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Millworks Technologies IPO
Price Band
₹315.0–331.0
Issue Size
₹160.34 Cr
Lot Size
400 shares
Min Investment
₹264,800
2 LOTS MIN
GMP
+₹395.0 (119.34%)
Issue Price
₹331.0
Subject to Sauda
₹120100
Paid only if allotted
Millworks Technologies IPO AI Summary
- Millworks Technologies IPO is listed on BSE SME in the Heavy Electrical Equipment sector.
- Price band: ₹315.0–₹331.0 per share, lot size 400 shares (min. investment ₹264,800, 2 lots minimum).
- Subscription window: 14 Jul–16 Jul 2026, listing on 21 Jul 2026.
- Current GMP is +₹395.0 (119.34%), an estimated listing price of ₹726 — unofficial and can change daily.
Millworks Technologies Ltd. is set to capitalize on its strong engineering capabilities and diverse market applications through this IPO. With significant growth in revenue and profits over recent years, the company aims to enhance its manufacturing capabilities and operational efficiency.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Important Dates
Subscription Status
Overall Subscription
219.54x
| Category | Subscription | Status |
|---|---|---|
| QIB (Institutional) |
194.05x
|
194x 🔥 |
| NII (HNI) |
260.37x
|
260x 🔥 |
| ↳ bNII (>₹10L) |
289.84x
|
290x 🔥 |
| ↳ sNII (<₹10L) |
201.44x
|
201x 🔥 |
| Retail (RII) |
216.60x
|
217x 🔥 |
| Total | 219.54x | 219.54x |
Auto-updated every 5 min · As of 16th Jul 2026 18:56
Millworks Technologies IPO Grey Market Premium (GMP) Today
GMP
+₹395.0
GMP %
+119.34%
Est. Listing
₹726.0
Updated: 21 Jul 2026 08:15
GMP Trend (Last 8 Days)
About the Company
Millworks Technologies Ltd. is a precision engineering company specializing in the manufacture of high-accuracy machined components, sheet metal parts, and integrated assemblies for mission-critical applications across the railways, aerospace, defence, and semiconductor industries. Business Verticals: Aerospace: Precision-machined components and sub-assemblies used in aero-engine applications. Defense: Machined components and sub-assemblies such as missile airframe components, guidance system housings, structural brackets and mounts, and hydraulic cylinder parts, etc. Railways: Precision components used in train control and rolling stock infrastructure, and manufacturing components for train and metro door systems, including parts used in door mechanisms and actuators. Semiconductor Machinery: precision-engineered components and fixtures used in semiconductor manufacturing and testing equipment, such as machine base frames, precision brackets and mounts, alignment plates, and equipment housings, etc. Its operations are executed under both Build-to-Print (BTP) and Build-to-Spec (BTS) models, along with full-scope manufacturing and job-work arrangements. Under the Build-to-Print (BTP) model, it manufactures components strictly in accordance with customer-supplied drawings and technical specifications. In contrast, the Build-to-Spec (BTS) model involves producing components based on functional and performance requirements defined by customers to deliver solutions aligned with their operational objectives. As of November 30, 2025, the company operates four advanced manufacturing facilities in Bengaluru, Karnataka. These facilities are equipped with state-of-the-art infrastructure, including CNC machining centers (3-axis, 4-axis, and 5-axis), CNC turning and turn-mill centers, wire EDM machines, fibre laser cutting systems, CNC press brakes, welding stations, and dedicated assembly and inspection areas. Competitive Strengths: Precision Engineering Capability and Manufacturing of Complex Components Across Diverse Materials Certified Quality Management Systems Supporting Process Comprehensive Manufacturing Infrastructure Global Customer Relationships and Export-Oriented Business Operations Structured Research and Development Function Experienced Management and Skilled Technical Workforce Strong order book of Rs 9,594.45 lakhs (As of Jan 10, 2026)
Company Financials (₹ Cr)
As of 2026-03-31
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 198.37 | 39.82 | 10.54 |
| Total Income | 153.40 | 22.42 | 9.40 |
| Profit After Tax | 37.06 | 5.25 | 1.95 |
| EBITDA | 56.30 | 7.89 | 2.78 |
