Millworks Technologies
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Big non-institutionalbNII · above ₹10 lakh
- 10.98×
- Small non-institutionalsNII · ₹2–10 lakh
- 11.99×
- Retail individualRII · up to ₹2 lakh
- 14.19×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 14 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 21 Jul 2026 | ₹395 | — | ₹1,20,100 | — | ₹1,58,000 |
| 20 Jul 2026 | ₹395 | — | ₹1,20,100 | — | ₹1,58,000 |
| 19 Jul 2026 | ₹390 | — | ₹1,18,600 | — | ₹1,56,000 |
| 18 Jul 2026 | ₹390 | — | ₹1,18,600 | — | ₹1,56,000 |
| 17 Jul 2026 | ₹400 | — | ₹1,21,600 | — | ₹1,60,000 |
| 16 Jul 2026 | ₹380 | — | ₹1,15,500 | — | ₹1,52,000 |
| 15 Jul 2026 | ₹400 | — | ₹1,21,600 | — | ₹1,60,000 |
| 14 Jul 2026 | ₹300 | — | ₹91,200 | — | ₹1,20,000 |
| 13 Jul 2026 | ₹300 | — | ₹91,200 | — | ₹1,20,000 |
| 12 Jul 2026 | ₹395 | — | ₹1,20,100 | — | ₹1,58,000 |
| 11 Jul 2026 | ₹390 | — | ₹1,18,600 | — | ₹1,56,000 |
| 10 Jul 2026 | ₹350 | — | ₹1,06,400 | — | ₹1,40,000 |
| 09 Jul 2026 | ₹350 | — | ₹1,06,400 | — | ₹1,40,000 |
| 08 Jul 2026 | ₹350 | — | ₹1,06,400 | — | ₹1,40,000 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 14 Jul 2026 – 16 Jul 2026
- Listing date
- 21 Jul 2026
- Face value
- ₹10 per share
- Price band
- ₹315 – ₹331
- Issue price
- ₹331 per share
- Lot size
- 400 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- BSE SME
- Total issue size
- ₹160 Cr
- Fresh issue
- ₹146 Cr 44,20,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹583 Cr
- Promoter holding
- 65.08% → 47.18% pre-issue → post-issue
- ISIN
- INE1SRC01010
- CIN
- U29200KA2021PLC153863
- Registrar
- Purva Sharegistry (India) Pvt.Ltd.
- Lead managers
- GYR Capital Advisors Pvt.Ltd.
- Registered office
- No.458/1, 10th a Cross, Phase-4, Peenya Industrial Area, Peenya Small Industries, Bangalore, Bangalore north, Karnataka, India – 560058
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 13,25,200 | — | — |
| Market maker | 4,24,000 | — | — |
Application size
Minimum 400 shares per lot, in multiples, at ₹331
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 400 | ₹1,32,400 |
| S-HNI (min) | 2 | 800 | ₹2,64,800 |
| S-HNI (max) | 7 | 2,800 | ₹9,26,800 |
| B-HNI (min) | 8 | 3,200 | ₹10,59,200 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹331 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 29.02 | 21.04 |
| P/E (×) | 11.41 | 15.73 |
| Price to book (×) | 5.11 | — |
| Market cap | — | ₹583 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 44.83%
- ROCE
- 81.00%
- Debt / equity
- 0.21
- PAT margin
- 24.91%
- EBITDA margin
- 36.71%
- NAV per share
- ₹64.73
- Price to book
- 5.11
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 153.4 | 22.42 | 9.4 |
| Revenue from operations | 148.77 | 22.1 | 9.39 |
| Other income | 4.63 | 0.32 | 0.01 |
| Total expenses | 103.1 | 15.34 | 7.02 |
| Operating profit | 50.3 | 7.08 | 2.38 |
| Operating margin | 32.79% | 31.58% | 25.32% |
| Profit before tax | 50.23 | 7.08 | 2.38 |
| Profit after tax | 37.06 | 5.25 | 1.95 |
| PAT margin | 24.16% | 23.42% | 20.74% |
| Balance sheet | |||
| Total assets | 198.37 | 39.82 | 10.54 |
| Current assets | 153.97 | 20 | 7.07 |
| Current liabilities | 107.38 | 10.07 | 7.4 |
| Total liabilities | 115.7 | 16.51 | 8.21 |
| Net worth | 82.67 | 23.31 | 2.33 |
| Current ratio | 1.43× | 1.99× | 0.96× |
| Return on equity | 44.83% | 22.52% | 83.69% |
| Cash flow | |||
| Operating cash flow | -10.76 | -2.92 | 0.65 |
| Investing cash flow | -16.27 | -9.77 | -2.69 |
| Financing cash flow | 27.17 | 13.27 | 2 |
| Net cash flow | 0.14 | 0.58 | -0.04 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding capital expenditure of our company to purchase Plant and Machinery ₹61.03 Cr
The company intends to utilize funds for acquiring Hi precision Ultrasonic cleaning machine with Pick and place system, Rolling Machine, HURON – KX200 L, CNC Machine and CNC Turret Punching Machine to enhance existing manufacturing capacities, improve production efficiency and support upcoming project requirements involving high-precision manufacturing.
