Synopsis: Midwest Limited shares jumped 5% after the company, along with Midwest Energy and NFTDC, signed an MoU with Indonesia’s PERMINAS to develop critical minerals and rare earth resources. The partnership covers exploration, mining, processing, refining, and rare earth magnet manufacturing, strengthening the Midwest’s position in the global rare earth value chain.
The shares of the Small-cap company, which specializes in the exploration, mining, processing, and global export of dimensional natural stones, particularly premium granites, are in focus after signing a Memorandum of Understanding (“MoU”) with PT Perusahaan Mineral Nasional (Persero) (“PERMINAS”), Indonesia’s state-owned strategic minerals enterprise.
With a market capitalization of Rs. 4,969.40 crores in the day’s trade, the shares of Midwest Ltd jumped upto 4.9 percent, making a high of Rs. 1,413.95 per share compared to its previous closing price of Rs. 1,347.05 per share.
What Happened
Midwest Limited, along with Midwest Energy Limited and the Non-Ferrous Materials Technology Development Centre (NFTDC), has signed a Memorandum of Understanding (MoU) with Indonesia’s state-owned strategic minerals enterprise, PT Perusahaan Mineral Nasional (Persero) (PERMINAS), to collaborate on developing critical minerals and rare earth resources in Indonesia.
The MoU aims to explore opportunities across the rare earth value chain, including exploration, resource assessment, mining, processing, extraction, refining, and downstream manufacturing, with a focus on rare earth magnet production.
Under the collaboration, Midwest Limited will contribute expertise in exploration, mine planning, environmental studies, mining operations, mineral processing, and rare earth element extraction. Midwest Energy Limited will support rare earth magnet manufacturing capabilities, while NFTDC will provide technology and technical expertise across the value chain.
PERMINAS will facilitate access to critical minerals and rare earth resources in Indonesia. The partnership marks Midwest Limited’s first structured collaboration with a Southeast Asian state-owned strategic minerals enterprise. It strengthens its strategy to build a presence in the global rare earth value chain.
Could This MoU Open Midwest’s Access to Indonesia’s Rare Earth Resources?
The agreement creates a strategic entry point for Midwest Limited into Indonesia’s critical minerals sector. By partnering with Indonesia’s state-owned strategic minerals enterprise PT Perusahaan Mineral Nasional (Persero) (PERMINAS), Midwest gains access to potential rare earth resources while expanding its role across exploration, mining, processing, and refining activities.
The collaboration also positions Midwest within the global rare earth value chain, particularly in high-value downstream areas such as rare earth magnet manufacturing. With support from Non-Ferrous Materials Technology Development Centre (NFTDC) and Midwest Energy Limited, the MoU could serve as a gateway for building long-term capabilities and strengthening Midwest’s presence in Southeast Asia’s growing critical minerals market.
Financials & Others
The company’s revenue declined by 6.25 percent from Rs. 230 crores in Q4FY2025 to Rs. 216 crores in Q4FY2026. Net profit declined from Rs. 48 crores to Rs. 37 crores during the same period.
The company demonstrates healthy financial performance with a ROCE of 15.4% and ROE of 13.3%, indicating efficient use of capital and strong shareholder returns. Its low debt-to-equity ratio of 0.20 reflects a conservative balance sheet with limited reliance on debt.
Midwest Ltd is an India-based company established in 1981, engaged in the exploration, mining, processing, marketing, and export of natural stones. The company is known for its granite products, including Black Galaxy and Absolute Black Granite, and has diversified operations in quartz, heavy mineral sands, and diamond wire tools.
It has built a strong presence across the natural resources value chain, with expertise spanning dimensional stone exploration, mining, processing, and global distribution across 17 countries and 5 continents. With key markets in China, Italy, and Thailand, the business has demonstrated sustained growth, profitability, and strong execution capabilities, supported by secured mining rights and a robust revenue visibility pipeline.
Its diversified portfolio is driven by three key segments. Its Granite remains the core business, with the company positioned as India’s largest producer and exporter of Black Galaxy Granite and a leading supplier of high-value granite products for real estate and architectural applications.
The Quartz segment has expanded through advanced processing capabilities, including a Phase I plant with a capacity of 303,600 MTPA, with further capacity expansion planned to cater to the engineered stone and solar glass industries.
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