Millworks Technologies Ltd.
MILLWORKSSME
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Overview
Millworks Technologies Limited is a Bengaluru-based precision engineering manufacturer that produces machined components, sheet-metal parts and integrated sub-assemblies for mission-critical applications in defence, railways, aerospace and semiconductor machinery. The company operates under Build-to-Print and Build-to-Spec models, runs four manufacturing units with multi-axis CNC machining and fabrication capabilities, and supplies OEMs and tiered suppliers with AS9100D/ISO 9001:2015 certified quality systems, including export sales to multiple countries.
Opening Date
Jul 14, 2026
Closing Date
Jul 16, 2026
Listing Date
Jul 21, 2026
IPO Type
SME
IPO Status
Closed
Issue Size
160.34 Cr
Fresh Issue
160.34 Cr
Offer for Sale
0 Cr
Price Band
₹315 - ₹331
Lot Size
400
IPO Timeline
Financials
Revenue
Profit After Tax (PAT)
Use of IPO funds
Key Performance Indicator
P/E Ratio
11.4
EPS
29.02
ROE
69.94%
ROCE
56.44%
RONW
44.83%
Debt to Equity Ratio
—
PAT Margin
24.91%
EBITDA Margin
36.71%
P/B
5.11
Bull vs Bear
Bull case
- •
Scaled execution base: 4 Bengaluru units and installed capacity 3,83,019 machine hours in FY2026, with Unit 1 utilization 74.46% and Unit 4 machining 77.16%.
- •
Hard-to-replicate compliance: AS9100D and ISO 9001:2015 multi-site certifications across Units I–IV, supporting mission-critical aerospace/defence/rail supply; FY2026 RoNW 44.83%.
- •
Industry demand tailwind: global aerospace & defence market $846.94 billion -2025 to $899.65 billion -2026, implying 6.2% CAGR in that period.
Bear case
- •
Customer concentration: top five customers contributed 81.07% of FY2026 revenue from operations (₹12,058.03 lakhs), so order loss or renegotiation can hit utilisation.
- •
Working-capital strain: trade receivable days rose to 178 in FY2026 and receivables were ₹13,868.68 lakhs (Mar 31, 2026), tightening cash conversion despite payables.
- •
Expansion execution risk: company has not placed machinery orders; capex earmarked ₹6,103.05 lakhs and any delay can disrupt the capacity plan to 6,71,499 hours.
Net takeaway
At its core this is a bet on sustaining high operating leverage: FY2026 PAT margin 24.91% on revenue ₹14,876.70 lakhs, alongside RoNW 44.83%. If you believe customer reliance (top 10 = 92.06%) stays stable, upside holds; if you believe churn/terms worsen, the concentration risk holds. Keep watching working-capital discipline: receivable days (178 in FY2026) and receivables level (₹13,868.68 lakhs) versus order book ₹6,714.06 lakhs.
Subscription Rate
Application Details
Frequently Asked Questions about Millworks Technologies Ltd.
Millworks Technologies Limited is a Bengaluru-based precision engineering manufacturer that produces machined components, sheet-metal parts and integrated sub-assemblies for mission-critical applications in defence, railways, aerospace and semiconductor machinery. The company operates under Build-to-Print and Build-to-Spec models, runs four manufacturing units with multi-axis CNC machining and fabrication capabilities, and supplies OEMs and tiered suppliers with AS9100D/ISO 9001:2015 certified quality systems, including export sales to multiple countries.
The Millworks Technologies Ltd. IPO is scheduled to open for subscription on Jul 14, 2026 and close on Jul 16, 2026. Investors can apply for shares during this period through eligible platforms.
The price band for the Millworks Technologies Ltd. IPO is ₹315 to ₹331. Investors can place bids within this range once the issue opens.
The minimum lot size for the Millworks Technologies Ltd. IPO is 400 shares. The minimum investment amount ₹1,32,400.
The total issue size of the Millworks Technologies Ltd. IPO is approximately ₹160.34. Issue size represents the total value of shares offered to the public.
As per the latest available information, the Millworks Technologies Ltd. IPO has been subscribed 50.57 times. Subscription levels can change significantly during the offer period.
The Grey Market Premium (GMP) for the Millworks Technologies Ltd. IPO is ₹[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]. GMP reflects unofficial market sentiment and should not be considered a guarantee of listing performance.
The shares of Millworks Technologies Ltd. are expected to list on stock exchanges on Jul 21, 2026, subject to completion of the allotment process and regulatory approvals.
The net proceeds from the Millworks Technologies Ltd. IPO are proposed to be used for We intend to utilize the proceeds of the Issue to meet the following objects:, Funding capital expenditure of our company to purchase Plant and Machinery;, Funding the Working Capital requirements of the company;, General Corporate Purposes.
Before applying for the Millworks Technologies Ltd. IPO, investors generally review the company’s business model, financial performance, valuation, industry outlook, and risk factors mentioned in the offer document.
