Millworks Technologies
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Big non-institutionalbNII · above ₹10 lakh
- 10.98×
- Small non-institutionalsNII · ₹2–10 lakh
- 11.99×
- Retail individualRII · up to ₹2 lakh
- 14.19×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 14 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 21 Jul 2026 | ₹395 | — | ₹1,20,100 | — | ₹1,58,000 |
| 20 Jul 2026 | ₹395 | — | ₹1,20,100 | — | ₹1,58,000 |
| 19 Jul 2026 | ₹390 | — | ₹1,18,600 | — | ₹1,56,000 |
| 18 Jul 2026 | ₹390 | — | ₹1,18,600 | — | ₹1,56,000 |
| 17 Jul 2026 | ₹400 | — | ₹1,21,600 | — | ₹1,60,000 |
| 16 Jul 2026 | ₹380 | — | ₹1,15,500 | — | ₹1,52,000 |
| 15 Jul 2026 | ₹400 | — | ₹1,21,600 | — | ₹1,60,000 |
| 14 Jul 2026 | ₹300 | — | ₹91,200 | — | ₹1,20,000 |
| 13 Jul 2026 | ₹300 | — | ₹91,200 | — | ₹1,20,000 |
| 12 Jul 2026 | ₹395 | — | ₹1,20,100 | — | ₹1,58,000 |
| 11 Jul 2026 | ₹390 | — | ₹1,18,600 | — | ₹1,56,000 |
| 10 Jul 2026 | ₹350 | — | ₹1,06,400 | — | ₹1,40,000 |
| 09 Jul 2026 | ₹350 | — | ₹1,06,400 | — | ₹1,40,000 |
| 08 Jul 2026 | ₹350 | — | ₹1,06,400 | — | ₹1,40,000 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 14 Jul 2026 – 16 Jul 2026
- Listing date
- 21 Jul 2026
- Face value
- ₹10 per share
- Price band
- ₹315 – ₹331
- Issue price
- ₹331 per share
- Lot size
- 400 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- BSE SME
- Total issue size
- ₹160 Cr
- Fresh issue
- ₹146 Cr 44,20,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹583 Cr
- Promoter holding
- 65.08% → 47.18% pre-issue → post-issue
- ISIN
- INE1SRC01010
- CIN
- U29200KA2021PLC153863
- Registrar
- Purva Sharegistry (India) Pvt.Ltd.
- Lead managers
- GYR Capital Advisors Pvt.Ltd.
- Registered office
- No.458/1, 10th a Cross, Phase-4, Peenya Industrial Area, Peenya Small Industries, Bangalore, Bangalore north, Karnataka, India – 560058
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 13,25,200 | — | — |
| Market maker | 4,24,000 | — | — |
Application size
Minimum 400 shares per lot, in multiples, at ₹331
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 400 | ₹1,32,400 |
| S-HNI (min) | 2 | 800 | ₹2,64,800 |
| S-HNI (max) | 7 | 2,800 | ₹9,26,800 |
| B-HNI (min) | 8 | 3,200 | ₹10,59,200 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹331 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 29.02 | 21.04 |
| P/E (×) | 11.41 | 15.73 |
| Price to book (×) | 5.11 | — |
| Market cap | — | ₹583 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 44.83%
- ROCE
- 81.00%
- Debt / equity
- 0.21
- PAT margin
- 24.91%
- EBITDA margin
- 36.71%
- NAV per share
- ₹64.73
- Price to book
- 5.11
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 153.4 | 22.42 | 9.4 |
| Revenue from operations | 148.77 | 22.1 | 9.39 |
| Other income | 4.63 | 0.32 | 0.01 |
| Total expenses | 103.1 | 15.34 | 7.02 |
| Operating profit | 50.3 | 7.08 | 2.38 |
| Operating margin | 32.79% | 31.58% | 25.32% |
| Profit before tax | 50.23 | 7.08 | 2.38 |
| Profit after tax | 37.06 | 5.25 | 1.95 |
| PAT margin | 24.16% | 23.42% | 20.74% |
| Balance sheet | |||
| Total assets | 198.37 | 39.82 | 10.54 |
| Current assets | 153.97 | 20 | 7.07 |
| Current liabilities | 107.38 | 10.07 | 7.4 |
| Total liabilities | 115.7 | 16.51 | 8.21 |
| Net worth | 82.67 | 23.31 | 2.33 |
| Current ratio | 1.43× | 1.99× | 0.96× |
| Return on equity | 44.83% | 22.52% | 83.69% |
| Cash flow | |||
| Operating cash flow | -10.76 | -2.92 | 0.65 |
| Investing cash flow | -16.27 | -9.77 | -2.69 |
| Financing cash flow | 27.17 | 13.27 | 2 |
| Net cash flow | 0.14 | 0.58 | -0.04 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding capital expenditure of our company to purchase Plant and Machinery ₹61.03 Cr
The company intends to utilize funds for acquiring Hi precision Ultrasonic cleaning machine with Pick and place system, Rolling Machine, HURON – KX200 L, CNC Machine and CNC Turret Punching Machine to enhance existing manufacturing capacities, improve production efficiency and support upcoming project requirements involving high-precision manufacturing.
