Millworks Technologies Summary
The business operation is characterized by the creation of high precision machined parts, fabricated sheet metal parts and assemblies for critical operations in aerospace, defense, railways and semiconductor industries. The company creates aerospace components such as turbine blades, nozzle components, fuel filter screens and turbocharger components; defense components like missile airframe components, drones structures, BLDC motor components, hydraulic cylinder components, guidance housing and anti-drone system housing and railway components in braking system, automatic doors, pantographs and train couplers. The company creates these products using two business models namely Build-to-Print (BTP) in which the customer supplies drawings and specification and Build-to-Spec (BTS) wherein Millworks Technologies creates the solution to the performance requirement.
Considering the process in which business operates, the firm conducts all its manufacturing through four state-of-the-art manufacturing units located in Bengaluru, Karnataka, covering around 40,000 sq. ft. space along with 52 CNC machines, comprising 5-axis milling and turning centers, wire EDM machines, fiber laser cutting machines, CNC press brakes, welding stations, and assembly and inspection setups. As per records maintained on April 30, 2026, the company employs 161 staff members. The total value of the firm's order book stood at about ₹95.94 Crore as of January 2026, ensuring good visibility of revenues in the coming medium term. The firm's export focus and expanding clientele in the fields of aerospace, defense, railways, and semiconductor manufacturing make the firm a good fit for India's story of precision engineering.
BSE SME book-built issue by Millworks Technologies Limited, wherein face value is ₹10 per share with the price band of ₹315–₹331 per share. Total issue size of ₹160.34 Cr, comprising entirely a fresh issue of 48,44,000 equity shares with no Offer for Sale component and 4,24,000 shares reserved for the market maker. The issue is bifurcated between QIBs including Anchor (not more than 50% of net issue), NII (not less than 15% of net issue), and Retail Investors (not less than 35% of net issue), and the tentative listing of the stock will be on BSE SME on July 21, 2026.
Millworks Technologies IPO Details:
Millworks Technologies Limited Issue Management:
GYR Capital Advisors Pvt. Ltd. acts as the book-running lead manager for Millworks Technologies BSE SME IPO, managing underwriting and compliance.
Millworks Technologies Limited IPO RTA (Registrar) Details:
Purva Sharegistry (India) Pvt.Ltd. handles allotment, refunds, and demat credits - contact at 022-41343255 or newissue@purvashare.com.
Millworks Technologies Limited IPO Allotment Status:
To check your IPO allotment status:
Visit the Purva Sharegistry (India) Pvt.Ltd. IPO Application Status page.
Select the company name from the dropdown menu.
Select and enter PAN, Application Number, DP/Client ID, or Account Number/IFSC.
Click Submit to view your allotment status.
Millworks Technologies BSE SME IPO totals ₹160.34 Cr, comprising entirely a fresh issue with no OFS component. Net public offer is 44,20,000 shares after excluding 4,24,000 market maker reservation shares.
Millworks Technologies Limited IPO proceeds from the fresh issue of ₹146.30 Cr will be deployed towards:
Millworks Technologies BSE SME IPO offers 48,44,000 total shares. Net offer to the public is 44,20,000 shares after excluding 4,24,000 market maker shares. Anchor investor portion: 13,25,200 shares. Minimum retail application: 2 lots (800 shares) at ₹2,64,800.
The anchor bidding for Millworks Technologies Limited BSE SME IPO is scheduled for July 13, 2026, one working day before the issue opens on July 14, 2026. Anchor investors will be allotted up to 13,25,200 shares from the QIB portion as per standard BSE SME IPO structure.
Lock-in: The anchor allotment follows standard SME IPO norms, where 50% of the anchor shares are locked in for 30 days and the remaining 50% for 90 days from the listing date of July 21, 2026 on BSE SME.
The anchor allocation details and investor list will be disclosed in the anchor book before the IPO opening. GYR Capital Advisors Pvt. Ltd. is the BRLM and Purva Sharegistry (India) Pvt. Ltd. is the registrar.
Millworks Technologies Limited is a Bangalore based precision engineering products manufacturer established in November 2021, selling its products to OEMs in aerospace, defense, railway, and semiconductor segments using the Build-to-Print and Build-to-Spec manufacturing business model. The revenue grew from ₹9.40 Cr in FY24 to ₹22.42 Cr in FY25 (138% growth). PAT grew from ₹1.95 Cr in FY24 to ₹5.25 Cr in FY25 (169% growth). In Q2 FY26, the company reported revenue of ₹65.71 Cr and PAT of ₹20.49 Cr – suggesting an annualized revenue for FY26 of ₹130+ Cr and strong profitability. Post-issue P/E Ratio: 15.51x (annualized FY26 earning). Pre-issue P/E Ratio: 28.44x (FY25 earning). GMP as of July 8, 2026: ₹280 - Estimated IPO listing price ₹611 (+84.59% to issue price of ₹331). Order Book as of Jan 2026: ₹95.94 Cr. Employees as of Apr 30, 2026: 161. Top 10 customers contribute 90.86% of total revenue — significant customer concentration risk.
