Millworks TechnologiesShare price, financial results, shareholding and management
- Market cap
- ₹1,799 cr
- Stock P/E
- 48.6peers 56.5
- Book value
- ₹47.1
- Price to book
- 21.68
- EV / operating profit
- -
- Market cap to sales
- 12.07
- ROCE · FY26
- 79.7%
- ROE · FY26
- 69.8%
- ROE, 3-year average
- 100.0%
- Operating margin · FY26
- 35.0%peers 20.0%
- Sales growth, 3 years
- 320.8%
- Profit growth, 3 years
- +640.0%
- Debt to equity
- 0.20peers 0.17
- Borrowings
- ₹17 cr
- Interest cover
- 17.7×
- Cash from business / op. profit
- -21%
- Debtor days
- 340
- Pledged
- 0.00%
- Promoter holding
- 47.18%
- Change in promoter holding
- -
- Shareholders
- 2,687
- 52-week high / low
- ₹1,306 / ₹629
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Millworks Technologies share price chart
Close on 6 Nov 2026 · -0.41% on the day · Vol 27,600
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -13.1%
- 3 months
- +25.6%
- Traded a day, 20 days
- ₹6.11 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +577% | +640% |
| 3 years, a year | +321% | - |
About Millworks Technologies: business, products and customers
Millworks Technologies makes precision metal parts and small assemblies, built to customer drawings, for defence, railway, semiconductor machinery and aerospace companies in India and abroad. Its shares trade on BSE SME.
Millworks Technologies machines metal components, cuts and bends sheet metal parts and puts together sub assemblies, mostly to drawings and specifications supplied by the customer. Its buyers are equipment makers and their suppliers: defence parts such as missile airframe pieces, launcher parts and drone frames and motor parts; railway parts for brakes, doors, couplers and pantographs; frames and fixtures for chip making and testing machines; and turbine and fuel filter parts for aero engines.
All work happens at four units in and around Bengaluru, with the quality system certified to AS9100D and ISO 9001:2015. Defence brought in 69.4% of FY26 revenue, up from 6.8% a year earlier, while railways fell to 23.6% from 68.2%. Israel was the largest export market in FY26 at 22.4% of revenue, among customers in nine countries.
Read more about the business
What is new: a spring making section at Unit 4 that was in trial runs at March 2026, two spring businesses bought during FY26, a ₹5.8 cr stake in Quick Pay Private Limited to supply drone components, and money from the July 2026 share issue set aside for new machines and working capital. The shares listed on BSE SME on 21 July 2026.
From the red herring prospectus (July 2026) and the FY26 annual report.
Read the deeper study ↓In its favour
- Sales have grown very fast: 321% a year over three years.
- It earns a high return on the money it uses: ROCE 80% in FY26.
- It has little debt for its size: debt to equity 0.20.
To watch
- Collection of trade receivables of ₹138.7 cr at 31 March 2026, which the offer document links to payment delays from foreign customers (Annual report FY26, p.78; Offer document, p.91).
- Delivery of the ₹67.1 cr order book reported at 5 June 2026 (Offer document, p.136 to 137).
- Purchase and installation of the ₹61.0 cr of new machines named in the offer document, for which no orders had been placed by July 2026 (Offer document, p.87 to 90).
- The spring section at Unit 4, in trial runs at March 2026, and the ₹6.9 cr still payable for the two spring businesses (Offer document, p.87; Annual report FY26, p.77 and p.90).
