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Milestone Gears IPO
The Milestone Gears marks a milestone in the history of the company as it filed its Draft Red Herring Prospectus (DRHP) on November 18, 2025, and the company has started the process of public offering. It is a 100% book-built issue. The Book Build Issue has been approximated to be of ₹1,100.00 crores, which will consist of a fresh issue of equity shares aggregating ₹800 crores along with the offer for sale of ₹300 crores by the selling shareholders. Equity shares would be listed on the BSE and the NSE, having a face value of ₹2.
The book-run lead manager of the Milestone Gears IPO includes JM Financial Ltd., Axis Capital Ltd, and Motilal Oswal Investment Advisors Ltd.
KFin Technologies Ltd. will be the registrar for the issue. Details have still not been disclosed to the public since the DRHP is still pending, including the IPO price band and the size of each lot.
Company Background
Milestone Gears Ltd. has been a private Ltd. company from the inception of its formation, which took place on April 27, 1984, with its location in Jalandhar, Punjab. It has been a considerable company in its respective industry for many years now.
Milestone Gears Limited was a public limited company starting from October 2025, just before the Milestone Gears IPO. The incorporation of the company was done in Parwanoo, Himachal Pradesh. Nonetheless, its head office is situated in Kalka, Haryana.
The company has a history of many years in the precision gears and components industry. Milestone Gears IPO will give the company a chance to use the market position it has to enhance corporate growth and transparency in its line of business as a public entity.
Operations & Product Range
The company belongs to a segment named precision manufacturing. However, it mainly deals with gear components. Its manufacturing facility supports different sectors such as the automobile sector, agricultural machinery and even the off-highway industry. Its product offerings normally relate to precision shafts, gears and bearings that work as the primary components of the drivetrain.
Apart from its usual gear productions, the overall market scenario indicates an increasing role in windmill parts, which involves fabrication, forging, and machining of large structural components. To sustain proper standards necessary for worldwide and local Original Equipment Manufacturers (OEMs), it uses sophisticated CNC machining and gear grinding processes.
Revenue Streams & Business Model
Milestone Gears Ltd. operates a B2B business model focused on long-term partnerships with major global and domestic OEMs in the automotive and industrial sectors. The company derives its primary revenue from designing and manufacturing precision transmission components, particularly for the tractor industry, where it holds significant domestic market share in products like bull gears and rear axles. Additional revenue streams include emerging segments like EV components and windmill parts.
Management & Shareholding
Promoters & Shareholding
The promoters in Milestone Gears Ltd. are Ashok Kumar Tandon and Aman Tandon. Before the Milestone Gears IPO, a majority was in their control through promotion and the promoter group is quite substantial in terms of equity in the firm. To note on the Milestone Gears IPO is that several people in the promoter group, in this case Amit Tandon and Aradhna Tandon, will act to sell shares in this offer for sale offering.
Board & Key Management
The entire management of the company is led by Ashok Kumar Tandon, who is the Chairman-cum-Executive Director of the company. He has assistance from Aman Tandon as well as a pool of skilled management experts. The major management members are Pankaj Budhiraja (Chief Financial Officer) and Mohinder Singh (Secretary and Compliance Officer of the company), who monitor the health of the finances of the company. This management team has a rich pool of expertise relating to precision engineering as well as corporate governance to position the company for the Milestone Gears IPO.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Milestone Gears IPO GMP
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Milestone Gears IPO Details
| Detail | Description |
|---|---|
| IPO Date | [.] |
| Listing Date | [.] |
| Face Value | ₹2 per Equity Share |
| Issue Price Band | [.] |
| Lot Size | [.] |
| Sale Type | Fresh Issue and Offer for Sale (OFS) |
| Total Issue Size | Up to ₹11,000.00 million |
| Fresh Issue(Ex Market Maker) | Up to ₹8,000.00 million |
| Offer for Sale | Up to ₹3,000.00 million |
| Issue Type | 100% Book Built Offer |
| Listing At | BSE and NSE |
| Share Holding Pre Issue | 90,000,000 Equity Shares (Post-Bonus/Sub-division) |
Milestone Gears IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | [.] |
| IPO Close Date | [.] |
| Tentative Allotment | [.] |
| Initiation of Refunds | [.] |
| Credit of Shares to Demat | [.] |
| Tentative Listing Date | [.] |
| Cut-off time for UPI mandate confirmation | 5:00 p.m. on the Bid/Offer Closing Date |
Milestone Gears IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | [.] | ₹14,000 - ₹15,000 |
| Individual investors (Retail) (Max) | 13-14 | [.] | Up to ₹2,00,000 |
| S-HNI (Min) | 14-15 | [.] | Over ₹2,00,000 |
| S-HNI (Max) | 66-70 | [.] | Up to ₹10,00,000 |
| B-HNI (Min) | 71+ | [.] | Over ₹10,00,000 |
Milestone Gears IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Promoter Holding Pre Issue | 100.00% |
| Promoter Holding Post Issue | [.] |
Competitive Strength:
- • Established ties with world-renowned and local car OEMs.
