Midwest, a leading name in the Indian granite and engineered stone industry, is stepping into the capital markets spotlight. As the company eyes growth through its upcoming IPO, Midwest IPO Peer Comparison with its listed peer — Pokarna, an established player in the same segment — reveals a story of strong fundamentals, improving efficiency, and premium valuations that signal investor confidence. Midwest IPO is scheduled for 15-17 October 2025; the offering is set to raise nearly INR 451 crore, entirely through a fresh issue and an Offer for Sale.
Midwest operates with a sharp focus on Black Galaxy and Absolute Black granite, alongside a growing Diamond Wire business, while Pokarna’s forte lies in quartz surfaces marketed under its Quantra brand. Both companies share export-oriented models and strong product reputations, but their financial trajectories showcase different growth dynamics.
Midwest IPO Peer Comparison: Financial Performance (FY2025)
| KPI | Midwest | Pokarna |
| Revenue from Operations | 626.18 | 930.13 |
| EBITDA | 171.78 | 325.84 |
| EBITDA Margin (%) | 27.43 | 35.03 |
| Profit After Tax | 107.51 | 187.55 |
| Net Profit Margin (%) | 17.17 | 20.16 |
| Cash Flow from Operations | 87.31 | 191.17 |
| Total Assets | 1,058.70 | 1,403.18 |
| RoCE (%) | 18.84 | 27.41 |
| RoE (%) | 19.42 | 24.11 |
| Working Capital Cycle (days) | 120 | 121 |
- Pokarna’s operational efficiency and scale — especially in its quartz surface business — give it an edge in EBITDA margin and returns. However, the Midwest’s steady RoCE of 18.84% and RoE near 19.4% demonstrate consistent capital productivity for a company of its size.
- Importantly, the Midwest’s working capital cycle of 120 days, nearly identical to its larger peer, highlights disciplined operations. The company’s asset turnover and profitability indicate it is effectively managing resources, a crucial trait for sustained growth post-listing.
Midwest vs Pokarna: Accounting Ratios (2025)
| Particulars | Midwest | Pokarna |
| Face Value | 5 | 2 |
| EPS | 39.42 | 60.49 |
| NAV | 163.75 | 250.93 |
| P/E Ratio | 28.88 | 12.73 |
| P/B Ratio | 6.50 | 2.95 |
| P/S Ratio | 6.15 | 2.51 |
| RoNW (%) | 22.11 | 24.11 |
| Debt-to-Equity | 0.43 | 0.47 |
| Current Ratio | 1.60 | 1.93 |
- While Pokarna exhibits a broader revenue base and higher book value per share, Midwest’s premium valuation multiples (P/E, P/B, P/S) indicate stronger investor sentiment and market expectations for growth. Despite its smaller scale, the Midwest commands higher multiples — a sign of confidence in its operational efficiency and business expansion potential.
- The valuation gap between the two players is evident — Midwest trades at a significant premium on earnings, book, and sales multiples.
- This can be attributed to:
- Its consistent profitability and export-led growth,
- Operational resilience in granite & diamond wire, and
- Strong financial discipline is reflected in its modest leverage.
- Both maintain sound balance sheets with conservative D/E ratios, reinforcing financial discipline.
Midwest Against Peers: Operational Performance (FY2025)
| Metric | Midwest | Pokarna |
|---|---|---|
| Granite Blocks Produced (cum) | 1,04,668 | NA |
| Granite Blocks Sold (cum) | 1,08,892 | NA |
| Diamond Wire Produced (m) | 1,57,544 | NA |
| Diamond Wire Sold (m) | 1,66,137 | NA |
| Capacity Utilization (%) | 78.77 | NA |
- Midwest’s focus on the granite and diamond wire segment continues to yield strong operational performance. Capacity utilization nearing 79% underscores optimal production efficiency and steady demand in export markets.
- While Pokarna does not disclose comparable granite production data due to its shift toward quartz surfaces, Midwest’s operational transparency in reporting key metrics strengthens investor confidence.
Conclusion: Midwest’s Emerging Strength and Market Readiness
Midwest stands at an inflection point — ready to convert its operational efficiency and disciplined growth into broader capital market recognition. Despite being smaller in scale than Pokarna, Midwest demonstrates comparable margins, efficient asset use, and superior valuation multiples, which together reflect its growth narrative and investor confidence.
From a peer comparison standpoint, Midwest appears to be a premium-valued, high-quality operator within its niche. While Pokarna remains a strong benchmark for export excellence, Midwest’s blend of focused product strategy, financial prudence, and market expansion potential positions it as a compelling player in India’s evolving stone and engineered surfaces industry.
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