Milestone Gears IPO

About Milestone Gears

Milestone Gears Limited manufactures high-precision, complex-engineered transmission components used across sectors such as tractors, construction equipment, electric vehicles, locomotives, windmills, and other heavy industries. The company supplies these products to Indian and global original equipment manufacturers (OEMs) and their affiliated entities. Its business focuses on manufacturing a broad range of transmission component families through end-to-end capabilities, supported by a technology-driven approach and a flexible production setup. The company generates revenue primarily from the sale of transmission components, with tractors forming a significant end-use sector for its products. Between April 1, 2022 and June 30, 2025, the company supplied products to more than 50 customers, including all the top nine OEMs in India’s tractor sector, according to the 1Lattice Report referenced in the DRHP. 

Financials of Milestone Gears

Issue size

Utilisation of proceeds

Strengths

• Milestone Gears supplies transmission components to more than 50 customers, including top tractor OEMs in India.
• The company manufactures high-precision transmission components used across tractors, EVs, windmills and heavy industries.
• It has end-to-end manufacturing capabilities supported by a technology-driven production setup.
• The company operates multiple manufacturing facilities across Himachal Pradesh, Haryana and Punjab.
• Its products serve diverse sectors such as construction equipment, locomotives and electric vehicles.

Risks

• A large share of the company’s revenue comes from its top 10 customers.
• The business is heavily dependent on demand from the tractor sector.
• Raw material price fluctuations can impact the company’s profitability.
• Most manufacturing facilities are concentrated in Northern India, creating location-specific risks.
• The company does not have long-term purchase commitments from customers.