Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Repayment or Prepayment of Borrowings
Repayment or prepayment, in full or in part, of certain outstanding borrowings availed by the company amounting to Rs 356.86 crore.
Capital Expenditure for Greenfield Project
Funding capital expenditure requirements amounting to Rs 296.42 crore for setting up a new manufacturing facility at Mohal Bated, Tehsil Baddi, District Solan, Himachal Pradesh.
General Corporate Purposes
Allocation of remaining net proceeds from the fresh issue towards general corporate purposes to support business growth and operational requirements.
No lots distribution added yet.
No IPO reservation added yet.
(₹ in Crore)
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Milestone Gears Limited, incorporated in 1984, is a major Indian engineering and manufacturing enterprise specializing in high-precision transmission components. The company designs and produces a broad array of engineered products, including bull gears, rear axle shafts, pinion shafts, internal ring gears, and bevel gears used in critical industrial machinery and equipment. The company's products cater to a wide spectrum of sectors, including automotive OEM manufacturing, agricultural equipment, heavy construction vehicles, electric vehicles, locomotives, and wind energy turbines. Milestone Gears operates nine manufacturing facilities located across Himachal Pradesh, Punjab, and Haryana, spanning over 700,000 square feet of total land area. With a strong presence in domestic and international markets, the company supplies precision components to leading global and Indian OEMs. Between April 2022 and June 2025, the company supplied products to more than fifty customers, including leading tractor manufacturers in India, and exported its engineered products to over ten countries, including the United States, the United Kingdom, and Germany, establishing its reputation as a reliable transmission component vendor.
No anchor investors added yet.
Source: RHP • Analysis provided for informational purposes
Last Updated: 10 October 2026, 12:25 AM
Long-standing Operational Experience
Established in 1984, the company brings over four decades of expertise in precision gear and transmission component manufacturing.
Extensive Product Catalog and Multi-Sector Reach
Offers a diversified portfolio of transmission parts serving automotive, agricultural machinery, construction, electric vehicles, and locomotive sectors.
Established Manufacturing Infrastructure
Operates nine specialized manufacturing units spread across Himachal Pradesh, Punjab, and Haryana with significant production capacity.
Global Customer Base
Supplies components to major domestic and international Original Equipment Manufacturers across ten countries.
High Debt Leverage
Significant outstanding borrowings (Rs 382.58 crore as of June 2025) create financial liability and interest cost burden.
Client Concentration
High dependence on key automotive and industrial OEM clients for a substantial portion of overall revenues.
Raw Material Price Volatility
Fluctuations in steel and alloy prices can adversely affect operating margins and profitability.
Milestone Gears Limited
58, Sector 1, Industrial Area, Parwanoo, Solan, Himachal Pradesh - 173220, India
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Capital-Intensive Operations
Operations require ongoing capital expenditure for machinery upkeep, capacity additions, and technological upgrades.