Action Links:
To apply for Millworks Technologies Limited IPO, open a demat account here
Millworks Technologies Limited IPO Subscription Status: Check live subscription here
Millworks Technologies Limited IPO GMP Update: Check latest grey market premium here
Millworks Technologies Key Highlights:
Millworks Technologies Limited is an organization located in Bengaluru that deals with precision engineering (registered in November 2021). The firm produces high-precision components like machined parts, sheet metal parts, and assemblies for aerospace, defence, railways, and semiconductor industry applications. It has four manufacturing plants situated in Peenya Industrial Area in Bengaluru covering 40,000 sq. ft. with 52 CNC machines, which include five-axis milling and turning centers, wire EDM machines, fiber laser cutting machines, CNC press brakes, and welding machines. Products offered: Aerospace (turbine blades, nozzle components, fuel filter screens, turbocharger components); Defence (missile airframe components, drones frames, BLDC motor parts, hydraulic cylinders, anti-drone frames); Railways (brakes, doors, pantographs, and train couplers); and Semiconductor equipment components. The organization operates on Build-to-Print (BTP) and Build-to-Spec (BTS) business models. Outstanding orders: ₹95.94 Cr (January 2026). No listed competitors for comparison. Promoters: Mr. Sridhar Acharya, Mr. H K Madhu, Mrs. Sowmya Madhu, and Mrs. Rashmi Sridhar Acharya.
Millworks Technologies Risk Factors:
The risks of Millworks Technologies Limited IPO are mentioned below:
High Customer Concentration: Revenue from top 10 clients accounts for 90.86% of the total revenue generated from operations in the second quarter of FY26. The loss of any large customer, order deferral, or decrease in expenditure can hurt the bottom line.
Short Duration of Business: Incorporated just in November 2021 with an operational duration of merely 4.5 years. Limited experience of the business makes sustainability of the venture difficult to assess from an investor’s point of view.
Fluctuations in PAT: PAT fell to ₹5.25 Cr in FY25 but rose drastically to ₹20.49 Cr in a single quarter of FY26, putting a question mark on the sustainability of this unusual profitability.
Cyclical Nature of Sector and Govt Dependence: Earnings from the aerospace and defense sector depend heavily on the government budget cycle, cyclic nature of defense spending, and customer qualification period.
Completely Priced Stock Valuation: Based on the post-issue price-earnings ratio of 15.51x for an excellent Q2 FY26 performance, the IPO has been highly priced, more so considering that the company lacks a peer on any stock exchange to compare performance and that Q2 FY26 is not indicative of continuous performance.
Project Dependence of Revenue Streams: The revenue stream from critical components production is very much dependent on many things like project timelines, government approvals, readiness of the client, and deliveries.
SME Liquidity Problem: Though the GMP is quite high, the BSE SME stocks do experience low liquidity and price discovery after listing.
Millworks Technologies Expert Analysis:
Millworks Technologies BSE SME book-built IPO is priced at ₹315–₹331 per share (face value ₹10), aggregating ₹160.34 Cr, entirely a fresh issue of 48,44,000 shares with no OFS component.
Basic details of the IPO:
Type of IPO: Book-built SME IPO (BSE SME)
Uses of funds: Plant and machinery capex (₹61.03 Cr), working capital requirements (₹81.50 Cr), and general corporate purposes (₹3.77 Cr)
Anchor bidding: July 13, 2026 | Opens: July 14, 2026 | Closes: July 16, 2026 | Allotment: July 17, 2026 | Listing: July 21, 2026 (BSE SME)
Lead Manager: GYR Capital Advisors Pvt. Ltd. | Registrar: Purva Sharegistry (India) Pvt. Ltd.
Expert View on the IPO:
Millworks Technologies is a relatively new yet fast-growing precision engineering firm exposed to India’s fastest-growing manufacturing industries, which include aerospace, defence, railways, and semiconductors. The highest GMP of ₹280 (+84.59%) indicates high market sentiment towards the stock. The revenue increased by 138% in FY25, and the Q2 FY26 performance figures are excellent. However, the firm was incorporated just in 2021, does not have any listed competitors, and the top 10 customers represent 90.86% of revenues – that is extremely concentrated revenue source. The post-issue P/E of 15.51x based on outstanding Q2 FY26 performance looks reasonable in case of growth continuation, but the sustainability of such profitability jump should be carefully analyzed.
Should you invest in Millworks Technologies?
Ideal for risky investors who want early access to the rise of precision engineering in India in sectors such as aerospace, defence, rail, and semiconductors, underpinned by a robust GMP of ₹280 along with stellar financial results recently. Conservative investors need to be careful owing to the short operating history, highly concentrated customers, and volatile PAT and liquidity on BSE SME.
