Midwest Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Midwest Ltd trades at ₹1,126, in a downtrend and 3 weeks into that stage. That is −11.4% against its own 200-day average. It sits at 2% of a 52-week range of ₹1,117 to ₹1,712. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (3 weeks and counting).

Today the stock is in a downtrend — week 3 of stage 4, confirmed. At ₹1,126 it trades −11.4% versus its 200-day average and sits at 2% of its 52-week range (₹1,117–₹1,712).

Against the market, two honest reads. Cumulative: over the last 10 months the stock moved −1% while the NIFTY 500 moved −1% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (3 weeks and counting; last ahead the week of 2026-07-24) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Midwest Ltd trades at 36.7× P/E, near the bottom of its own range — cheaper only 8% of the time. Its long-run median P/E is 43.0×, measured across 0.8 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 36.7× is near the bottom of its own range — cheaper only 8% of the time, against a long-run median of 43.0× measured over 0.8 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Midwest Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 4 quarters across 1 curve, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

46.9/100 — rank 1 of 1 in Granite & Marble · 52% evidence confidence

Midwest Ltd scores 46.9 out of 100 against the 1 companies it is compared with in Granite & Marble, ranking 1. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 10.3 + 16.6 + 10 + 10 = 46.9. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Midwest Ltd reported ₹192 Cr of revenue in the Jun 26 quarter, +35.2% year on year. Over 5 years it has compounded at 11.2% a year. The last full year, FY26, came in at ₹646 Cr. The last four reported quarters add to ₹696 Cr.

FY26 revenue came in at ₹646 Cr (+3.2% on the year), capping 5 years at 11.2% compound. The latest quarter (Jun 26) printed ₹192 Cr, +35.2% year on year.

Pace check: the last four quarters averaged +13.1% growth against the decade's 11.2% — the current year is running faster than its own long-run rate.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Midwest Ltd's operating margin is 25.0% in the Jun 26 quarter, −2.0 percentage points against the same quarter a year ago. Across 6 fiscal years the operating margin has ranged 18.0% to 28.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 25.0%, −2.0 pp against the same quarter a year ago. Across 6 fiscal years the operating margin has ranged 18.0%–28.0%.

🚨 Why the margin moved: operating margin went −1.9 pp year on year while gross margin went −0.5 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Midwest Ltd earned ₹31.0 Cr of net profit in the Jun 26 quarter, +29.2% year on year. Full-year FY26 profit was ₹106 Cr. The 5-year compound rate is 12.1%. That is 16.1% of the quarter's revenue. The same quarter a year earlier earned ₹24.0 Cr.

Jun 26 profit was ₹31.0 Cr, +29.2% year on year. On the full year, FY26 printed ₹106 Cr (−20.3%), and the 5-year compound rate is 12.1%.

Why profit moved: revenue contributed +35.2% and the margin −2.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit +26.6% vs revenue +13.1%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 115% of Midwest Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹175 Cr of operating cash against ₹106 Cr of profit. After ₹155 Cr of capital spending, ₹20.0 Cr was left as free cash.

FY26: operating cash of ₹175 Cr against reported profit of ₹106 Cr, leaving free cash of ₹20.0 Cr after ₹155 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 115% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 115%: the cash cycle stretched 79 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: the bigger cash user is investment — capital spending ran 4.8× depreciation over three years, so the next section's job is to check what that build-out is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Midwest Ltd's cash conversion cycle runs 129 days in FY26, up from 50 days in FY21. Capital spending ran ₹376 Cr over the last 3 years. At FY26 sales of ₹646 Cr each day of that cycle holds about ₹1.8 Cr, so roughly ₹228 Cr sits inside the business at any moment.

FY26: debtors at 129 days (an asset-light business — no inventory to speak of) — for a full cycle of 129 days, looser than FY21's 50.

In money terms: at FY26 sales of ₹646 Cr, each day of the cycle holds about ₹1.8 Cr — so the 129-day loop keeps roughly ₹228 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹376 Cr over the last 3 fiscal years against ₹79.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹90.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Midwest Ltd earns a ROCE of 15% in FY26. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 16.4% net margin on 0.47× asset turns.

FY26 ROCE is 15%.

Why the return is what it is — the wiring (FY26): 16.4% net margin × 0.47× asset turns × 1.42× balance-sheet leverage ≈ 10.9% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 100% on reported income across 7 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Midwest Ltd carries ₹192 Cr of borrowings against ₹962 Cr of equity in FY26, a debt-to-equity of 0.20. Operating profit covers the interest bill 12×. Over 5 years borrowings went from ₹103 Cr to ₹192 Cr. Capital spending ran ₹376 Cr across the last 3 of those years.

FY26: borrowings of ₹192 Cr against equity of ₹962 Cr — a debt-to-equity of 0.20. Operating profit covers the interest bill 12×. Over 5 years borrowings went from ₹103 Cr to ₹192 Cr while capital spending ran ₹376 Cr in just the last 3 — part of the build-out is riding on borrowed money.

The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 100% on reported income across 7 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Midwest Ltd moved a full percentage point over the last two years — the register is quiet. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — .

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Midwest Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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