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Tonbo Imaging India IPO

Mainboard • Equity • Offer for sale only

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Tonbo Imaging India

Price band
₹665 – ₹700
Lot size
21 shares
Min investment
₹14,700
Issue size
₹852.18 Cr

About the company

Tonbo Imaging India Limited works in the EO/IR systems segment of defence electronics. It designs, develops and manufactures sensing, processing, communication and guidance systems used for surveillance, reconnaissance, targeting and control. The company is based in Bengaluru, Karnataka. The products fall in two main groups. Tactical systems cover imaging, surveillance, reconnaissance and targeting, for example hand-held multi-sensor imaging systems (Bloodhound, Gazehound), driver vision systems (Minion), 360 degree situational awareness systems (WolfPack) and thermal weapon sights (Spartan, Arjun). Platform systems include subsystems such as Avenger S50, the Hummingbird gimbals, AGS30/ELPEOS fire control systems and TRAP missile seekers. The company is also investing in end platforms such as a loitering munition, and has designed a high power microwave platform called WaveStrike to counter drone swarms. Customers include NATO forces, US Special Operations Command, law enforcement and homeland security agencies and other global defence OEMs. The company also serves the armed forces, police and paramilitary forces. It reports a single segment. In FY2026, 93.06% of revenue from operations came from India. In FY2025, Europe gave 65.34% of revenue and India gave 33.49%. The business is asset light. The company makes pilot engineering units at its R&D centre in Bengaluru and outsources large-scale manufacturing to electronic manufacturing service partners under non-exclusive agreements. It currently works with Kaynes Technology India Limited and Avalon Technology and Services Private Limited. The three promoters, Arvind Kondangi Lakshmikumar (Managing Director and CEO), Ankit Kumar (Executive Director and Chief Business and Revenue Officer) and Cecilia D'Souza (Executive Director and Chief Commercial Officer), each have over 21 years of experience. In FY2026 the company split revenue between tactical products (Rs 211.68 crore), platform products (Rs 144.81 crore) and others (Rs 1.20 crore).

Tonbo Imaging India designs defence electro-optical and infrared systems and outsources large-scale manufacturing to partners. Revenue from operations was Rs 362.65 crore in FY2026, with a confirmed order book of Rs 279.02 crore.

IPO details

Issue price
₹700
Price band
₹665 – ₹700
Face value
₹2
Lot size
21
Min investment
₹14,700
Issue size
₹852.18 Cr
Sale type
Offer for sale only
Listing on
BSE, NSE
BSE scrip code
8040
NSE symbol
TONBO.NS
Employee discount
Rs 65.00 per share

Lot size & investment by category

APPLICATIONLOTSSHARESAMOUNT
Retail (Min)121₹14,700
Retail (Max)13273₹1,91,100
S-HNI (Min)14294₹2,05,800
B-HNI (Min)691,449₹10,14,300

Investor reservation

CATEGORYRESERVED
QIB60,80,023 shares (50.00% of the Offer)
NII18,24,007 shares (15.00% of the Offer)
Retail42,56,016 shares (35.00% of the Offer)
Employee14,000 shares (0.11% of the Offer)

Objects of the issue

1Offer for sale by the selling shareholders. The company receives no proceeds from the offer

Financials

Rs. Crore • restated
METRIC30 Jun 202631 Mar 202631 Mar 202531 Mar 2024
Assets782.87782.50726.36574.68
Total Income37.32369.94474.39431.90
Profit After Tax-17.7450.8872.7668.54
EBITDA-13.04104.62139.06112.32
NET Worth538.54553.16490.14230.13
Reserves and Surplus527.08541.70489.41168.99
Total Borrowing129.72116.0678.1496.36

Key performance indicators

P/E Ratio
-ve
EPS (₹)
-ve
RoE
-3.25%
RoCE
-4.31%
RoNW
-3.25%
PAT Margin
-47.52%
EBITDA Margin
-36.21%
NAV (₹)
94.01

✓ Strengths

• The company reported an EBITDA margin of 28.85% in FY2026 and 29.65% in FY2025, on revenue of Rs 362.65 crore and Rs 469.08 crore.
• Net worth rose from Rs 230.13 crore in FY2024 to Rs 553.16 crore in FY2026.
• The confirmed order book was Rs 279.02 crore at the end of FY2026, up from Rs 218.61 crore a year earlier.
• Platform product revenue grew from Rs 12.70 crore in FY2024 to Rs 144.81 crore in FY2026.
• The asset light model outsources large-scale manufacturing, and gross profit margin was 51.05% in FY2026.
• Domestic revenue grew from Rs 174.86 crore in FY2024 to Rs 337.47 crore in FY2026, which is 93.06% of revenue from operations.

⚠ Risks

• The latest period in the financials, the quarter ended 30 June 2026, shows a loss. Profit after tax was Rs -17.74 crore and EBITDA was Rs -13.04 crore on total income of Rs 37.32 crore, against profit after tax of Rs 50.88 crore in FY2026. Because of this the post issue EPS and P/E at the upper band are shown as negative, and the P/E on the pre issue EPS of Rs 8.88 is 78.83.
• Revenue from operations fell 22.69% in FY2026, from Rs 469.08 crore to Rs 362.65 crore, and restated profit fell from Rs 72.76 crore to Rs 50.88 crore.
• The top 5 customers gave 53.03% of revenue in FY2026, 86.36% in FY2025 and 72.19% in FY2024.
• The whole issue is an offer for sale of up to 1,80,85,246 shares. The company receives no money from the IPO.
• Working capital days rose from 152 in FY2024 to 280 in FY2025 and 517 in FY2026.
• Return on capital employed fell from 67.76% in FY2024 to 14.54% in FY2026. For the quarter ended 30 June 2026, return on equity was -3.25% and return on capital employed was -4.31%.
• Export share of revenue was 65.52% in FY2025 and 5.57% in FY2026, so geography mix has shifted sharply, and Europe alone was 65.34% of FY2025 revenue.
• Top ten suppliers made up 68.77% of total expenses in FY2026, and the company depends on limited global suppliers for critical components.
• Business depends on government budget cycles and tender-based, short-term and non-recurring contracts, which the document says gives poor revenue visibility.
• Total borrowings rose from Rs 78.14 crore in FY2025 to Rs 116.06 crore in FY2026.
• Five tax proceedings are pending against the company, with Rs 3.55 crore involved, and the company has had related party transactions.

Promoters & holding

Ankit Kumar, Arvind Kondangi Lakshmikumar and Cecilia D'Souza

Pre-issue promoter holding
18.58%
Post-issue promoter holding
14.56%

The three promoters hold 5.30%, 3.45% and 8.67% before the issue, and promoter group member Vinimaya Advisory LLP holds 1.15%. CEAQ Singapore holds 26.77% and CEAQ India holds 17.74%.

Data refreshed 09 Nov 2026, 04:00 am IST. GMP is unofficial market sentiment, not investment advice.