M
Midwest
Book Building issueMainboardBSE₹451 Cr issue
+9.40%
Listing gain over issue price
Issue size
₹451 Cr
1 lot at cut-off
₹14,910
Lot size
14shares
Open
15 Oct 2025
Close
17 Oct 2025
Allotment
20 Oct 2025
Listing
24 Oct 2025
Listing performance
Issue price
₹1,065
Listed at
₹1,165.10
Listing-day close
₹1,141.10
Latest price
₹1,326.40
Listing gain
+9.40%
Return since listing
+24.54%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹100
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 24 Oct 2025 | ₹100 | +9.39% | ₹1,100 | ₹1,165 | ₹1,400 |
| 23 Oct 2025 | ₹115 | +10.80% | ₹1,200 | ₹1,180 | ₹1,610 |
| 22 Oct 2025 | ₹103 | +9.67% | ₹1,100 | ₹1,168 | ₹1,442 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 15 Oct 2025 – 17 Oct 2025
- Listing date
- 24 Oct 2025
- Face value
- ₹1 per share
- Issue price
- ₹1,065 per share
- Lot size
- 14 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹451 Cr
- Market cap at offer price
- ₹3,851 Cr
- Promoter holding
- 88.07% → 77.13% pre-issue → post-issue
- ISIN
- INE0XAD01024
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Dam Capital Advisors Ltd.
- Registered office
- 8-2-684/3/25 & 26, Road No.12, Banjara Hills, Telangana
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 12,67,605 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 14 shares per lot, in multiples, at ₹1,065
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 14 | ₹14,910 |
| Retail (max) | 13 | 182 | ₹1,93,830 |
| S-HNI (min) | 14 | 196 | ₹2,08,740 |
| S-HNI (max) | 67 | 938 | ₹9,98,970 |
| B-HNI (min) | 68 | 952 | ₹10,13,880 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
12,67,605
Anchor portion
₹135 Cr
at ₹1,065 per share
Valuation and performance
Valuation at offer price
₹1,065 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 39.42 | 26.97 |
| P/E (×) | 27.02 | 39.49 |
| Price to book (×) | 6.50 | — |
| Market cap | — | ₹3,851 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 22.11%
- ROCE
- 18.84%
- Debt / equity
- 0.43
- PAT margin
- 17.17%
- EBITDA margin
- 27.43%
- NAV per share
- ₹163.75
- Price to book
- 6.50
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Midwest
Midwest Limited is engaged in the business of exploration, mining, processing, marketing, distribution and export of natural stones, with an emphasis on sustainability. The Company was incorporated on December 11, 1981 as 'Midwest Granite Private Limited' and underwent corporate restructuring, being converted to a public limited company in August 2024. It is India's largest producer and exporter of Black Galaxy Granite, a premium variety of granite, holding approximately 64% of the Indian export market for Black Galaxy Granite as of Fiscal 2025, exporting 44,992 cubic meters during that period. The Company is also the largest producer of Absolute Black Granite in India, with production accounting for 15.7% of overall black granite production in Fiscal 2025. The Company generates revenue from mining and processing of natural stones, with its top 10 customers contributing 63.22% of revenue in the three-month period ended June 30, 2025.
Company Analysis
from RHPMidwest Limited is India's largest producer and exporter of Black Galaxy Granite, engaged in exploration, mining, processing, and marketing of natural stones including granite, quartz, and heavy mineral sands.
Midwest Limited is engaged in the business of exploration, mining, processing, marketing, distribution and export of natural stones, with an emphasis on sustainability. The Company was incorporated on December 11, 1981 as 'Midwest Granite Private Limited' and underwent corporate restructuring, being converted to a public limited company in August 2024. It is India's largest producer and exporter of Black Galaxy Granite, a premium variety of granite, holding approximately 64% of the Indian export market for Black Galaxy Granite as of Fiscal 2025, exporting 44,992 cubic meters during that period. The Company is also the largest producer of Absolute Black Granite in India, with production accounting for 15.7% of overall black granite production in Fiscal 2025. The Company generates revenue from mining and processing of natural stones, with its top 10 customers contributing 63.22% of revenue in the three-month period ended June 30, 2025.
