Millworks Technologies IPO is a book-built issue worth ₹160.34 crore. The IPO consists entirely of a fresh issue of 48.44 lakh equity shares.
GYR Capital Advisors Private Limited is the book-running lead manager to the issue, and Purva Sharegistry (India) Private Limited is the registrar. For detailed information on the company's financial performance, business operations, and associated risks, investors are advised to refer to the Millworks Technologies IPO RHP.
About Millworks Technologies Limited
Millworks Technologies Limited was originally incorporated as Millworks Technologies Private Limited on November 1, 2021, under the Companies Act, 2013. The company was subsequently converted into a public limited company and renamed Millworks Technologies Limited on September 10, 2025.
The company is a precision engineering and manufacturing solutions provider engaged in the production of high-precision machined components, fabricated assemblies, sub-assemblies, and engineered products for critical industries. Its operations cater primarily to the defence, railways, semiconductor, and aerospace sectors, which require stringent quality standards and customised manufacturing capabilities.
Millworks Technologies operates through a Build-to-Print (BTP) and Build-to-Specification (BTS) manufacturing model, enabling it to deliver specialised engineering solutions based on customer requirements. The company has established manufacturing facilities in Bengaluru and possesses certifications including AS9100D and ISO 9001:2015, supporting its presence in highly regulated industries.
The defence segment has emerged as the company's largest business vertical, contributing 69.43% of revenue from operations in FY2026. The company also maintains a significant presence in the railway sector, while continuing to expand its business in semiconductor and aerospace applications.
Millworks Technologies focuses on expanding manufacturing capacity, improving technological capabilities, deepening customer relationships, and increasing its footprint across strategic sectors supported by India's manufacturing and defence indigenisation initiatives. The company aims to strengthen its position as a critical component supplier through continuous investment in machinery, infrastructure, and operational capabilities.
Industry Outlook
- India's precision engineering and advanced manufacturing sector is witnessing strong growth, supported by increasing domestic manufacturing activity, rising localisation efforts, and government initiatives focused on defence indigenisation and industrial development.
- The defence manufacturing industry has become a major growth driver for specialised engineering companies as India continues to promote domestic production of defence equipment and components under various indigenisation programmes.
- The railway sector remains a significant opportunity due to continued investments in railway modernisation, metro rail projects, rolling stock development, and infrastructure upgrades across the country.
- India's semiconductor ecosystem is also expanding, supported by growing investments in semiconductor manufacturing, electronics production, and advanced industrial automation, creating demand for precision-engineered components and assemblies.
- The aerospace industry continues to benefit from increasing aircraft production, maintenance and repair activities, defence aviation programmes, and greater participation of private sector suppliers in aerospace manufacturing.
- The sector remains highly competitive, with manufacturers competing on quality, precision, technological expertise, delivery capabilities, certifications, and long-term customer relationships. Companies with advanced machining capabilities and strong operational standards are expected to benefit from growing demand across strategic industries.
Millworks Technologies IPO Objectives
The company proposes to utilise the net proceeds from the IPO for the following objectives:
- Funding incremental working capital requirements of the company.
- Purchase of plant and machinery for capacity expansion.
- Strengthening manufacturing capabilities and operational infrastructure.
- Supporting business growth across defence, railways, semiconductor, and aerospace sectors.
- Meeting capital expenditure requirements for expansion initiatives.
- Improving production efficiency and manufacturing capacity utilisation.
- Enhancing the company's ability to execute larger customer orders.
