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  1. IPO
Millworks Technologies IPO

219.13x

subscribed

Millworks Technologies IPO

Engineering
listed
₹2.52LMin. investment
  1. Pre-apply
    13 Jul
  2. Bid start
    14 Jul
  3. Bid end
    16 Jul
  4. Allotment
    17 Jul
  5. Release of funds
    20 Jul
  6. Demat transfer
    20 Jul
  7. Listing
    21 Jul

Millworks Technologies Limited IPO Details

SectorEngineering
Price range₹315 – ₹331
IPO type
SME
Lot size400 shares
Issue size₹160Cr
Red Herring Prospectus
Read
Market Cap
₹583.05CrLower than sector avg
RevenueApr 20NaN - Mar 20FY
₹148.77CrLower than sector avg
Growth rate3Y CAGR
298%Higher than sector avg

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
Shares pledged
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

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Revenue
Higher revenue means strong sales and good market demand
This IPO
₹148.77Cr
This sector
₹342.41Cr
Compare with companies
3Y growth
Strong 3-year growth shows consistent progress and potential
This IPO
298%
This sector
0.01%
Compare with companies
PAT
Higher PAT means strong profitability and efficient cost management
This IPO
₹37.06Cr
This sector
₹38.53Cr
Compare with companies
Market cap
Higher market cap means strong confidence but may suggest overvaluation
This IPO
₹583.05Cr
This sector
₹1,862.48Cr
Compare with companies
P/E ratio
Lower ratio usually means stock is undervalued
This IPO
10.79
This sector
31.54
Compare with companies
D/E ratio
Lower ratio usually means fewer liabilities
This IPO
0.21
This sector
0.53
Compare with companies

Objectives

Working capital
50.80%
Capital Expenditure
38.10%
General corporate purposes
11.10%

About Millworks Technologies Limited

Incorporated in 2021, Millworks Technologies is a precision engineering company that manufactures machined components, sheet metal parts, and integrated assemblies which are used in critical applications across the railway, aerospace, defence, and semiconductor industries.
The company supplies components and assemblies to Original Equipment Manufacturers (OEMs) operating in high-precision engineering sectors. It works under both Build-to-Print (BTP) and Build-to-Spec (BTS) models. Under the BTP model, it manufactures products as per customer drawings, while under the BTS model, it works closely with customers to develop products that meet specific performance requirements. It also undertakes both full-scale manufacturing and job-work assignments which allows it to cater to a wide range of customer requirements.
Millworks Technologies operates four manufacturing facilities as of March 2026, all located in Bengaluru, Karnataka. The company operates in major sectors: Defence, Railways, Semiconductor and Aerospace. For the aerospace industry, it manufactures components such as turbochargers, fuel filters, turbine blades and nozzle components used in aero engines. Its defence portfolio includes missile airframe components, guidance system housings, structural brackets, hydraulic cylinder parts, as well as drone-related products including structural frames, motor housings, and BLDC motor stators and rotors.
For railway applications, it manufactures components used in braking systems, train and metro door systems, couplers and pantograph systems. In the semiconductor machinery segment, it supplies machine base frames, precision brackets, alignment plates, equipment housings, and chip handling and load-testing fixtures. The Defence segment generated ₹10,325.82 lakhs, accounting for 69.43% of total revenue in FY26, compared with 6.81% in FY25, followed by Railway business at 23.65%.
During FY26, exports accounted for 27.47% of revenue from operations. The Company supplied products to customers across 9 countries, including Canada, the USA, Israel, Germany, France, North Macedonia, Italy, the UK and the Czech Republic, mainly serving the aerospace and semiconductor machinery industries. Among overseas markets, Israel contributed 22.39% of total revenue from operations in FY26, making it the largest export destination. The Company served 74 customers in FY26, compared with 46 customers in FY25 and 40 customers in FY24. Repeat customers accounted for 44.59% of the total customer base in FY26. As of June 5, 2026, the Company had a pending order book worth ₹6,062.44 lakhs.

Millworks Technologies IPO Subscription Status

Date
QIB
NII
Retail
Total
14-Jul-26
0.0 times (X)
13.38 times (X)
15.75 times (X)
10.74 times (X)
15-Jul-26
0.22X
68.96X
71.73X
50.71X
16-Jul-26
194.05X
260.85X
215.57X
219.13X

Frequently asked questions

Investors can apply for the Millworks Technologies IPO through their Demat account via the stock exchange or through their broker.
The issue size of the Millworks Technologies IPO is 160 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.