Natural stone mining and extractionGranite processingQuartz processingHeavy mineral sands miningDiamond wire manufacturing
Objects of the Issue
- Investment in Midwest Neostone Private Limited (wholly owned subsidiary) by way of a loan, towards funding capital expenditure for the phase-II of the quartz grit and powder processing plant ₹1,302.98 million p.21
- Capital expenditure for purchase of electric dump trucks and investment in APGM (Material Subsidiary) by way of a loan for purchase of Electric Dump Trucks ₹257.55 million p.21
- Capital expenditure for integration of solar energy at certain Mines of the Company ₹32.56 million p.21
- Pre-payment/re-payment of certain outstanding borrowings of the Company and investment in APGM by way of a loan for pre-payment/re-payment of certain outstanding borrowings of APGM ₹562.23 million p.21
- General corporate purposes p.21
- Investment in Midwest Neostone, wholly owned subsidiary, by way of a loan, towards funding capital expenditure for the Phase II Quartz Processing Plant ₹1,302.98 million p.60
- Capital expenditure for purchase of Electric Dump Trucks and investment in APGM for purchase of Electric Dump Trucks ₹257.55 million p.60
- Capital expenditure for integration of solar energy at certain Mines ₹32.56 million p.60
- Pre-payment/re-payment of outstanding borrowings of the Company and investment in APGM for pre-payment/re-payment of outstanding borrowings of APGM ₹562.23 million p.60
- General corporate purposes p.60
- Investment in Midwest Neostone, our wholly owned subsidiary, by way of a loan, towards funding capital expenditure for Phase II of the quartz grit and powder processing plant ₹1,302.98 million p.121
- Capital expenditure for purchase of electric dump trucks to be used by our Company and investment in APGM, our Material Subsidiary, by way of a loan, for purchase of Electric Dump Trucks ₹257.55 million p.121
- Capital expenditure for integration of solar energy at certain Mines of our Company ₹32.56 million p.121
- Pre-payment/re-payment of, in part or full, certain outstanding borrowings of our Company and investment in APGM, by way of a loan, for pre-payment/re-payment of, in part or full, certain outstanding borrowings of APGM ₹562.23 million p.121
- General corporate purposes p.121
- Investment in Midwest Neostone, wholly owned subsidiary, by way of loan towards funding capital expenditure for Phase II Quartz Processing Plant p.260
- Capital expenditure for purchase of electric dump trucks to be used by the Company and investment in APGM, Material Subsidiary, by way of loan for purchase of electric dump trucks p.262
- Capital expenditure for integration of solar energy at certain Mines p.262
- The specific purposes are not disclosed in this part of the document. The document references 'Objects of the Offer' beginning on page 116 but that content is not included in this excerpt. p.497
Issue Structure
- Total Issue
- Up to ₹4,510.00 million
- Fresh Issue
- Up to ₹2,500.00 million
- Offer for Sale
- Up to ₹2,010.00 million
- Face Value
- ₹5 each
Business Model
The Company earns revenue primarily through exploration, mining, processing, marketing, distribution and export of natural stones. Revenue is generated from the sale of dimensional granite (particularly Black Galaxy and Absolute Black varieties), quartz products, and heavy mineral sands. The Company operates mining operations in India (Andhra Pradesh and Telangana) and Sri Lanka, and has subsidiaries and joint ventures engaged in processing, manufacturing (including diamond wire production), and ancillary activities.
Business Segments
Comprises extracting and processing Dimensional Granite, particularly the Black Galaxy and Absolute Black varieties. The Company is India's largest producer and exporter of Black Galaxy Granite.
Comprises the manufacture of Diamond Wire at an advanced manufacturing facility located in Hyderabad, Telangana. Diamond Wire is a precision cutting tool employed in the natural stone and construction industries.
The Company has expanded into extraction and processing of Quartz, primarily to cater to the market for Engineered Stone and proposing to expand to produce Quartz for use in manufacture of Solar Glass. Phase I Quartz Processing Plant has annual installed capacity of 303,600 metric tonnes per annum.
Extraction and processing of Black Galaxy Granite from three mines in Chimakurthy, Andhra Pradesh. The segment mines rough granite blocks which are sold directly to customers or processed at the company's processing facilities.
Manufacturing of diamond wire used for cutting stone and granite blocks. The company operates a Diamond Wire manufacturing facility.
