Mumbai, Dec. 26 -- The brokerage highlighted Midwest's position as India's largest producer and exporter of Black Galaxy granite, backed by a vertically integrated model and 20 operating mines. Strong historical performance, with revenue CAGR of over 21% and EBITDA CAGR above 44% over the past five years, underpins the positive view.

Looking ahead, revenue and EBITDA are expected to grow at a CAGR of 36% and 47%, respectively, over FY25-28, driven by the Quartz and HMS segments, while adjusted PAT is seen rising at a 56% CAGR. Improving cash flows are also expected to reduce net debt-to-EBITDA below 1x. The target price is based on a valuation of 13x FY28 estimated EV/EBITDA.

Midwest (ML) is engaged in the exploration, mining, processin...