About Millworks Technologies
Millworks Technologies Limited is a Bengaluru-based precision engineering company. The firm specializes in designing and manufacturing high-accuracy machined components, sheet metal parts, sub-assemblies, and integrated assemblies.
It operates via two distinct engagement models:
- Build-to-Print (BTP): Manufacturing products exactly according to blueprints provided by the customer.
- Build-to-Spec (BTS): Managing the end-to-end design and manufacturing lifecycle based on required specifications.
The company caters to highly regulated and mission-critical industries, including aerospace, defense, railways, and the semiconductor sector. It runs four advanced manufacturing facilities in Bengaluru equipped with multi-axis CNC infrastructure.
Millworks Technologies IPO Details
The company is going public through a Book-Built SME IPO to list on the BSE SME platform.
| Detail | Specifications |
|---|---|
| IPO Open Date | July 14, 2026 |
| IPO Close Date | July 16, 2026 |
| Price Band | ₹315 to ₹331 per equity share |
| Face Value | ₹10 per share |
| Lot Size (Retail) | 400 shares (Minimum application: 2 lots / 800 shares) |
| Minimum Investment | ₹2,64,800 |
| Total Issue Size | Approx. ₹160.34 Crores (Entirely a Fresh Issue) |
| Tentative Listing Date | July 21, 2026 |
| Lead Manager | GYR Capital Advisors Pvt. Ltd. |
| Registrar | Purva Sharegistry (India) Pvt. Ltd. |
Objects of the Issue: The net proceeds will be deployed primarily for purchasing new plant and machinery (capital expenditure), meeting increased working capital demands, and managing general corporate expenses.
Financial Highlights
The company has demonstrated significant exponential scaling over recent fiscal years:
Key Financial Indicators (₹ in Crores)
| Financial Year | Total Assets | Total Income / Revenue | Profit After Tax (PAT) | Total Borrowings |
|---|---|---|---|---|
| FY 2023-24 | ₹10.54 | ₹9.40 | ₹1.95 | ₹4.57 |
| FY 2024-25 | ₹39.82 | ₹22.42 | ₹5.25 | ₹9.63 |
| FY 2025-26 | ₹198.37 | ₹153.40 | ₹37.06 | Not Available |
Key Performance Indicators (KPIs)
- EBITDA (FY26): ₹56.30 Crores
- PAT Margin (FY25): 23.77%
- Return on Equity (ROE): ~40.96%
- Debt-to-Equity Ratio: 0.41
Strengths vs. Risks
- Strengths: Explosive revenue growth, highly diversified presence across key national strategic sectors (defense & semiconductor), and strong execution capability with multi-axis CNC machines.
- Risks: Historically high levels of trade receivables relative to operational revenue (indicating a long working capital cycle) and substantial revenue concentration from its top customer.
Are you considering applying for this SME IPO as a retail investor, or are you researching the precision engineering sector?