Q2. Why is the company raising funds via IPO?

Milestone Gears is raising funds to repay debt, fund a new greenfield factory, and for general corporate growth.

Q3. What is the size of the issue and where will it list?

The issue is valued at ₹1,100 crore and will list on BSE and NSE platform.

Q4. What are the risks to an investor?

Key risks include customer concentration, tractor sector dependency, and high debt-to-equity levels.

Q5. What are the potential upsides?

Upsides to invest in the IPO include EV market expansion, debt reduction via IPO proceeds, and global "China-plus-one" strategy benefits.

Q6. How to apply for the IPO?

Investors can apply through ASBA via net banking or using UPI through registered stock brokers once the IPO opens for subscription.

Milestone Gears Limited

Upcoming

Milestone Gears Limited

Market Cap

—

IPO Issue Size

₹ 1100 Cr

Expected Price by IPOCorner

—

IPO Score

*Score varies on actual price

Milestone Gears Limited is a prominent Indian manufacturer of high-precision transmission components and auto parts, primarily serving global and domestic Original Equipment Manufacturers (OEMs). The company specializes in producing bull gears, transmission shafts, rear axle shafts, internal ring gears, and planetary gears, largely for the tractor industry, which accounts for over 80% of its revenue. It has filed a DRHP for a ₹1,100 crore IPO, consisting of a ₹800 crore fresh issue and a ₹300 crore offer-for-sale. The primary reasons for the listing are to repay approximately ₹357 crore in debt, fund a ₹296 crore greenfield manufacturing project in Himachal Pradesh for high-speed EV and heavy industry gears, and cover general corporate expenses to fuel further expansion.

Milestone Gears Limited was incorporated on April 27, 1984.The Managing Director of Milestone Gears Limited is Mr. Aman Tandon.

Milestone Gears Limited is a premier manufacturer specializing in high-precision, complex engineered transmission components for diverse industrial sectors. Its core offerings primarily serve the tractor industry, where it holds a dominant market share in products like bull gears (37%), internal ring gears (30%), and rear axle shafts (22%). The company’s extensive portfolio also includes spindles, transmission shafts, planetary pinions, and cut bevel gears, designed for heavy-duty performance in construction equipment, locomotives, and windmills. Beyond traditional segments, Milestone is expanding into the Electric Vehicle (EV) market, focusing on high-speed gears and components. Their end-to-end manufacturing capabilities—ranging from in-house forging and advanced CNC machining to specialized heat treatment—ensure high-tolerance precision critical for global and domestic OEMs.

Subscription date to apply for Milestone Gears Limited is yet to be announced. Price band for the IPO is yet to be declared.

Year	2025
Networth	126.26 Cr
Revenue	₹ 530.16 Cr
EBITDA	₹96.30Cr
PAT	₹ 22.06Cr
EBITDA Margin	~18.16%
PAT Margin	~4.16%
Face Value	Rs.02 per Equity Share

IPO Important Dates

#	Date
Open Date
Close Date
Anchor Investor Bidding
Allotment Date
Refunds& Demat Credit
Tentative Listing Date

Use Of Proceeds

Purpose	Amount
Borrowing payment	~ ₹ 356.85 Cr
Greenfield Project	~ ₹ 296.42 Cr
-	-
-	-
-	-
General Corporate Purpose	Balance

Financial Data

#	2023	2024	2025
Revenue (₹ Cr)	612.93	533.34	530.1
PAT (₹ Cr)	14.06	6.72	22.06
Asset (₹ Cr)	537.8	521.60	617.6
Net Worth (₹ Cr)	96.74	104.09	126.26

IPO Grey Market Premium

Date	IPO Price	IPO GMP	Profit Per Lot
23-Aug	₹ –	₹ –	₹ –
22-Aug	₹ –	₹ –	₹ –
21-Aug	₹ –	₹ –	₹ –
20-Aug	₹ –	₹ –	₹ –
19-Aug	₹ –	₹ –	₹ –

Pros

Market Dominance: Holds leading domestic market shares in bull gears and internal ring gears.
Strong Client Base: Supplies to all top nine Indian tractor OEMs and global giants.
Integrated Infrastructure: Operates nine facilities with in-house forging, machining, and heat treatment capabilities.
EV Expansion: Actively diversifying into high-growth electric vehicle and renewable energy sectors.
Experienced Leadership: Led by technocrat promoters with over four decades of industry expertise.

Cons

Customer Concentration: Significant portion of revenue is dependent on a few large customers.
Sector Dependency: Over 80% of revenue relies heavily on the cyclical tractor industry.
High Indebtedness: Currently maintains a high debt-to-equity ratio of approximately 3.23.
Raw Material Volatility: Profitability is highly susceptible to fluctuations in global steel prices.
Geographic Concentration: Manufacturing is largely concentrated in Northern India, posing localized operational risks.

Promoters – Pre offer equity (Approx)

Promoters	% Shares
Ashok kumar Tandon	58.33%
Aman Tandon	16.66%
Aradhna Tandon	8.34%
Amit Tandon	8.33%
-	-
-	-

Lot Size details

Application Type	Lot Size	No. of Lot	No. of Shares	Investment Amount
Retail (Min)	–	1	–	₹ –
Retail (Max)	–	13	–	₹ –
HNI (Min)	–	14	–	₹ –
HNI (Max)	–	66	–	₹ –
Big HNI (Min)	–	67	–	₹ –

Key Performance Index (KPI)

ROE	00
ROCE	00
RoNW	00

Lead / Book Running Lead Managers

Motilal Oswal Investment Advisors Limited, JM Financial Limited

Registrar (RTA)

KFin Technologies Limited.

Q1. What is the business of Milestone Gears Limited?
It manufactures high-precision, complex engineered transmission components for tractors, EVs, and heavy industries.
Q2. Why is the company raising funds via IPO?
Milestone Gears is raising funds to repay debt, fund a new greenfield factory, and for general corporate growth.
Q3. What is the size of the issue and where will it list?
The issue is valued at ₹1,100 crore and will list on BSE and NSE platform.
Q4. What are the risks to an investor?
Key risks include customer concentration, tractor sector dependency, and high debt-to-equity levels.
Q5. What are the potential upsides?
Upsides to invest in the IPO include EV market expansion, debt reduction via IPO proceeds, and global “China-plus-one” strategy benefits.
Q6. How to apply for the IPO?
Investors can apply through ASBA via net banking or using UPI through registered stock brokers once the IPO opens for subscription.