Milestone Gears IPO
Milestone Gears IPO — date, issue size, SEBI status & DRHP details 2025
Milestone Gears filed its draft red herring prospectus (DRHP) with SEBI on 27 Nov 2025 for an IPO of a fresh issue of up to ₹800 crore and an offer for sale of up to ₹300 crore. The draft is no longer on SEBI's list of pending offer documents. The price band, lot size and IPO dates are not announced yet.
Milestone Gears makes high-precision transmission gears and shafts for tractors, construction equipment and electric vehicles at nine plants in Punjab, Haryana and Himachal Pradesh. Tractors gave 82.70% of its sale of products in FY2025.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the DRHP filed with SEBI
Where the Milestone Gears IPO stands
From draft to listing. Today is 23 October 2026.
- DRHP filed 27 Nov 2025
- SEBI observations Done
- RHP & price band TBA
- Bidding TBA
- Listing TBA
| DRHP filed with SEBI | 27 Nov 2025 |
|---|---|
| SEBI status | SEBI review completed |
| RHP, price band & dates | Not announced |
Milestone Gears IPO details
The offer as the DRHP describes it. Terms can change in the RHP.
| Issue type | Fresh issue and offer for sale |
|---|---|
| Fresh issue | Up to ₹800 Cr |
| Offer for sale | Up to ₹300 Cr |
| Total issue size | ₹1,100 Cr |
| Pre-IPO placement | Up to ₹160 Cr (reduces the fresh issue) |
| Face value | ₹2 per share |
| Proposed listing | BSE, NSE |
| Price band | Not announced (comes with the RHP) |
| Lot size | Not announced |
| IPO dates | Not announced |
| Book running lead managers | JM Financial Limited, Axis Capital Limited, Motilal Oswal Investment Advisors Limited |
| Registrar | KFin Technologies Limited |
Who is selling in the offer for sale
| Selling shareholder | Type | Offering | Avg. cost / share |
|---|---|---|---|
| Ashok Kumar Tandon | Promoter | Share count not yet stated | Rs 0.01 |
| Aman Tandon | Promoter | Share count not yet stated | Rs 0.02 |
| Aradhna Tandon | Promoter Group | Share count not yet stated | Rs 0.01 |
| Amit Tandon | Promoter Group | Share count not yet stated | Rs 0.02 |
| Gagandeep Kaur Chawla | Other | Share count not yet stated | Negligible |
All five sellers hold shares at an average cost of Rs 0.02 or less per share, and the weighted average cost of shares acquired in the last one year was nil because they came from a bonus issue.
Strengths & risks
The case for and against, from the DRHP's own numbers and risk factors.
Strengths · 6
- 01The company supplied to more than 50 customers between 1 April 2022 and 30 June 2025, including all the top nine tractor OEMs in India.
- 02EBITDA margin rose from 12.53% in FY2023 to 18.16% in FY2025, while revenue from operations went from Rs 612.94 crore to Rs 530.17 crore.
- 03Restated profit after tax grew from Rs 14.07 crore in FY2023 to Rs 22.06 crore in FY2025, and return on net worth was 17.47% in FY2025.
- 04Operating cash flow was Rs 79.98 crore in FY2024 and Rs 32.08 crore in FY2025, positive in every period shown.
- 05Nine manufacturing facilities make bull gears, rear axles, spindles and shafts, with FY2025 capacity utilisation between 76.53% and 88.66% for the main products.
- 06The tractor sector is forecast by the industry report to grow at 10.5% a year from Fiscal 2025 to Fiscal 2030, and EV sales at 56.0%.
Risks · 10
- 01The top 10 customers gave 94.43% of revenue from sale of products in FY2025, and there are no agreements binding customers to place orders.
- 02Bull gears, transmission gears and shafts, rear axles and internal ring gears made 90.74% of sale of products in FY2025.
- 03Tractors gave 82.70% of sale of products in FY2025, so a slowdown in that sector would hit the company directly.
- 04Revenue from operations fell from Rs 612.94 crore in FY2023 to Rs 530.17 crore in FY2025, even as profit rose.
- 05Other income jumped from Rs 2.67 crore in FY2024 to Rs 16.72 crore in FY2025, which helped FY2025 profit.
- 06Total borrowings were Rs 382.58 crore on 30 June 2025 against a net worth of Rs 135.57 crore. Net debt to equity was 3.10 times.
- 07Operating cash flow of Rs 32.08 crore in FY2025 was much lower than EBITDA of Rs 96.31 crore. The cash conversion cycle was 223 days.
- 08The top three suppliers gave 83.51% of raw material purchases in FY2025, with no long-term supply contracts, and raw materials were 48.15% of total expenses.
- 09Of the Rs 1,100 crore offer, Rs 300 crore is an offer for sale by promoters and others, and general corporate purposes is not yet specified.
- 10Promoters have given personal guarantees for part of the company's loans, and the contingent liabilities were Rs 6.72 crore on 30 June 2025.
Milestone Gears financials
Restated figures in ₹ crore, as reported in the DRHP.
| ₹ crore | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Revenue from Operations | 168.03 | 530.17 | 533.32 | 612.94 |
| Total Income | 168.52 | 546.89 | 535.99 | 615.64 |
| EBITDA | 31.77 | 96.31 | 70.56 | 76.83 |
| Profit After Tax | 9.36 | 22.06 | 6.72 | 14.07 |
| Net Worth | 135.57 | 126.26 | 104.10 | 96.74 |
| Total Borrowing | 382.58 | 372.76 | 315.25 | 316.84 |
| Total Assets | 651.84 | 617.67 | 521.61 | 537.81 |
Key ratios (FY25)
P/E and market capitalisation need the price band and are added when the RHP is out.
