Tonbo Imaging India Limited
Bookbuilding IPO · NSE, BSE
- Price band
- ₹665 - ₹700
- Lot size
- 21 shares
- Issue amount
- ₹852.18 cr
- Total subscription
- 135.91×
- Opens
- 15 Oct 2026
- Closes
- 19 Oct 2026
- Allotment
- 21 Oct 2026
- Listing
- 23 Oct 2026
Offer at a glance
Issue overview
- Issue size
- 1,21,74,046 shares
- Face value
- ₹2 Per Share
- Minimum investment
- ₹13,965
- Fresh issue
- ₹0 cr
- Offer for sale
- ₹852.18 cr
- Registrar
- Kfin Technologies Limited
- Listing exchange
- NSE, BSE
- Maximum investment
- ₹14,700
- Issue type
- Bookbuilding IPO
- Shares before issue
- 5,72,82,100
- Shares after issue
- 5,72,82,100
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 1 | 21 | ₹14,700 |
| sHNI | 14 | 294 | ₹2,05,800 |
| bHNI | 69 | 1,449 | ₹10,14,300 |
Share reservation
Subscription & GMP
Subscription by category
Reported 19 Oct 2026
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 2,02,667 | 50,72,120 |
| EMPLOYEES | 0 | 23,040 |
| HNIs(10L +) | 4,136 | 1,50,607 |
| HNIs (2-10L) | 2,068 | 2,80,757 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 170.24 | 49,975.32 |
| RETAIL | 297.92 | 9,256.85 |
| NIB | 127.68 | 21,826.41 |
| HNIs 2+ | 42.56 | 6,102.49 |
| HNIs 10+ | 85.12 | 15,723.92 |
| EMPLOYEES | 0.98 | 53.26 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Jun-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| EPS | -3.2 | 9.19 | 13.38 | 62.61 |
| ROE | 0 | 0 | 0 | 0 |
| ROCE | -4.31 | 14.54 | 27.41 | 67.76 |
| RONW | -3.25 | 9.75 | 20.2 | 52.72 |
| PRE IPO(PE) | 0 | 78.83 | 0 | 0 |
| POST IPO(PE) | 0 | 0 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Paras Defence and Space Technologies Limited | 117.74 | 0 | 5.00 | 90.02 | 0 | 10.93 |
| Data Patterns (India) Limited | 87.29 | 0 | 2.00 | 310.08 | 17.00 | 48.47 |
| Astra Microwave Products Limited | 83.92 | 0 | 2.00 | 138.46 | 0 | 20.32 |
| Zen Technologies Limited | 73.44 | 0 | 1.00 | 209.22 | 0 | 21.52 |
| Bharat Electronics Limited | 45.70 | 0 | 1.00 | 32.82 | 0 | 8.29 |
| Tonbo Imaging India Limited | 78.83 | 0 | 2.00 | 96.57 | 9.75 | 9.19 |
Company information
Company profile
Tonbo Imaging India Limited, incorporated in 2003, is a defence technology company engaged in designing and developing advanced sensing, imaging, communication, and guidance systems used in surveillance, reconnaissance, targeting, and control applications. The company focuses on miniaturised and modular technologies and offers products across three key segments—tactical systems for soldiers and security forces, platform systems integrated into land, air, and weapon platforms, and directed energy systems such as high-power microwave solutions for counter-drone operations. Its solutions are used in applications like remote weapon stations, missile seekers, situational awareness, and armoured vehicle vision systems. Tonbo follows an asset-light model by retaining core design and intellectual property while outsourcing manufacturing to EMS partners, enabling scalability and efficiency. With a global presence, the company has supplied its products to 24 countries, including India, the USA, UAE, and South Korea, supported by a skilled workforce of 293 employees as of June 2025.
Strengths
- Proprietary Technology & Intellectual Property: Since FY2024, the Company has owned 100% of its intellectual property across optics, embedded software and electronics. Its technologies include proprietary video engines, AI-powered image processing and sub-5 µrad gimbal stabilisation, allowing it to maintain control over its technology roadmap.
- Asset-Light, R&D-Focused Business Model: The Company focuses on in-house core design and intellectual property development while outsourcing manufacturing to certified EMS partners. This supports capital efficiency and greater focus on innovation, backed by an R&D centre employing 133 engineers as of March 31, 2026.
- Global Market Presence & Product Acceptance: As a global defence electronics OEM, the Company has deployed over 28,000 tactical systems across 24 countries. Its products have gained acceptance in advanced defence markets, including the EU, US and Israel, and it was India’s largest exporter of thermal imaging systems during FY2024–FY2026.
Risk factors
- Cyclical & Tender-Based Revenue: The Company’s business is influenced by geopolitical developments, government budget cycles and tender-based procurement, making revenue less predictable. Revenue from operations declined from ₹4,690.80 million in FY2025 to ₹3,626.48 million in FY2026, mainly due to delays in international orders.
- High Customer Concentration: The Company relies on short-term, non-recurring tender-based contracts, with the top five customers contributing 86.36% of revenue and the largest customer accounting for 57.07% in FY2025. Any failure to secure repeat orders or retain major customers could adversely affect revenue and business performance.
- Dependence on Key Suppliers: The top 10 suppliers accounted for 68.77%, 35.46% and 67.49% of total expenses in FY2026, FY2025 and FY2024, respectively. The absence of long-term supplier agreements increases the risk of supply disruptions, which could affect operations and financial results.
Promoters
Ankit Kumar
Arvind Kondangi Lakshmikumar
Cecilia D’Souza
Registrar & documents
Lead manager
Jm Financial Limited, IIFL Capital Services Limited
Registrar & contacts
Kfin Technologies Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
No.3 Chikkayellappa Tower-II, 1st C Main, Sarjapur Main Road, Jakkasandra Extension, Chikkayellappa Industrial Layout Bengaluru, Karnataka, 560034
+91 80 41 999 55
[email protected]Company website ↗Understanding TONBO IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.