Midwest Ltd. IPO

We have a legacy of more than fThe decades in the dimensional natural stone (i.e., naturally occurring stones) industry with experience in exploration, development and operation of mines, stone processing and fabrication, sales, distribution and marketing of various types of natural stone. We are ... engaged in the business of exploration, mining, processing, marketing, distribution and export of natural stones, with an emphasis on sustainability. We are India’s largest producer and exporter of Black Galaxy Granite (a variety of Granite which is sparkling with flakes of a golden hue), and held a share of approximately 64% of the Indian export market for Black Galaxy Granite in Fiscal 2025 (Source: CRISIL Report), exporting 44,992 cubic meters of Black Galaxy Granite during Fiscal 2025. We are also the largest producer in Absolute Black Granite (a variety known for its remarkable surface finish) in India, both of which have high demand. The Absolute Black Granite production accounted for 15.7% of the overall black granite production in India during Fiscal 2025. (Source: CRISIL Report) We place much emphasis on decarbonizing The operations to improve the sustainability of The business. The mining operations are mechanized and incorporate advanced engineering and process optimization, aided by vertical integration of key operational components such as customized Diamond Wires. We beneficially leverage the experience and organizational capabilities to serve as an organized player in an otherwise unorganized sector with the objective of catering to the requirements of The customers, improving The processes, expanding The market reach and building The resource base. Read more

Unless otherwise indicated, industry and market data used in this section has been derived from the industry report
titled “Assessment of the granite, quartz and heavy mineral sand industry” dated October, 2025 (the “CRISIL Report”) prepared and issued by Crisil ... Intelligence, appointed by us pursuant to an engagement letter dated March 27, 2024 and exclusively commissioned and paid for by us to enable the investors to understand the industry in which we operate in connection with the Offer. Unless otherwise indicated, financial, operational, industry and other related information derived from the CRISIL Report and included herein with respect to any particular calendar year/ Fiscal refers to such information for the relevant calendar year/ Fiscal. A copy of the CRISIL Report is available on the website of The Company at www.midwest.in. Industry sources and publications are also prepared based on information as of specific dates and may no longer be current or reflect current trends. The recipient should not construe any of the contents of the CRISIL Report as advice relating to business, financial, legal, taxation or investment matters and are advised to consult their own business, financial, legal, taxation, and other advisors concerning the transaction. For more information, see “Certain Conventions, Presentation of Financial, Industry and Market Data and Currency of Presentation” and “Risk Factors—Industry information included in this Red Herring Prospectus has been derived from the CRISIL Report, which was prepared by Crisil Intelligence and exclusively commissioned and paid for by The Company for the purposes of the Offer, and any reliance on information from the CRISIL Report for making an investment decision in the Offer is subject to inherent risks. Read more