Financial Performance of Millworks Technologies Limited
| Particulars (₹ Million) | FY2024 | FY2025 | FY2026 |
| Revenue from Operations (₹ in Lakhs) | 14,876.70 | 2,210.01 | 938.6 |
| Growth in Revenue from Operations (%) | 573.15% | 135.46% | 429.09% |
| Total Income (₹ in Lakhs) | 15,339.67 | 2,241.80 | 939.56 |
| EBITDA (₹ in Lakhs) | 5,630.43 | 788.61 | 277.64 |
| EBITDA Margin (%) | 36.71% | 35.18% | 29.55% |
| Profit After Tax (₹ in Lakhs) | 3,706.39 | 524.9 | 195.41 |
| PAT Margin (%) | 24.91% | 23.75% | 20.82% |
| Net Worth (₹ in Lakhs) | 8,266.99 | 2,331.25 | 232.98 |
| Return on Equity (RoE) (%) | 69.94% | 40.94% | 144.46% |
| Return on Capital Employed (RoCE) (%) | 56.44% | 23.02% | 38.61% |
| Net Asset Value Per Share (Post Bonus) (₹) | 64.73 | 19.85 | 2.32 |
| Debt-Equity Ratio | 0.21 | 0.41 | 1.96 |
Millworks Technologies Limited Peer Details Comparison
| Name of the Company | CMP | Basic EPS (₹) | Diluted EPS (₹) | Face Value (₹) | P/E Ratio | RoNW (%) | NAV per Share (₹) | Total Income (₹ in Lakhs) |
| Millworks Technologies Limited | [●] | 30.67 | 30.67 | 10 | [●] | 44.83% | 64.73 | 15,339.67 |
| Unimech Aerospace and Manufacturing Limited | 1,091.40 | 12.44 | 12.42 | 5 | 87.87 | 8.58% | 144.99 | 28,745.97 |
| Azad Engineering Limited | 1,984.00 | 20.57 | 20.57 | 2 | 96.45 | 8.74% | 236.74 | 64,862.90 |
Strengths and Opportunities of Millworks Technologies IPO
- Strong revenue growth over the last 3 financial years.
- Significant presence in the defence manufacturing sector.
- Diversified exposure across defence, railways, semiconductor and aerospace sectors.
- High profitability and strong EBITDA margins.
- Healthy return ratios and low debt levels.
- Certified manufacturing processes and quality standards.
- Capacity expansion planned through IPO proceeds.
- Growing customer base across strategic industries.
- Beneficiary of India's manufacturing and defence indigenisation push.
Risks and Threats of Millworks Technologies IPO
- High dependence on a single customer.
- Significant customer concentration risk.
- Elevated trade receivables and long collection cycle.
- Negative operating cash flows in FY2025 and FY2026.
- Heavy dependence on the defence sector for revenues.
- Supplier concentration risk.
- Dependence on leased manufacturing facilities.
- Historical statutory and regulatory compliance delays.
- Project execution and working capital intensive business model.
Millworks Technologies IPO Reservation
| Investor Category | Shares Offered |
| Market Maker Shares Offered | 4,24,000 (8.75%) |
| QIB Shares Offered | 22,09,200 (49.98%) |
| − Anchor Investor Shares Offered | 13,25,200 (27.36%) |
| − QIB (Ex. Anchor) Shares Offered | 8,84,000 (18.25%) |
| NII (HNI) Shares Offered | 6,63,600 (15.01%) |
| Retail Shares Offered | 15,47,200 (35.00%) |
| Total Shares Offered | 48,44,000 (100.00%) |
Millworks Technologies IPO Promoter Holding
The promoters of the company are Sridhar Acharya, H K Madhu, Sowmya Madhu, and Rashmi Sridhar Acharya.
| Share Holding Pre-Issue | 65.08% |
| Share Holding Post Issue | N.A. |
Millworks Technologies IPO Prospectus
Millworks Technologies IPO Registrar and Lead Managers
Millworks Technologies IPO Lead Managers
- GYR Capital Advisors Private Limited
Registrar for Millworks Technologies IPO
Purva Sharegistry (India) Private Limited
- Contact Number: +91 22 4961 4132
- Email Address: newissue@purvashare.com
Millworks Technologies IPO Registrar
How To Apply for Millworks Technologies IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Millworks Technologies IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of the Millworks Technologies IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Millworks Technologies IPO
Registered Office: No. 458/1, 10th A Cross, Phase-4, Peenya Industrial Area, Peenya Small Industries, Bangalore North, Karnataka, India – 560058.
Phone: +91 9187045959
E-mail: cs@millworksindia.com
