Millworks Technologies Limited
Millworks Technologies Limited is a Bengaluru-based precision engineering and manufacturing company that produces high-precision components and assemblies for the railway, aerospace, defence, and semiconductor industries. The company is raising ₹160.34 crores through an entirely fresh issue SME IPO on BSE SME.
Overview
About the Company
Millworks Technologies Limited, incorporated in November 2021 and headquartered in Bengaluru, Karnataka, is a precision engineering company focused on designing, developing, and manufacturing high-precision components and assemblies for mission-critical applications across the railways, aerospace, defence, metro rail, drone, and semiconductor industries. The company produces a broad range of products including railway coach components, braking systems, door mechanisms, metro train couplers, aerospace and aeronautical components, drone parts, and precision parts for semiconductor manufacturing equipment. It operates under both Build-to-Print (BTP) and Build-to-Spec (BTS) models, as well as full-scope manufacturing and job-work arrangements. The company runs four advanced manufacturing facilities in Bengaluru equipped with CNC machining centres (3-axis, 4-axis, and 5-axis), CNC turning and turn-mill centres, wire EDM machines, fibre laser cutting systems, CNC press brakes, welding equipment, and dedicated assembly and inspection areas. Its quality management systems are certified under AS9100D and ISO 9001:2015. As of April 30, 2026, the company employed 161 permanent staff across production, quality, design, administration, and management functions, and maintains a strong order book of ₹9,594.45 lakhs as of January 10, 2026.
Company Details
📋 Objects of Issue (Use of Proceeds)
- › Funding capital expenditure for the purchase of plant and machinery worth ₹61.03 crores to expand manufacturing capacity.
- › Meeting the working capital requirements of the company to the tune of ₹81.50 crores to support business operations.
- › Funding general corporate purposes, including expenses of ₹17.81 crores, to support overall business needs.
✅ Strengths
- ✓ The company demonstrates advanced precision engineering capabilities and the ability to manufacture intricate components across a diverse range of materials.
- ✓ Its facilities are backed by internationally certified quality management systems, ensuring consistent and reliable process control.
- ✓ A comprehensive and modern manufacturing infrastructure supports production across multiple industry verticals from a single location cluster.
- ✓ The company has established global customer relationships and operates an export-oriented business, serving international markets.
- ✓ A dedicated research and development function drives continuous improvement and supports new product development.
- ✓ An experienced management team and a technically skilled workforce provide strong operational and execution capabilities.
- ✓ A robust order book valued at ₹9,594.45 lakhs as of January 10, 2026 reflects healthy near-term revenue visibility.
- ✓ Promoters bring deep domain expertise in precision engineering with a proven track record of successfully fulfilling customer orders across sectors.
- ✓ Four manufacturing facilities in Bengaluru support diverse production requirements for railways, aerospace, defence, and semiconductor customers.
⚠️ Risks
- ! The company's revenue has shown significant historical volatility and may continue to fluctuate in the future.
- ! Elevated trade receivables increase working capital demands and expose the company to collection risk.
- ! An increase in raw material prices could compress profit margins and adversely affect overall profitability.
- ! The business has high working capital requirements, which could strain operations and liquidity if not managed effectively.
- ! Policy changes by the Ministry of Railways could negatively impact the company's business in the railway segment.