Extraction and processing of granite for sale as mineral products
Production of quartz grit and powder through Phase I (commenced September 2025) and planned Phase II of Quartz Processing Plant for engineered stone and solar glass applications
Manufacturing of diamond wire for cutting applications
Extraction, processing and sale of Black Galaxy Granite, a premium variety of natural stone found only in Chimakurthy village of Ongole district in Andhra Pradesh, used for countertops, vanities, flooring, cladding, handicrafts, and construction applications
Extraction, processing and sale of Absolute Black Granite, offered as a lower-cost alternative to Black Galaxy Granite for both domestic and international markets
Production and sale of diamond wire used in granite extraction and processing
Extraction and sale of dimensional granite blocks, primarily Black Galaxy Granite and Absolute Black Granite varieties. Black Galaxy is a premium stone used in high-value real estate projects for applications such as kitchen counters, flooring, cladding, and bathroom vanities. Absolute Black Granite is known for its deep uniform black color and is used in sculptures, monuments, temples, and modern architecture.
Design, development, manufacture and sale of diamond wires used in the cutting and processing of hard materials, including natural stones, semiconductors and solar panels. Products include Quarry Wire (for dimensional stone quarries), Stationary Wire (for processing extracted stone), and Multi Wire (for processing plants to produce thin slabs).
Processing and sale of processed polished slabs and other processed stone products from granite blocks that do not meet international standards, including finished stone slabs cut and polished for use in flooring, countertops and wall cladding.
Mining and processing of quartz for production of quartz grit and powder used primarily in engineered stone and solar glass manufacturing. Phase I of the Quartz Processing Plant commenced operations during Q2 FY2026 with an installed capacity of 303,600 metric tonnes per annum. Phase II will add an additional 303,000 metric tonnes per annum capacity.
Exploration, mining and processing of heavy mineral sands in Sri Lanka for extraction of minerals such as Rutile, Ilmenite, Zircon, Garnet, Sillimanite and Monazite used in titanium production, pigments, ceramics, and rare earth element extraction.
Extraction and quarrying of granite stones, including Absolute Black Granite and Black Galaxy Granite from mines located in Telangana and Andhra Pradesh, with operations through material subsidiary APGM and direct operations
Manufacturing of diamond-coated cutting tools for export, operations conducted through Sri Lanka subsidiary Reliance Diamond Tools Private Limited, with manufacturing operations also shifted to Hyderabad, Telangana as of 2021
Exploration, exploration and mining of mineral sands through subsidiaries Midwest Heavy Sands Private Limited and Trinco Mineral Sands Private Limited incorporated in Sri Lanka in 2023
Processing and production of quartz and silica materials through subsidiary Midwest Neostone Private Limited, with Phase I of Quartz Processing Plant operationalization planned for 2025
Exploration, exploitation, manufacturing, processing and selling of dressed Granite blocks and Slabs
Manufacturing of Diamond Tools and Non-metallic specialty products
Exploration of non-renewable natural resources including silica, sand, natural stones, and minerals through subsidiaries in India and Mozambique
Mining, extraction and processing of granite blocks and slabs for domestic and export markets
Manufacturing and sale of diamond wire cutting tools used in stone cutting
Scrap sales and export incentives received
SWOT Analysis
Strengths
- • India's largest producer and exporter of Black Galaxy Granite with ~64% export market share(p.20)
- • Largest producer of Absolute Black Granite in India with 15.7% of national production(p.20)
- • Established export operations with 44,992 cubic meters of Black Galaxy Granite exported in Fiscal 2025(p.20)
- • Significant share of top 10 customers with stable tenure(p.45)
- • Diversified geographic revenue base with presence across 17 countries(p.45)
- • Strong revenue contribution from Black Galaxy Granite with proven reserves(p.47)
- • Substantial proven and blockable granite reserves with multi-year life(p.47)
- • Positive cash generation from operations in recent years(p.50)
- • Established mining and mineral processing operations with decades of experience(p.123)
- • Significant proven Quartz reserves supporting diversification strategy(p.123)
- • Phase I of Quartz Processing Plant already operational with revenue generation commenced(p.123)
- • Multiple operational Quartz mines across key geographies(p.123)
- • India's largest producer and exporter of Black Galaxy Granite(p.158)
- • Complete mine-to-distribution granite value chain presence(p.158)
