Analysts/Institutional Investor Meet/Con. Call Updates

August 20, 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 Dear Sir / Madam, Subject: Transcript of Earnings Conference call for the quarter ended June 30, 2026 We wish to inform you that pursuant to Regulations 30 and 46 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time, the transcript of the Earnings Conference call held on August 13, 2026, in relation to the Un- Audited Standalone and Consolidated Financial Results of the Company for the quarter ended June 30, 2026, is enclosed herewith. The same is available on the website of the Company at https://midwest.in/investors. Kindly take the same on record. Thanking you, Yours faithfully, For Midwest Limited K. Achyutanand Reddy Company Secretary Mem. No.: A44619 “Midwest Limited Q1 FY27 Earnings Conference Call” August 13, 2026 MANAGEMENT: MR. RAM KOLLAREDDY – PROMOTER, WHOLE-TIME DIRECTOR AND CHIEF EXECUTIVE OFFICER – MIDWEST LIMITED MRS. UMA KOLLAREDDY – PROMOTER AND WHOLE- TIME DIRECTOR – MIDWEST LIMITED MR. DILIP KUMAR CHALASANI – CHIEF FINANCIAL OFFICER – MIDWEST LIMITED MODERATOR: MS. SANA KAPOOR – GO INDIA ADVISORS LLP Page 1 of 19 Midwest Limited August 13, 2026 Moderator: Ladies and gentlemen, good day and welcome to Midwest Limited Q1 FY27 Earnings Conference Call hosted by Go India Advisors LLP. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Sana Kapoor from Go India Advisors LLP. Thank you and over to you. Sana Kapoor: Thank you, Nisha. Good afternoon, everyone and welcome to Midwest Limited's earnings call to discuss Q1 FY27 performance. The financial results have been uploaded on the exchanges. I hope you have had the opportunity to review the same. We have on the call Mr. Ram Kollareddy, Promoter, Whole-Time Director, and CEO; Mrs. Uma Kollareddy, Promoter and Whole-Time Director; and Mr. Dilip Kumar Chalasani, Chief Financial Officer. We must remind you that the discussion on today's call may include certain forward-looking statements and must be therefore viewed in conjunction with the risks that the company faces. May I now request Mr. Ram Kollareddy to take us through the company's business outlook and financial highlights, subsequent to which we will open the floor for Q&A. Thank you and over to you, sir. Ram Kollareddy: Thank you, Sana. Hi, everyone. Thanks for dialing in the call. I am happy to share that we have started the year with a strong note in terms of numbers. In terms of growth revenue, we have a growth of compared to Q1 last year to this Q1, we have a revenue growth of 35%, EBITDA 25%, and a PAT growth of 27%. This is we also have to note our major cost factor is coming from diesel and we have faced a lot of volatility, especially higher prices on diesel for the last quarter compared to the Q1 of previous year. In spite of that, I am happy that we are posting these numbers and most of these numbers are coming from the granite. In terms of quartz, we have the production for the last quarter which is we generated around INR5 crores of revenue and we have stabilized unit this quarter will be a big jump from that number and then month-on-month or quarter-on-quarter, it will be increasing until we reach a throughput of 15,000 tons per month eventually, where we stabilize the plant at the eventual number. And we are in line to reach the target for the year end. The other development I would like to bring is the an important MoU signed with Indonesia's state-owned company PERMINAS. So PERMINAS is a state-owned company of Indonesia which is designated to explore, mine, and value add all the critical minerals Indonesia, including rare earths. And they and we have the first private company to have an MoU with them where we get access to the all the resources in the entire country and our focus being rare earths. We already identify the first two projects which our team will be starting to work on. Page 2 of 19 Midwest Limited August 13, 2026 Now, this MoU will be translated into an agreement to form a JV along with them and I think you will find developments on that during this quarter which we will update you in the next meeting. The other important update I would like to bring during this quarter is for Sri Lanka project, the policy which were waiting is finalized, ratified, and it is in place. And post that, we have received the necessary communication from the government to complete the data points wherein we are confirming our production, our investment, and our timelines to them to develop this project. I think that is the final milestone before we receive the eventual license. I think that is also expected during this quarter which we will so there was no progress for the last 12 months and this is the big milestone where there is a progress and they are ready to start finishing the last leg. So I think we should be looking at developing that project starting next some time next quarter. So these are the important updates. We are in line for our long-term growth and in fact, we are getting more opportunities that we see. For example, PERMINAS was not a plan, it happened to happen and we happened to get the right time. Given where we are, we will be taking all the relevant opportunities where our margin profile is maintained and every -- our goal as is right now, we are looking at projects that we take up right now that start delivering numbers and revenues in the next 12 to 18 months. And we are a lot of projects coming up in terms of rare earths, but I think we are looking at early commercial projects as a priority. And that will be our priority. Apart from that, I think the updates on the last quarter are continuing where we are the second phase plant, all the HPQ inclusion, all remain in in line to what has been discussed. Yes, so I think that is the update from my side. Moderator: Thank you very much. We will now begin the question-and-answer session. The first question is from the line of Arvind from Equiventure Capital Advisors. Please go ahead. Arvind: Hello, sir. Good afternoon. Am I audible? Management: Yes. Arvind: Okay. Sir, I would like to understand, we have a sister concern named Midwest Advanced Materials, right? Hello? Management: Yes. Arvind: So I would like to understand their nature of primary nature of business. So can you elaborate? Management: So advanced material has been into production of permanent magnet. So they are their business is from oxide to rare earth oxide to permanent magnet. So that that is where their focus is. Arvind: Okay, okay. And sir, I would like to understand what was the volume with regards to quartz in this particular quarter, Q1. Page 3 of 19 Midwest Limited August 13, 2026 Management: Volume approximately 5,000 tons is what we have sold. Arvind: Okay, okay. And by what time probably by end of Q3 can we expect 15,000 to be I mean, producing around 15,000 tons tons a month? Management: Yes. So this quarter we are looking at around 20,000 and the next quarter by the end of this quarter, we will be able to touch a run rate of 10,000. So next quarter, you can do 10,000 to 12,000. I think Q4, we will be exceeding 15,000. That's the plan. Arvind: Okay, okay. All the very best, sir. Thank you. Moderator: Thank you. The next question is from the line of Archit Agarwal from Steptrade Capital. Please go ahead. Archit Agarwal: Hello? Management: Yes, hi. Archit Agarwal: Yes, hi, sir. [Showing first 8,000 characters — download PDF for full document]