Soon
Millworks Technologies Limited IPO
SME
BSE SME
100% Book Built Offer
Upcoming
Millworks Technologies Limited IPO
SME
BSE SME
100% Book Built Offer
Upcoming
Price Band
₹315 - ₹331
Total Issue
₹160 Cr
Bid Dates
14 Jul - 16 Jul
Subscription
-
Est. GMP
₹349 (105.44%)
Valuation
Market Cap
₹583.05 Cr
P/E Ratio
10.79x
P/B Ratio
5.11x
Millworks IPO Dates
Open
Close
Allotment
Refunds
Credit
Listing
Conflicting IPOs
IPOs with overlapping timeline
Business Overview
Millworks Technologies Limited is a Bengaluru-based precision engineering company manufacturing machined components, sheet metal parts, and integrated assemblies for mission-critical applications in railways, aerospace, defence, and semiconductor sectors. Incorporated in 2021, it operates under Build-to-Print and Build-to-Spec models, undertaking full-scope manufacturing and job-work for Original Equipment Manufacturers. The Company runs four manufacturing units in Bengaluru with multi-axis CNC machining, turning, wire-EDM, fibre laser cutting, and CNC press-brake capabilities, and holds AS9100D and ISO 9001:2015 certifications.
Lots & IPO Size
Millworks IPO Lot Size
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Ind (Min) | 2 | 800 | ₹2,64,800 |
| Ind (Max) | 2 | 800 | ₹2,64,800 |
| S-HNI (Min) | 3 | 1,200 | ₹3,97,200 |
| S-HNI (Max) | 7 | 2,800 | ₹9,26,800 |
| B-HNI (Min) | 8 | 3,200 | ₹10,59,200 |
Market Maker
₹4.24 L
Employee
₹0.00
Shareholder
₹0.00
Millworks IPO Size
Total
₹160 Cr
Fresh Issue
₹160 Cr
(0.48 Cr
Shares)
Offer For Sale
₹0
(0.00
Shares)
Objects of the Issue
Funding capital expenditure of the company to purchase Plant and Machinery
Funding the Working Capital requirements of the company
General Corporate Purposes & Issue Expenses
Total
Key Risk Factors
The Company's revenues have exhibited significant fluctuations historically and may continue to vary, adversely affecting its business and financial condition.
Key Risk Factors
The Company's revenues have exhibited significant fluctuations historically and may continue to vary, adversely affecting its business and financial condition.
The Company's high trade receivables relative to revenue indicate elongated working capital cycles, exposing it to collection risks affecting liquidity and finances.
A substantial portion of the Company's revenue for the period ended March 31, 2026 came from its top customer; any loss of this customer could adversely affect profitability.
The Company is dependent on certain business partners for execution of its Defence sector projects, which could impact operations if such dependency is disrupted.
The Company has had instances of non-compliance and delayed compliance with certain provisions of the Companies Act, 2013, which may attract penalties.
The Company depends on a few customers for a significant share of revenue and generally lacks long-term arrangements, which could adversely affect its business.
Customer industries face rapidly changing preferences and cost pressures; disruptions in the competitive precision-components manufacturing industry could affect the Company.
Failure to compete effectively in the highly competitive global precision and critical-components manufacturing industry could materially harm the Company's business.
The Company had negative cash flows in certain fiscal years across operating, investing and financing activities, which could adversely affect its financial condition.
The Company's working-capital-intensive business could be adversely affected by insufficient or delayed cash flows needed to meet its working capital requirements.
Millworks IPO Details Live GMP
GMP
₹349
Est. Price
₹680
Est. Gain
105.44%
| Date | GMP (₹) | Est. Price |
|---|---|---|
| 09 Jul | ₹349 (105.4%) | ₹680 |
| 08 Jul | ₹352 (106.3%) | ₹683 |
Millworks IPO Peer Comparison
There are no comparable listed peers in India as per the company
Millworks IPO Financial Performance
(Rs. in crores)
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Revenue | 148.77 | 22.10 | 9.39 |
| PAT | 37.06 | 5.25 | 1.95 |
| Net Worth | 82.67 | 23.31 | 2.33 |
| Borrowings | 17.02 | 9.63 | 4.57 |
| Assets | 198.37 | 39.82 | 10.54 |
| NAV (₹) | 64.73 | 19.85 | 2.32 |
| EPS (₹) | 30.67 | 5.04 | 1.94 |
Key Performance Indicators (KPIs)
EBITDA
36.71%
PAT
24.91%
ROE
69.94%
ROCE
56.44%
Debt to Equity
0.21
All the data pertains to FY 2025-26. PE, PB, and market capitalization are calculated based on the Upper Price Band.
