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Milestone Gears (*Tentative) IPO

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Open

23 Nov 2026

Last Day

26 Nov 2026

Allotment

27 Nov 2026

Expected Refund

28 Nov 2026

Listing

01 Dec 2026

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About Milestone Gears (*Tentative)

Auto Components

The company was incorporated in 1984 as Milestone Gears Private Limited and converted into a public limited company in October 2025.

It has more than 40 years of experience in automotive transmission components and operates nine manufacturing plants in North India. Its manufacturing capabilities include gear cutting CNC machining induction hardening heat treatment material testing and metrology.

The company has a portfolio of more than 700 active parts and developed over 307 new parts during the last three fiscal years. Its products are supplied to tractor manufacturers construction equipment makers EV manufacturers and other industrial customers.

According to the 1Lattice industry report cited in the DRHP the company supplied all the top nine tractor OEMs in India during the period April 2022 to June 2025.

The company has established market positions in bull gears internal ring gears rockshafts induction-hardened shafts and tractor rear axles.

IPO_DETAILS_LONG:

Milestone Gears Limited is proposing a mainboard IPO through a 100% book-built issue comprising a fresh issue of up to ₹800 crore and an offer for sale of up to ₹300 crore. The proposed total issue size is ₹1,100 crore.

The fresh issue proceeds are proposed to be used for repayment or prepayment of borrowings and interest funding a new greenfield manufacturing facility at Mohal Bated in Baddi Himachal Pradesh and general corporate purposes.

The OFS will provide an exit opportunity to existing shareholders including promoters and promoter group members.

The equity shares have a face value of ₹2 each and are proposed to be listed on BSE and NSE.

SEBI issued observations on 6 March 2026. The company has not yet announced the RHP price band lot size bidding dates allotment date or listing date.

Issue Details

Total Issue Size

Rs 1,100 Cr

Issue Size for Retail

Rs 385 Cr

Fresh Issue vs OFS

Fresh Issue
Rs 800 Cr (73%)
OFS
Rs 300 Cr (27%)

Reservation Quota

QIB

50%

Retail

35%

NII

15%

Lead Manager

JM Financial Limited; Axis Capital Limited; Motilal Oswal Investment Advisors Limited

Registrar

KFin Technologies Limited

Objects of the Issue (as per DRHP)

  • 1Repayment or prepayment of certain outstanding borrowings and accrued interest. Allocation: 356.86 Cr.
  • 2Capital expenditure for setting up a new greenfield manufacturing facility at Mohal Bated Tehsil Baddi District Solan Himachal Pradesh. Allocation: 296.42 Cr.
  • 3General corporate purposes. Approximate balance: 146.72 Cr.

Key Performance Indicator (KPI)

KPIFY24FY25
ROE6.46%17.47%
ROCE9.04%12.23%
Debt/Equity3.233.23
RoNW6.46%17.47%
PAT Margin1.26%4.16%
EBITDA Margin13.23%18.16%
Price to Book Value-
Check IPO Peer Comparison here.
Pre IPOPost IPO
EPS (Rs)2.45NA
P/E (x)NANA
Promoter Holding91.66%NA
Market CapNA

Ashok Kumar Tandon; Aman Tandon

Milestone Gears (*Tentative) Financials

Company financial data by reporting period. Amounts in Rs crore; ratios and percentages as labelled. A dash means not available, not zero.
MetricFY23FY24FY25Q1 FY26 (Three months ended June 30 2025)
Revenue612.94533.32530.17168.03
Net Profit (PAT)14.076.7222.069.36
EBITDA76.8370.5696.3131.77
Borrowings316.84315.25372.76-
ROE--17.47%-
ROCE--12.23%-
Debt/Equity--3.23-
Assets----

The latest interim period (Q1 FY26 (Three months ended June 30 2025)) is separate from full financial years and is not annualised.

Company Financials

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MARKET SENTIMENT SCORE

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NA

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Company Contact Details

+91 1733 218212
[email protected]
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Green Flags

  • More than 40 years of operating experience in precision transmission components.
  • Nine manufacturing plants in North India.
  • More than 700 active components and over 307 parts developed in the last three fiscal years.
  • Supplies products to all top nine tractor OEMs in India according to the 1Lattice report cited in the DRHP.
  • Established presence in bull gears internal ring gears rockshafts and tractor rear axles.
  • Diversification into construction equipment electric vehicles locomotives and windmills.
  • FY25 EBITDA increased to ₹96.31 crore from ₹70.56 crore in FY24.
  • FY25 EBITDA margin improved to 18.16% from 13.23% in FY24.
  • FY25 PAT increased to ₹22.06 crore from ₹6.72 crore in FY24.
  • Infomerics upgraded the company's long-term credit rating to IVR A- / Stable and short-term rating to IVR A2+ in December 2025.

Red Flags

  • Revenue from operations declined from ₹612.94 crore in FY23 to ₹533.32 crore in FY24 and ₹530.17 crore in FY25.
  • Total borrowings increased to ₹372.76 crore in FY25 from ₹315.25 crore in FY24.
  • Net debt-to-equity remained elevated at 3.23 times in FY25.
  • FY25 other income included ₹16.72 crore of non-core income including ₹13.46 crore profit from sale of property. This makes the reported FY25 PAT improvement less representative of recurring operating performance.
  • The tractor segment accounted for 82.70% of product sales in FY25 and 83.30% in Q1 FY26.
  • The top ten customers accounted for 94.43% of product sales in FY25.
  • The top three customers represented 46.42% of product sales in Q1 FY26.
  • Three suppliers accounted for approximately 80% of purchases according to the DRHP.
  • Raw materials accounted for 48.06% of total expenses in Q1 FY26.
  • The company is exposed to tractor industry cycles and fluctuations in agricultural demand.
  • Manufacturing facilities are concentrated in North India and several facilities operate on leased land.
  • The company has a high working capital requirement and a long cash conversion cycle.
  • The new greenfield project carries execution cost and commissioning risks.
  • The IPO price band and post-issue valuation are not yet known.

Official Documents

Prospectus filings and anchor allotment disclosures from Milestone Gears (*Tentative).

DRHP

Draft Red Herring Prospectus

Grey Market Premium

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Frequently Asked Questions

What are the bidding dates for Milestone Gears (*Tentative) IPO?

The scheduled bidding period is 23 Nov 2026 to 26 Nov 2026.

When is Milestone Gears (*Tentative) IPO scheduled to list?

The scheduled listing date is 1 Dec 2026. The actual listing price is determined on the exchange, not by the grey market premium or an AI estimate.

Who is the registrar for Milestone Gears (*Tentative) IPO?

KFin Technologies Limited is the registrar. See the allotment page for the available schedule and official checking link.

Who manages Milestone Gears (*Tentative) IPO?

Lead manager information recorded for this issue: JM Financial Limited; Axis Capital Limited; Motilal Oswal Investment Advisors Limited.

Disclaimer

IPOGyani is not SEBI registered and does not provide investment advice. All information is for educational purposes only.

AI predictions are probabilistic estimates based on historical data and market trends. Past performance is not indicative of future results.

GMP (Grey Market Premium) data is sourced from various unofficial channels and may not be accurate. Always verify from multiple sources.

Investors should do their own research (DYOR) and consult a SEBI registered advisor before investing.

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