2 Funding the Working Capital requirements of the company ₹81.50 Cr
The company proposes to utilize funds towards funding working capital requirements for executing increased order volumes, maintaining high inventory levels, managing high debtors, advance payments to suppliers, requirement of security deposits and for other corporate purposes in financial year 2026-27.
3 General Corporate Purposes —
The company intends to utilize funds for general corporate purposes in accordance with regulatory requirements, with the amount not exceeding fifteen percent of the total amount being raised or Rs 10 Crores, whichever is less.
1 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Millworks Technologies
Millworks Technologies Limited was incorporated on November 1, 2021 as a private limited company and converted to a public company on September 10, 2025. The company operates manufacturing facilities in Bangalore engaged in precision engineering, CNC machining, and assembly services for high-end industrial customers. It serves four primary sectors: Railways (23.65% of FY2026 revenue), Defence (69.43%), Aerospace (0.99%), and Semiconductors (5.94%). The company has grown significantly from ₹938.60 Lakhs revenue in FY2024 to ₹14,876.70 Lakhs in FY2026, with 74 customers as of FY2026. The company operates four manufacturing units on leasehold basis in Bangalore and generated Net Profit of ₹3,706.39 Lakhs in FY2026.
Management
Mr. Sridhar Acharya
MD
Mrs. Rashmi Sridhar Acharya
CEO
Mr. H K Madhu
COO
Mrs. Sowmya Madhu
Director of HR
Mr. Maniyil Indrabalan
Director
Mr. S Ganesan
Director
Strengths
As stated in the offer document
Precision Engineering Capability and Manufacturing of Complex Components Across Diverse Materials
The company is engaged in the manufacture of precision-engineered components and sub-assemblies used in aerospace, defence, railways, and semiconductor applications with close dimensional tolerances, controlled surface finishes, and strict adherence to customer-approved drawings and specifications.
Multi-Sector Engineering Enterprise with Advanced Manufacturing Capabilities
The company operates four manufacturing facilities in Bengaluru equipped with CNC machining centres (3-axis, 4-axis, and 5-axis), turning and turn-mill centres, wire EDM machines, fibre laser cutting systems, and designated areas for assembly and inspection.
Quality Management System Certifications
The company has implemented Quality Management System certified under AS9100D and ISO 9001:2015 on a multi-site basis, with quality assurance infrastructure including coordinate measuring machines (CMMs), video measuring systems, and hardness testers.
Global Export Operations
The company caters to customers in 9 countries including Canada, USA, Israel, Germany, France, Macedonia, Italy, UK, and Czech Republic, with export sales constituting 26.97% of revenue from operations for fiscal 2026.
Experienced Management Team
The company is managed by experienced management team with expertise in engineering, manufacturing, operations management, administration and business development, led by Promoters and Directors with specialized domain knowledge.
Risk factors
As stated in the offer document
Significant Revenue Fluctuations
The company has experienced dramatic revenue volatility, with revenues increasing from ₹938.60 Lakhs in FY 2024 to ₹14,876.70 Lakhs in FY 2026. Such fluctuations may not indicate consistent growth and could be attributed to timing of orders, customer demand variability, and project-based operations.
