Millworks Technologies Limited announced its unaudited financial results for the half-year ended September 30, 2026, marking its first reporting period as a listed company. The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Performance

  • Revenue from Operations: ₹17.37 Crore
  • Total Income: ₹18.11 Crore
  • EBITDA: ₹1.81 Crore

Revenue Recognition Timing

Orders worth approximately ₹30 Crore, executed in September 2026, were recognized as revenue in October 2026 in line with applicable revenue recognition norms. These orders will form part of H2 FY27 revenue. No orders were cancelled, and underlying demand remains strong.

Order Deferral and Inventory

Several orders planned for H1 FY27, including an Indian defence order, moved to H2 FY27 due to delays in customer approvals and a longer regulatory approval process. Work on these orders is progressing, with inventories (including work-in-progress) rising to ₹28.34 Crore as of September 30, 2026, from ₹11.47 Crore as of March 31, 2026.

Margin Performance

EBITDA margins were impacted by higher raw material prices driven by geopolitical situations affecting global supply chains, and higher fixed costs as the Company scaled operations ahead of new capacity coming online. Margins are expected to improve as deferred revenue is recognized and new capacity is utilized.

Historical Revenue Pattern

The company noted that revenue has historically been weighted toward the second half, with H2 accounting for about 70% of annual revenue from operations in FY26.

Business Highlights

  • New Export Order: Secured ₹111 Crore order from the Israeli defence sector
  • Order Book: Strengthened to ₹230 Crore (approximately 1.5x FY26 revenue)
  • Markforged Centre of Excellence: Established 3D printing center with Markforged, USA for rapid prototyping
  • Strategic MoU: Signed with TridenTech to co-develop, manufacture and market UAV engines for domestic and overseas markets
  • Balance Sheet Strengthening: Raised ₹160.34 Crore through IPO; net worth at ₹232.79 Crore; debt-to-equity at 0.15x

Management Commentary

Mr. Sridhar Acharya, Managing Director, stated that H1 FY27 was a landmark period as the company's first half-year as a listed entity. He emphasized the H2-weighted nature of the business and confirmed that collections are linked to customer defence testing and approval processes, with expectations to realize these amounts in Q3 FY27. He expressed confidence in margin improvement as deferred revenue is recognized and new capacity is utilized, citing strong order book visibility and government push for indigenization in defence.

Corporate Background

Millworks Technologies Limited is an AS9100D-certified precision engineering company manufacturing machined components, sheet metal parts and integrated assemblies for Defence, Aerospace, Railways and Semiconductor industries. Founded in 2021 by Mr. Sridhar Acharya (MD) and Mr. Madhu HK (Whole-Time Director), the company operates four manufacturing facilities in Bengaluru with capabilities in precision CNC machining, sheet metal fabrication, welding, EDM, laser cutting, assembly, and inspection. The company was listed on BSE SME platform on July 21, 2026.

FY26 Financial Reference

The Company reported total income of ₹153.40 Crore, EBITDA of ₹56.65 Crore, and net profit of ₹36.38 Crore in FY26, with 27.47% generated from exports.