Millworks Technologies Limited

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Millworks Technologies Limited trades at ₹1,235, between stages. That is +65.6% against its own 200-day average. It sits at 100% of a 52-week range of ₹660 to ₹1,235. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 20 straight weeks.

Today the stock is between stages. At ₹1,235 it trades +65.6% versus its 200-day average and sits at 100% of its 52-week range (₹660–₹1,235).

Against the market, two honest reads. Cumulative: over the last 2 months the stock moved +87% while the NIFTY 500 moved +0% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 20 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Millworks Technologies Limited trades at 58.6× P/E, about the priciest it has ever traded. Its long-run median P/E is 27.9×, measured across 0.2 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 58.6× is about the priciest it has ever traded, against a long-run median of 27.9× measured over 0.2 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Millworks Technologies Limited reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Millworks Technologies Limited's latest quarterly revenue is not on file. The last full year, FY26, came in at ₹149 Cr.

FY26 revenue came in at ₹149 Cr (+577.3% on the year). The latest quarter (undefined) printed null, null year on year.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

A clean operating margin is not in our numbers for Millworks Technologies Limited — its accounts do not report the operating-profit line this section reads, which is common for lenders and holding companies. The sections above and below carry the readings this company's filings do support.

This company's accounts do not report the operating-profit line this section reads — common for lenders and holding companies classified outside the financial bucket. The revenue and net-profit sections are the cleaner reads for Millworks Technologies Limited.

Why: the numbers show the operating margin move clearly, but the cost lines behind it sit below what we hold — so we state the move without inventing its driver.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Millworks Technologies Limited's latest quarterly profit is not on file. Full-year FY26 profit was ₹37.0 Cr.

On the full year, FY26 printed ₹37.0 Cr (+640.0%).

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years −30% of Millworks Technologies Limited's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹−11.0 Cr of operating cash against ₹37.0 Cr of profit. After ₹15.0 Cr of capital spending, ₹−26.0 Cr was left as free cash.

FY26: operating cash of ₹−11.0 Cr against reported profit of ₹37.0 Cr, leaving free cash of ₹−26.0 Cr after ₹15.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −30% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at −30%: the cash cycle tightened 1,023 days between FY23 and FY26 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: the bigger cash user is investment — capital spending ran 10.0× depreciation over three years, so the next section's job is to check what that build-out is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Millworks Technologies Limited's cash conversion cycle runs 47 days in FY26, down from 1,070 days in FY23. Capital spending ran ₹30.0 Cr over the last 3 years. At FY26 sales of ₹149 Cr each day of that cycle holds about ₹0.4 Cr, so roughly ₹19.0 Cr sits inside the business at any moment.

FY26: debtors at 340 days, inventory at 55 days — roughly 1.8 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 47 days, tighter than FY23's 1,070.

The full loop: cash goes out to suppliers and production on day 0; stock waits 55 days to sell; customers pay about 340 days after that; and suppliers themselves are paid at 349 days — netting out to the 47-day cycle.

In money terms: at FY26 sales of ₹149 Cr, each day of the cycle holds about ₹0.4 Cr — so the 47-day loop keeps roughly ₹19.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹30.0 Cr over the last 3 fiscal years against ₹3.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹2.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Millworks Technologies Limited earns a ROCE of 81% in FY26. That is up from a trough of 39% in FY25. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 24.8% net margin on 0.75× asset turns.

FY26 ROCE is 81%, recovered from a FY25 trough of 39% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 24.8% net margin × 0.75× asset turns × 2.39× balance-sheet leverage ≈ 44.5% on equity. Margin is doing the heavy lifting; leverage is a meaningful part of the equation.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Millworks Technologies Limited carries ₹17.0 Cr of borrowings against ₹83.0 Cr of equity in FY26, a debt-to-equity of 0.20. Operating profit covers the interest bill 17×. Over 3 years borrowings went from ₹2.0 Cr to ₹17.0 Cr. Capital spending ran ₹30.0 Cr across the last 3 of those years.

FY26: borrowings of ₹17.0 Cr against equity of ₹83.0 Cr — a debt-to-equity of 0.20. Operating profit covers the interest bill 17×. Over 3 years borrowings went from ₹2.0 Cr to ₹17.0 Cr while capital spending ran ₹30.0 Cr in just the last 3 — part of the build-out is riding on borrowed money.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Millworks Technologies Limited moved a full percentage point over the last two years — the register is quiet. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — .

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Millworks Technologies Limited: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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