High Trade Receivables and Collection Risk
The company faces elevated trade receivables representing 93.22% of revenue in FY 2026, compared to 20.05% in FY 2024. This indicates elongated working capital cycles and exposes the company to significant collection risks and liquidity constraints.
Heavy Dependence on Key Customer
The company derives 47.02% of total sales (₹6,992.76 Lakhs) from its top customer, Quick Pay Private Limited, in FY 2026. Loss of this customer or reduction in their demand could materially impact revenues and profitability.
Customer Concentration Risk
The company's top 10 customers account for 92.06% of total revenue in FY 2026, with no long-term arrangements. The company cannot assure continued sales volumes to these customers, making it vulnerable to customer loss or demand reduction.
Negative Operating Cash Flows
The company experienced negative operating cash flows of ₹1,076.29 Lakhs in FY 2026 and ₹291.89 Lakhs in FY 2025. Sustained negative cash flows could materially impact the company's ability to operate and implement growth plans.
Working Capital Intensive Operations
The company requires substantial working capital due to bank guarantee requirements and significant time gaps between raw material purchases and sale proceeds. Working capital requirement reached ₹5,428.91 Lakhs as of March 31, 2026.
Supplier Concentration and Supply Chain Risk
The company's top supplier accounts for 44.05% of total purchases in FY 2026, and the company lacks long-term supply contracts. Any disruption in supplies or failure to secure alternate suppliers could adversely impact manufacturing operations.
Leasehold Property Dependency
The company operates all manufacturing facilities on leasehold basis with terms ranging from 3-10 years. Loss of leasehold rights or inability to renew could result in operational disruption and relocation costs.
Regulatory Compliance Issues
The company has multiple instances of non-compliance with Companies Act 2013, including delayed statutory filings and violations of Section 185. Regulatory penalties could adversely affect financial condition and operations.
Limited Operating History
The company was incorporated on November 1, 2021, and has limited operating history as a relatively young entity. This makes it difficult to evaluate business prospects and ability to respond to competitive and economic challenges.
Company Analysis
from RHPMillworks Technologies Limited manufactures precision-engineered components and assemblies for Railways, Defence, Aerospace, and Semiconductor industries through CNC machining and specialized manufacturing processes.
Millworks Technologies Limited was incorporated on November 1, 2021 as a private limited company and converted to a public company on September 10, 2025. The company operates manufacturing facilities in Bangalore engaged in precision engineering, CNC machining, and assembly services for high-end industrial customers. It serves four primary sectors: Railways (23.65% of FY2026 revenue), Defence (69.43%), Aerospace (0.99%), and Semiconductors (5.94%). The company has grown significantly from ₹938.60 Lakhs revenue in FY2024 to ₹14,876.70 Lakhs in FY2026, with 74 customers as of FY2026. The company operates four manufacturing units on leasehold basis in Bangalore and generated Net Profit of ₹3,706.39 Lakhs in FY2026.
Objects of the Issue
- Funding capex for the expansion of the manufacturing unit including purchase of plant and machinery ₹6,103.25 Lakhs (approximately) p.36
- General corporate purposes p.82
- Funding capital expenditure of our company to purchase Plant and Machinery ₹6,103.25 Lakhs p.85
- Funding the Working Capital requirements of the company ₹8,150.00 Lakhs p.85
- General Corporate Purposes p.85
- Funding capital expenditure for purchase of Plant and Machinery p.95
- Funding of the working capital requirement of our Company p.95
- General corporate purposes p.93
- Not specified in this document part
Issue Structure
- Total Issue
- Up to ₹[●] Lakhs
- Fresh Issue
- Up to 48,44,000 Equity Shares of Face Value ₹10 each aggregating up to ₹[●] Lakhs
- Offer for Sale
- NIL
- Price Band
- Floor Price ₹[●], Cap Price ₹[●]
- Lot Size
- [●] Equity Shares and multiples thereof
- Face Value
- ₹10 per Equity Share
Business Model
The company earns revenue through job work and contract manufacturing, providing CNC machining services, precision component manufacturing, and assembly services on a project-based purchase order model. Customers specify requirements and the company manufactures to those specifications. Revenue is recognized upon delivery of goods/services. The company does not have long-term contracts with customers but operates on repeat order basis from institutional clients.
