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Millworks Technologies Limited
Aerospace & DefenceIPOSME
₹331 - 331
We are a precision engineering company specializing in manufacturing machined components, sheet metal parts, and integrated assemblies for mission-critical applications across the railways, aerospace, defence, and semiconductor sectors. Our operations follow both Build to Print (BTP) and Build to Spec (BTS) engagement models, covering full-scope manufacturing and job-work assignments. Under BTP, we manufacture strictly as per customer drawings and technical specifications, while under BTS, we produce components based on defined functional and performance requirements. This dual approach enables us to meet diverse customer needs through precise design adherence and collaborative, performance-driven manufacturing solutions, supporting reliable, scalable, and high-quality production outcomes.
Lot400Min Invest₹2,64,800Face Value₹10Issue Size₹160 CrFresh Issue₹160 CrListing Price₹629CMP₹952
Timeline
14 Jul
Bidding opens
16 Jul
Bidding closes
17 Jul
Allotment
20 Jul
Refund & demat credit
21 Jul
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹160 Cr0.48 Cr shares
Fresh Issue₹160 Cr
Face Value₹10
Lot Size400 shares
ReservationQIB 49.98% · NII 15.01% · RETAIL 35.01%
Application Sizes
Retail₹2,64,8001-1 lots
sNII₹2,64,800from 2 lots
bNII₹10,59,200from 8 lots
Managers & Registrar
Lead ManagerGYR Capital Advisors Pvt Ltd
RegistrarPurva Sharegistry (I) Pvt Ltd
Ownership & Proceeds
Shareholding
CategoryPre IPOPost IPOPromoter Group65.08%47.19%Public34.92%52.81%
Objects of the Issue
- Funding capital expenditure of the company to purchase Plant and Machinery
- Funding the working capital requirements of the company
- General corporate purposes
Anchor Book
Bid Date13-Jul-2026Shares13,25,200Amount₹44 Cr30-day lock-in15-Aug-202690-day lock-in14-Oct-2026
Financials
Profit & Loss
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| RevenueCr | 0 | 2 | 9 | 22 | 149 |
| Operating ProfitCr | 0 | 0 | 3 | 8 | 52 |
| OPM% | - | 26.2 | 29.7 | 35.1 | 35.0 |
| PBTCr | 0 | 0 | 2 | 7 | 50 |
| PATCr | 0 | 0 | 2 | 5 | 37 |
| EPS | - | 0 | 2 | 5 | 31 |
Balance Sheet
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity CapitalCr | - | 0 | 0 | 0 | 13 |
| ReservesCr | - | 0 | 2 | 23 | 70 |
| BorrowingsCr | - | 2 | 5 | 10 | 17 |
| Total AssetsCr | - | 4 | 11 | 40 | 198 |
Cash Flow
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating Cash FlowCr | - | -2 | 1 | -3 | -11 |
| Investing Cash FlowCr | - | 0 | -3 | -10 | -16 |
| Financing Cash FlowCr | - | 2 | 2 | 13 | 27 |
| Net Cash FlowCr | - | 0 | 0 | 1 | 0 |
Strengths & Risks
Strengths · as stated in the DRHP
- Experienced Promoters having deep domain knowledge to scale up the business.
- Management team with an established track record.
- Established track record of successfully completed orders.
- Efficient operational team.
Strategies · as stated in the DRHP
- Strategic Alliances and Collaborative Partnerships.
- Market Penetration Through Expansion of Supply to Existing Customer Ecosystems.
- Geographical Expansion to Strengthen Global Reach and Customer Access.
- Diversification Within Core Manufacturing Capabilities.
Risks · as stated in the DRHP
- The company's revenues has exhibited significant fluctuations in the past and may continue to vary in the future, which may adversely affect its business, financial condition and results of operations.
- The company's high level of trade receivables relative to its revenue from operations indicates elongated working capital cycles and exposes the company to collection risks, which may adversely affect its liquidity and financial condition.
- A substantial portion of the Company's revenue for the period ended March 31, 2026 was derived from its first/top customer. Accordingly, any reduction, delay, or termination of business from such customer, or the loss of such customer for any reason, could materially and adversely affect the Company's revenues, profitability, financial condition.
- Dependency on Certain Business Partners for Defense Sector Project Execution.
- The Company has some instances of non-compliances and delayed compliances with some statutory provisions of the Companies Act 2013 and delayed compliance may attract penalties against the company which could impact the financial position of its to that extent.
- The company is dependent on a few customers for a significant portion of its revenues. Further the company generally does not enter into long-term arrangements with its customers and any failures to continue the company's existing arrangements could adversely affect its business and results of operations.