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Millworks Technologies Reports H1 FY27 Results; Order Book Strengthens to Rs 230 Cr with New Rs 111 Cr Export Defence Order

Bengaluru (Karnataka) : Millworks Technologies Limited (BSE SME: 544826) has announced its unaudited financial results for the half-year ended 30 September 2026, its first reporting period as a listed company. Millworks is an AS9100D-certified precision engineering company that manufactures machined components, sheet metal parts and integrated assemblies for the Defence, Aerospace, Railways and Semiconductor industries.

H1 FY27 Financial Performance

  • Revenue from Operations: ₹17.37 Cr

  • Total Income: ₹18.11 Cr

  • EBITDA: ₹1.81 Cr

Note on H1 FY27 Performance

Revenue recognition timing: Orders worth around ₹30 Cr, executed in September 2026, were recognised as revenue in October 2026 in line with applicable revenue recognition norms and will form part of H2 FY27 revenue. No order has been cancelled and underlying demand remains strong.

Orders moved to H2 FY27: Several orders planned for H1 FY27, including an Indian defence order, have moved to H2 FY27 on account of delays in customer approvals and a longer regulatory approval process. These orders remain intact and work on them is progressing, with inventories, including work-in-progress, rising to ₹28.34 Cr as on 30 September 2026 from ₹11.47 Cr as on 31 March 2026, reflecting the work in hand to be billed in the coming quarters.

Margins: EBITDA margins for the half were impacted by higher raw material prices, driven by the prevailing geopolitical situation and its effect on global supply chains. Margins were also affected by higher fixed costs, as the Company scaled up its operations ahead of the new capacity coming on stream. Because these fixed costs were spread over a lower revenue base during the half, the pressure on margins was greater. Margins are expected to improve as deferred revenue is recognised and the new capacity is utilised.

H2-weighted business: Millworks’ revenue has historically been weighted towards the second half of the year. In FY26, H2 accounted for about 70% of annual revenue from operations.

H1 FY27 and Recent Business Highlights

  • New ₹111 Cr export order: Secured from the Israeli defence sector, strengthening the export business.

  • Order book at ₹230 Cr: About 1.5x FY26 revenue, providing strong visibility.

  • Markforged Centre of Excellence: Set up a 3D printing centre with Markforged, USA, for rapid prototyping for aerospace and defence customers.

  • MoU with TridenTech: To co-develop, manufacture and market UAV engines for domestic and overseas markets.

  • Stronger balance sheet: Raised ₹160.34 Cr through the IPO; net worth at ₹232.79 Cr and debt-to-equity at 0.15x.

Commenting on the performance, Mr. Sridhar Acharya, Managing Director of Millworks Technologies Limited said, “H1 FY27 has been a landmark period for Millworks, our first half-year as a listed company. Our business is predominantly weighted towards the second half of the year, and this half’s reported numbers reflect the timing of revenue recognition rather than any change in demand. A significant portion of orders executed in September was recognised as revenue in October and will be reflected in H2 FY27, while a few orders moved to H2 as customer and regulatory approvals took longer than expected. Collections from our customer are linked to their defence customer’s testing and approval process, and we expect to realise these amounts in Q3 FY27 as approvals come through.

Margins during the half were impacted by higher raw material prices amid the geopolitical situation, and by higher manpower costs as we expanded our team ahead of the new capacity. These are investments in our growth, and we expect margins to improve as deferred revenue is recognised and the new capacity is utilised.

Our strong order book, including a large new order from the Israeli defence sector, gives us healthy revenue visibility. The defence sector continues to offer significant opportunities, supported by the Government’s push for indigenisation and growing global demand for precision components from India. During the half, we completed our IPO, commenced the capacity expansion at Unit 4 and made Vidwan Aeronautics a subsidiary. Subsequently, our MoU with TridenTech for UAV engines and the Markforged Centre of Excellence have further strengthened our position in aerospace and defence.

With a strengthened balance sheet, a healthy order book and new capacity coming on stream, we are confident of a significantly stronger H2 FY27. We remain committed to disciplined growth that creates sustainable, long-term value for all our stakeholders.”

About Millworks Technologies Limited

Millworks Technologies Limited, founded in 2021 by Mr. Sridhar Acharya (MD) and Mr. Madhu HK (Whole-Time Director), is a Bengaluru-based precision engineering manufacturer providing machined components, sheet metal parts, and integrated assemblies for mission-critical applications across railways, aerospace, defence, and semiconductor sectors. It operates under both Build-to-Print (BTP) and Build-to-Spec (BTS) models, offering full-scope manufacturing as well as job-work services, primarily to OEM customers.