Business Segments
SWOT Analysis
- • Dependence on qualified management and promoters for strategic execution(p.44)
- • Established banking relationships and credit facilities(p.44)
- • Insurance coverage against operational risks(p.45)
- • Implemented IT and ERP systems across operations(p.47)
- • Precision engineering capability across diverse materials and sectors(p.131)
- • Multi-site AS9100D and ISO 9001:2015 certified quality management system(p.127)
- • Comprehensive multi-unit manufacturing infrastructure in Bengaluru(p.127)
- • Strong export presence across 9 countries with 27.47% export revenue(p.127)
- • Experienced management team with strong technical backgrounds(p.135)
- • Substantial order book providing execution visibility(p.136)
- • Strong financial performance with 573% revenue growth and 36.71% EBITDA margin(p.128)
- • Multi-sector engineering capability with precision manufacturing focus(p.249)
- • Strong and growing revenue with excellent profitability margins(p.249)
- • High EBITDA margins demonstrating operational efficiency(p.250)
- • Expanded manufacturing capacity with four operational facilities(p.249)
- • Strong quality systems meeting rigorous industry standards(p.249)
- • Improved operational efficiency with declining cost ratios(p.262)
- • Successful capacity expansion supporting revenue growth(p.258)
- • Company has secured in-principle listing approval from BSE SME Platform(p.274)
- • Strong net worth growth with 255% increase year-over-year(p.275)
- • Significant operating profit growth with EBITDA increasing 570% YoY(p.275)
- • 100% of promoter equity shares held in dematerialized form(p.276)
- • Functional website demonstrating operational presence(p.276)
- • No regulatory violations or material disciplinary actions(p.276)
- • Significant revenue fluctuations and uncertainty(p.24)
- • High trade receivables relative to revenue indicating elongated working capital cycles(p.24)
- • Heavy dependence on single top customer (47% of revenue)(p.25)
- • High concentration of top 10 customers (92% of revenue)(p.28)
- • Heavy supplier concentration (84% from top 10 suppliers)(p.31)
- • Leasehold properties subject to termination risk(p.32)
- • Past instances of statutory non-compliance with penalties(p.25)
- • Delays in regulatory filings (GST, EPF, ESIC, PF returns)(p.32)
- • Negative cash flow from operations(p.30)
- • Dependency on business partners for defence sector execution(p.25)
- • Limited track record as recently incorporated company(p.41)
- • Board lacks prior experience in listed company directorships(p.43)
- • Heavy dependence on promoters and key managerial personnel(p.44)
- • Significant debt obligations with restrictive covenants(p.44)
- • One promoter lacks industry-specific experience(p.45)
- • Promoters acquired shares at significantly lower cost than IPO issue price(p.45)
- • Inadequate insurance coverage for all operational risks(p.46)
- • Vulnerability to IT system failures and cyber threats(p.47)
- • High customer concentration with top 5 customers representing 81.07% of revenue(p.128)
- • Significant working capital requirements with trade receivables at 48.90% of revenue(p.93)
- • Extended trade payables period indicating potential supplier relationship pressures(p.93)
- • Newly commissioned Unit IV spring section not yet at full operational maturity(p.139)
- • Dependence on QuikPay Private Limited for drone component integration and market access(p.137)
- • High working capital requirements with elevated trade receivables(p.250)
- • Negative operating cash flows indicating working capital strain(p.262)
- • Significant exposure to few customers creating concentration risk(p.264)
- • Dependence on related party transactions and loans(p.226)
- • Multiple statutory compliance failures and delayed compliance(p.250)
- • Delayed registration of charges with regulatory authorities(p.233)
- • Company lacks any registered intellectual property as of RHP date(p.273)
- • Trademark application still pending with only one trademark in application(p.273)
- • Company is SME-listed entity with size constraints relative to main board(p.274)
- • Capacity expansion through new machinery acquisition(p.87)
- • Funding of working capital to support business growth(p.90)
- • Confirmed order book and established customer base in high-precision sectors(p.90)
- • Strategic investment in drone component manufacturing(p.92)
