Motilal Oswal Recommends 'BUY' on Midwest, Sets INR 2000 Target

• Midwest Ltd. is India's largest producer and exporter of premium Black Galaxy Granite, holding over 60% export market share.
• The company is vertically integrated with 20 mines, reporting INR6.3 billion revenue in FY25 and a 27.4% EBITDA margin.
• Growth strategy includes leveraging granite leadership and diversifying into high-growth sectors like quartz grit and beach-sand heavy minerals.
• Granite volumes are projected to reach 150,000 CBM by FY28, with significant expansion in quartz processing (INR1.3bn capex).
• Motilal Oswal initiates coverage with a 'BUY' rating, setting a target price of INR 2,000 based on 13x FY28E EV/EBITDA.

Why It Matters: Motilal Oswal recommends 'BUY' on Midwest Ltd. with a target price of INR 2,000, citing strong growth.