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Millworks Technologies

SME · BSE SME listed
+90.00%
Listing gain
Price Band
₹315 – ₹331
Issue Size
₹160 Cr
1 lot at upper band
₹1,32,400
Lot Size
400
Open
14 Jul 2026
Close
16 Jul 2026
Allotment
17 Jul 2026
Listing
21 Jul 2026

Scheduled dates

  1. Open
    14 Jul 2026
  2. Close
    16 Jul 2026
  3. Allotment
    17 Jul 2026
  4. Refund
    20 Jul 2026
  5. Demat credit
    20 Jul 2026
  6. Listing
    21 Jul 2026

Listing Performance

Listing Price
₹628.9
Listing Gain
+90.00%
Day Close
—
Current (LTP)
— (—)

GMP Trend*

Daily grey market premium (₹). Unofficial.

Latest GMP: ₹395 14 sessions

Subscription (times)

Latest per-category subscription · as of 16 Jul, 06:20 pm IST.

QIB 194.00x
NII 260.37x
BHNI 289.84x
SHNI 201.44x
RII 217.00x
Total 219.54x

About Millworks Technologies

The company is a precision engineering company engaged in the manufacture of machined components, sheet metal parts, and integrated assemblies used in mission-critical applications across the railways, aerospace, defence, and semiconductor sectors. The company operates under Build-to-Print (BTP) and Build-to-Spec (BTS) engagement models and includes both full-scope manufacturing as well as job-work arrangements. Incorporated in 2021, the company has developed into a multi-sector engineering enterprise with manufacturing capabilities spanning precision machining, sheet metal fabrication, sub-assembly, and related processes, primarily supplying to Original Equipment Manufacturers (OEMs).

https://millworksindia.com/ ↗

Strengths

  • 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

  • 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.

Objects of the Issue

  • Funding capital expenditure of our company to purchase Plant and Machinery
    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.
    61.03 crores
  • Funding the Working Capital requirements of the company
    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.
    81.50 crores
  • 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.

Financial Snapshot

Annual values as reported in the offer document.

Year endRevenueRev. growthProfitProfit growthAssetsEquityOperating cash flow
31/03/2026153.40+584.2%37.06+605.9%198.3782.67-10.76
31/03/202522.42+138.5%5.25+169.2%39.8223.31-2.92
31/03/20249.40—1.95—10.542.330.65
Units: crores

Issue Details

Face Value
₹10
P/E
15.70
ROCE
81.00%
Shares / Lot
400
Minimum Bid
800 shares
Refund
20 Jul 2026
Credit to Demat
20 Jul 2026
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
RHP ↗DRHP ↗

Management

Mr. Sridhar AcharyaMD
Mrs. Rashmi Sridhar AcharyaCEO
Mr. H K MadhuCOO
Mrs. Sowmya MadhuDirector of HR
Mr. Maniyil IndrabalanDirector
Mr. S GanesanDirector

* Grey Market Premium is unofficial, indicative data from unregulated grey-market dealers. It is not published by NSE, BSE, SEBI or the issuer, and is not a forecast of the listing price.