Milestone Gears IPO Details
| IPO Open Date | 2026 |
| IPO Close Date | 2026 |
| Face Value | ā¹2 Per Equity Share |
| IPO Price Band | ā¹[.] to ā¹[.] Per Share |
| Issue Size | Approx ā¹1,100 Crores |
| Fresh Issue | Approx ā¹800 Crores |
| Offer for Sale: | Approx [.] Equity Shares |
| Issue Type | Book build Issue |
| IPO Listing | BSE, NSE |
| DRHP Draft Prospectus |  |
| RHP Draft Prospectus | |
Milestone Gears IPO Review & Key Points
- Review:
Milestone Gears IPO Market Lot
The Milestone Gears IPO minimum market lot is [.] shares with ā¹[.] application amount. The retail investors can apply up-to 13 lots with [.] shares of ā¹[.] amount.
| Application | Lot Size | Shares | Amount |
| Retail Minimum | – | – | ā¹- |
| Retail Maximum | – | – | ā¹- |
| S-HNI Minimum | – | – | ā¹- |
| S-HNI Maximum | – | – | ā¹- |
| B-HNI Minimum | – | – | ā¹- |
IPO Reservation
| Investor Category | Share Offered | Shares (%) |
| Anchor Investor | – Shares | -% |
| QIB (Ex. Anchor) | – Shares | 50% |
| NII Shares Offered | – Shares | 15% |
| Retail Shares Offered | – Shares | 35% |
Milestone Gears IPO Anchor Investors
| Anchor Bidding Date | 2026 |
| Anchor Investors List | |
| Shares Offered | [.] Shares |
| Anchor Size | [.] Cr. |
| lock-in period end date 50% shares (30 Days) | 2026 |
| lock-in period end date 50% shares (90 Days) | 2026 |
Milestone Gears IPO Dates
The Milestone Gears IPO date is 2026 and the close date is 2026. The Milestone Gears IPO allotment will be finalized on 2026 and the IPO listing on 2026.
| IPO Open Date: | 2026 |
| IPO Close Date: | 2026 |
| Basis of Allotment: | 2026 |
| Refunds: | 2026 |
| Credit to Demat Account: | 2026 |
| IPO Listing Date: | 2026 |
| IPO Bidding Cut-off Time: | 2026 – 5 PM |
Promoters and Holding Pattern
The promoters of the company are Ashok Kumar Tandon and Aman Tandon.
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | 9,00,00,000 | -% |
| Promoter Holding Post Issue | – | -% |
Objects of the Issue & Utilisation of proceeds
| Purpose | Crores |
| Repayment/ prepayment, in full or in part, of certain outstanding borrowings and accrued interest thereon availed by the Company; | ā¹356.86 |
| 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 āProposed Greenfield Projectā); and | ā¹296.42 |
| General Corporate Purpose | ā¹- |
About Milestone Gears IPO
Milestone Gears, founded in 1984, is a leading manufacturer of high-precision, complex engineered transmission components. Its products are utilized in various sectors, including tractors, construction equipment, electric vehicles (EVs), locomotives, windmills, and other heavy industries. The firm exports transmission components to Indian as well as international OEMs.
Internationally, Milestone gears has exported its products to over 10 countries, which are the United States, the United Kingdom, Turkey, Germany, Belgium, Italy, Brazil, China, Hungary, and Malaysia. Its product offerings include bull gears, rear axles, spindles, internal ring gears, and bevel gears, catering to agriculture, construction equipment, EVs, locomotives, and the wind energy sector. The firm runs a total of 9 manufacturing facilities situated in Punjab, Haryana, and Himachal Pradesh, spanning an area of over 398,000 square feet.
Milestone Gears IPO Company Financial Report
Amount ā¹ in Crores
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ā¹615.64 | ā¹597.12 | ā¹14.07 | ā¹537.81 |
| 2024 | ā¹535.99 | ā¹525.64 | ā¹6.72 | ā¹521.61 |
| 2025 | ā¹546.89 | ā¹520.34 | ā¹22.06 | ā¹617.67 |
| June 2025 | ā¹168.52 | ā¹155.92 | ā¹9.36 | ā¹651.84 |
Milestone Gears IPO Valuation – FY2025
Check Milestone Gears IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| KPI | Values |
| ROE: | 17.47% |
| ROCE: | 12.23% |
| EBITDA Margin: | 18.16% |
| PAT Margin: | 4.16% |
| Debt to equity ratio: | 3.23 |
| Earning Per Share (EPS): | ā¹2.45 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 17.47% |
| Net Asset Value (NAV): | ā¹14.03 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Bharat Forge Ltd | 20.05 | 69.93 | 12.10% | 192.86 | 15,122.80 Cr. |
| Sona BLW Precision Forgings Ltd | 9.92 | 49.38 | 17.70% | 90.79 | 3,546.02 Cr. |
| Happy Forgings Ltd | 28.39 | 35.38 | 15.40% | 196.25 | 1,408.90 Cr. |
| Ramkrishna Forgings Ltd | 22.95 | 23.67 | 11.70% | 167.78 | 4,034.11 Cr. |
| Shanthi Gears Ltd | 12.52 | 38.49 | 23.83% | 52.53 | 604.62 Cr. |
IPO Lead Managers aka Merchant Bankers
- JM Financial Ltd.
- Motilal Oswal Investment Advisors Ltd.
- Axis Capital Ltd.
Company Address
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/
IPO Registrar
Kfin Technologies Ltd.
Phone: 04067162222, 04079611000
Email: milestone.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/
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Note: The Milestone Gears IPO price band and date are officially announced. The (Milestone Gears IPO grey market premium) will be added to the IPO GMP page as it will start).
