Updated on 09.07.2026|11:00 AM
Millworks Technologies Limited provides precision-engineered components, sheet metal items, and integrated systems to the defence, aerospace, railway, and semiconductor industries.
The company is raising capital through a fresh BSE SME IPO of 48,44,000 equity shares to allocate toward machinery procurement and operational liquidity.
The subscription window runs from July 14, 2026, through July 16, 2026, with a fixed price range of ₹315 to ₹331 per share and a minimum retail application size of 800 shares. If you want to track all the latest IPOs, check our 2026 IPO section with all updated IPOs.
Read this detailed analysis of the Millworks Technologies Limited IPO to track today's GMP, monitor ongoing subscription rates, confirm the allotment schedule, and review pricing structures.
Briefs of Millworks Technologies Limited IPO Details
- Price Band: ₹315 – ₹331
- IPO Open / Close Dates: 14 July 2026 / 16 July 2026
- Lot Size: 400 shares
- Issue Size: 48,44,000 shares
- Fresh Issue / OFS: Fresh Issue of 48,44,000 shares / OFS: Nil
- Registrar: Purva Sharegistry (India) Pvt.Ltd.
- Listing Exchange: BSE SME
IPO Reservation
- Face value: ₹10 per share
- Anchor offer: Up to 13,25,200 Equity Shares
- QIB-shares: Not more than 22,09,200 Equity Shares
- NIIs-Shares offered: Not less than 6,63,600 Equity Shares
- RIIs- Shares offered: Not less than 15,47,200 Equity Shares
What is the Current Grey Market Premium (GMP) for the Millworks Technologies Limited IPO?
Our GMP tracker page allows you to follow daily premium changes for this and various other IPOs.
Investors should remember that GMP is an unofficial, unregulated indicator outside the purview of SEBI, NSE, and BSE, shifting purely on market demand.
What is the Timeline and Allotment Schedule for the Millworks Technologies Limited IPO?
- IPO Open & Close Date: 14 July 2026 to 16 July 2026
- Basis of Allotment Date: 17 July 2026
- Refund Initiation Date: 20 July 2026
- Credit of Shares: 20 July 2026
- Listing Date: 21 July 2026
How will the Proceeds from the Millworks Technologies Limited IPO be utilized?
The capital raised through the new equity offering will be allocated toward the following business requirements:
- Capital Expenditure: An allocation of up to ₹61.03 crores is earmarked for purchasing new plant, machinery, and equipment to enhance existing manufacturing capacities.
- Working Capital Requirements: Up to ₹81.50 crores will be directed towards funding day-to-day operational needs.
- General Corporate Purposes: The leftover capital is earmarked for business development and future strategic growth investments. Financing for these plans is legally restricted to a maximum cap of 15% of the total raised capital or ₹10 crores, whichever represents the lower amount.
How is The Financial Performance of Millworks Technologies Limited ?
Period Ended | 31 Mar 26 | 31 Mar 2025 | 31 Mar 24 |
Total Income | 153.40 | 22.42 | 9.40 |
Profit After Tax | 37.06 | 5.25 | 1.95 |
EBITDA | 56.30 | 7.89 | 2.78 |
Total Borrowing | 17.02 | 9.63 | 4.57 |
Assets | 198.37 | 39.82 | 10.54 |
Source: RHP
Financial Observations
Total Income
The company recorded a noticeable scale-up in its revenue generation across the reported fiscal years.
- Total income expanded from ₹9.40 crores in FY24 to ₹153.40 crores in FY26.
- This growth was supported by an influx of defence sector contracts.
- Increased execution in the railways segment also contributed to this top-line change.
Profit After Tax
Net earnings experienced an upward progression mirroring the top-line figures.
- Profits moved from ₹1.95 crores in FY24 to ₹37.06 crores in FY26.
- The commissioning of expanded manufacturing capacity aided this bottom-line outcome.
- Absorption of fixed overheads supported overall profitability metrics.
EBITDA
Core operational earnings expanded as the product mix was adjusted.
- EBITDA increased from ₹2.78 crores in FY24 to ₹56.30 crores in FY26.
- The EBITDA margin was recorded at 36.71% in the latest fiscal year.
- This reflects the operational profile of the specialized precision engineering segments.
Total Borrowing
The business took on additional debt to manage its operational scaling.
- Overall borrowings increased from ₹4.57 crores in FY24 to ₹17.02 crores in FY26.
- These funds were utilized to support expanding working capital needs.
- The transition into larger project volumes necessitated this debt utilisation.
Assets
The total resource base grew to accommodate higher production and inventory requirements.
- Total assets expanded from ₹10.54 crores in FY24 to ₹198.37 crores in FY26.
- A significant portion of this increase is tied to elongated trade receivables.
- Inventory buildup for upcoming orders also added to the asset base.
What Are the P/E ratio and Peer Comparison?
To determine a P/E ratio, a company's market share price is divided by its Earnings Per Share (EPS).