- • Expansion through acquisitions in precision manufacturing(p.92)
- • Strong demand in Indian aerospace and defence sector driven by government initiatives(p.118)
- • Expansion opportunity in rapidly growing Indian railways sector with ₹16,70,000 crore investment planned(p.125)
- • Semiconductor market expected to grow at 15% CAGR to reach ₹9,29,880 crore by 2030(p.123)
- • Expanding customer ecosystems through penetration of existing OEM and Tier relationships(p.138)
- • Diversification into precision springs and wire forms for critical applications(p.138)
- • Strategic alliances and drone ecosystem participation through QuikPay investment(p.137)
- • Growing defence sector demand supporting rapid revenue expansion(p.258)
- • Expansion in aerospace and semiconductor sectors(p.260)
- • Macro-economic tailwinds from increased defence spending(p.259)
- • Growth in export opportunities(p.257)
- • Capability to add revenue from services segment(p.257)
- • Migration pathway available to main board upon meeting financial thresholds(p.291)
- • Compulsory market making support for three years from listing provides liquidity(p.293)
- • Access to capital markets through 100% underwritten IPO(p.291)
- • Ability to raise further capital through rights, preferential and bonus issues(p.291)
- • Volatility in foreign exchange rates affecting imported raw materials(p.39)
- • Geopolitical tensions and international conflicts disrupting supply chain(p.39)
- • Raw material price volatility and supply disruptions(p.31)
- • No long-term supply contracts with suppliers(p.31)
- • Risk of capacity underutilization(p.41)
- • Potential disruptions to manufacturing operations and machinery breakdown(p.37)
- • Labour-intensive operations subject to unionization and work stoppages(p.41)
- • Risk of fraud, theft, and inventory losses(p.45)
- • Stringent environmental and occupational health and safety regulations(p.44)
- • Industry sensitivity to economic downturns(p.45)
- • Dependence on third-party transportation providers(p.46)
- • Margin fluctuations based on product mix(p.46)
- • Challenges in penetrating new export markets(p.46)
- • Natural calamities and force majeure disruptions(p.45)
- • General slowdown in Indian economic growth(p.49)
- • Raw material price volatility and potential supply chain disruptions(p.138)
- • Competitive pressures from established aerospace and defence suppliers(p.138)
- • Dependency on government approvals and regulatory compliance for defence sector(p.138)
- • Concentration risk in railways segment with potential loss of key customers(p.138)
- • Price-centric competition in metro rail segment pressuring margins(p.138)
- • Geopolitical and trade uncertainties affecting export operations(p.116)
- • Volatile customer demand and revenue fluctuations(p.250)
- • Dependency on few customers without long-term agreements(p.250)
- • Intense competition in precision component manufacturing(p.250)
- • Sector-specific disruptions affecting customer industries(p.250)
- • Working capital intensive operations creating financing dependency(p.250)
- • Intellectual property risks noted requiring compliance disclosure(p.273)
- • Regulatory changes to listing requirements could impact status(p.293)
- • Minimum allottee requirement creates execution risk for issue completion(p.287)
- • Listing denial would trigger refund obligation with penalty interest(p.295)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Sridhar Acharya | Promoter | — | — |
| Mr. H K Madhu | Promoter | — | — |
| Mrs. Sowmya Madhu | Promoter | — | — |
| Mrs. Rashmi Sridhar Acharya | Promoter | — | — |
| Sridhar Acharya | Promoter | 14.38% | — |
| Rashmi Sridhar Acharya | Promoter | 15.23% | — |
| H K Madhu | Promoter | 14.38% | — |
| Sowmya Madhu | Promoter | 15.23% | — |
| M/S. V3 Technologies (represented by Rashmi Sridhar Acharya, Sowmya Madhu, Sridhar Acharya and H K Madhu) | Promoter Group | 5.86% | — |
| Mr. Sridhar Acharya | Promoter and Managing Director | 14.38% | — |
| Mrs. Rashmi Sridhar Acharya | Promoter and Chairman | 15.23% | — |
| Mr. H K Madhu | Promoter and Whole Time Director | 14.38% | — |
| Mrs. Sowmya Madhu | Promoter and Whole Time Director | 15.23% | — |
| Sridhar Acharya | Promoter | 14.38% | — |
| Madhu Hulisandra Krishnamurthy | Promoter | 14.38% | — |
| Rashmi Sridhar Acharya | Promoter | 15.23% | — |
| Sowmya Madhu | Promoter | 15.23% | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.