Millworks IPO Financial Statements
(Rs. in crores)
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Revenue from Operations | 148.77 | 22.10 | 9.39 |
| Other Income | 4.63 | 0.32 | 0.01 |
| Total Income | 153.40 | 22.42 | 9.40 |
| Cost of Revenue | 85.93 | 14.98 | 5.23 |
| Changes in Inventories | -0.35 | -5.04 | -0.92 |
| Employee Benefits Expense | 8.88 | 3.85 | 2.05 |
| Finance Costs | 3.40 | 0.68 | 0.31 |
| Depreciation & Amortisation | 2.95 | 0.31 | 0.10 |
| Other Expenses | 2.35 | 0.55 | 0.25 |
| Total Expenses | 103.17 | 15.34 | 7.02 |
| Profit Before Tax | 50.23 | 7.08 | 2.38 |
| Tax Expense | 13.17 | 1.83 | 0.42 |
| Profit After Tax | 37.06 | 5.25 | 1.95 |
| EPS — Basic (₹) | 30.67 | 5.04 | 1.94 |
| EPS — Diluted (₹) | 30.67 | 5.04 | 1.94 |
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Equity Share Capital | 12.77 | 0.06 | 0.05 |
| Reserves & Surplus | 69.90 | 23.25 | 2.28 |
| Total Equity | 82.67 | 23.31 | 2.33 |
| Total Borrowings | 17.02 | 9.63 | 4.57 |
| Trade Payables | 72.23 | 4.37 | 1.99 |
| Short Term Provisions | 16.14 | 1.51 | 0.44 |
| Other Liabilities | 10.31 | 1.01 | 1.21 |
| Total Equity & Liabilities | 198.37 | 39.82 | 10.54 |
| Fixed Assets | 26.96 | 14.87 | 3.05 |
| Inventories | 11.47 | 7.51 | 3.61 |
| Trade Receivables | 138.69 | 6.81 | 1.88 |
| Cash & Bank Balances | 1.35 | 1.95 | 0.04 |
| Other Assets | 19.91 | 8.69 | 1.96 |
| Total Assets | 198.37 | 39.82 | 10.54 |
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Cash Flow from Operating Activities (CFO) | -10.76 | -2.92 | 0.65 |
| Cash Flow from Investing Activities (CFI) | -16.27 | -9.77 | -2.69 |
| Cash Flow from Financing Activities (CFF) | 27.17 | 13.27 | 2.00 |
| Net Change in Cash & Equivalents | 0.14 | 0.58 | -0.04 |
| Cash & Equivalents at End of Period | 0.76 | 0.62 | 0.04 |
Promoter Holding
Promoter
65.08%
Public
34.92%
Rashmi Sridhar Acharya
15.23%
Soumya Madhu
15.23%
Sridhar Acharya
14.38%
H K Madhu
14.38%
Others
5.86%
Management
Sridhar Acharya
Age: 55
MD
Remuneration
₹Rs.60 Lakhs p.a. (Basic Salary) + perquisites/allowances as per Sections 197-198, Companies Act 2013
Education
B.E. (Mechanical), Bangalore University
Prior Experience
14+ years in engineering, operations management, product management & business development
H K Madhu
Age: 57
WTD
Remuneration
₹Rs.48 Lakhs p.a. (Basic Salary) + perquisites/allowances as per Sections 197-198, Companies Act 2013
Education
Diploma in Mechanical Engineering, H M S Polytechnic, Tumkur
Prior Experience
19+ years in engineering & manufacturing; Sim Technologies Pvt Ltd (2007-2015)
Sowmya Madhu
Age: 46
WTD
Remuneration
₹Rs.12 Lakhs p.a. (Basic Salary) + perquisites/allowances as per Sections 197-198, Companies Act 2013
Education
Secondary School Examination
Prior Experience
Oversees HR & administrative functions of the Company; no prior industry experience
Ashwath Narayana H M
Age: 37
CFO
Remuneration
₹Rs.13.05 Lakhs (compensation paid, FY 2025-26)
Education
B.Com; CA Intermediate (ICAI)
Prior Experience
6+ years in financial accounting, auditing & taxation; Accounts Officer, Confident Dental Equipments Pvt Ltd (2019-2023)
Registrar & Lead Managers
Registrar
Purva Share Registry
Lead Managers (1)
Company Details
Name: Millworks Technologies Limited
Address: No.458/1, 10th A Cross, Phase-4, Peenya Industrial Area, Peenya Small Industries, Bangalore, Bangalore North, Karnataka, India - 560058
Number: +91 9187045959
Email: cs@millworksindia.com
Website: https://millworksindia.com
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Frequently Asked Questions (FAQs)
What is Millworks IPO?
Millworks IPO is a SME IPO having an issue size of
₹160 Crs.
Millworks IPO is priced at
₹315 - ₹331 per
share.
The
issue opens on 14 Jul 26
and
closes on 16 Jul 26.
When will Millworks IPO open?
Millworks IPO opens on
14 Jul 26 and closes on
16 Jul 26.
What is the GMP of Millworks IPO?
The estimated Grey Market Premium of Millworks IPO is
₹349 per share (105.44%).
What is the lot size of Millworks IPO?
The minimum lot size of Millworks IPO is
400 shares & the minimum application amount
is
Rs.
132400.
When is the allotment of Millworks IPO?
The allotment date of Millworks IPO is
17 Jul 26.
What is the listing date of Millworks IPO?
The listing date of Millworks IPO is
21 Jul 26.
What is the subscription of Millworks IPO?
Millworks IPO is subscribed
-.
What is the price band of Millworks IPO?
Millworks IPO is priced at
₹315 - ₹331 per
share.
How to check allotment status of Millworks IPO?
Click the allotment link on Millworks IPO page of IPO360.
How to apply Millworks IPO in Zerodha?
- Go to Kite App → Tap on Bids → Tap on IPO
- Select the IPO → Tap on apply → Enter UPI ID
- Enter Qty and Price
- Submit the application
- Approve the UPI Mandate on your UPI app
How to apply Millworks IPO in Groww?
- Go to Groww App → Stocks Section → Select IPO option
- Select the IPO you want to apply
- Enter your bid details and price
- Enter UPI ID & submit
- Approve the UPI Mandate on your UPI app
How to apply Millworks IPO using ASBA?
- Log in to your bank's net banking portal.
- Navigate to the 'IPO' or 'ASBA' section.
- Select Millworks IPO from the list of available IPOs.
- Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
- Submit the application.
- Money will remain blocked till the refund date
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