Shareholders meeting

September 06, 2026 To, To, The Listing Department The Listing Department BSE Limited, National Stock Exchange of India Ltd., Phiroze Jeejeebhoy Towers, Exchange Plaza, Dalal Street, Bandra Kurla Complex, Bandra (East), Mumbai – 400001 Mumbai – 400051 Scrip Code: 544587 Symbol: MIDWESTLTD Sub: Notice convening 45th Annual General Meeting Dear Sir/Madam, We are enclosing herewith a copy of the Notice convening the 45th Annual General Meeting of the Company on Monday, September 28, 2026 at 11.00 A.M. (IST) through Video Conferencing (VC) or other audio visual means (OAVM) in accordance with the relevant circulars issued by the Ministry of Corporate Affairs and Securities and Exchange Board of India. The schedule of the events is set out as follows: Events Day and Date Time (IST) Cut-off date for e-voting Monday, September 21, 2026 N.A. Commencement of e-voting Friday, September 25, 2026 09.00 A.M. End of e-voting Sunday, September 27, 2026 05.00 P.M. The Notice and the Annual Report is also available on the website of the Company at https://midwest.in/static/aa53dd440508a37c0af3e08b09625f0c/Midwest_Limited-Annual_Report_2025- 26.pdf This is submitted pursuant to Regulation 30 read with Para A, Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. Thanking you, Yours faithfully, For MIDWEST LIMITED K. Achyutanand Reddy Company Secretary Encl: As Above MIDWEST LIMITED (FORMERLY KNOWN AS MIDWEST GRANITE PRIVATE LIMITED) 45TH ANNUAL REPORT 2025-26 Three decades ago, in a single village in Andhra Pradesh, we began extracting a rare geological resource and delivering it to the world. Black Galaxy granite. FOLLOWING THE PATH... PERFORMANCE H 645cr FROM that foundation, we built an integrated mining, processing and distribution FLASHCARD 01-33 CORPORATE platform spanning seventeen countries and OVERVIEW Revenue from Operations five continents. We learned to identify value in Transforming raw materials into geology and convert it into market-ready material strategic assets at scale. About the Company 14 That capability is now being directed at a new Message from Founder & President 18 class of minerals: semiconductor-grade quartz, EBITDA margin Message from the Whole-time 20 solar-glass and engineered stone feedstock, Director & CEO heavy mineral sands and rare-earths. These Message from the Executive Director 22 16% are the upstream inputs on which solar Competitive edge 24 manufacturing, chip fabrication, electric mobility, Global presence 25 medical devices and defence self-reliance PAT margin depend. They are also among the most supply- Key Performance Indicators 26 concentrated minerals on Earth. They are also Awards & Recognitions 28 among the most strategically important material A/Stable Strategy & Growth roadmap 30 supplied globally today. India has the geology. What it has lacked is the CRISIL Rating 34-52 NOTICE integrated mine-to-market capability to convert that geology into a secure, domestic supply 53-157 STATUTORY 913cr chain. That is what we are building. REPORTS Corporate Information 53 Net worth Directors’ Report 54 THIS IS THE STORY OF HOW A 40-YEAR-OLD Management Discussion & Analysis 65 H MINING COMPANY Report on Corporate Governance 92 175cr IS TRANSFORMING Business Responsibility & 118 RAW MATERIALS INTO Sustainability Report Cash flow from operations STRATEGIC ASSETS; AND WHY IT MATTERS 119-323 FINANCIAL NOW MORE THAN STATEMENTS EVER. Standalone Financial statements 158 Consolidated Financial statements 240 45TH ANNUAL REPORT 2025-26 THE PROBLEM WE INDIA’S PARADOX. ARE SOLVING. THE GEOLOGY EXISTS. BREAKING FREE THE VALUE CHAIN FROM THE CRITICAL- DOES NOT. MINERAL TRAP. Why the World’s Most Important One country dominates the India has rare-earth-bearing Titanium ore has not anchored a Supply Chains Have a Single Point refining, processing and monazite along its coastline. self-reliant downstream chain. of Failure: Solar energy begins downstream conversion of the It has titanium sands. It has Solar-grade quartz has not been with quartz. Semiconductors critical minerals that power clean quartz deposits across states like supplied domestically at the begin with ultra-high-purity energy, electronics, mobility and Andhra Pradesh. The geological volumes and specifications Indian silica. Electric vehicles begin with national security. India imports endowment is present. Yet it manufacturers require to produce rare-earth oxides. Aerospace and approximately 65% of its solar has not translated into industrial best quality solar glass. defence begin with titanium. glass. Its titanium value chain capability. Every one of these industries is remains incomplete despite the The gap is not in the ground. Domestic mineral resources being built at unprecedented availability of domestic ore. Its It is in the stages that connect remain under-leveraged. Monazite scale. Every one depends on rare-earth processing capability the ground to the factory: has not been converted into a small number of upstream falls far short of industrial-scale beneficiation, processing, separated oxides at commercial minerals. And those minerals are demand. The concentration is purification and qualification. scale. concentrated to a degree that no not limited to a single mineral serious industrial economy should or sector. It runs across the full be comfortable with. spectrum of strategic materials. This is not a trade imbalance. It is a structural These are the missing links. vulnerability at the base of every industrial ambition These are where Midwest Ltd. has chosen to invest. India has declared. 02 03 CORPORATE STATUTORY FINANCIAL OVERVIEW REPORTS STATEMENTS 45TH ANNUAL REPORT 2025-26 THE QUESTION THAT REDIRECTED A FOUR- DECADE MINING COMPANY We have spent more than forty granite remain our cash-flow years mastering one discipline: engine and balance-sheet anchor. the journey from geology to More importantly, this business global markets. We explore, mine, has given us what most new-age beneficiate, process, control critical-mineral ventures lack: quality and ship to customers proven operating depth across the across five continents. We asked entire mine-to-market chain. ourselves: what if we applied this That depth is now being same capability to the minerals redeployed. Into quartz for the world can no longer afford to solar glass and semiconductor source from a single country? materials. Into heavy mineral Midwest Ltd. was founded in sands for titanium feedstock. 1981 as a natural stone company Into rare-earth processing for the specialising in dimensional stone. oxides that power EV motors, wind Black Galaxy and Absolute Black turbines and defence systems. The foundation is the same. The application is new. WHAT MAKES MIDWEST LTD. DIFFERENT. WE START WHERE THE VALUE CHAIN BEGINS. Many Make in India projects earth access in Indonesia and begin with a factory and remain monazite processing in India. In dependent on imported raw each case, the value chain is built materials. The dependency simply forward from the ore body. This moves one step upstream. is a deliberate choice. Solar-glass furnaces need assured quartz. Midwest Ltd. begins with geology. Pigment plants need consistent Controlled quartz resources in ilmenite and rutile. Magnet Andhra Pradesh. Prospective manufacturers need qualified heavy-mineral-sand deposits oxide. in Sri Lanka. Proposed rare- Midwest Ltd.’s role is to provide the upstream certainty that converts industrial ambition into commissioned capacity. 04 05 CORPORATE STATUTORY FINANCIAL OVERVIEW REPORTS STATEMENTS 45TH ANNUAL REPORT 2025-26 BUSINESS VERTICAL 1 specifications. This is not a trading Indian glass manufacturers a What becomes possible when QUARTZ: THE RAW operation. It is an integrated mine- local, assured raw-material source. domestic quartz is assured to-product platform built on the Midwest Ltd. enables domestic The immediate effect is industrial. MATERIAL THAT POWERS [Showing first 8,000 characters — download PDF for full document]