A precision engineering company serving railways, aerospace, defence, and semiconductor sectors plans to raise Rs 146.30 crore via the BSE SME platform
Millworks Technologies Ltd., a precision engineering company manufacturing machined components, sheet metal parts, and integrated assemblies for mission-critical applications, opens for subscription on July 14 with the issue closing on July 16. The company is listing on the BSE SME platform. At Rs 146.30 crore, this is one of the largest SME issues of the current cycle. All proceeds are a fresh issue.
What the Company Does
Millworks Technologies operates under Build-to-Print (BTP) and Build-to-Spec (BTS) engagement models, manufacturing high-accuracy components for railways, aerospace, defence, and semiconductor-adjacent applications. Export operations — primarily to the US, Canada, Israel, Germany, France, Italy, the UK, and other European markets — contributed 27.47% of FY26 revenue from operations.
The company serves clients requiring mission-critical precision parts across these sectors. As of June 5, 2026, its order book stood at Rs 67.14 cr.
The company’s capital history is notable: equity shares were issued at prices ranging from Rs 470 to Rs 47,968 per share between October 2024 and January 2026, followed by a 200:1 bonus issue in December 2025. The average promoter acquisition cost after these adjustments stands at Rs 0.05 per share.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | July 14, 2026 |
| Issue Closes | July 16, 2026 |
| Listing | BSE SME (July 21, 2026) |
| Price Band | Rs 315 – Rs 331 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 146.30 crore (100% Fresh Issue) |
| Lot Size | 400 shares (min 2 lots = 800 shares) |
| Min. Retail Investment | Rs 2,64,800 |
| Post-IPO Market Cap | Rs 583.05 crore |
| BRLM | GYR Capital Advisors Pvt. Ltd. |
| Registrar | KFin Technologies Ltd. |
Financial Performance
| Particulars (Rs cr) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 9.40 | 22.42 | ~153.40 |
| PAT | 1.95 | 5.25 | ~44.82* |
| Average EPS (3-yr) | — | — | Rs 17.34 |
| Average RoNW (3-yr) | — | — | 43.90% |
*FY26 PAT estimated from average EPS data
The revenue trajectory is extraordinary by any measure — from Rs 9.40 crore in FY24 to an estimated Rs 153 crore in FY26, a near-17x expansion in two years. This is the “spectacular performance” that the analyst flags as raising concern about sustainability.
Contingent liabilities of Rs 23 crore and rising trade receivables are specifically highlighted as alarm signals. Listed peers trade at P/E multiples of 95.2x and 121.0x — though these are not truly comparable.
BRLM Track Record: This is the 36th mandate from GYR Capital. Of the last 11 listings, 2 listed at par and the rest with premiums ranging from 4.92% to 90%, which is a good track record as per analysts.
Risks to Consider
The revenue explosion from Rs 9.40 crore to over Rs 153 crore in just two years is exceptional and raises fundamental questions about what drove it and whether it can be sustained. The order book of Rs 67.14 crore is relatively modest compared to the FY26 revenue run rate, limiting forward visibility.
Rising trade receivables suggest revenues may be outpacing cash collection. The 200:1 bonus issue in December 2025 — just months before the IPO — and the ultra-low promoter cost of Rs 0.05 per share invite scrutiny about dilution dynamics.
Analyst View
Analysts note that the company posted spectacular performances from FY25 onwards that not only raise concern but also cast doubt on sustainability going forward in the highly competitive and fragmented precision engineering segment. Rising trade receivables and contingent liabilities of Rs 23 crore add balance-sheet risk. The issue appears aggressively priced based on recent financial data, note analysts.