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Employees: 373
Size Midwest (MIDWESTLTD.NS) is an India Industrials company (Construction Materials) with a market value of $383M, the 959th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹981.70 on 6 Nov 2026.
Performance Over six months the shares fell 28.8%, against -20.2% for the median peer and 0.0% for the India market (cap-weighted) — 3rd lowest of 9 in its peer set.
Growth Revenue grew 3.1% over the last twelve months (peer median +5.2%); the operating margin is 21.4% (peer median 8.6%).
Valuation It trades at 23.4× forward earnings against a peer median of 21.4× (4th most expensive of 9).
Price implies For today's price to make sense, revenue must grow about 40% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is +31 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 8.6 points below its cost of capital (20.0% WACC).
Next results Next results expected around 2 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹6.95B | ₹6.46B | ₹6.26B | ₹5.86B | ₹5.03B |
| Revenue growth | — | +3% | +7% | +17% | — |
| Gross profit | ₹3.25B | ₹2.40B | ₹2.33B | ₹2.06B | ₹1.40B |
| EBITDA | ₹1.82B | ₹1.79B | ₹1.80B | ₹1.59B | ₹942M |
| Net income | ₹1.11B | ₹1.05B | ₹1.22B | ₹965M | ₹541M |
| Free cash flow | n/a | ₹392M | -₹1.07B | ₹579M | -₹1.03B |
| Capital expenditure | n/a | ₹1.30B | ₹1.90B | ₹651M | ₹445M |
| Total debt | n/a | ₹1.92B | ₹2.42B | ₹1.24B | ₹1.51B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MIDWESTLTD.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.0% | +1.0% | 2nd lowest of 9 |
| 6-month return | -28.8% | -20.2% | 3rd lowest of 9 |
| Distance from 52-week high | -47.2% | -34.8% | 2nd lowest of 9 |
| Revenue growth (TTM) | +3.1% | +5.2% | 2nd lowest of 9 |
| Operating margin | 21.4% | 8.6% | 2nd highest of 9 |
| Forward P/E | 23.4× | 21.4× | 4th most expensive of 9 |
| Growth the price implies (Req g, 7 yrs) | 39.8% | 16.2% | most demanding of 7 |
| Growth delivered (Del g) | +8.7% | +8.3% | 4th highest of 7 |
| Hurdle (Req g minus delivered) | +31.1 pp | +8.0 pp | most demanding of 7 |
| ROIC minus cost of capital | -8.6 pp | -4.3 pp | 2nd lowest of 9 |
| EV / EBITDA | 19.9× | 9.2× | 4th most expensive of 9 |
| Net debt / EBITDA | -0.2× | 1.6× | 2nd least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Midwest MIDWESTLTD.NS | India | $383M | -29% | +3% | 21% | 23.4× | 39.8% | +8.7% |
| Monolithisch India MONOLITH.NS | India | $307M | +136% | +39% | 26% | 48.2× | n/a | n/a |
| Prism Johnson PRSMJOHNSN.NS | India | $538M | -24% | +1% | 3% | 79.9× | 22.6% | +5.7% |
| JK Lakshmi Cement JKLAKSHMI.NS | India | $598M | -32% | +5% | 8% | 13.2× | 14.5% | +7.4% |
| Birla BIRLACORPN.NS | India | $673M | -16% | +4% | 9% | 13.8× | 5.7% | +7.6% |
| Star Cement STARCEMENT.NS | India | $739M | -28% | +15% | 14% | 19.2× | 4.9% | +16.8% |
| Vesuvius India VESUVIUS.NS | India | $782M | -31% | +4% | 13% | 22.1× | 30.4% | +21.6% |
| India Cements INDIACEM.NS | India | $1.14B | -15% | +5% | 5% | 25.6× | n/a | n/a |
| Nuvoco Vistas NUVOCO.NS | India | $1.29B | +2% | +11% | 8% | 20.8× | 17.8% | +8.9% |