Milestone Gears IPO Details
Milestone Gears Limited filed its draft red herring prospectus with SEBI on 19 Nov 2025 and Sebi Approval received on 6 Mar 2026 for an issue of about ₹1,100.00 Cr. Price band, lot size and issue dates are announced only after SEBI observations and the RHP filing.
Last updated
- Stage
- SEBI Approved
- DRHP filed
- 19 Nov 2025
- SEBI Approval
- 6 Mar 2026
- Issue size
- ₹1,100.00 Cr
- Board
- Mainboard
- Price band
- TBA
Milestone Gears IPO status
Milestone Gears Limited filed its draft red herring prospectus (DRHP) with SEBI on and SEBI Approval received on . The issue can open only after SEBI issues its observations and the company files the RHP with the price band.
| DRHP filed | 19 Nov 2025 |
|---|---|
| Days since filing | 346 |
| SEBI observation | 6 Mar 2026 |
| Price band | TBA |
| Issue dates | TBA |
Share reservation by category
| Category | Shares Details |
|---|---|
| Qualified Institutions | Not More Than 50% of the Net Issue |
| Retail Investors | Not Less Than 35% of the Net Issue |
| Non-Institutional | Not Less Than 15% of the Net Issue |
Milestone Gears Limited financials
Between 31 Mar 2024 and 31 Mar 2025, Income rose from ₹535.99 Cr to ₹546.89 Cr, and profit after tax rose from ₹6.72 Cr to ₹22.06 Cr. The PAT margin for 31 Mar 2025 was 4.03%.
| Period ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 651.84 | 617.67 | 521.61 | 537.81 |
| Total Income | 168.52 | 546.89 | 535.99 | 615.64 |
| Profit After Tax | 9.36 | 22.06 | 6.72 | 14.07 |
| Net Worth | 135.57 | 126.26 | 104.10 | 96.74 |
| Reserve & Surplus | 132.57 | 123.26 | 101.10 | 93.74 |
| Total Borrowings | 382.58 | 372.76 | 315.25 | 316.84 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|
| ROCE % | 12.23 | 9.04 | 10.18 |
| Debt / Equity | 3.23 | 3.23 | 3.48 |
| RoNW % | 17.47 | 6.46 | 14.54 |
| Pat Margin % | 4.16 | 1.26 | 2.29 |
Peer comparison
| Company | Face value | P/E | EPS (basic) | EPS (diluted) | RoNW | NAV |
|---|---|---|---|---|---|---|
| Milestone Gears Ltd | 2 | — | 2.45 | 2.46 | 17.47% | 14.03 |
| Bharat Forge Ltd | 2 | 69.93 | 20.05 | 20.05 | 12.10% | 192.86 |
| Sona BLW Precision Forgings Ltd | 10 | 49.38 | 9.92 | 9.92 | 17.70% | 90.79 |
| Happy Forgings Ltd | 2 | 35.38 | 28.39 | 28.37 | 15.40% | 196.25 |
| Ramkrishna Forgings Ltd | 2 | 23.67 | 22.95 | 22.95 | 11.70% | 167.78 |
| Shanthi Gears Ltd | 1 | 38.49 | 12.52 | 12.52 | 23.83% | 52.53 |
From the prospectus. P/E is shown as — when earnings are zero or negative, or not reported for the issuer before listing.
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective |
|---|---|
| 1 | Repayment/ prepayment, in full or in part, of certain outstanding borrowings and accrued interest thereon availed by our Company |
| 2 | Financing the capital expenditure requirements in relation to setting up of a new manufacturing facility at Mohal Bated, Tehsil Baddi, District Solan, Himachal Pradesh (the “Proposed Greenfield Project”) |
| 3 | General corporate purposes |
About Milestone Gears Limited
Milestone Gears Limited, incorporated in 1984, is engaged in the manufacturing of high-precision and complex engineered transmission components used across a wide range of sectors, including tractors, construction equipment, electric vehicles (EVs), locomotives, wind turbines, and other heavy industries.
The company supplies transmission components to both Indian and global original equipment manufacturers (OEMs) and their affiliated entities. It has established strong and long-term customer relationships, with an average association of more than 18 years with its top 10 customers based on Fiscal 2025 revenue.
Milestone Gears Limited’s product portfolio includes bull gears, rear axles, spindles, internal ring gears, bevel gears, and other specialized components. These products cater to the agriculture, construction equipment, EV, locomotive, and wind energy sectors. The company continues to expand and diversify its offerings to increase its addressable market.
Between April 1, 2022 and June 30, 2025, the company exported its products to ten countries: the United States, the United Kingdom, Turkey, Germany, Belgium, Italy, Brazil, China, Hungary, and Malaysia.
Milestone Gears Limited operates nine manufacturing facilities located across Punjab, Haryana, and Himachal Pradesh. These facilities collectively have a built-up area of over 398,000 square feet on a total land area exceeding 700,000 square feet.
As of June 30, 2025, the company employed 1,417 permanent employees along with 2,038 contractual employees.
Promoters
- Ashok Kumar Tandon
- Aman Tandon
Contact details
Milestone Gears Ltd.
58, Sector 1 Industrial Area
Parwanoo, District
Solan, Himachal Pradesh, 173220
Phone: +91 1733 218212
Email: investor.relations@milestonegroup.co.in
Website: http://www.milestonegroup.co.in/
Milestone Gears IPO FAQs
- Has Milestone Gears IPO filed for an IPO?
- Milestone Gears Limited filed its draft red herring prospectus (DRHP) with SEBI on 19 Nov 2025.
- When will the Milestone Gears IPO open?
- Issue dates are announced after SEBI observations and the RHP filing. They are not available yet.
- What is the Milestone Gears IPO price band?
- The price band is announced a few days before the issue opens. It is not available yet.
- What is the Milestone Gears IPO size?
- The DRHP proposes an issue of about ₹1,100.00 Crore. The final size can change in the RHP.
Details are from the draft prospectus and can change in the final RHP. This is not investment advice.