- • CNC machining and gear grinding equipment are also at advanced specialized manufacturing facilities.
- • This is a financially stable organization; its ROE is a strong indicator of its financial health; its ROE stands at 19.16% for Fiscal Year 2025.
Milestone Gears IPO Financial Information
| Period Ended | Assets | Total Income | Profit After Tax | Net Worth | Reserves and Surplus | Total Borrowing | ||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 30 Jun 2025 | 651.84 | 168.52 | 9.36 | 135.57 | 132.57 | 382.58 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2025 | 617.67 | 546.89 | 22.06 | 126.26 | 123.26 | 372.76 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 521.61 | 535.99 | 6.72 | 104.10 | 101.10 | 315.25 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 537.81 | 615.64 | 14.07 | 96.74 | 93.74 | 316.84 | ||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 17.47% |
| ROCE | 12.23% |
| Debt/Equity | 3.23x |
| PAT Margin | 4.16% |
| EBITDA Margin | 18.16% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | ₹2.45 | [.] |
| P/E (x) | [.] | [.] |
IPO Objectives
The funds raised through the fresh issue portion of the Milestone Gears IPO are intended to be utilized for several strategic objectives:
- • Repayment or prepayment of certain borrowings availed by the company.
- • Funding capital expenditure requirements for machinery and technology upgrades.
- • Meeting the working capital requirements to support ongoing operations.
- • General corporate purposes are to strengthen the overall financial position.
Conclusion
The Milestone Gears IPO is a major chance for investors to be a part of the growth trajectory of an already established precision engineering company. With a proven foundation established in 1984 and a road to technological advancement in place, this company is all set to enter a new phase in terms of overall growth. Being a major player with strong management and a profitability record in place, it is expected that this IPO will attract a response in the Indian manufacturing sector.
IPO DRHP Status
| # | Description | Date | File |
|---|---|---|---|
| 1 | Filed with SEBI/Exchange | 18-11-2025 | - |
| 2 | SEBI/Exchange approval received | - | - |
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Read More IPO ReviewsFrequently Asked Questions (FAQs)
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How big is the IPO size for Milestone Gears?
The Milestone Gears IPO has a total value of ₹1,100.00 crores, which includes an ₹800 crore fresh issue and a ₹300 crore OFS.
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Which stock exchanges would be involved in the listing of the IPO of Milestone Gears Ltd?
The Milestone Gears IPO will become available for trading on BSE and NSE, which also serve as the official stock exchanges for its Equity Shares.
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Which promoters of Milestone Gears Ltd. are considered the beneficial owners in this company?
The beneficial owners of the promoting company Milestone Gears Ltd., consist of Ashok Kumar Tandon and Aman Tandon.
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Find the Profit After Tax for Milestone Gears Limited for the financial year 2025.
The company reported Profit After Tax of ₹ 22.06 Crores on 31st March 2025.
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Who are the lead managers in the Milestone Gears IPO?
The book running lead managers for Milestone Gears IPO include JM Financial Ltd, along with Axis Capital Ltd and Motilal Oswal Investment Advisors Ltd.
