Millworks Technologies Limited

1. Overview

Millworks Technologies Limited (formerly Millworks Technologies Private Limited) is a Bengaluru-based precision engineering company incorporated in 2021, engaged in manufacturing machined components, sheet metal parts, and integrated sub-assemblies for mission-critical applications across four sectors: Aerospace, Defence, Railways, and Semiconductor machinery. The Company operates under two engagement models — Build-to-Print (BTP), where manufacturing follows customer-supplied drawings, and Build-to-Spec (BTS), where the Company engineers to customer-defined functional requirements — giving it flexibility to serve both tightly-specified and collaborative development programs.

As of March 31, 2026, the Company operates four manufacturing units in Bengaluru, Karnataka, equipped with 3-axis, 4-axis and 5-axis CNC machining centres, wire-EDM, fibre laser cutting, and CNC press-brake systems, supported by a multi-site AS9100D and ISO 9001:2015-certified quality management system. The Company primarily services Original Equipment Manufacturers (OEMs) and Tier-1/Tier-2 suppliers, executing programs that demand tight dimensional tolerance, material traceability, and regulatory compliance.

The business has scaled rapidly: revenue from operations grew from ₹9.39 Cr in FY2024 to ₹22.10 Cr in FY2025 and ₹148.77 Cr in FY2026, a compounding effect of new Unit 4 capacity coming online and a sharp ramp-up in Defence-sector orders. Exports contributed 27.47% of FY2026 revenue, spanning nine countries including the USA, Germany, and Israel, positioning the Company as a globally-engaged supplier within a historically domestic-facing industry segment.

2. Business Model and Revenue Streams

Revenue by Business Sector (₹ in Crore)

*Excludes other operating income from duty drawback; figures per RHP "Basis for Issue Price" and "Our Business" sections.

The sector mix has shifted dramatically — Defence swelled from an 11% share in FY2024 to nearly 70% of revenue in FY2026, reflecting a small number of large-ticket Defence programs). Railways remain the second-largest and most consistent contributor.

Revenue by Geography (₹ in Crore, FY2026)

Export exposure spans nine countries (Canada, USA, Israel, Germany, France, North Macedonia, Italy, UK, Czech Republic), with Israel alone accounting for ~22% of FY2026 revenue — a concentration worth monitoring given geopolitical sensitivities in that market.

Client Concentration

Customer concentration is high and RHP-flagged as a key risk — over 80% of FY2026 revenue came from just five customers, and the Company has disclosed that a substantial portion of FY2026 revenue came from its single largest customer.

Order Book

As of June 5, 2026, the Company's order book stood at ₹67.14 Cr across 44 active customer programs spanning Railways, Semiconductor, Defence, and Aerospace, providing near-term revenue visibility. Pending (unexecuted) order value was ₹60.62 Cr, implying the bulk of the book is yet to be delivered.

Manufacturing Capacity Utilization (Industry-Specific Operating Metric)

Utilization across all operating units has trended upward year-on-year and sits in the 73–77% range in FY2026, suggesting reasonable headroom before the Company would need to add further capacity beyond the machinery it plans to fund from IPO proceeds.

3. Products and Service Portfolio

The Company organizes its portfolio around four business sectors:

Aerospace

Precision-machined components for aero-engine applications, including turbocharger components, fuel filter screens, and turbine blades/nozzle components used to extract and direct energy from combustion gases.

Defence

The largest and fastest-growing sector — missile airframe components, guidance system housings, structural brackets/mounts, and hydraulic cylinder parts for missile propulsion and launcher assemblies. The Company has also moved into drone-related manufacturing: structural frames, motor housings, and BLDC motor stators/rotors, along with anti-drone system housings and mounting brackets.

Railways

Components for train braking systems (air-brake actuation), door mechanisms/actuators for passenger and metro rolling stock, coupler components, and pantograph system parts used to collect power from overhead lines.

Semiconductor Machinery

Precision fixtures and structural components for chip handling and testing equipment — machine base frames, precision brackets/mounts, alignment plates, and chip-handling/load-testing fixtures requiring high dimensional accuracy.

Strategic Investments & Alliances

• A ₹5.75 Cr strategic equity investment in Quick Pay Private Limited (converted from an unsecured loan) to enable entry into the drone component supply ecosystem, with Quick Pay handling downstream integration and sale.
• A supplier alliance with Big Bang Boom Solutions Private Limited supporting execution of time-sensitive Defence and Aerospace programs through shared infrastructure and integration capability.

4. Key Business Strengths

• Multi-sector precision engineering platform — a single manufacturing base serving four regulated, high-reliability end-markets (Aerospace, Defence, Railways, Semiconductor), reducing dependence on any one industry cycle.
• Certified quality infrastructure — multi-site AS9100D and ISO 9001:2015 certification across all four units, with CMM-based inspection and full material traceability, a meaningful barrier to entry in regulated component supply.
• Four-unit Bengaluru manufacturing footprint — dedicated facilities for core machining, high-volume railway/industrial production, sheet-metal fabrication, and a newly-commissioned multi-axis unit with an emerging spring-manufacturing line.
• Global customer reach with export diversification — sales into nine countries and 27.47% export mix, well above typical domestic-facing SME manufacturing peers.
• Visible near-term demand — a ₹67.14 Cr order book as of June 2026 spread across 44 customer programs.
• Experienced promoter-led management — Promoters collectively hold ~65% pre-Issue and bring a combined 14–19+ years of relevant engineering and operations experience.

5. Future Growth Strategy

• Capacity expansion via IPO proceeds — deployment of ~₹61.03 Cr toward new Plant & Machinery (ultrasonic cleaning systems, CNC turning/machining centres) to raise installed capacity across Units 1, 3 and 4.
• Strategic alliances and co-development — pursuing domestic and international partnerships for joint manufacturing and technology collaboration within its four core sectors.
• Deeper penetration of existing customer ecosystems — expanding the range of components supplied to existing OEM/Tier-1/Tier-2 relationships through additional vendor-approval qualifications.
• Geographic expansion — deepening relationships with existing export customers while onboarding new international accounts, within SCOMET and applicable export-control frameworks.
• Diversification into adjacent product lines — notably precision spring manufacturing at the newly-commissioned Unit 4, broadening the addressable component range within the Company's existing sectors.