- • Emphasis on R&D and technology integration(p.158)
- • High entry barriers benefit established players(p.158)
- • Proven track record of financial and operational performance(p.158)
- • Experienced promoters and professional management(p.158)
- • 20% market share in Black Galaxy Granite production(p.194)
- • 26.67% of state royalty for Black Galaxy Granite(p.194)
- • Largest producer and exporter of Black Galaxy Granite in India with ~64% market share(p.246)
- • Exclusive geographic monopoly on Black Galaxy Granite production globally(p.247)
- • Largest producer of Absolute Black Granite in India(p.247)
- • Substantial proven reserves of granite supporting long mine life(p.267)
- • Integrated mine-to-market business model with backward integration in Diamond Wires(p.248)
- • Advanced R&D and technology capabilities including ERP integration and automation(p.242)
- • 100% renewal of mining leases demonstrating regulatory compliance(p.243)
- • Strong financial performance with revenue CAGR of 12% and improved profitability(p.231)
- • Established granite and mining operations with vertically integrated business model(p.360)
- • Revenue growth trajectory with consistent profitability(p.355)
- • Strong consolidated equity base and capital reserves(p.368)
- • Diversified subsidiary and joint venture portfolio across geographies(p.362)
- • Significant capital work-in-progress and intangible asset development indicating expansion(p.376)
- • Established industry presence with four decades of experience in dimensional natural stone(p.418)
- • Largest producer and exporter of dimensional granite in India with established customer relationships(p.418)
- • Long-standing customer relationships spanning multiple years across 17 countries(p.420)
- • Integrated mine-to-distribution capabilities with two mechanized processing facilities(p.420)
- • Captive diamond wire manufacturing facility providing cost optimization and product tailoring(p.420)
- • Substantial resource base with 16 operational mines and proven reserves across multiple geological locations(p.420)
Weaknesses
- • High customer concentration risk with top 10 customers contributing 63.22% of Q1 FY2026 revenue(p.45)
- • Geographic concentration of Black Galaxy Granite production limited to three Mines in Chimakurthy, Andhra Pradesh(p.34)
- • Outstanding litigation including CBI notice to founder regarding BEML Midwest subsidiary formation(p.36)
- • Qualified audit reports from previous statutory auditors for FY2023 regarding BEML Midwest non-consolidation(p.42)
- • Dependence on China as distribution hub with more than 50% of revenue from Chinese customers(p.34)
- • Heavy dependence on top 10 customers for revenue(p.45)
- • Top 3 transporters account for majority of transportation expenditure(p.64)
- • Significant contingent liabilities across multiple tax categories(p.49)
- • Negative cash flows experienced in Fiscal 2023(p.50)
- • Multiple losses or near-zero performance by subsidiaries(p.50)
- • Multiple instances of delays in statutory dues payment(p.52)
- • Missing corporate records and untraceable form filings dating back decades(p.46)
- • Unexecuted sale deeds for land acquisitions from promoter(p.51)
- • Discrepancy in director appointment documentation(p.46)
- • Past compounding order for failure to comply with buyback regulations(p.47)
- • Low capacity utilization at granite processing facilities(p.65)
- • High employee attrition rate(p.50)
- • Wholly-owned subsidiary (Midwest Neostone) has limited operational history despite capital expansion(p.123)
- • High consolidated debt levels requiring significant servicing(p.135)
- • No feasibility study conducted for Quartz Processing Plant phases(p.123)
- • Incomplete quotation validities and no definitive supplier agreements for capital expenditure(p.128)
- • Dependence on single premium product (Black Galaxy Granite)(p.194)
- • High working capital cycle relative to peers(p.161)
- • Lower EBITDA margin than listed peer(p.164)
- • Lower RoNW than listed peer(p.164)
- • High dependence on key customers; top 10 customers contribute over 51% of revenue(p.243)
- • Substantial dependence on international markets and China as key distribution hub(p.243)
- • Mining operations significantly impact the environment including habitat destruction and water pollution(p.241)
- • Heavy machinery and explosives contribute to noise and air pollution(p.241)
- • High leverage with significant term loan obligations(p.386)
- • Substantial dependence on a concentrated customer base evident from trade receivables concentration(p.381)
- • Non-consolidation of BEML Midwest Limited subsidiary due to lack of control(p.369)
- • Significant provision for doubtful debts and credit impairments(p.381)
- • Complex group structure with multiple foreign subsidiaries requiring currency translation management(p.385)
