -2.0 |
| FY23 | -1.2 |
| FY24 | -1.2 |
| FY25 | 1.2 |
| FY26 | 0.8 |
Every ₹100 kept in the business earns just ₹−3
Return on capital employed is −3.0% (a year ago: −2.7%). This is the single best test of business quality: what the company earns on the money it keeps.roce_pct
Data: Returns on capital (annual)
| Period | ROCE (%) |
|---|---|
| FY14 | -456 |
| FY15 | -8.7 |
| FY16 | -9.7 |
| FY17 | -21.3 |
| FY18 | -4.4 |
| FY19 | -11.8 |
| FY20 | -15.1 |
| FY21 | -17.5 |
| FY22 | -14.5 |
| FY23 | -69.2 |
| FY24 | -27.5 |
| FY25 | -2.7 |
| FY26 | -3.0 |
Promoters have trimmed their stake — 13.3 points over 8 quarters
Promoters hold 58.8% (down 13.3 points over 8 quarters). Foreign funds own 12.0%, domestic funds 1.6%.promoters_pctfiis_pctdiis_pct
A falling promoter stake is a red flag until explained — it can be a fund-raise or an exit; the difference matters.promoters_pct
Data: Who holds the shares, quarterly
| Period | Promoters (%) | Foreign funds (%) | Domestic funds (%) |
|---|---|---|---|
| Jun 23 | 72.0 | 0.0 | 0.6 |
| Sep 23 | 72.0 | 0.0 | 0.6 |
| Dec 23 | 72.0 | 0.0 | 0.6 |
| Mar 24 | 72.0 | 0.0 | 0.6 |
| Jun 24 | 72.0 | 0.0 | 0.6 |
| Sep 24 | 72.0 | 0.0 | 0.6 |
| Dec 24 | 72.0 | 0.0 | 0.6 |
| Mar 25 | 63.2 | 6.6 | 1.9 |
| Jun 25 | 63.2 | 6.7 | 1.9 |
| Sep 25 | 63.2 | 6.8 | 1.9 |
| Dec 25 | 57.9 | 11.7 | 1.7 |
| Mar 26 | 58.8 | 12.0 | 1.6 |
The numbers earn a deeper study — and watch the one thing that matters
The numbers lean positive, and the price is roughly fair to the delivery so far.
Best thing in the data: sales rising (₹0.2 Cr → ₹5.8 Cr).revenue
Biggest worry: free cash flow falling (₹−117 Cr → ₹−432 Cr).operating_cash_flow
One dissent worth hearing: our quality & safety lens reads negative — “Quality & Safety: 3.0/30 (non-financial). Earnings stability: 0/8 quarters profitable → 0/5. Return durability: Avg ROCE -23.4% over 5Y → 0/6. Margin quality: O”. When a lens disagrees with the committee, it is usually pointing at the thing that breaks first.
Machine-written research from Screener data — every number traces to its source column. Sector Alpha is not a SEBI-registered investment adviser; nothing here is a recommendation to buy or sell. Not investment advice.
Straight answers from the data
What does Midwest Gold Ltd do?
Incorporated in 1990, Midwest Gold Ltd processing and trading business of Granite, Marble and other natural stone[1]. It is listed in the Mining/Minerals sector with a market capitalisation of ₹5,766 Cr.
What is Midwest Gold Ltd's share price?
As of 1 July 2026, Midwest Gold Ltd trades at ₹4,445, up 355% over the past year, with a market capitalisation of ₹5,766 Cr. Beating NIFTY 500 for 103 weeks. Prices are weekly closes from Screener data; this page refreshes with each weekly update.
What is Midwest Gold Ltd's share price target?
Sector Alpha does not publish broker-style price targets. Our discounted-cash-flow model estimates Midwest Gold Ltd's intrinsic value at ₹178 per share under base assumptions (bear ₹149, bull ₹219), against the current price of ₹4,445 — a 96% premium to model value. These are model estimates, not forecasts — treat them as one input alongside the valuation history below, not as a target.
What did Midwest Gold Ltd report in its latest quarterly results?
