Millworks Technologies Limited is a precision engineering company specializing in the manufacturing of high-accuracy machined components, sheet metal parts, and integrated assemblies for mission-critical applications across the aerospace, defence, railway, and semiconductor industries.
The company operates across multiple high-growth sectors and offers end-to-end manufacturing capabilities, including precision machining, fabrication, assembly, and job-work manufacturing services for leading OEMs and industrial customers.
Business Verticals:
- Aerospace: Manufactures precision-machined components and sub-assemblies used in aero-engine and aerospace applications, including components for critical aircraft systems.
- Defence: Supplies mission-critical components and sub-assemblies such as missile airframe components, guidance system housings, structural brackets and mounts, hydraulic cylinder parts, and other defence equipment components.
- Railways: Produces precision-engineered components used in train control systems, rolling stock infrastructure, and train and metro door systems, including door mechanisms and actuator components.
- Semiconductor Machinery: Manufactures precision-engineered components and fixtures used in semiconductor manufacturing and testing equipment, including machine base frames, alignment plates, precision brackets and mounts, and equipment housings.
The company executes its operations under both Build-to-Print (BTP) and Build-to-Spec (BTS) business models, along with full-scope manufacturing and job-work arrangements.
Under the BTP model, products are manufactured strictly according to customer-supplied drawings and technical specifications. In contrast, under the BTS model, the company develops components based on customer-defined functional and performance requirements to meet specific operational objectives.
As of November 30, 2025, Millworks Technologies operates four advanced manufacturing facilities in Bengaluru, Karnataka. These facilities are equipped with modern manufacturing infrastructure, including 3-axis, 4-axis, and 5-axis CNC machining centres, CNC turning and turn-mill centres, wire EDM machines, fibre laser cutting systems, CNC press brakes, welding stations, and dedicated assembly and inspection areas.
Millworks Technologies IPO – Details
| IPO Opening Date | 14 July 2026 |
| IPO Closing Date | 16 July 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue: 48,44,000 Shares Worth ₹160.34 Crore Fresh Issue: 48,44,000 Shares Worth ₹160.34 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹315 – ₹331 per share |
| Market Lot | 400 Shares |
| Min Order | 400 Shares [ 1 Lot ] |
| Listing At | BSE SME |
| Registrar | Purva Sharegistry (India) Pvt. Ltd. |
| QIB Shares Offered | 50% |
| NII Shares Offered | 15% |
| Retail Shares Offered | 35% |
Millworks Technologies IPO – Date Schedule
| IPO Open Date | 14 July 2026 |
| IPO Close Date | 16 July 2026 |
| Basis of Allotment | 17 July 2026 |
| Initiation of Refund | 20 July 2026 |
| Credit of Shares to Demat | 20 July 2026 |
| IPO Listing Date | 21 July 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on July 16, 2026 |
Millworks Technologies IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 800 | ₹2,64,800 |
| Retail (Max) | 2 | 800 | ₹2,64,800 |
| S-HNI (Min) | 3 | 1600 | ₹3,97,200 |
| S-HNI (Max) | 7 | 2800 | ₹9,26,800 |
| B-HNI (Min) | 8 | 3200 | ₹10,59,200 |
Competitive Strength
- 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).
Company Promoters
- Sridhar Acharya
- H K Madhu
- Sowmya Madhu
- Rashmi Sridhar Acharya
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2023 | ₹1.78 Cr | ₹1.38 Cr | ₹0.33 Cr | ₹2.30 Cr |
| 31 March 2024 | ₹9.40 Cr | ₹7.02 Cr | ₹1.95 Cr | ₹4.57 Cr |
| 31 March 2025 | ₹22.42 Cr | ₹15.33 Cr | ₹5.25 Cr | ₹9.63 Cr |
Key Performance Indicator
| KPI | Values (Mar 31, 2026) |
|---|---|
| ROE | – |
| ROCE | – |
| Debt/Equity | – |
| RoNW | – |
| PAT Margin | – |
| EBITDA Margin | – |
| Price to Book Value | – |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | – | – |
| P/E (x) | – | – |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Funding the capital expenditure of our company to purchase Plant and Machinery. | ₹61.03 |
| Funding the company’s working capital requirements. | ₹87.00 |
| General Corporate Purpose. | – |
✅Strengths
- Presence in high-growth sectors like aerospace, defence, railways, and semiconductors.
- Advanced manufacturing facilities with modern CNC and fabrication capabilities.
- Offers both Build-to-Print (BTP) and Build-to-Spec (BTS) manufacturing solutions.
- Focus on mission-critical components creates strong entry barriers.
⚠️Risks
- Dependence on aerospace and defence sectors for business growth.
- Revenue concentration from a limited number of customers.
- Capital-intensive business requiring continuous investment in machinery.
- Raw material price fluctuations can impact margins.
Millworks Technologies IPO Promoter Holding
| Pre-Issue Share Holding | 65.08% |
| Post Issue Share Holding | – |
Millworks Technologies IPO Prospectus
- Millworks Technologies IPO DRHP
- Millworks Technologies IPO RHP
Company Contact Information
| Millworks Technologies Limited No.458/1, 10th a Cross, Phase-4, Peenya Industrial Area, Peenya Small Industries, Bangalore Urban, Karnataka, 560058 Phone: +91 9187045959 Email: cs@millworksindia.com Website: https://millworksindia.com/ |
Millworks Technologies IPO Registrar
| Purva Sharegistry (India) Pvt. Ltd. Phone: 022-41343255 Email: newissue@purvashare.com Website: https://www.purvashare.com/investor-service/ipo-query |
Millworks Technologies IPO Lead Manager(s)
| 1. GYR Capital Advisors Private Limited |
Millworks Technologies IPO FAQ
| What is the Millworks Technologies IPO? Millworks Technologies IPO is an SME IPO. The issue is priced at ₹315 – ₹331 per equity share. The IPO is to be listed on BSE SME. |
| When will Millworks Technologies IPO open? The IPO is to open on 14 July 2026 for QIB, NII, and Retail Investors. |
| What is Millworks Technologies IPO Investors’ Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Millworks Technologies IPO Size? Millworks Technologies IPO size is ₹160.34 Crore. |
| What are the Millworks Technologies IPO Minimum and Maximum Lot Sizes for Retail Investors? The minimum bid is 800 Shares for ₹2,64,800, while the maximum bid is 800 Shares for ₹2,64,800. |
| What is the Millworks Technologies IPO Allotment Date? Millworks Technologies IPO allotment date is 17 July 2026. |
| What is the Millworks Technologies IPO Listing Date? Millworks Technologies IPO listing date is 21 July 2026. The IPO is to be listed on the BSE SME. |