Based on the peak share price of ₹331 and an FY26 Basic EPS of ₹30.67, the calculated P/E ratio for Millworks Technologies Limited is approximately 10.79x.
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Analysis:
Millworks Technologies enters the primary market with a P/E multiple of approximately 10.79x. When benchmarked against listed industry peers like Unimech Aerospace (87.87x) and Azad Engineering (96.45x), the issue presents a comparatively lower multiple.
Furthermore, Millworks records a Return on Net Worth (RoNW) of 44.83%, which is higher than the single-digit RoNW figures of its listed counterparts, indicating effective utilisation of shareholder equity despite operating on a smaller revenue scale.
What is The Industry Outlook of Millworks?
Growth potential: The domestic precision engineering sector is experiencing an expansion cycle, aided by the government's push for indigenous defence manufacturing and railway modernization. Sub-contract manufacturers with capabilities in Build-to-Print and Build-to-Spec models are positioned to participate in these capital-intensive supply chains.
Market trends and competitors: The landscape for mission-critical components features a mix of specialized private players and large engineering conglomerates. Establishing an export footprint and maintaining strict quality control parameters are standard requirements for navigating this fragmented, high-entry-barrier market.
What Are The Strengths and Risks of Millworks Technologies Limited IPO ?
Strengths:
- Revenue Progression: The company recorded a 573.15% revenue progression in FY26, largely due to defence contracts (69.43% of total revenue) and railway segment orders (23.65%).
- Export Footprint: The firm derives 27.47% of its revenue from exports across 9 countries, including the USA and Israel, adding geographical diversification.
- Order Book: As of June 2026, the company holds a confirmed order book of ₹67.14 crores.
Risks:
- Customer Concentration: The top 10 customers contributed 92.06% of the total revenue in FY26, with a single customer accounting for 47.02% of sales.
- Working Capital Strain: Trade receivables reached ₹138.68 crores in FY26, leading to elongated working capital cycles of 178 receivable days.
- Negative Cash Flows: The company reported negative cash flows from operating activities of ₹(10.76) crores in FY26, driven by extended credit cycles and inventory buildup.
important IPO Related resources:
1. IPO Allotment Status – How to Check Allotment Status of IPO Shares
3. IPO Glossary: 100+ Important Terms Every Investor Should Know
4. Latest IPO Subscription Status Today | Live Updates
6. June 2026 IPO Subscription Review: 25 IPOs Data, Demand Patterns & Key Trends
7. June 2026 IPO Review: 22 IPOs, ₹2,502 Cr Raised & 75.98x Average Subscription
Key Considerations for Investors
- Market participants reviewing the Millworks Technologies Limited IPO should refer to the Red Herring Prospectus (RHP) for details on the company’s financial structure.
- While the firm exhibits a lower P/E ratio and higher RoNW relative to peers, it operates with extensive working capital requirements—highlighted by 178 receivable days and negative operating cash flows.
- Additionally, potential investors should note the high concentration risk, as over 92% of revenue is derived from just ten clients.
Key Takeaways
- IPO Price Band: ₹315 to ₹331 per equity share
- Lot Size: 400 shares (Minimum application of 800 shares)
- Allotment Dates: Allotment on 17 July 2026;
- Listing Dates: Listing on BSE SME on 21 July 2026
FAQs on Millworks Technologies Limited IPO
What is today’s GMP for Millworks Technologies Limited IPO?
Live updates for this SME issue's premium can be found on our main GMP tracking page. Because these unofficial numbers are driven by overall market demand, they fluctuate continuously.
What is Millworks Technologies Limited IPO price band?
The price band has been fixed at ₹315 to ₹331 per equity share.
What is Millworks Technologies Limited IPO allotment date?
The basis of allotment will be finalised on 17 July 2026.
How to check Millworks Technologies Limited IPO allotment status?
Purva Sharegistry (India) Pvt. Ltd. is the assigned registrar handling the allotment updates for this offering. Log onto their official portal and enter your application specifics or PAN card details to confirm your final allocation.
What is Millworks Technologies Limited IPO listing date?
The equity shares are scheduled to be listed on the BSE SME platform on 21 July 2026.
Investment Perspective on Millworks Technologies Limited IPO
Millworks Technologies offers a high-risk, high-reward IPO opportunity. The company boasts “explosive top-line growth”, with FY26 revenue surging 573% to ₹148.76 crores, primarily driven by robust defence and railway orders. Profitability is exceptional, highlighted by a 44.83% RoNW and a 36.71% EBITDA margin.
However, this rapid expansion has severely strained its working capital, leading to negative operating cash flows of ₹10.76 crores and 178 receivable days. Furthermore, heavy reliance on a single customer for 47.02% of sales poses a significant concentration risk. Investors must carefully weigh this stellar defence-driven growth against severe cash constraints.
Disclaimer:
This content is meant for informational and training objectives only, rather than expert financial recommendations. Individuals are encouraged to verify their investment plans with a SEBI-registered advisor before proceeding.