Where the IPO money goes
₹653.28 crore of the fresh issue is earmarked to named objects; offer for sale proceeds go to the selling shareholders, not the company.
About Milestone Gears
Between 1 April 2022 and 30 June 2025, it supplied to more than 50 customers, including all the top nine OEMs in the Indian tractor sector. Its main products are bull gears, transmission gears and transmission shafts, rear axles and internal ring gears. Together they made 90.74% of its sale of products in FY2025.
Tractors are the core market. They accounted for 83.30% of sale of products in the three months to 30 June 2025 and 82.70% in FY2025. Construction equipment gave 11.32% and electric vehicles 4.08% in FY2025. Exports were 9.43% of sale of products in FY2025, down from 15.06% in FY2023.
The company runs nine manufacturing facilities in Punjab, Haryana and Himachal Pradesh, including its registered office at Parwanoo, Himachal Pradesh. Its corporate office is at Kalka, Haryana. It had 1,417 permanent employees as on 30 June 2025. Capacity utilisation in FY2025 ranged from 76.53% for bull gears to 88.66% for rear axles.
The company plans a new plant at Mohal Bated, Baddi, Himachal Pradesh. It will make high-speed precision gears for electric vehicles and heavy components for locomotives, windmills and other heavy industries. Ashok Kumar Tandon and Aman Tandon are the promoters.
The industry
The industry report by 1Lattice says the Indian tractor market was Rs 1,250.8 billion in Fiscal 2025 and may reach Rs 2,060.8 billion by Fiscal 2030, a 10.5% CAGR. Construction equipment was Rs 898.9 billion and may reach Rs 1,732.5 billion, a 14.0% CAGR. EV sales in India were 0.19 million vehicles in Fiscal 2025 and may reach 1.7 million, a 56.0% CAGR. The Indian railway component market is put at Rs 1,055.1 billion growing at 3.9%, and the windmill component market at Rs 397.5 billion growing at 5.2%.
Customer concentration: Top 10 customers gave 94.43% of revenue from sale of products in FY2025 (96.42% in FY2024 and 98.35% in FY2023).
Promoters & management
Promoters hold 74.99% and the promoter group 16.67% before the issue; Gagandeep Kaur Chawla holds the remaining 8.34%.
| Name | Role |
|---|---|
| Ashok Kumar Tandon | Chairman-cum-Executive Director |
| Aman Tandon | Managing Director |
| Pankaj Budhiraja | Chief Financial Officer |
| Mohinder Singh | Company Secretary and Compliance Officer |
The bankers & the filings
Who is running the issue, and the SEBI documents this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
JM Financial Ltd.
38 issues handledBest listing: Tempsens Instruments (India) (+111.3%). Weakest: Turtlemint Fintech Solutions (-10.4%).
Axis Capital
32 issues handledBest listing: Moneyview (+61.8%). Weakest: Clean Max Enviro Energy Solutions (-8.8%).
Motilal Oswal Investment Advisors
25 issues handledBest listing: Kusumgar (+37.0%). Weakest: Turtlemint Fintech Solutions (-10.4%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Milestone Gears IPO: frequently asked
When will the Milestone Gears IPO open?
The Milestone Gears IPO dates are not announced yet. The draft is no longer on SEBI's list of pending offer documents. The company announces the dates and price band after it files its red herring prospectus (RHP) with the Registrar of Companies, usually a week or two before bidding opens. This page switches to the full IPO page with dates, price band and lot size as soon as that happens.
What is the Milestone Gears IPO price band?
The price band is not announced yet. It is set by the company and its lead managers and published with the RHP, a few days before the issue opens. The DRHP fixes only the face value of ₹2 per share.
How big is the Milestone Gears IPO?
Milestone Gears filed its draft red herring prospectus (DRHP) with SEBI on 27 Nov 2025 for an IPO of a fresh issue of up to ₹800 crore and an offer for sale of up to ₹300 crore. The DRHP puts the total at about ₹1,100 crore.
Has SEBI approved the Milestone Gears IPO?
The draft is no longer on SEBI's list of pending offer documents. SEBI observations are valid for 12 months; the IPO has to open within that window or the company must file again.
What is the Milestone Gears IPO GMP?
There is no grey market premium to report before the price band is announced. IPO Guru starts tracking the Milestone Gears IPO GMP once the RHP and price band are out.
What will Milestone Gears do with the IPO money?
As per the DRHP: Repay or prepay certain outstanding borrowings and accrued interest (₹356.86 crore); Proposed greenfield project at Mohal Bated, Baddi, Himachal Pradesh (₹296.42 crore); General corporate purposes.
Who are the lead managers of the Milestone Gears IPO?
The book running lead managers are JM Financial Limited, Axis Capital Limited, Motilal Oswal Investment Advisors Limited. KFin Technologies Limited is the registrar.
Who owns Milestone Gears?
Promoters Ashok Kumar Tandon (58.33%) and Aman Tandon (16.66%) hold 74.99% before the issue. The promoter group holds 16.67% and Gagandeep Kaur Chawla 8.34%.
Is Milestone Gears profitable?
Yes. Restated profit after tax was Rs 22.06 crore in FY2025, Rs 6.72 crore in FY2024 and Rs 14.07 crore in FY2023.
Which sectors does Milestone Gears sell to?
Tractors gave 82.70% of sale of products in FY2025, construction equipment 11.32% and electric vehicles 4.08%.
Other companies in the IPO pipeline
Mainboard companies with drafts filed with SEBI, same bankers first.
Know the day the price band is out.
We track every mainboard draft from SEBI filing to listing. When Milestone Gears files its RHP, this page becomes the full IPO page with dates, price band, lot size, GMP and subscription.
Not investment advice. Figures are from the company's draft offer document filed with SEBI and may change in the RHP.
