| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 9.39 | 22.10 | 148.77 |
| Expenses | 7.02 | 15.34 | 103.10 |
| Other Income | 0.01 | 0.32 | 4.63 |
| Total Revenue | 9.40 | 22.42 | 153.40 |
| Profit Before Tax | 2.38 | 7.08 | 50.23 |
| Net Profit | 1.95 | 5.25 | 37.06 |
Millworks Technologies
Millworks Technologies IPO
₹2,52,000
49.76 xOver-subscribedBidding Dates 14 Jul, 26 -16 Jul, 26
Min Investment ₹2,52,000
Lot Size400
Price Range ₹315 – ₹331
Issue Size ₹160.34 Cr.
Download Doc
IPO Subscription Details
Retail Subscription Details
70.33 x
Non-Institutional Buyers (sHNI)
57.56 x
Non-Institutional Buyers (bHNI)
72.89 x
Qualified Institutional Buyers (QIB)
0.22 x
Total49.76 x
49.76 x IPO Timeline
IPO Offer Start
14 Jul,26
IPO Offer Ends
16 Jul,26
Allotment Finalisation
17 Jul,26
Refund Initiation
20 Jul,26
Listing of Shares
21 Jul,26
IPO Analysis
Strengths
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.
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.
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.
Risks
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.
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.
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.
Objectives
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.
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.
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.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 10.54 | 39.82 | 198.37 |
| Current Assets | 7.07 | 20.00 | 153.97 |
| Fixed Assets | 3.47 | 19.82 | 44.40 |
| Total Equity & Liabilities | 10.54 | 39.82 | 198.37 |
| Total Liabilities | 8.21 | 16.51 | 115.70 |
| Current Liabilities | 7.40 | 10.07 | 107.38 |
| Non Current Liabilities | 0.81 | 6.45 | 8.32 |
| Total Equity | 2.33 | 23.31 | 82.67 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | -0.04 | 0.58 | 0.14 |
| Investing Activities | -2.69 | -9.77 | -16.27 |
| Operating Activities | 0.65 | -2.92 | -10.76 |
| Financing Activities | 2.00 | 13.27 | 27.17 |
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...more
Website
Managing DirectorMr. Sridhar Acharya
we are part of Raise Financial Services
built with love
for indians who love to invest & trade
Market Community
Follow us on