- • Properties held in names of other entities pending formalization(p.370)
- • Contingent tax liabilities from multiple direct tax disputes with significant carry-forward exposure(p.394)
- • Significant GST contingent liability related to reverse charge mechanism interpretation(p.395)
- • Contingent liabilities related to excise duty and customs duty on EOU operations(p.395)
- • Entry tax litigation with conditional deposit requirements imposed by courts(p.395)
- • Substantial contingent liabilities from mining royalty disputes with government agencies(p.395)
- • Pending litigation relating to BEML Midwest joint venture with substantial operational debt claim(p.415)
- • High exposure to foreign currency exchange rate fluctuations with significant unhedged receivables(p.425)
- • Significant capital commitments for new business segments with execution and profitability risks(p.425)
Opportunities
- • Expansion into Quartz processing with Phase II plant under construction for Engineered Stone and Solar Glass markets(p.7)
- • New business segments including Heavy Mineral Sands mining with licenses in Sri Lanka(p.42)
- • Introduction of exclusive varieties like Laza Grey Marble and Celestia Quartzite to compete with imported marble(p.42)
- • Indian granite industry valued at US$40 billion with production CAGR of 4.7% from FY2022 to FY2025(p.20)
- • Capital expenditure for Black Galaxy Granite mine phase development(p.47)
- • Expansion of global distribution network via China hub(p.45)
- • Sustainability initiatives through renewable energy integration(p.55)
- • Deployment of electric dump trucks to reduce operational costs(p.61)
- • Debt reduction and debt-to-equity improvement(p.60)
- • Expansion into additional geographic markets beyond top 10 customers(p.45)
- • Acquisition of additional reserve lands for future mining operations(p.57)
- • Expansion of Quartz grit and powder production capacity targeting engineered stone and solar glass markets(p.123)
- • Growing markets for Quartz products, particularly in export markets(p.123)
- • Strategic diversification of revenue streams through value-added products(p.123)
- • Improving operational efficiency and sustainability through renewable energy integration(p.131)
- • Projected domestic granite demand growth of 6.0-7.0% CAGR through FY2030(p.200)
- • Black granite production expected to increase 8-11% CAGR through FY2030(p.194)
- • Construction sector growth driven by government infrastructure push(p.183)
- • Diversification into engineered quartz slab market with strong export demand(p.207)
- • Opportunity in heavy mineral sand and rare earth elements(p.229)
- • Planned solar glass quartz grit capacity addition(p.213)
- • Solar industry growth with 30.7-31.4% CAGR in quartz demand through FY2030(p.213)
- • Significant growth in global construction industry, particularly in emerging economies(p.241)
- • Black Galaxy commands premium pricing due to scarcity and unique properties(p.241)
- • Large global export potential for high-quality black granite with strong demand(p.241)
- • Robust growth in domestic solar and semiconductor industries driving quartz demand(p.241)
- • High demand for Heavy mineral sand in global market(p.241)
- • Domestic quartz demand growing at CAGR of 15% with future projections of 6+ million kilo tons(p.259)
- • Expansion through capital projects and intangible asset development(p.376)
- • International expansion with exploration assets in Mozambique(p.362)
- • Growth in Sri Lankan operations through subsidiaries(p.362)
- • Strategic joint ventures for infrastructure and mineral exploration(p.362)
- • Diversification into complementary products and services(p.360)
- • Expansion into high-growth quartz grit and powder market with strong projected CAGR(p.426)
- • Emerging marble and quartzite markets competing with imported varieties in India(p.422)
- • Heavy mineral sands mining opportunities in Sri Lanka with growing titanium demand(p.422)
- • Strategic Phase II Quartz Processing expansion funded through IPO net proceeds(p.421)
- • Growing global demand for engineered stone and solar glass driving quartz consumption(p.426)
Threats
- • Regulatory changes including potential retrospective mineral taxation by State Governments from April 1, 2005(p.38)
- • Risk of mining license delays and suspensions affecting production as occurred in FY2023(p.38)
- • Reserve estimation uncertainties with actual recovered quantities potentially differing materially from estimates(p.37)
- • Exposure to fluctuations in natural stone market prices and operating costs affecting reserve economics(p.37)
- • Legal challenges to mining leases and operational suspensions by government authorities(p.38)
- • Vulnerability to China market disruptions affecting 50%+ of revenue(p.45)
- • Port congestion and shipping disruptions affecting exports(p.46)
- • Royalty and seignorage rate increases affecting profitability(p.53)