In its most recent reported quarter (Q4 FY26, quarter ended March 2026): Mar 26 sales were ₹5.8 Cr, up 3,288% on the same quarter last year. Mar 26 profit after tax was ₹−3.5 Cr, down 81% year on year. Figures are from Screener-scraped quarterly filings; the page updates when the next quarter is filed.
Is Midwest Gold Ltd growing?
Sales exploded 3,288% last quarter. Mar 26 sales were ₹5.8 Cr, up 3,288% on the same quarter last year.
Are Midwest Gold Ltd's profits growing?
The bottom line changed sign — read this one carefully. Mar 26 profit after tax was ₹−3.5 Cr, down 81% year on year.
What are Midwest Gold Ltd's operating margins?
Margins are widening — −310% → −56% in a year. In the most recent quarter, of every ₹100 of sales, the company keeps ₹−55.9 as operating profit (a year ago it kept ₹−309.5).
What is Midwest Gold Ltd's long-term growth record?
Revenue grew from ₹1 Cr in FY14 to ₹9 Cr in FY26 — a 20.1% compound annual growth rate over 12 years. Profit CAGR is not meaningful across this span — the company reported losses in FY16, FY17, FY18, FY19, FY20, FY21, FY22, FY23, FY24, FY25, FY26.
Is Midwest Gold Ltd stock in an uptrend?
An uptrend that has held for 101 weeks. Midwest Gold Ltd is in Stage 2 — advancing, 101 weeks in (confirmed). Stages follow Stan Weinstein's four-phase read of weekly price against the 200-day average: basing (1), advancing (2), topping (3), declining (4).
Why is Midwest Gold Ltd stock rising?
The price is up 355% over the past year, in a confirmed Stage 2 uptrend (101 weeks), and has beaten NIFTY 500 for 103 weeks.
Is Midwest Gold Ltd beating the NIFTY 500?
Yes — beating NIFTY 500 for 103 weeks, as of 1 July 2026. Relative strength is measured weekly against the NIFTY 500 (Mansfield RS): a positive reading means the stock has outperformed the index over the trailing window, week after week.
Where is Midwest Gold Ltd in its business cycle?
The data reads Midwest Gold Ltd as a deep cyclical business currently in its in the downcycle phase — earnings at the bottom of their own historical range. Profits swing violently in this business — real losses in FY14 and FY16 and FY17 and FY18 and FY19 and FY20 and FY21 and FY22 and FY23 and FY24 and FY25 and FY26. That is what “deep cyclical” means: the same company looks brilliant at the top of its cycle and broken at the bottom.
Who owns Midwest Gold Ltd — what is the promoter holding?
Promoters hold 58.8% (down 13.3 points over 8 quarters). Foreign funds own 12.0%, domestic funds 1.6%. A falling promoter stake is a red flag until explained — it can be a fund-raise or an exit; the difference matters. Shareholding is from Screener's quarterly filings data.
Does Midwest Gold Ltd have too much debt?
Debt is present but comfortable. For every ₹100 shareholders have put in (and left in), the company has borrowed ₹75 — total borrowings have grown from ₹0.0 Cr to ₹302 Cr over the window.
What is the bull case for Midwest Gold Ltd?
Profits are still 15656% below their best year. Best thing in the data: sales rising (₹0.2 Cr → ₹5.8 Cr). Sales exploded 3,288% last quarter.
What is the bear case for Midwest Gold Ltd — what could break the story?
Biggest worry: free cash flow falling (₹−117 Cr → ₹−432 Cr). Two quarters of margins reversing would kill this story. The nearest-term thing to watch: if quarterly growth slips below 1644%, the story weakens. This falsification condition is stated up front so the thesis can be checked against incoming quarters, not defended after the fact.
Is Midwest Gold Ltd a stock worth studying right now?
Sector Alpha does not publish buy or sell recommendations — this is a research read, not advice. What the data says: the numbers earn a deeper study — and watch the one thing that matters. The numbers lean positive, and the price is roughly fair to the delivery so far. Across the 7-model scorecard the composite research signal is study deeper at 50% confidence. This is machine-written research compiled from Screener data — every number traces to its source — and it is not investment advice. Do your own diligence.