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Milestone Gears IPO Details
Bookbuilding IPO | ₹1,100 Cr | Listing at BSE, NSE |
SEBI has approved the Initial Public Offer (IPO) of Milestone Gears Ltd. on March 6, 2026. The company will proceed with next steps to launch the Initial Public Offer (IPO) subject to market conditions and other approvals. The SEBI approval is valid for 12 months.
Milestone Gears Ltd. IPO is a Book Build Issue of ₹1,100.00 crores consisting of a fresh issue of shares worth Rs ₹800.00 crores and an offer for sale (OFS) of ₹300.00 crores.
The equity shares are proposed to be listed on NSE and BSE. JM Financial Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue. Key details like IPO dates, IPO price bands and lot size are yet to be announced.
Refer to Milestone Gears IPO DRHP for more details.
IPO Details
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IPO Date[.]
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Listing Date[.]
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Face Value₹2 per share
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Price Band
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Lot Size
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Sale TypeFresh capital cum OFS
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Issue TypeBookbuilding IPO
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Listing AtBSE, NSE
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Total Issue Size[.] shares (agg. up to ₹1,100 Cr)
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Fresh Issue[.] shares (agg. up to ₹800 Cr)
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Offer for Sale[.] shares of ₹2 (agg. up to ₹300 Cr)
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Share Holding Pre Issue9,00,00,000 shares
IPO DRHP Status
| Description | Date |
|---|---|
| Filed with SEBI/Exchange | Tue, Nov 18, 2025 |
| SEBI/Exchange approval received | Fri, Mar 6, 2026 |
Issue Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Offer |
| Retail Shares Offered | Not less than 35% of the Net Offer |
| NII Shares Offered | Not less than 15% of the Net Offer |
About Milestone Gears Ltd.
Incorporated in 1984, Milestone Gears Limited is engaged in the manufacturing of high-precision, complex engineered transmission components used across multiple sectors such as tractors, construction equipment, electric vehicles (EVs), locomotives, windmills and other heavy industries.
The company supplies transmission components to Indian and global original equipment manufacturers (OEMs) and their affiliated entities. It has maintained long-standing customer relationships, with an average association of more than 18 years with its top 10 customers based on Fiscal 2025 revenue.
Milestone Gears Limited manufactures products such as bull gears, rear axles, spindles, internal ring gears and bevel gears, serving sectors including agriculture, construction equipment, EVs, locomotives and wind energy. The company continues to diversify its product portfolio to expand its addressable market.
The company has exported products to ten countries, including the United States, the United Kingdom, Turkey, Germany, Belgium, Italy, Brazil, China, Hungary and Malaysia, during the period from April 1, 2022 to June 30, 2025.
Milestone Gears Limited operates nine manufacturing facilities located in Punjab, Haryana and Himachal Pradesh, with a combined 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 and 2,038 contractual employees.
Company Financials (Restated Consolidated)
Milestone Gears Ltd.’s revenue increased by 2% and profit after tax (PAT) rose by 228% between the financial year ending with March 31, 2025 and March 31, 2024.
| 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 |
| EBITDA | 31.77 | 96.31 | 70.56 | 76.83 |
| NET Worth | 135.57 | 126.26 | 104.10 | 96.74 |
| Reserves and Surplus | 132.57 | 123.26 | 101.10 | 93.74 |
| Total Borrowing | 382.58 | 372.76 | 315.25 | 316.84 |
| Amount in ₹ Crore | ||||
Key Performance Indicator (KPI)
| KPI | Mar 31, 2025 |
|---|---|
| ROCE | 12.23% |
| Debt/Equity | 3.23 |
| RoNW | 17.47% |
| PAT Margin | 4.16% |
| EBITDA Margin | 18.16% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | -0.11 | |
| Promoter Holding | 37.48% |
IPO Registrar
Cameo Corporate Services Ltd.
- +91-44-28460390
- priya@cameoindia.com
- Visit Website
IPO Registrar
Kfin Technologies Ltd.
- 04067162222, 04079611000
- milestone.ipo@kfintech.com
- Visit Website
Contact Details
- +91 1733 218212
- investor.relations@milestonegroup.co.in
- Visit Website
IPO FAQs
Milestone Gears IPO is a main-board IPO of 0 equity shares of the face value of ₹2 aggregating up to ₹1,100 Crores. The issue is priced at To be declared. The minimum order quantity is .
The Milestone Gears IPO open and close dates are not available as of now.
Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Angel One customers can apply online in Milestone Gears IPO using UPI as a payment gateway. Angel One customers can apply in Milestone Gears IPO by login into Angel One Console (back office) and submitting an IPO application form.
Steps to apply in Milestone Gears IPO through Angel One
Visit the Angel One website and login to Console.
Go to Portfolio and click the IPOs link.
Go to the ‘Milestone Gears IPO’ row and click the ‘Bid’ button.
Enter your UPI ID, Quantity, and Price.
Submit IPO application form.
Visit the UPI App (net banking or BHIM) to approve the mandate.
Visit Angel One IPO Application Process Review for more detail.
The Milestone Gears IPO dates are not announced. Please check back again after some time.
Milestone Gears IPO lot size and the minimum order quantity is not available at this time. Please check again later.
You can apply in Milestone Gears IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don’t offer banking services. Read more detail about applying IPO online through Angel One, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Milestone Gears IPO will be done on [.], and the allotted shares will be credited to your demat account by . Check the Milestone Gears IPO allotment status.
The Milestone Gears IPO listing date is not yet announced. The tentative date of listing is .
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