- • Foreign exchange fluctuation exposure with 63.66% of revenue in foreign currency(p.54)
- • Power and fuel cost volatility impacting production costs(p.55)
- • Geographic concentration of all operations in Telangana and Andhra Pradesh(p.48)
- • Environmental compliance and regulatory stringency risks(p.58)
- • Permit renewal delays affecting production capacity(p.48)
- • Real estate sector slowdown affecting granite demand(p.68)
- • Competition from larger organized granite industry players(p.68)
- • Hazardous mining operations and accident liability risks(p.58)
- • Macroeconomic and geopolitical headwinds affecting global demand(p.74)
- • Monsoon and weather-related operational disruptions(p.66)
- • Risk of unanticipated delays and cost overruns in capital expenditure implementation(p.128)
- • Funding requirements dependent on management estimates subject to external factors beyond control(p.121)
- • Price fluctuation risks in procurement of capital equipment and raw materials(p.128)
- • Potential failure of planned capital expenditures to generate revenue growth(p.128)
- • Declining granite exports due to increased domestic consumption(p.196)
- • Regulatory restrictions on mining operations(p.193)
- • Intense competition and consolidation in Black Galaxy Granite(p.189)
- • Dependence on China for granite processing and export(p.195)
- • Export market volatility with declining granite export volumes(p.195)
- • Concentrated export market to five countries(p.196)
- • Synthetic black granite threatens premium product demand(p.189)
- • Engineered slabs and tiles are primary substitutes to natural stone(p.241)
- • Stringent environmental regulations and permissions pose challenges to mining operations(p.241)
- • Global economic fluctuation can impact construction activity and market trajectory(p.241)
- • Slow adoption of pro-industry minor mineral policy by state governments(p.241)
- • Vulnerability to mining regulation and royalty changes(p.390)
- • Exposure to commodity price fluctuations and international market volatility(p.390)
- • Foreign exchange risk from multi-currency operations and foreign debt(p.391)
- • Audit trail compliance gaps in accounting software affecting internal controls(p.368)
- • Reliance on other auditors for foreign subsidiary audits creating audit risk(p.368)
- • Litigious matters and legal uncertainties affecting operations and profitability(p.380)
- • Highly commoditized granite market with pricing pressure limiting margin expansion(p.423)
- • Dependence on global economic conditions and real estate sector cyclicality(p.423)
- • Government royalty and seignorage rate increases reduce profitability on export sales(p.425)
- • Mining operations subject to increasing environmental regulatory scrutiny and compliance costs(p.425)
- • Production disruptions from labor availability, weather, machinery breakdown and regulatory approvals(p.424)
- • Cost-intensive mechanized mining operations with inability to pass all costs to customers(p.423)
- • Regulatory changes affecting mining permits, licenses and approvals could disrupt operations(p.425)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Kollareddy Rama Raghava Reddy | Promoter and Founder; also Promoter Selling Shareholder | 73.58% | — |
| Mr. Kollareddy Ramachandra | Promoter | 5.00% | — |
| Mrs. Kukreti Soumya | Promoter | 5.00% | — |
| Mrs. Uma Priyadarshini Kollareddy | Promoter | 1.00% | — |
| Mr. Kollareddy Rama Raghava Reddy | Promoter/Selling Shareholder | 73.53% | — |
| Mr. Kollareddy Ramachandra | Promoter | 5.00% | — |
| Mrs. Kukreti Soumya | Promoter | 5.00% | — |
| Mrs. Uma Priyadarshini Kollareddy | Promoter | 1.00% | — |
| Kollareddy Rama Raghava Reddy | Promoter | 73.58% | — |
| Kollareddy Ramachandra | Promoter | 5.00% | — |
| Kukreti Soumya | Promoter | 5.00% | — |
| Uma Priyadarshini Kollareddy | Promoter | 1.00% | — |
| Kollareddy Rama Raghava Reddy | Selling Shareholder | — | — |
| Guntaka Ravindra Reddy | Selling Shareholder | — | — |
| Mr. Kollareddy Rama Raghava Reddy | Founder and Promoter | — | — |
| Mr. Kollareddy Ramachandra | Promoter | 5.00% | — |
| Mrs. Kukreti Soumya | Promoter | 5.00% | — |
| Mrs. Uma Priyadarshini Kollareddy | Promoter | 1.00% | — |
| Mr. Kollareddy Rama Raghava Reddy | Promoter | 87.31% | 73.58% |
| Mr. Kollareddy Ramachandra | Promoter | 0.13% | 5.00% |
| Mrs. Kukreti Soumya | Promoter | 0.13% | 5.00% |
| Mrs. Uma Priyadarshini Kollareddy | Promoter | — | 1.00% |
| Kollareddy Rama Raghava Reddy | Promoter | — | — |
| Kollareddy Rama Raghava Reddy | Selling Shareholder | — | — |
| Guntaka Ravindra Reddy | Selling Shareholder | — | — |
Leadership
Mr. Rana Som · Chairman and independent director
Mr. Kollareddy Ramachandra · Whole-time Director and Chief Executive Officer
Mr. Dilip Kumar Chalasani · Chief Financial Officer
Mr. Rohit Tibrewal · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.