Millworks Technologies Share Price Hits Upper Circuit After Stellar SME Market Debut

Millworks Technologies share price remained locked at the 5% upper circuit on Tuesday after an impressive listing on the BSE SME platform, extending gains from its debut session. The shares have provided nearly 100% returns on IPO allotment within a day after getting listed due to strong demand from investors and solid subscription in its public issue.

Millworks Technologies share price debuted at ₹628.90 against its issue price of ₹331, reflecting a premium of about 90%. Buying interest continued after listing, pushing the stock to its upper circuit limit of ₹660.30, where it remained locked during the morning session.

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The sharp rise in Millworks Technologies share price followed overwhelming participation in the company’s ₹160.34 crore initial public offering. The IPO, which remained open for subscription between July 14 and July 16, received bids for 67.96 crore shares against 35.18 lakh shares on offer, resulting in an overall subscription of 193.14 times.

Before trading commenced, the strong response to the public issue had already indicated healthy investor interest across categories, particularly among retail participants.

Retail Investors Led Subscription

The retail investors proved to be the largest contributors to the demand of the IPO with its allocation being subscribed 216.46 times. Similarly, there was high contribution of non-institutional investors with a subscription of 194.05 times.

The high subscription led to a high listing performance, where the stock price of Millworks Technologies received strong demand from buyers from the very first moment it got listed on the bourses.

Company Report High FY26 Earnings

In the fiscal year ended March 2026, the company earned revenue of ₹148.77 crore and profit after tax of ₹37.06 crore.
The company plans to use the IPO proceeds for its future growth and expansion activities. Out of the total funds raised, ₹61.03 crore will be used for acquiring plant and machinery whereas ₹81.50 crore for working capital purposes. The remaining amount will be allocated towards general corporate purposes.

Precision Engineering Remains Core Business

Millworks Technologies manufactures precision-engineered machined components, sheet metal products and integrated assemblies for sectors including aerospace, defence, railways, metro rail, drones and semiconductors. The company supplies products to original equipment manufacturers under both Build-to-Print and Build-to-Spec business models.

Domestic operations accounted for 73% of the company’s FY26 revenue, while exports contributed the remaining 27%.
The strong listing performance reflects robust investor appetite for the SME offering. Going forward, market participants are likely to monitor execution of the company’s expansion plans, capacity additions and financial performance, as Millworks Technologies share price enters regular trading after its successful market debut.