Daily Brief Energy/Materials: Midwest, Nmdc Ltd, Reliance Industries, Dynacor Group , Uni-Fuels Holdings, Alcoa , MIND Technology , TechnipFMC , Eni SpA, Asahi Holdings and more

• Midwest Ltd’s recent ₹451 crore IPO (₹250 crore fresh issue) funds quartz capacity expansion, debt reduction, and entry into heavy-mineral sands for long-term growth.
• The company is evolving from a granite exporter to a diversified clean-materials supplier, scaling quartz and HMS aligned with India’s solar and semiconductor build-out.
• Strong promoter alignment, integrated operations, and disciplined execution support margin expansion and a positive long-term stance.

• Strong recovery: Q2 FY26 volumes up 23% YoY; margins steady at 38%, confirming operational strength.
• Growth visibility: Expansion, slurry pipeline, and pellet plants drive FY26–27 capacity growth.
• Deep-Value play: Trades at 10× P/E, 5× EV/EBITDA—half peer valuations, 5% dividend yield.

• Q2 FY26 saw Reliance Industries deliver robust, broad-based growth led by Consumer and Digital segments, concurrent with accelerated deployment of AI infrastructure and Green Energy assets.
• The consumer-facing businesses now contribute nearly 50% of Group EBITDA, structurally de-risking the conglomerate from O2C volatility while cementing its positioning for India’s twin tailwinds: Digital Transformation and Energy Transition.
• RIL’s aggressive, integrated strategy across AI and New Energy warrants a closer look at how these massive long-cycle projects are set to redefine the Group’s fundamental profile over the years.

• What you need to know: • DNG announced an update today on its expansion plans in Senegal, Ecuador, and Ghana.
• • In Senegal, the construction of its 50tpd pilot plant remains on schedule with the first shipments of equipment expected to be on site in mid-November.
• • DNG continues to complete early-stage work in Ecuador and Ghana, setting up the Company well to execute on its bold growth plans.

• Uni-Fuels (NASDAQ: UFG) is a fast-growing global provider of marine fuels solutions, helping shipping companies optimize fuel procurement across various international markets and time zones.
• The company currently operates in Singapore, Dubai, Shanghai and Seoul and plans to expand globally including new offices in Asia, Europe and the Americas.
• The company went public in January 2025 raising $9.7 million in gross proceeds including February overallotment.

• Alcoa Corporation’s third-quarter 2025 performance showcased a nuanced mix of operational strength and strategic undertakings amidst significant external and internal challenges.
• The company reported a decrease in revenue by 1% to $3 billion, attributed primarily to lower volumes and prices in the Alumina segment and unfavorable currency impacts, despite an increase in the Aluminum segment’s revenue due to higher metal prices.
• A noteworthy aspect of this quarter was the permanent closure of Alcoa’s Kwinana refinery and the sale of its interest in the Ma’aden joint venture, which yielded a notable financial gain offset by restructuring charges.

• MIND Technology has successfully pivoted to a pure-play marine technology company, focusing on the exploration, survey, and defense markets. This strategic shift has resulted in a return to profitability and a strengthened, debt-free balance sheet.
• The company is well-positioned to capitalize on favorable long-term industry tailwinds, including increased investment in offshore energy (both traditional and renewable), rising demand for maritime security and defense solutions, and the growing need for subsea mapping and survey technologies.
• Despite a significant operational and financial turnaround, the company’s stock appears to be undervalued relative to its peers in the marine technology sector, presenting a potential investment opportunity as the market recognizes its improved fundamentals and growth prospects.

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• TechnipFMC recently reported its financial performance for the third quarter of 2025, showcasing both strengths and areas of potential concern.
• With a total revenue of $2.6 billion and an adjusted EBITDA of $531 million, reflecting a margin of 20.1% excluding foreign exchange impacts, the company experienced a robust quarter.
• Free cash flow was notably strong at $448 million, facilitating $271 million in shareholder returns through dividends and share repurchases.

• Eni’s third quarter 2025 results demonstrate a robust execution of its strategic initiatives, reflecting a significant enhancement in its operational and financial performance across multiple business segments.
• A year-on-year production growth of 8.5% underscores the company’s focus on its upstream operations, alongside developments in emerging energy sectors.
• Key achievements include the successful commencement of production in Azule Energy’s Agogo West Hub in Angola and significant progress in several satellite start-ups, contributing to a notable production increase.

• Revenue for FY03/24 was JPY238.2bn (-0.9% YoY), with operating profit at JPY15.3bn (+84.3% YoY).
• The company revised its FY03/26 earnings forecast, increasing revenue to JPY517.0bn and operating profit to JPY30.0bn.
• Interim and year-end dividends per share for FY03/26 were increased to JPY60.0, totaling JPY120.0 per share.