Millworks Technologies IPO

About Millworks Technologies IPO

The Millworks Technologies Limited IPO, an SME IPO, opens on July 14, 2026 and closes on July 16, 2026. The allotment of shares will take place on July 17, 2026. The credit of shares to the demat account will take place on July 20, 2026. The initiation of refunds will take place onJuly 20, 2026. The listing of shares will take place on July 21, 2026. The equity shares offered through the IPO are proposed to be listed on the BSE SME platform.

The IPO comprises a total issue of 48,44,000 shares aggregating up to ₹160 crores, of which 4,24,000 shares aggregating up to ₹14 crores are reserved for the market maker, while the remaining 44,20,000 shares aggregating up to ₹146 crores constitute the fresh issue.

Millworks Technologies Limited IPO's price band is set at ₹315 to ₹331 per share. The lot size for an application is 400 shares. The minimum amount of investment required by a retail investor is ₹2,64,800 (800 shares) (based on upper price). The lot size investment required by sNII is 3 lots (1,200 shares), amounting to ₹3,97,200, and for bNII, it is 8 lots (3,200 shares), amounting to ₹10,59,200.

Millworks Technologies Limited is a precision engineering company that manufactures machined components, sheet metal parts, and integrated assemblies for mission-critical applications in the railway, aerospace, defence, and semiconductor sectors. It operates under Build to Print and Build to Spec engagement models, covering both full-scope manufacturing and job-work assignments. The Company operates four manufacturing units in Bengaluru, Karnataka.

Objectives of Millworks Technologies IPO

The Company proposes to utilise the net proceeds of the fresh issue towards the following objects:

• Funding capital expenditure of the Company to purchase plant and machinery.
  
• Funding the working capital requirements of the Company.
  
• General corporate purposes.
  

Industry Outlook

Millworks operates across four regulated sectors. The global aerospace and defence market expanded from $820.67 billion in 2024 to $875.37 billion in 2025, growing at a 6.7% CAGR on the back of rising air travel demand, higher military spending, and advanced defence technologies.

India's semiconductor end-demand is set to double. It is projected to rise from ₹4.65 lakh crore in 2025 to ₹9.30 lakh crore by 2030 at a 15% CAGR, supported by strong electronics demand and policy support despite low domestic wafer capacity. Indian Railways reported revenue of ₹2.56 lakh crore in FY24.

The figure is expected to reach ₹2.78 lakh crore in FY25, alongside major signalling and safety upgrades across the network. These four end-markets shape demand for the precision components the Company supplies.

About Millworks Technologies Limited

Millworks Technologies Limited is a precision engineering company based in Bengaluru, Karnataka. It manufactures machined components, sheet metal parts, and integrated assemblies for mission-critical applications across the railway, aerospace, defence, and semiconductor sectors. Its operations follow two models. Under Build to Print the Company manufactures strictly to customer drawings, while under Build to Spec it produces components against defined functional and performance requirements.

The Company runs four manufacturing units in Bengaluru. It machines Aluminium, Titanium, Stainless Steel, Brass, Hastelloy, and Polycarbonates under approved process sheets, and its quality systems are certified under AS9100D and ISO 9001:2015.

Strengths of Millworks Technologies

• Precision Engineering Capability and Manufacturing of Complex Components Across Diverse Materials.
  
• Certified Quality Management Systems Supporting Process Discipline and Documentation Control.
  
• Comprehensive Manufacturing Infrastructure Across Four Units in Bengaluru.
  
• Global Customer Relationships and Export-Oriented Business Operations.
  
• Structured Research and Development Function Focused on Process Improvement and Electronic Integration.
  

Risks of Millworks Technologies

• Dependent on a few customers for a significant portion of our revenues.
  
• Any failure to compete effectively in the highly competitive global industry of high precision and critical components manufacturing could have a material adverse effect on the business.
  
• The Company is yet to place orders for the machinery for the expansion of the manufacturing unit. Any delay in placing orders or procurement of such machinery may delay the schedule of implementation and possibly increase the cost of operations.
  
• Our Business is dependent on our manufacturing units. Any disruption, breakdown or failure of machinery, disruption to power sources or any temporary shutdown of our manufacturing unit, may have a material adverse effect on our business, results of operations, financial condition and cash flows.
  

Source: All the financial information for listed industry peers mentioned above is sourced from the Annual Reports of the aforesaid companies for the year ended March 31, 2025 and stock exchange data dated February 13, 2026 to compute the corresponding financial ratios for the financial year ended March 31, 2025. The current market price and related figures are as on February 13, 2026 (as per NSE).

Anchor Investor Bidding Date: Monday, July 13, 2026

IPO Registrar and Book Running Lead Managers

Registrar
Purva Sharegistry (India) Private Limited
Tel: + 22 4961 4132
Email: newissue@purvashare.com

Book Running Lead Manager
GYR Capital Advisors Private Limited

Millworks Technologies Contact Details
No.458/1, 10th a Cross, Phase-4, Peenya Industrial Area, Peenya Small Industries,
Bangalore, Bangalore north, Karnataka, India – 560058
Email: cs@millworksindia.com
Tel: +91 9187045959

Millworks Technologies Business Model

The company earns its revenue through the manufacture and supply of precision-engineered components and sub-assemblies to customers in the aerospace, defence, railway, and semiconductor sectors. It operates under Build to Print and Build to Spec models, producing either to customer drawings or to defined performance specifications.

Revenue is generated primarily through recurring purchase orders and rate-based supply arrangements with domestic and international OEMs, Tier-1, and Tier-2 suppliers. Export sales contributed 37.25% of revenue from operations for the period ended November 30, 2025.

Millworks Technologies Growth Trajectory

Millworks Technologies Limited's Total Income for FY25 was ₹22.42 crores, whereas in FY24 and FY23 it was ₹9.40 crores and ₹1.78 crores, respectively.

The Profit After Tax for FY25 was ₹5.25 crores, whereas in FY24 and FY23 it was ₹1.95 crores and ₹0.33 crores, respectively.

Their EBITDA for FY25 was ₹7.89 crores, whereas in FY24 and FY23 it was ₹2.78 crores and ₹0.45 crores, respectively.

Millworks Technologies Market Position

Millworks operates four manufacturing units in Bengaluru, Karnataka, spanning precision machining, sheet metal fabrication, and assembly. The Company serves OEMs, Tier-1, and Tier-2 suppliers and exports to 12 countries, including the United States, Germany, France, Israel, and the United Kingdom.

As of 31 March 2025, the company's Total Income, Profit After Tax, and EBITDA were ₹22.42 crores, ₹5.25 crores, and ₹7.89 crores, respectively.

How to apply for Millworks Technologies IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
  
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
  
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
  
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
  
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.