2 Funding the Working Capital requirements of the company ₹81.5 Cr
The company proposes to utilize funds towards funding working capital requirements for executing increased order volumes, maintaining high inventory levels, managing high debtors, advance payments to suppliers, requirement of security deposits and for other corporate purposes in financial year 2026-27.
3 General Corporate Purposes —
The company intends to utilize funds for general corporate purposes in accordance with regulatory requirements, with the amount not exceeding fifteen percent of the total amount being raised or Rs 10 Crores, whichever is less.
1 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Millworks Technologies
The company is a precision engineering company engaged in the manufacture of machined components, sheet metal parts, and integrated assemblies used in mission-critical applications across the railways, aerospace, defence, and semiconductor sectors. The company operates under Build-to-Print (BTP) and Build-to-Spec (BTS) engagement models and includes both full-scope manufacturing as well as job-work arrangements. Incorporated in 2021, the company has developed into a multi-sector engineering enterprise with manufacturing capabilities spanning precision machining, sheet metal fabrication, sub-assembly, and related processes, primarily supplying to Original Equipment Manufacturers (OEMs).
Management
Mr. Sridhar Acharya
MD
Mrs. Rashmi Sridhar Acharya
CEO
Mr. H K Madhu
COO
Mrs. Sowmya Madhu
Director of HR
Mr. Maniyil Indrabalan
Director
Mr. S Ganesan
Director
Strengths
As stated in the offer document
Precision Engineering Capability and Manufacturing of Complex Components Across Diverse Materials
The company is engaged in the manufacture of precision-engineered components and sub-assemblies used in aerospace, defence, railways, and semiconductor applications with close dimensional tolerances, controlled surface finishes, and strict adherence to customer-approved drawings and specifications.
Multi-Sector Engineering Enterprise with Advanced Manufacturing Capabilities
The company operates four manufacturing facilities in Bengaluru equipped with CNC machining centres (3-axis, 4-axis, and 5-axis), turning and turn-mill centres, wire EDM machines, fibre laser cutting systems, and designated areas for assembly and inspection.
Quality Management System Certifications
The company has implemented Quality Management System certified under AS9100D and ISO 9001:2015 on a multi-site basis, with quality assurance infrastructure including coordinate measuring machines (CMMs), video measuring systems, and hardness testers.
Global Export Operations
The company caters to customers in 9 countries including Canada, USA, Israel, Germany, France, Macedonia, Italy, UK, and Czech Republic, with export sales constituting 26.97% of revenue from operations for fiscal 2026.
Experienced Management Team
The company is managed by experienced management team with expertise in engineering, manufacturing, operations management, administration and business development, led by Promoters and Directors with specialized domain knowledge.
Risk factors
As stated in the offer document
Significant Revenue Fluctuations
The company has experienced dramatic revenue volatility, with revenues increasing from ₹938.60 Lakhs in FY 2024 to ₹14,876.70 Lakhs in FY 2026. Such fluctuations may not indicate consistent growth and could be attributed to timing of orders, customer demand variability, and project-based operations.
High Trade Receivables and Collection Risk
The company faces elevated trade receivables representing 93.22% of revenue in FY 2026, compared to 20.05% in FY 2024. This indicates elongated working capital cycles and exposes the company to significant collection risks and liquidity constraints.
Heavy Dependence on Key Customer
The company derives 47.02% of total sales (₹6,992.76 Lakhs) from its top customer, Quick Pay Private Limited, in FY 2026. Loss of this customer or reduction in their demand could materially impact revenues and profitability.
Customer Concentration Risk
The company's top 10 customers account for 92.06% of total revenue in FY 2026, with no long-term arrangements. The company cannot assure continued sales volumes to these customers, making it vulnerable to customer loss or demand reduction.
Negative Operating Cash Flows
The company experienced negative operating cash flows of ₹1,076.29 Lakhs in FY 2026 and ₹291.89 Lakhs in FY 2025. Sustained negative cash flows could materially impact the company's ability to operate and implement growth plans.
Working Capital Intensive Operations
The company requires substantial working capital due to bank guarantee requirements and significant time gaps between raw material purchases and sale proceeds. Working capital requirement reached ₹5,428.91 Lakhs as of March 31, 2026.
Supplier Concentration and Supply Chain Risk
The company's top supplier accounts for 44.05% of total purchases in FY 2026, and the company lacks long-term supply contracts. Any disruption in supplies or failure to secure alternate suppliers could adversely impact manufacturing operations.
Leasehold Property Dependency
The company operates all manufacturing facilities on leasehold basis with terms ranging from 3-10 years. Loss of leasehold rights or inability to renew could result in operational disruption and relocation costs.
Regulatory Compliance Issues
The company has multiple instances of non-compliance with Companies Act 2013, including delayed statutory filings and violations of Section 185. Regulatory penalties could adversely affect financial condition and operations.
Limited Operating History
The company was incorporated on November 1, 2021, and has limited operating history as a relatively young entity. This makes it difficult to evaluate business prospects and ability to respond to competitive and economic challenges.