With four manufacturing facilities in Bengaluru, the Company has capabilities in precision CNC machining, sheet metal fabrication, welding, EDM, laser cutting, assembly, and inspection. Its operations are supported by AS9100D and ISO 9001:2015 certified quality systems and advanced quality assurance infrastructure.

Millworks Technologies was listed on the BSE SME platform on 21 July 2026.

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

Disclaimer: Certain statements in this document that are not historical facts are forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local, political or economic developments, technological risks, and many other factors that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. The Company will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.

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Daily Astro

14-11-2026

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Aries

Ganesha says it will be an important day for you, Aries. Your energy and confidence are ready to take you to new heights. Today you will be able to express your thoughts with clarity, which will increase your communication skills. New opportunities may arise in the working areas, which you have to be ready to take advantage of. In social life, you can make new meetings, which will prove beneficial for you in the future. This day will be good for solving family issues, and you will be able to establish better relations with your close ones. In the field of health, take care of your routine and resort to yoga or meditation to relieve mental stress. Controlling your expenses will be a smart move, as any sudden financial need may arise. Overall, this day is for you to stay positive, just use your insight and energy properly.

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Pisces

Ganesha says it is going to be a positive day for you. Your sensitivity and intuition will flourish today, allowing you to establish better connections between yourself and others. It is time to connect with someone or refresh old memories. Try to communicate with people close to you, as it will strengthen your relationships. In the field of work, your creativity will be cyclical today. If you are working on a project, your ideas will be new and full of innovation. Do not be afraid to share your ideas, it will give you positive feedback from your colleagues. In terms of financial condition, avoid any big investments. Small expenses will prove to be justified but think well before making any big decisions for the long term. In terms of health, focus on a balanced diet and regular exercise. For mental health, practicing meditation or yoga will help keep you stress-free.

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Aquarius

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Capricorn

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Sagittarius

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Scorpio

Ganesha says today will be full of enthusiasm and energy. You will move towards achieving your goals, and your hard work will pay off. Social life will also be active; you will get a good chance to spend time with friends and family. In terms of health, take a little caution. Focusing on meditation and exercise will help reduce mental stress. This is also a good time to take up a new hobby, which can unleash your creativity. Take wise steps in terms of money. Make informed decisions while investing. For potential financial gains, take a look at past projects again. Your career is showing good signs of progress. Your ideas may be appreciated at the workplace, which will increase your confidence. Still, some issues may require restraint. Overall, today will prove to be positive and auspicious for you. Spend it with pride with your loved ones.

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Libra

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Virgo

Ganesha says today is a suitable day to highlight your cognitive abilities and business skills. Today, you will be full of clarity and precision in your actions, which will increase your value among your colleagues and superiors. There is a possibility of bringing some changes to your routine, which will bring positive results for you. This is a good time to improve relations with family members. Try to resolve any old disputes, and keep communication open. In terms of health, meditation and yoga will bring mental peace. Also, take some time out of your routine for exercise. From a financial point of view, this is the right time to make a good plan for the right investment. Take a good look at the options available to you and make a wise decision. Overall, today will prove to be a day of new possibilities and positive changes for you. Be full of confidence and stay focused on your goals.

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Leo

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Cancer

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Gemini

Ganesha says there will be a new energy and freshness in your thoughts, which will make your personality even more attractive. Social contacts are likely to increase, which will expand your network. You will be inspired to spend blissful time with your friends and family. Some positive changes can also be seen in the business sector. The results of your hard work will gradually start coming, and this will motivate you to move forward. Keep in mind that while sharing your ideology, work with empathy, this will strengthen your relationship with colleagues. It is important to be health conscious. A little attention and relaxation will give you mental freshness. Practicing yoga or meditation will be beneficial for you. This day will be full of positivity and new possibilities for you. Express your mind openly and do not hesitate to adopt new ideas.

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Taurus

Ganesha says it will prove to be a positive day for you, Taurus. You will feel energetic and full of confidence. The time has come to reap the fruits of your hard work and efforts. The workload may stress you for a while, but you will face all the challenges recognizing your strengths. Sweetness will also remain in your relationships. Spending time with your family and friends will be a source of joy for you. Conversation with someone special can give you a new vision and promote mutual understanding. A special occasion may be organized among friends or family, which will bring happiness and harmony to you. Moments spent with loved ones will give you mental peace. It is important to be health conscious. A little exercise or yoga will give peace to your mind and energy to your body. Your day will be full of happiness and positivity, just keep your thoughts and emotions balanced.

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14-11-2026