Millworks Technologies Limited IPO
Aerospace & Defence
Price Band
₹315 – ₹331
Lot Size
400
Minimum Bid Quantity
800
Minimum Investment
₹264800
Issue Size
₹160.34Cr
Opens
2026-07-14
Closes
2026-07-16
Listing
21-07-2026
Subscription Status
Qualified Institutional Buyers
194.05 x
Non-Institutional Investor
159.16 x
Retail Individual Investor
215.57 x
Total
192.73 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE1SRC01010
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Millworks Technologies is a precision engineering company engaged in the manufacture of machined components, sheet metal parts, and integrated assemblies used in the railways, aerospace, defence, and semiconductor sectors. It operates under Build-to-Print (BTP) and Build-to-Spec (BTS) models, manufacturing products based on customer drawings, technical specifications, or functional requirements. Its product portfolio includes precision components and sub-assemblies for aero-engines, defence platforms, railway systems, and semiconductor manufacturing equipment. The company primarily supplies its products to original equipment manufacturers (OEMs). As of November 30, 2025, it operates four manufacturing facilities in Bengaluru, Karnataka, equipped with CNC machining centres, laser cutting systems, press brakes, welding equipment, and assembly and inspection infrastructure. The company’s manufacturing operations are supported by quality management systems certified under AS9100D and ISO 9001:2015. Use of proceeds: This is a fresh issue of shares. Therefore, the net proceeds from the fresh issue will go to the company. They will be utilised for the following purposes: Funding capital expenditure of the company to purchase plant and machinery — Rs 61.03 crore Funding the working capital requirements of the company — Rs 87 crore General corporate purposes.
Pros
- • The company claims to manufacture precision-engineered components for mission-critical industries such as aerospace, defence, railways, and semiconductors. It works with a wide range of materials, including aluminium, titanium, stainless steel, brass, Hastelloy, and polycarbonates, and manufactures components under both Build-to-Print (BTP) and Build-to-Spec (BTS) models.
- • The company is certified under AS9100D and ISO 9001:2015 for its quality management systems. These certifications cover the manufacture and supply of precision-machined components, sheet metal parts, assemblies, springs, and wire forms across its manufacturing facilities for aerospace, defence, railway, and other industrial applications.
- • The company claims to operate four manufacturing facilities in Bengaluru, Karnataka, with dedicated capabilities across machining, fabrication, assembly, and inspection. These facilities are equipped with CNC machining centres, laser cutting systems, inspection equipment, and ERP-supported production planning systems. It has also established a spring manufacturing unit, which is currently under commissioning.
Cons
- • The company’s business is highly dependent on a limited number of customers. Its top 10 customers contributed Rs 19.40 crore (88.01%), Rs 8.80 crore (93.71%), and Rs 1.77 crore (99.86%) of its revenue from operations during FY25, FY24, and FY23, respectively. Any failure to retain these customers, secure repeat orders, or diversify its customer base could adversely affect the company’s business and financial performance.
- • The company’s revenue is concentrated in a few end-user industries, particularly defence and railways. The defence segment contributed Rs 32.12 crore (48.90%) and the railway segment contributed Rs 24.84 crore (37.81%) of revenue during the eight months ended November 30, 2025. A slowdown in these industries, a reduction in customer demand, or changes in technology and procurement patterns could adversely affect the company’s business and financial performance.
- • The company is dependent on a limited number of suppliers for raw materials, machinery, and components. Its top 10 suppliers accounted for Rs 21.25 crore (83.43%), Rs 5.81 crore (60.61%), Rs 2.15 crore (57.00%), and Rs 0.63 crore (37.32%) of its total purchases during the eight months ended November 30, 2025, FY25, FY24, and FY23, respectively. Any disruption in supplies, inability to retain these suppliers, or failure to identify alternate suppliers could adversely affect the company’s manufacturing operations and financial performance.
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