Incorporated in November 2021, Millworks Technologies Limited is a precision engineering and manufacturing company specializing in the design, development, and production of high-precision components and assemblies for the railway, aerospace, defence, metro rail, drone, and semiconductor industries.
The company manufactures a wide range of mission-critical products, including railway coach components, braking systems, door mechanisms, metro train couplers, aerospace and aeronautical components, drone parts, and precision components for semiconductor manufacturing equipment.
Business Verticals:
Its operations are executed under both Build-to-Print (BTP) and Build-to-Spec (BTS) models, along with full-scope manufacturing and job-work arrangements. Under the Build-to-Print (BTP) model, it manufactures components strictly in accordance with customer-supplied drawings and technical specifications. In contrast, the Build-to-Spec (BTS) model involves producing components based on functional and performance requirements defined by customers to deliver solutions aligned with their operational objectives.
As of March 31, 2026, the company operates four advanced manufacturing facilities in Bengaluru, Karnataka. These facilities are equipped with state-of-the-art infrastructure, including CNC machining centers (3-axis, 4-axis, and 5-axis), CNC turning and turn-mill centers, wire EDM machines, fibre laser cutting systems, CNC press brakes, welding equipment, and dedicated assembly and inspection areas.
As of April 30, 2026, the company employed 161 permanent personnel across production, quality, design, administration, finance, HR, and management functions.
Competitive Strengths:
Business Verticals:
Its operations are executed under both Build-to-Print (BTP) and Build-to-Spec (BTS) models, along with full-scope manufacturing and job-work arrangements. Under the Build-to-Print (BTP) model, it manufactures components strictly in accordance with customer-supplied drawings and technical specifications. In contrast, the Build-to-Spec (BTS) model involves producing components based on functional and performance requirements defined by customers to deliver solutions aligned with their operational objectives.
As of November 30, 2025, the company operates four advanced manufacturing facilities in Bengaluru, Karnataka. These facilities are equipped with state-of-the-art infrastructure, including CNC machining centers (3-axis, 4-axis, and 5-axis), CNC turning and turn-mill centers, wire EDM machines, fibre laser cutting systems, CNC press brakes, welding stations, and dedicated assembly and inspection areas.
Competitive Strengths:
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 ₹ Crore | |||
| Company | Issue Type | Issue Size | Issue Price | PE Ratio | Listing Day Close | Listing Gain/Loss % | LTP |
|---|---|---|---|---|---|---|---|
| Accord Transformer & Switchgear Ltd. | SME | ₹25.59 Cr | ₹46 | 11.41 | ₹52.50 | +14.13% | ₹55.00 (+0.77%) |
| Avana Electrosystems Ltd. | SME | ₹35.22 Cr | ₹59 | 12.4 | ₹80.30 | +36.10% | ₹127.50 (+2.95%) |
| Powerica Ltd. | Mainboard | ₹1,100.00 Cr | ₹395 | 24.45 | ₹390.00 | -1.27% | ₹567.25 (-0.44%) |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 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 |
| KPI | Mar 31, 2026 |
|---|---|
| ROE | 69.94% |
| ROCE | 56.44% |
| Debt/Equity | 0.21 |
| RoNW | 44.83% |
| PAT Margin | 24.91% |
| EBITDA Margin | 36.71% |
| Price to Book Value | 5.11 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 29.02 | 21.04 |
| P/E (x) | 11.4 | 15.73 |
| IPO Date | 14 to 16 Jul, 2026 |
| Listing Date | Tue, Jul 21, 2026T |
| Face Value | ₹10 per share |
| Price Band | ₹315 to ₹331 |
| Lot Size | 400 Shares |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SMn data-component=”keyword-popup” data-record-idE |
| 48,44,000 shares (agg. up to ₹160 Cr) | |
| Reserved for Market Maker |
4,24,000 shares
(agg. up to ₹14 Cr) |
| Fresh Issue (Ex Market Maker) | 44,20,000 shares (agg. up to ₹146 Cr) |
| Net Offered to Public | 44,20,000 shares (agg. up to ₹146 Cr) |
| Share Holding Pre Issue | 1,27,70,755 shares |
| Share Holding Post Issue | 1,76,14,755 shares |
Sridhar Acharya, H K Madhu, Sowmya Madhu, Rashmi Sridhar Acharya
| Share Holding Pre Issue | 65.08% |
| Share Holding Post Issue |
As per our analysis and Based on the information we have, this is the output.
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