New Delhi, 21 July (H.S.): Shares of precision engineering company Millworks Technologies made a spectacular debut on the stock market on Monday, nearly doubling investors’ money on the first day of trading. The company manufactures high-accuracy machined components and sub-assemblies for the aerospace, defence, railway and semiconductor industries.

Under the initial public offering (IPO), the company’s shares were issued at Rs 331 apiece. The stock made a strong debut on the BSE SME platform, listing at Rs 628.90, representing a premium of 90 per cent over the issue price.

Following strong buying interest after the listing, the shares quickly surged to Rs 660.30, hitting the upper circuit limit. As a result, IPO investors gained Rs 329.30 per share, or 99.49 per cent, on the very first day of trading.

The Rs 160.34 crore IPO of Millworks Technologies was open for subscription from July 14 to July 16. The issue received an overwhelming response from investors and was subscribed 219.54 times overall.

The portion reserved for Qualified Institutional Buyers (QIBs) was subscribed 194.05 times, while the Non-Institutional Investors (NIIs) category received 260.37 times subscription. The retail investor portion was subscribed 216.60 times.

Under the IPO, the company issued 48.44 lakh fresh equity shares with a face value of Rs 10 each. The funds raised through the issue will be utilised for purchasing new machinery, meeting working capital requirements and fulfilling general corporate purposes.

Strong Financial Growth

According to the Draft Red Herring Prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI), Millworks Technologies has witnessed significant improvement in its financial performance over recent years.

The company reported a net profit of Rs 1.95 crore in the financial year 2023-24, which increased to Rs 5.25 crore in FY 2024-25. In FY 2025-26, the company’s net profit surged sharply to Rs 37.06 crore.

The company’s revenue also recorded substantial growth during the period. Its total revenue increased from Rs 9.40 crore in FY 2023-24 to Rs 22.42 crore in FY 2024-25. By the end of FY 2025-26, the company reported revenue of Rs 153.40 crore.

However, the company’s debt burden also increased during the period. Its outstanding borrowings stood at Rs 4.57 crore at the end of FY 2023-24, which rose to Rs 9.63 crore in FY 2024-25. By the end of FY 2025-26, the company’s debt had increased further to Rs 17.02 crore.

The company’s net worth witnessed remarkable growth during this period. It increased from Rs 2.33 crore in FY 2023-24 to Rs 23.31 crore in FY 2024-25 and further jumped to Rs 51.05 crore by the end of FY 2025-26.

The company’s reserves and surplus also showed strong growth. It increased from Rs 2.28 crore in FY 2023-24 to Rs 23.25 crore in FY 2024-25. By the end of FY 2025-26, reserves and surplus had reached Rs 69.90 crore.

The company’s EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) also improved significantly. EBITDA rose from Rs 2.78 crore in FY 2023-24 to Rs 7.89 crore in FY 2024-25. By the end of FY 2025-26, the company’s EBITDA stood at Rs 56.30 crore.

Millworks Technologies operates in the precision engineering sector and caters to critical industries such as aerospace, defence, railways and semiconductors. The company entered the capital market to raise funds for capacity expansion, technology upgrades and strengthening its operational capabilities.

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Hindusthan Samachar / Jun Sarkar