- Customers take longer to pay than before: 340 days in FY26, against 142 in FY23.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Millworks Technologies revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
Millworks Technologies profit and loss
Full years to March, FY23 to FY26 · ₹ crore, consolidated where reported
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Sales | 2 | 9 | 22 | 149 |
| Expenses | 1 | 7 | 14 | 97 |
| Operating profit | 0 | 3 | 8 | 52 |
| OPM | 26.0% | 30.0% | 35.0% | 35.0% |
| Other income | 0 | 0 | 0 | 5 |
| Interest | 0 | 0 | 1 | 3 |
| Depreciation | 0 | 0 | 0 | 3 |
| Exceptional and other items | · | -1 | · | · |
| Profit before tax | 0 | 2 | 7 | 50 |
| Tax rate | 18.0% | 0.0% | 28.6% | 26.0% |
| Net profit | 0 | 2 | 5 | 37 |
| EPS ₹ | 66 | 390 | 898.97 | 29.02 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Earnings per share before FY26 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Millworks Technologies profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Operating margin | 26.0% | 30.0% | 35.0% | 35.0% |
| Tax rate | 18.0% | 0.0% | 28.6% | 26.0% |
| ROCE | · | 44.0% | 39.9% | 79.7% |
| ROE | · | 190.5% | 39.8% | 69.8% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
Millworks Technologies debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Millworks Technologies balance sheet
At each 31 March · ₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Equity capital | 0.05 | 0.05 | 0.06 | 13 |
| Reserves | 0 | 2 | 23 | 70 |
| Net worth | 0.05 | 2.05 | 23.06 | 83 |
| Borrowings | 2 | 5 | 10 | 17 |
| Other liabilities | 1.95 | 3.95 | 6.94 | 98 |
| Total liabilities | 4 | 11 | 40 | 198 |
| Fixed assets | 0 | 2 | 13 | 25 |
| Capital work in progress | 0 | 1 | 2 | 2 |
| Investments | 0 | 0 | 0 | 6 |
| Other assets | 4 | 8 | 25 | 165 |
Millworks Technologies cash flow
₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Cash from operations | -2 | 1 | -3 | -11 |
| Cash from investing | 0 | -3 | -10 | -16 |
| Cash from financing | 2 | 2 | 13 | 27 |
| Net cash flow | 0 | 0 | 0 | 0 |
Working capital
Days
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Debtor days | 142 | 73 | 112 | 340 |
| Inventory days | 2,205 | 813 | 491 | 55 |
| Days payable | 1,278 | 448 | 286 | 349 |
| Cash conversion cycle | 1,070 | 438 | 318 | 47 |
| Working capital days | -16 | -14 | 132 | 111 |
Millworks Technologies peers and competitors
Listed SME companies in the same industryBy sales, Millworks Technologies is number 2 of the 6 listed SME companies in aerospace & defense.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Shree Refrigerations | 1,233 | 56.0 | 154 | 22 | 21.0% | 0.17 |
| Millworks Technologies | 1,799 | 48.6 | 149 | 37 | 35.0% | 0.20 |
| C2C Advanced Systems | 304 | 16.6 | 146 | 18.3 | 15.9% | 0.19 |
| Digilogic Systems | 565 | 56.5 | 77 | 10 | 20.0% | 0.04 |
| TechEra Engineering (India) | 244 | 87.9 | 48.5 | 2.8 | 17.1% | 0.61 |
| Apsis Aerocom | 759 | 101.1 | 30.7 | 7.5 | 37.5% | 0.09 |
| Median of the 5 others | 565 | 56.5 | 77 | 10 | 20.0% | 0.17 |
Millworks Technologies shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own less than half the company. Foreign and Indian funds own a noticeable share.
