Milestone Gears Limited

Milestone Gears Limited (New IPO): GMP, Profit, Price & expert review

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Last updated on March 5th, 2026 at 08:35 am

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). It 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 customer reach through nine strategically located manufacturing facilities across Punjab, Haryana, and Himachal Pradesh. Milestone Gears has a significant domestic market share in the tractor segment, holding 37% in bull gears, 30% in internal ring gears, and 22% in rear axle shaft and supplies to over 50 global and domestic OEMs, including all top nine Indian tractor manufacturers and exports to 10 countries, including the USA, UK, Germany, and Turkey.

Milestone Gears was incorporated on 27 April 1984 and currently Mr. Aman Tandon is the Managing Director is the company.

Milestone Gears Limited has filed DRHP with SEBI for a proposed IPO with an issue size of ₹ 1100 Cr consisting as Fresh Issue of ₹ 800 Cr & Offer for Sale (OFS) of ₹ 300 Cr.

Subscription date to apply for the IPO is yet to be announced. Price band for the IPO is also pending to be declared.

Check DRHP
Check IPO Allotment
Visit Official Website
Issue Size:₹ 1100 Cr
Fresh Issue:₹ 800 Cr
Offer for Sale:₹ 300 Cr
Price Range:TBA
Lot Size:TBA
GMPPending

Milestone Gears Limited important data points

Revenue, PAT, EBITDA

YearFiscal 2025
Networth₹ 126.26 Cr
Revenue:₹ 530.16 Cr
EBITDA₹ 96.3 Cr
PAT₹ 22.06 Cr
EBITDA Margin:~18.16%
PAT Margin~4.16%
Face Value:₹ 02 Per Equity Shares

IPO important dates

Open Date:TBA
Close Date:TBA
Anchor Investor BiddingTBA
Allotment Date:TBA
Refunds & Demat CreditTBA
Tentative Listing Date:TBA

Use of Proceeds

PurposeAmount
Borrowing payment~ ₹ 356.85 Cr
Greenfield Project~ ₹ 296.42 Cr
Purchasing Plant & Machineries~ ₹ 00 Cr
General Corporate PurposeBalance

Milestone Gears Limited Financial Data

202320242025
Revenue (₹ Cr)₹ 612.9₹ 533.3₹ 530.1
PAT (₹ Cr)₹ 14.1₹ 6.7₹ 22.1
Asset (₹ Cr)₹ 537.8₹ 521.6₹ 617.6
Net Worth (₹ Cr)₹ 96.7₹ 104.1₹ 126.3

Milestone Gears Limited IPO Grey Market Premium

DateIPO PriceIPO GMPProfit per lot
03-Mar₹ –₹ –₹ –
02-Mar₹ –₹ –₹ –
01-Mar₹ –₹ –₹ –
28-Feb₹ –₹ –₹ –
27-Feb₹ –₹ –₹ –
Milestone Gears Limited

Milestone Gears Limited IPO Pros & Cons

Strengths:

  • 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.

Risks:

  • 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.

Milestone Gears Ltd Promoters – %Shares

Promoters%Shares
Ashok Kumar Tandon~58.33%
Aman Tandon~16.66%
Aradhna Tandon~8.34%
Amit Tandon~8.33%

Milestone Gears Limited Lot Size details

Application TypeLot SizeNo. of LotNo. of SharesInvestment Amount
Retail (Min)–1–₹ –
Retail (Max)–13–₹ –
HNI (Min)–14–₹ –
HNI (Max)–66–₹ –
Big HNI (Min)–67–₹ –

Lead Managers / Registrars of Milestone Gears Limited

Lead / Book Running Lead ManagersMotilal Oswal Investment Advisors Limited, JM Financial Limited
Registrar (RTA)KFin Technologies Limited

Milestone Gears Limited FAQ

  • Last updated on March 5th, 2026 at 08:35 am

    It manufactures high-precision, complex engineered transmission components for tractors, EVs, and heavy industries.

  • Last updated on March 5th, 2026 at 08:35 am

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

  • Last updated on March 5th, 2026 at 08:35 am

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

  • Last updated on March 5th, 2026 at 08:35 am

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

  • Last updated on March 5th, 2026 at 08:35 am

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

  • Last updated on March 5th, 2026 at 08:35 am

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

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