Consider investing when:
Looking for exposure to a growing precision engineering firm catering to aerospace, defence, railway, and semiconductor OEM customers with impressive Q2 FY26 profitability and a strong GMP of ₹280.
Unfazed by the illiquidity of BSE SME stocks, extremely short track record (formed in 2021), heavy customer dependency (90.86% from top 10 customers), and PAT volatility going forward.
Do not invest when:
A risk-averse position on the stock due to the company’s limited operating track record of only 4.5 years, lack of comparable listed stocks, high customer concentration of the top 10 at 90.86%, and PAT that cannot match its outstanding Q2 FY26 performance.
Companies with multi-year experience and diversified customers are preferred.
Investors are advised to exercise discretion and refer to the full DRHP/RHP document before reaching any investment decision. This analysis is for informative purposes and not investment advice.
Action Links:
To apply for Millworks Technologies Limited IPO, open a demat account here
Millworks Technologies Limited IPO Subscription Status: Check live subscription here
Millworks Technologies Limited IPO GMP Update: Check latest grey market premium here
1. What is the Millworks Technologies Limited IPO open and close date?
Millworks Technologies BSE SME IPO opens July 14, 2026 and closes July 16, 2026. Allotment: July 17. Refunds & Demat credit: July 20. Listing on BSE SME: July 21, 2026.
Track Millworks Technologies Limited IPO subscription status live here from Finnpick.
2. What is the Millworks Technologies Limited IPO price band and lot size?
The IPO is a book-built SME issue with a price band: ₹315–₹331 per share (face value ₹10). Lot size: 400 shares. Minimum retail application: 2 lots (800 shares) = ₹2,64,800 at upper price band.
3. What is Millworks Technologies Limited IPO total size?
The total issue size is ₹160.34 Cr comprising 48,44,000 fresh issue equity shares. No OFS component — all proceeds go to the company. Net public offer: 44,20,000 shares after excluding 4,24,000 market maker shares.
4. How to apply for the Millworks Technologies Limited IPO?
Open a demat here (Zerodha/Upstox/AngelOne) or apply ASBA by July 16, 4 PM. Monitor Millworks Technologies Limited IPO subscription tracker here. Ensure your demat account is active and UPI mandate is approved before the closing time.
5. How to check Millworks Technologies Limited IPO Allotment Status?
The allotment date is on July 17th and can be checked on Purva Sharegistry (India) Pvt. Ltd. RTA portal using PAN/DP ID.
6. What is Millworks Technologies Limited IPO GMP today and subscription status?
Current Grey Market Premium (GMP) stands at ₹280 as of July 08, indicating listing at the price range of ₹611 - check daily updates of Millworks Technologies Limited IPO GMP trends here and live subscription status here from July 14th opening only on Finnpick.
7. What does Millworks Technologies Limited specialize in?
Millworks Technologies Limited is a Bengaluru-based precision engineering company manufacturing high-accuracy machined components, sheet metal parts, and integrated assemblies for aerospace (turbine blades, nozzle components), defence (missile airframe components, drone structures, anti-drone housings), railways (braking systems, door mechanisms, pantographs), and semiconductor equipment sectors. Operates under Build-to-Print (BTP) and Build-to-Spec (BTS) models. Four manufacturing facilities in Bengaluru with 52 CNC machines across 40,000 sq. ft.
8. When is the Millworks Technologies Limited IPO listing date?
The IPO is scheduled to list on BSE SME on 21st July 2026, subject to final confirmation from the exchange. Basis of allotment is tentatively on 17th July 2026, with refunds and demat credits around 20th July 2026.
9. What are the Millworks Technologies Limited IPO proceeds utilization details?
The IPO proceeds will primarily be utilized towards: Fresh issue proceeds of ₹160.34 Cr directed at: purchase of plant and machinery (₹61.03 Cr), working capital requirements (₹81.50 Cr), and general corporate purposes: ₹3.77 Cr
10. Who are the promoters of Millworks Technologies Limited?
The promoters of Millworks Technologies Ltd. are Mr. Sridhar Acharya, Mr. H K Madhu, Mrs. Sowmya Madhu, and Mrs. Rashmi Sridhar Acharya. Company incorporated: November 1, 2021. Headquarters: No. 458/1, 10th A Cross, Phase-4, Peenya Industrial Area, Bangalore North, Bangalore – 560058.
11. Should I apply for the Millworks Technologies IPO?
You may consider applying if you are comfortable with a high-growth precision engineering company serving aerospace, defence, railways, and semiconductors with exceptional Q2 FY26 profitability and a remarkable GMP of ₹280 (+84.59%). Avoid risk-averse about very short operating history (incorporated 2021), extreme customer concentration (90.86% top 10 customers), PAT volatility risk, and BSE SME post-listing liquidity constraints. This is for informational purposes only and not investment advice; read the RHP/DRHP and consult a SEBI-registered advisor before investing.