Millworks Technologies shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Jul 26 | |
|---|---|
| Promoters | 47.18% |
| Foreign investors (FIIs) | 2.55% |
| Indian institutions (DIIs) | 10.28% |
| Number of shareholders | 2,687 |
Millworks Technologies study: the business from its own documents
Read from 3 of the company's own documentsMillworks Technologies so far
From the company's own record
- November 2021Company formed
- 31 July 2026Promoters at 47.18%
- 22 Sept 2026Highest close since listing, ₹1,286.45
Millworks Technologies key facts from the filings
Each figure with the document it comes from
- Defence share
- 69.4%
- Share of FY26 revenue from defence parts, against 6.8% in FY25; railways was the main business the year before.Offer document, p.131
- Largest customer
- 47.0%
- Share of FY26 revenue from a single defence customer; the ten largest customers gave 92.1%.Offer document, p.28 and p.147
- Israel
- 22.4%
- Share of FY26 revenue from customers in Israel, the largest export market, against 6.8% in FY25.Offer document, p.134
- Order book
- ₹67.1 cr
- Confirmed orders at 5 June 2026, of which ₹60.6 cr was still to be delivered; less than half of FY26 revenue of ₹148.8 cr.Offer document, p.136 to 137; Annual report FY26, p.62; our arithmetic
- Capacity
- 3,83,019 hours
- Yearly machine hours across four units in FY26, up from 1,63,952 hours; the machining units ran at 73% to 77% of capacity.Offer document, p.87 and p.92
Show 5 more facts
- Unpaid bills
- ₹138.7 cr
- Trade receivables at 31 March 2026, up from ₹12.4 cr a year earlier and close to a full year of revenue.Annual report FY26, p.61 and p.78
- Largest supplier
- 44.1%
- Share of FY26 purchases from one supplier; the ten largest suppliers made up 84.3%.Offer document, p.148
- Spring businesses
- ₹9.0 cr
- Price for two spring making firms bought as going concerns in FY26; ₹6.9 cr of it was still unpaid at 31 March 2026.Annual report FY26, p.77 and p.90
- Drone stake
- ₹5.8 cr
- Investment in Quick Pay Private Limited, made by turning a loan into shares, so that Millworks Technologies can supply it drone parts.Offer document, p.137; Annual report FY26, p.77
- New machines
- ₹61.0 cr
- Share issue money set aside for new machines at Units 1, 3 and 4; no orders had been placed by the July 2026 offer document.Offer document, p.87 to 90
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says its confirmed order book stood at ₹67.1 cr on 5 June 2026, with ₹60.6 cr still to be delivered. In the FY26 annual report, Managing Director Sridhar Acharya said the order book gives revenue visibility for FY27, with a large part of it from a customer belonging to a global manufacturing group. The offer document says new machines bought with the issue money would take yearly capacity to 6,71,499 machine hours.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Millworks Technologies earns its money machining precision parts to customer drawings, and in the latest year large defence orders took over from railway work as the main business.
Its weak spots are a very small number of customers, bills that are paid slowly and a short record, as the company was set up only a few years ago.
AverageCan it set its own prices?Work is priced order by order, and the company says customers can press prices down or turn to rivals. Margins held up in the latest year as defence work grew.
AverageHow strong is it against rivals?The company holds the quality approvals that aerospace and defence buyers ask for, but it competes with makers around the world, some of them much larger.
WatchWho are its customers?One defence customer brought in almost half of the latest year's sales, and ten customers brought in nearly all of it.
WatchDoes it need a lot of money?Yes. Customers took a long time to pay in the latest year, so cash from the business was negative despite the profit, and the gap was filled by supplier credit, new shares and loans.
AverageCan it keep finding new work?The customer list keeps growing and new lines such as springs and drone parts are being added, but the confirmed order book covers less than half a year of the latest sales.
WatchDo good and bad years swing a lot?Yes. Sales depend on a few large orders, and the main sector changed completely from one year to the next.
Who runs Millworks Technologies?
Promoters, directors and officers; tap a name for the background
SASridhar AcharyaPromoter and Managing Director
Holds a Bachelor of Engineering in Mechanical Engineering from Bangalore University, with over 14 years in engineering, operations, product management and business development. With the company since it was set up in 2021 and Managing Director since November 2025; leads overall management, engineering operations and business development. The offer document states that Sridhar Acharya is the spouse of Rashmi Sridhar Acharya.
Offer document, p.127, p.169 and p.171 to 172RSRashmi Sridhar AcharyaPromoter, Chairman and Non-Executive Director
Holds a Bachelor of Commerce from Goa University and has over 10 years in the software and engineering field. With the company since 2021; oversees administration, internal processes and day to day coordination.
Offer document, p.169 and p.171HKH K MadhuPromoter and Whole Time Director
Holds a Diploma in Mechanical Engineering from H M S Polytechnic, Tumkur, with over 19 years in engineering and manufacturing, including reverse engineering, design, CNC programming and CAD/CAM software. Worked at Sim Technologies Private Limited from 2007 to 2015; now oversees production, machine maintenance and design work. The offer document states that H K Madhu is the spouse of Sowmya Madhu.
