Millworks Technologies Ltd
Millworks Technologies Reports H1 FY27 Results; ₹230 Cr Order Book
RESULTS
▼ Concern Flagged
MEDIUM RISK
📅 Filed on BSE: 13 Nov 2026, 11:33 PM IST · BSE ID: 2a3c3688-9789-4f43-9c1b-a201f08c1d24
View Original BSE Filing (PDF)
💡
In Simple Terms
Millworks Technologies reported its first half-year results, showing ₹17.37 Cr revenue and a new ₹111 Cr export order.
🤖 AI Summary
- Millworks Technologies reported unaudited H1 FY27 Revenue from Operations of ₹17.37 Cr and Total Income of ₹18.11 Cr.
- Secured a new ₹111 Cr export order from the Israeli defence sector, increasing order book to ₹230 Cr.
- EBITDA for H1 FY27 was ₹1.81 Cr; margins impacted by revenue recognition timing and higher raw material prices.
- Orders worth around ₹30 Cr, executed in September 2026, were recognized in October 2026 as H2 FY27 revenue.
- Inventories, including work-in-progress, rose to ₹28.34 Cr as on 30 September 2026 from ₹11.47 Cr.
🔢 Key Numbers - exact figures from BSE filing, not rounded
Revenue from Operations (H1 FY27)
₹17.37 Cr
Total Income (H1 FY27)
₹18.11 Cr
EBITDA (H1 FY27)
₹1.81 Cr
New Export Defence Order
₹111 Cr
Inventories (as on 30 Sep 2026)
₹28.34 Cr
Net Worth (as on 30 Sep 2026)
₹232.79 Cr
Debt-to-Equity Ratio (as on 30 Sep 2026)
0.15x
🏢 How This Affects the Company
The new ₹111 Cr export defence order from the Israeli defence sector significantly strengthens Millworks' order book to ₹230 Cr, providing strong revenue visibility for future periods. The company established a 3D printing Centre of Excellence and entered an MoU for UAV engines, expanding its offerings in aerospace and defence.
H1 FY27 Revenue from Operations stood at ₹17.37 Cr and EBITDA at ₹1.81 Cr. The balance sheet strengthened with net worth at ₹232.79 Cr and debt-to-equity at 0.15x following the ₹160.34 Cr IPO. ₹30 Cr in revenue shifted to H2 FY27, impacting H1 reported figures.
Inventories, including work-in-progress, increased to ₹28.34 Cr from ₹11.47 Cr, indicating work in hand for future billing. Higher fixed costs were incurred as the company scaled up operations ahead of new capacity coming on stream.
EBITDA margins were impacted by higher raw material prices due to prevailing geopolitical situations and global supply chain effects. Delays in customer and regulatory approvals for orders shifted some H1 FY27 revenue to H2 FY27.
👥 What This Means For Shareholders
✅
Action Required
No action required from shareholders based on this financial results filing.
👤
Who Is Affected
Shareholders are affected by the company's financial performance, with H1 FY27 Revenue from Operations at ₹17.37 Cr and an order book of ₹230 Cr providing future visibility.
🔍
Management Signal
Management indicates a focus on long-term growth through capacity expansion, strategic partnerships, and capitalizing on defence sector opportunities, despite H1 revenue timing impacts.
For information only. Not investment advice. ForgeUp is not SEBI-registered.
👁 Watch List - track these upcoming events
H2 FY27 financial results — check for recognition of deferred H1 revenue.
Updates on new capacity utilization and impact on margins.
Progress on UAV engine co-development with TridenTech and new orders.
MEDIUM RISK
Revenue recognition timing shifts and raw material price volatility present short-term financial risks.
💡 Investor Takeaway
Millworks Technologies reported H1 FY27 Revenue from Operations of ₹17.37 Cr and EBITDA of ₹1.81 Cr. The company secured a new ₹111 Cr export defence order, boosting its total order book to ₹230 Cr, 1.5x FY26 revenue.
⚖️ Strengths & Concerns
✅ Positives
- Order book at ₹230 Cr, about 1.5x FY26 revenue, provides strong revenue visibility for upcoming periods.
- Balance sheet strengthened post-IPO with net worth at ₹232.79 Cr and a low debt-to-equity ratio of 0.15x.
⚠️ Concerns
- EBITDA margins were impacted by higher raw material prices and increased fixed costs spread over a lower revenue base.
- Orders worth around ₹30 Cr were executed in September but recognized in October, deferring revenue to H2 FY27.
📅 Company Track Record
Millworks Technologies Limited was founded in 2021 and listed on the BSE SME platform on 21 July 2026. This is its first reporting period as a listed company. For FY26, the company reported a total income of ₹153.40 Cr, EBITDA of ₹56.65 Cr, and net profit of ₹36.38 Cr.
Based on publicly available historical data. For context only.
❓ Frequently Asked Questions
What was Millworks Technologies' Revenue from Operations for H1 FY27?
Millworks Technologies reported Revenue from Operations of ₹17.37 Cr for the half year ended 30 September 2026 (H1 FY27).
What is the value of the new export order Millworks Technologies secured?
Millworks Technologies secured a new ₹111 Cr export order from the Israeli defence sector, strengthening its export business.
What is Millworks Technologies' total order book value as of H1 FY27?
The company's order book stands at ₹230 Cr as of 30 September 2026, which is about 1.5x its FY26 revenue.
How much revenue from H1 FY27 was recognized in October 2026?
Orders worth around ₹30 Cr, executed in September 2026, were recognized as revenue in October 2026 and will form part of H2 FY27 revenue.
What was Millworks Technologies' EBITDA for H1 FY27?
Millworks Technologies' EBITDA for the half year ended 30 September 2026 (H1 FY27) was ₹1.81 Cr.
Questions based on this BSE filing only. For information purposes.