Motilal Oswal Initiates Coverage on Midwest, Sees 48% Upside in Shares

• Motilal Oswal initiated 'Buy' coverage on Midwest, setting a price target of ₹2000, with a bull case of ₹2500, indicating up to 48% upside.
• Midwest, listed in Oct 2025, is India's largest Black Galaxy Granite producer and a leading Absolute Black Granite player, with a 5-year CAGR over 21%.
• The company is expanding its quartz processing capacity to 600 ktpa by FY27 and venturing into mining Heavy Mineral Sands in Sri Lanka.
• Motilal Oswal projects Midwest's total revenue to grow at a 36% CAGR and Adjusted PAT at 56% CAGR from FY25-28.
• Operating cash flow is expected to exceed ₹200 crore annually by FY27-28, with a current debt of ₹220 crore.

Why It Matters: Motilal Oswal recommends 'Buy' on Midwest, forecasting significant growth and up to 48% share upside.