Offer document, p.170 to 172SMSowmya MadhuPromoter and Whole Time Director
With the company since 2021 and responsible for human resources and administration. The offer document lists the qualification as Secondary School Examination and four years of experience.
Offer document, p.170 to 171MIManiyil IndrabalanIndependent Director
Served in the Indian Army for over 37 years and retired as a Major General. Holds a B.Tech in Civil Engineering, an MBA from IIT Kharagpur and an M.Phil in Defence Management. On the board since November 2025.
Offer document, p.170 to 172SGS GanesanIndependent Director
B.Com from the University of Madras and a fellow member of the Institute of Company Secretaries of India; a practising Company Secretary for over 16 years. On the board since November 2025 and chairs the audit committee.
Offer document, p.171 to 172; Annual report FY26, p.6ANAshwath Narayana H MChief Financial Officer
B.Com with the Chartered Accountants intermediate examination cleared, and over 6 years in accounting, audit and tax. Worked as an Accounts Officer at Confident Dental Equipments from 2019 to 2023, joined Millworks Technologies as Accounts Manager in September 2023 and became Chief Financial Officer in October 2025.
Offer document, p.180Millworks Technologies latest news and announcements
Announcements · Documents · Corporate actionsMillworks Technologies announcements
4 on record, latest first; each opens the filing on the exchange
- Company UpdateCertificate under Regulation 74(5) of SEBI DP, 2018PDF ↗
- AGM/EGMProceeding of 05th Annual General Meeting of the company held on today at 12:00 PM through Video Conferencing/ Other Audio MeansPDF ↗
- Insider Trading / SASTIntimation for closure of Trading WindowPDF ↗
- Company UpdateOutcome of One to One Investor MeetPDF ↗
Millworks Technologies annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Millworks Technologies share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Millworks Technologies' data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- iThe shares traded on only 60 days in the past year, so the price, its range and the returns here rest on few trades.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,76,14,755 shares).
- !The FY26 results imply 1,30,00,000 shares at face value ₹10, which disagrees with the shareholding pattern; the pattern is used.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- !Earnings per share changes basis between FY25 (₹898.97) and FY26 (₹29.02) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY23 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Millworks Technologies
What does Millworks Technologies do?
Millworks Technologies makes precision metal parts and small assemblies, built to customer drawings, for defence, railway, semiconductor machinery and aerospace companies in India and abroad. Its shares trade on BSE SME.
What is the share price of Millworks Technologies?
₹1,021 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Millworks Technologies?
₹1,799 cr at the close on 6 Nov 2026, on 1,76,14,755 shares.
What is the P/E of Millworks Technologies?
48.6 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Millworks Technologies' revenue and profit?
Revenue ₹149 cr and profit after tax ₹37 cr in FY26.
Who are the promoters of Millworks Technologies?
Sridhar Acharya, Rashmi Sridhar Acharya, H K Madhu, Sowmya Madhu; promoters held 47.18% at 31 July 2026.
What is Millworks Technologies' website?
millworksindia.com
More SME companies like Millworks Technologies
Other listed SME companies in aerospace & defense, the closest in size first, each read from its own documents.
- Shree RefrigerationsSHREEREF · BSE SME · Aerospace & DefenseMarket cap ₹1,058 cr
- Apsis AerocomAPSISAERO · NSE Emerge · Aerospace & Defense · listed 2026Market cap ₹564 cr
- Digilogic SystemsDIGILOGIC · BSE SME · Aerospace & DefenseMarket cap ₹542 cr
- C2C Advanced SystemsC2C · NSE Emerge · Aerospace & Defense · listed 2024Market cap ₹256 cr
- TechEra Engineering (India)TECHERA · NSE Emerge · Aerospace & Defense · listed 2024Market cap ₹202 cr
Built from 2 annual reports, 1 offer document, 4 exchange announcements, 1 shareholding patterns and 4 years of reported results. Every figure carries its source; where the documents are silent, the page says so.