Millworks Technologies IPO
Bookbuilding IPO | ₹160.00 Cr | Listing at BSE SME
IPO Open
Tue, Jul 14, 2026
IPO Close
Thu, Jul 16, 2026
Price Band
₹315.00 to ₹331.00
Market Cap (Pre-IPO)
₹583.05 Cr
IPO Details
| IPO Date | Jul 14, 2026 to Jul 16, 2026 |
| Listing Date | Tentative: Jul 21, 2026 |
| Face Value | ₹10.00 per share |
| Price Band | ₹315.00 to ₹331.00 |
| Lot Size | 400 Shares (Minimum: ₹132,400.00) |
| Sale Type | Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Issue Size | ₹160.00 Crores |
| Total Shares Offered | 4,844,000 shares |
| Fresh Issue | 4,420,000 shares |
| Offer For Sale | 4,844,000 shares |
Subscription Data
| Category | Times Subscribed |
|---|---|
| QIB | 0.00x |
| NII | 2.55x |
| Total | 1.72x |
Millworks Technologies IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | 22,09,200 |
| Retail Shares Offered | 15,47,200 |
| NII Shares Offered | 6,63,600 |
Millworks Technologies IPO Lot Size
Investors can bid for a minimum of 800 shares and in multiples of 400 shares thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 800 | ₹264,800 |
| Retail (Max) | 2 | 800 | ₹264,800 |
| S-HNI (Min) | 3 | 1,200 | ₹397,200 |
| S-HNI (Max) | 7 | 2,800 | ₹926,800 |
| B-HNI (Min) | 8 | 3,200 | ₹1,059,200 |
Millworks Technologies Financial Information (Restated Consolidated)
Millworks Technologies Ltd.'s revenue increased by 584% and profit after tax (PAT) rose by 606% between the financial year ending with March 31, 2026 and March 31, 2025.
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 198.37 | 39.82 | 10.54 |
| Total Income | 153.40 | 22.42 | 9.40 |
| Profit After Tax | 37.06 | 5.25 | 1.95 |
| EBITDA | 56.30 | 7.89 | 2.78 |
| NET Worth | 82.67 | 23.31 | 2.33 |
| Reserves and Surplus | 69.90 | 23.25 | 2.28 |
| Total Borrowing | 17.02 | 9.63 | 4.57 |
Amount in ₹ Cr
Key Performance Indicators
As of Tuesday, March 31, 2026| KPI | Values |
|---|---|
| ROE (Return on Equity) | 69.94% |
| ROCE (Return on Capital Employed) | 56.44% |
| Debt/Equity | 0.21 |
| RoNW (Return on Net Worth) | 44.83% |
| PAT Margin (Profit After Tax Margin) | 24.91% |
| EBITDA Margin | 36.71% |
| Price to Book Value | 5.11 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 29.02 | 21.04 |
| P/E (x) | 11.40 | 15.73 |
| Promoter Holding | 65.08% | - |
Company Promoters
- Sridhar Acharya
- H K Madhu
- Sowmya Madhu
- Rashmi Sridhar Acharya
Company Overview
Millworks Technologies Ltd. – Company Overview
- Millworks Technologies Ltd. is a precision engineering and manufacturing company engaged in the design, development, and production of high-precision components and assemblies.
- The company serves industries such as railways, aerospace, defence, metro rail, drones, and semiconductor manufacturing.
- Its product portfolio includes railway coach components, braking systems, door mechanisms, metro train couplers, aerospace components, drone parts, and semiconductor machinery components.
- The company operates under Build-to-Print (BTP) and Build-to-Spec (BTS) models, along with full-scope manufacturing and job-work services.
- As of March 31, 2026, the company operated four advanced manufacturing facilities in Bengaluru, Karnataka, equipped with CNC machining centres, wire EDM machines, fibre laser cutting systems, CNC press brakes, welding equipment, and assembly & inspection facilities.
- As of April 30, 2026, the company had 161 permanent employees.
Company Strengths
- Precision Engineering Capability and Manufacturing of Complex Components Across Diverse Materials
- Certified Quality Management Systems Supporting Process
- Comprehensive Manufacturing Infrastructure
- Global Customer Relationships and Export-Oriented Business Operations
- Structured Research and Development Function
- Experienced Management and Skilled Technical Workforce
- Strong order book of Rs 9,594.45 lakhs (As of Jan 10, 2026)
Use of Proceeds
| 1) | Funding capital expenditure of Company to purchase Plant and Machinery | 61.03 |
| 2) | Funding the working capital requirements of the Company | 81.50 |
| 3) | General Corporate Purposes | |
| Total | 142.53 |
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Millworks Technologies IPO Peer Comparison
Millworks Technologies peer comparison with similar listed entities. (As on March 31, 2025)| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Millworks Technologies Ltd. | 30.67 | 30.67 | 64.73 | - | 44.83 | - | - |
| Unimech Aerospace and Manufacturing Ltd | 12.44 | 12.42 | 144.99 | 87.87 | 8.58 | 7.58 | - |
| Azad Engineering Ltd | 20.57 | 20.57 | 236.74 | 96.45 | 8.74 | 8.41 | - |
Quick Info
| Sector | precision engineering and manufacturing |
| Exchange | BSE SME |
| Market Cap (Pre-IPO) | ₹583.05 Cr |
Important Dates
| IPO Open | Jul 14, 2026 |
| IPO Close | Jul 16, 2026 |
| Allotment Date | Jul 17, 2026 |
| Credit to Demat | Jul 20, 2026 |
| Listing Date | Tentative: Jul 21, 2026 |
Lead Manager(s)
GYR Capital Advisors Pvt.Ltd.
Registrar
Purva Sharegistry (India) Pvt.Ltd.
022-41343255
Description
- IPO Type: Book build issue aggregating to ₹160.34 crores.
- Issue Structure: Entirely a fresh issue of 0.48 crore shares totaling ₹160.34 crores.
- IPO Dates: The issue opened on July 14, 2026 and will close on July 16, 2026.
- Allotment Date: The allotment is expected to be finalized on July 17, 2026.
- Listing Details: The shares are proposed to be listed on BSE Limited on July 21, 2026.
- Retail Investment Requirement: Minimum 2 lots (800 shares) amounting to approximately ₹2,64,800 (at the upper price band).
- HNI Investment Requirement: Minimum 3 lots (1,200 shares) totaling around ₹3,97,20.
- Issue Price Band: ₹315 to ₹331 per equity share.
- Lot Size: 400 shares per lot.
This IPO offers investors an opportunity to participate in the technology and software solutions sector through a fresh issue of shares.