| NET Worth | 82.67 | 23.31 | 2.33 |
| Reserves and Surplus | 69.90 | 23.25 | 2.28 |
| Total Borrowing | 17.02 | 9.63 | 4.57 |
Key Ratios
EPS
₹29.02
NAV
₹64.73
ROE
69.94%
ROCE
56.44%
RoNW
44.83%
P/B Value
5.11
P/E Ratio
11.4
Market Cap
₹583.05 Cr
PAT Margin
24.91%
Debt/Equity
0.21
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Azad Engineering Ltd | 236.74 | 8.74% | 96.45 | 20.57 | 20.57 |
| Unimech Aerospace and Manufacturing Ltd | 144.99 | 8.58% | 87.87 | 12.44 | 12.42 |
| Millworks Technologies Ltd. This IPO | 64.73 | 44.83% | — | 30.67 | 30.67 |
Promoters
Sridhar Acharya, H K Madhu, Sowmya Madhu, Rashmi Sridhar Acharya
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Funding capital expenditure of Company to purchase Plant and Machinery 61.03 2 Funding the working capital requirements of the Company 81.50 3 General Corporate Purposes 9.71 4 Issue Expenses 8.10 Total 160.34
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Revenue was ₹9.40 Cr in the year ending 31 Mar 2024, rising to ₹22.42 Cr by 31 Mar 2025, and further increasing to ₹153.40 Cr by 31 Mar 2026. This indicates significant growth in revenue over the periods.
Profit Trend
Profit After Tax was ₹1.95 Cr for the year ending 31 Mar 2024, which increased to ₹5.25 Cr by 31 Mar 2025, and further rose to ₹37.06 Cr by 31 Mar 2026. This shows a strong upward trend in profitability.
Valuation
Millworks Technologies Ltd. has an implied P/E of 11.4 at the issue price, compared to peers trading at P/E ratios of 87.87 to 96.45.
Grey Market Premium, Explained
The Grey Market Premium (GMP) indicates the price at which shares of an IPO are traded in the unofficial market before they are listed on the stock exchange. A high GMP suggests strong demand for the shares, while a low GMP may indicate weaker interest.
Subscription Demand
As of 16th July 2026, the IPO was subscribed 219.54 times overall, with significant interest from various categories: QIBs at 194.05 times, NIIs at 260.37 times, and Retail investors at 216.6 times.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their overall portfolio strategy and market conditions.
Who May Want to Wait
Those with a low risk tolerance or who prefer stable, established companies may want to avoid investing in IPOs, which can be more volatile and uncertain.
IPO Timeline, Explained
The IPO opens for subscription on 14th July 2026 and closes on 16th July 2026. Allotment of shares will be done on 17th July 2026, with the listing date set for 21st July 2026.
Listing Gains — The Risk
Investors should be aware that listing gains are not guaranteed. The price of the stock on the listing day can be influenced by market conditions and investor sentiment, which may lead to fluctuations.
This evaluation is generated from Millworks Technologies's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Millworks Technologies IPO GMP today?
Millworks Technologies IPO GMP today is +₹395.0 (119.34%), indicating an estimated listing price of ₹726. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Millworks Technologies IPO?
The price band of Millworks Technologies IPO is ₹315.0–₹331.0 per share.
When does Millworks Technologies IPO open and close?
Millworks Technologies IPO opens on 14 July 2026 and closes on 16 July 2026.
When does Millworks Technologies IPO list on the stock exchange?
Millworks Technologies IPO listed on 21 July 2026 at ₹726.0.
What is the lot size for Millworks Technologies IPO?
The lot size for Millworks Technologies IPO is 400 shares, requiring a minimum investment of ₹264,800 (2 lots).
What is the lot size for this IPO?
The lot size for Millworks Technologies IPO is 400 shares.
What is the minimum investment required?
The minimum investment required is ₹264,800.
What is the price band for the IPO?
The price band for the IPO is ₹315.0 to ₹331.0.
When is the listing date?
The listing date for the IPO is 21st July 2026.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the price at which shares are traded in the unofficial market before listing.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
14 Jul 2026
Close
16 Jul 2026
Allotment
17 Jul 2026
Listing
21 Jul 2026
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