Millworks Technologies IPO- Company Analysis
Millworks Technologies IPO under the SME IPO category is a bookbuild issue of Rs. 160.34 Cr by Millworks Technologies Limited and is a high-precision components and assemblies for the railroad, aerospace, defense, metro rail, drone, and semiconductor industries that are designed, developed, and produced by this precise engineering and manufacturing company.
Railway coach components, brake systems, door mechanisms, metro train couplers, aerospace and aeronautical components, drone parts, and precision components for semiconductor production equipment are just a few of the mission-critical goods that the company produces.
Verticals of Business:
-
Aerospace
-
Defense
-
Railways
-
Semiconductor Equipment
Millworks Technologies IPO Details
The Millworks Technologies IPO date of opening is 14 Jul 2026; its initial public offering will end on 16 Jul, IPO allotment on Jul 17 and refund initiation on Jul 20, 2026.
The Rs. 160.34 crore new SME IPO comprises a wholly fresh issue of 0.48 crore shares.
The Millworks Technologies IPO listing date (expected) might be Tuesday, Jul 21, 2026, and listing at the BSE and SME.
The Millworks Technologies IPO price band is Rs. 315 to Rs. 331.
IPO Timetable (Tentative)
|
Events |
Date |
|
IPO Opening Date |
Jul 14, 2026 |
|
IPO Closing Date |
Jul 16, 2026 |
|
IPO Allotment Date |
Jul 17, 2026 |
|
Refund Initiation |
Jul 20, 2026 |
|
IPO Listing Date |
Jul 21, 2026 |
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Company Financials
(Amount in Cr)
|
Particulars |
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 |
Cash Flows
|
Net Cash Flow |
31 Mar 2026 |
31 Mar 2025 |
31 Mar 2024 |
|
Net Cash Flow Operating Activities |
(1,076.29) |
(291.89) |
65.28 |
|
Net Cash Flow Investing Activities |
(1,627.02) |
(977.14) |
(268.81) |
|
Net Cash Flow Financing Activities |
(2,717.46) |
1,327.03 |
199.74 |
Revenue Bifurcation
(Rs. in Lac)
(Source: RHP)
The Objective of the Issue
The Company desires to use the Net Proceeds from the Issue to fulfill its following goals:
-
Funding capital expenditure of the Company to purchase Plant and Machinery. ~ Rs. 61.03 Cr.
-
Funding the working capital requirements of the Company. ~ Rs. 81.50 Cr.
-
General Corporate Purposes.
Listed Peers of Millworks Technologies Ltd.
|
Name of the Company |
Face Value (₹) |
Basic EPS (₹) |
P/E Ratio |
|
Unimech Aerospace and Manufacturing Ltd |
5 |
12.44 |
87.87 |
|
Azad Engineering Ltd |
2 |
20.57 |
96.45 |
Valuation
|
KPI |
Value (Mar 31, 2026) |
|
ROE |
69.94% |
|
ROCE |
56.44% |
|
Debt/Equity |
0.21 |
|
RoNW |
44.83% |
|
PAT |
24.91% |
|
EBITDA Margin |
36.71% |
|
Price to Book Value |
5.11 |
Evaluation of P/E Ratio
Considering the period ended on FY 2026 with an EPS of Rs. 30.67 from the last year, the resulting P/E ratio is 10.79x.
Explore the Teja Engineering Industries IPO.
IPO's Strengths
-
Accurate Engineering Capability and Production of Complicated Components Using Various Materials.
-
Systems for Certified Quality Management Supporting Procedure.
-
All-inclusive Production Facilities.
-
International Client Relationships and Business Operations Focused on Exports.
IPO's Weaknesses
-
Working Capital Requirement High.
-
Capital Required for Test Rigs, Tooling.
-
Additional Machines required for Machining/Space/Infrastructure.
Millworks Technologies IPO GMP (Grey Market Premium)
Millworks Technologies IPO GMP today is Rs. 400 as of 11 July 2026, while writing this information.
Millworks Technologies IPO Summary
|
IPO Opening & Closing Date |
14 Jul, 2026 to 16 Jul, 2026 |
|
Face Value |
Rs. 10 per Share |
|
Issue Price |
Rs. 315 to Rs. 331 per Share. |
|
Lot Size |
400 Shares |
|
Issue Size |
48,44,000 Shares (Rs. 160 Cr) |
|
Offer for Sale |
- |
|
Fresh Issue |
44,20,000 Shares (Rs. 146 Cr) |
|
Listing at |
BSE, SME |
|
Issue Type |
Bookbuilding Issue |
|
Registrar |
Purva Sharegistry (India) Pvt. Ltd. |
IPO Lot Details
Retail investors can invest in a minimum and maximum of 2 Lots (800 Shares) for Rs. 2,64,800, and in multiples thereof, while HNI investors can invest in a minimum of 3 Lots (1200 Shares) for Rs. 3,97,200.
|
Minimum Lot Investment (Retail) |
2 Lots |
|
Maximum Lot Investment (Retail) |
2 Lots |
|
HNI (Min) |
3 Lots |
Millworks Technologies IPO Allotment Status
To check the Millworks Technologies IPO Allotment Status, visit the official Registrar’s website or BSE website. Below are the website links for you.
Using BSE Website - BSE IPO allotment status
Promoters And Management of Millworks Technologies Ltd.
-
Sridhar Acharya
-
H K Madhu
-
Sowmya Madhu
-
Rashmi Sridhar Acharya
|
Pre-Issue Promoter Shareholding |
65.08% |
|
Post-Issue Promoter Shareholding |
- |
IPO Lead Managers
GYR Capital Advisors Pvt. Ltd.
Dividend Policy
The company has not declared a dividend since its incorporation.
Conclusion
Millworks Technologies IPO offers exposure to high-growth sectors such as aerospace, defence, railways, drones, and semiconductor equipment, supported by strong revenue and profit growth.
However, investors should carefully evaluate its negative operating cash flow, high working-capital needs, SME liquidity risks, and dependence on continued capital expenditure.
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Finowings IPO Analysis
Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO.
You must consult your financial advisor before making any financial decisions.
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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.
