Company Details

Millworks Technologies Limited is a Bengaluru-based precision engineering company engaged in manufacturing high-precision machined components, fabricated sheet metal parts and integrated assemblies used in mission-critical applications. The company primarily serves the aerospace, defence, railways and semiconductor equipment industries, where product quality, precision and reliability are of paramount importance.

The company operates under both Build-to-Print (BTP) and Build-to-Spec (BTS) manufacturing models. Under the BTP model, products are manufactured strictly according to customer drawings and specifications, while the BTS model enables the company to develop components based on customers’ functional and performance requirements.

As of November 2025, Millworks Technologies operates four advanced manufacturing facilities in Bengaluru, equipped with CNC machining centres, CNC turning and turn-mill machines, wire EDM systems, fibre laser cutting equipment, CNC press brakes, welding stations and dedicated assembly and inspection facilities. These capabilities enable the company to manufacture highly complex engineering components for domestic and international customers.

The company has also built a healthy export-oriented business and serves several global OEMs, positioning itself to benefit from increasing localisation and government initiatives supporting defence and semiconductor manufacturing in India.

---

Business Segments

Aerospace

Manufactures precision machined components and complex sub-assemblies used in aero-engine and aerospace applications requiring stringent quality standards.

Defence

Produces missile airframe components, structural brackets, hydraulic cylinder parts, guidance system housings and other mission-critical defence equipment.

Railways

Supplies precision-engineered parts used in train control systems, metro door mechanisms, rolling stock infrastructure and actuator assemblies.

Semiconductor Equipment

Manufactures highly accurate fixtures, machine frames, alignment plates, equipment housings and structural components used in semiconductor manufacturing and testing machinery.

---

Competitive Strengths

Key Strengths

✅ Precision engineering expertise across multiple complex materials.

✅ Diversified presence across aerospace, defence, railway and semiconductor sectors.

✅ Four modern manufacturing facilities with advanced CNC and fabrication infrastructure.

✅ Strong quality management systems meeting global manufacturing standards.

✅ Export-oriented business with long-term customer relationships.

✅ Dedicated in-house research and development capabilities.

✅ Experienced management supported by a technically skilled workforce.

✅ Healthy order book of approximately Rs. 95.94 Crore, providing strong revenue visibility.

---

IPO Objects

Sr. No.	Objects of the Issue	Estimated Amount
1	Purchase of Plant & Machinery	Rs. 61.03 Crore
2	Working Capital Requirements	Rs. 87.00 Crore
3	General Corporate Purposes	Balance Amount
	Total IPO Utilisation	Rs. 148.03 Crore

---

Company Address

Particulars	Details
Registered Office	No.458/1, 10th A Cross, Phase-4, Peenya Industrial Area, Bengaluru – 560058
Phone	+91 9187045959
Email	cs@millworksindia.com

---

Lead Manager & Registrar

Particulars	Details
Lead Manager	GYR Capital Advisors Pvt. Ltd.
Registrar	Purva Sharegistry (India) Pvt. Ltd.
Registrar Phone	022-41343255
Registrar Email	newissue@purvashare.com

---

Financials

Particulars (Rs. Crore)	30 Nov 2025	FY2025	FY2024	FY2023
Total Assets	115.83	40.84	10.64	3.79
Total Income	68.02	22.42	9.40	1.78
Profit After Tax	20.50	5.25	1.95	0.33
EBITDA	30.69	7.89	2.78	0.45
Net Worth	56.82	23.32	2.33	0.38
Reserves & Surplus	56.76	23.26	2.28	0.33
Total Borrowings	16.67	9.63	4.57	2.30

Period ended 30 November 2025.

---

Valuation

Key Performance Indicators (KPI)

KPI	FY2026*
ROE	69.94%
ROCE	56.44%
Debt / Equity	0.21
RoNW	44.83%
PAT Margin	24.91%
EBITDA Margin	36.71%
Price to Book Value	5.11

EPS & Valuation

Particulars	Pre IPO	Post IPO
EPS (Rs.)	4.11	17.45
P/E (x)	80.48	18.96

---

Shareholding Pattern

Particulars	Pre Issue	Post Issue
Promoter Holding	65.08%	To be diluted post issue

---

Detailed Chanakya View

Millworks Technologies enters the capital market at a time when India’s precision engineering industry is witnessing strong structural growth, supported by increasing investments in defence manufacturing, aerospace localisation, railway modernisation and semiconductor fabrication. These sectors require high-precision components with stringent quality standards, creating significant entry barriers for new competitors.

One of the company’s biggest strengths is its diversified customer base across multiple high-value industries instead of depending on a single segment. Its advanced manufacturing infrastructure, equipped with multi-axis CNC machining centres, laser cutting systems and precision fabrication facilities, enhances its ability to manufacture complex components with consistent quality.

Financially, the company has demonstrated exceptional growth over the last three years. Revenue, profitability, EBITDA and net worth have increased sharply, while return ratios remain among the strongest in the SME manufacturing segment. The low debt-equity ratio of 0.21 further strengthens its financial profile and provides flexibility for future expansion.

The IPO proceeds will primarily be utilised for purchasing new machinery and strengthening working capital, both of which are expected to support capacity expansion and execution of its growing order book. As of January 2026, the company had an order book of approximately Rs. 95.94 Crore, offering healthy revenue visibility over the medium term.

However, investors should also consider certain risks. The company operates in a highly specialised engineering industry where customer qualification cycles are long, project execution is critical and revenue can fluctuate depending on government spending, defence procurement and industrial capital expenditure. In addition, the IPO is priced at a valuation that leaves relatively limited room for execution disappointments.

Overall, Millworks Technologies combines strong financial growth, robust manufacturing capabilities and exposure to sunrise sectors such as aerospace, defence and semiconductors. These factors make it one of the more fundamentally attractive SME engineering IPOs currently in the market.

Chanakya View

Millworks Technologies appears to be a quality manufacturing business with strong growth prospects and healthy financial performance. Investors looking for exposure to India’s precision engineering and defence manufacturing theme may consider the IPO from both listing gain and medium-term investment perspectives, subject to prevailing GMP trends and market conditions.

---