1. IPO Snapshot
| Particular | Details |
|---|
| Company Name | Bonfiglioli Transmissions Limited |
| IPO Type | 100% book-built offer; Offer for Sale (OFS) only |
| Fresh Issue | Not Applicable |
| Offer for Sale | Up to 43,239,042 equity shares; amount at cap price ₹25,333.63 million (₹2,533.363 crore) as shown in advertisement table |
| Total Issue Size | 43,239,042 shares; up to ₹25,333.63 million at cap price in advertisement |
| Face Value | ₹10 per equity share |
| Price Band | ₹558–₹586 per share |
| Issue Price | To be determined through book building; final offer price not stated in the supplied advertisement |
| Lot Size | 25 shares |
| Opening / Closing | October 15–19, 2026 |
| Allotment / Refund / Credit | October 21 / October 22 / October 22, 2026 (indicative) |
| Listing Date | October 23, 2026 (indicative) |
| Listing Exchange | BSE and NSE; BSE is the designated stock exchange |
| Registrar | MUFG Intime India Private Limited (formerly Link Intime India Private Limited) |
| Book Running Lead Managers | Axis Capital Limited; BNP Paribas; ICICI Securities Limited; Jefferies India Private Limited |
2. IPO Details
| Particular | At Floor Price ₹558 | At Cap Price ₹586 |
|---|
| Offer for Sale (OFS) Shares | 4,32,39,042 | 4,32,39,042 |
| Offer for Sale (OFS) Value | ₹24,125.94 million | ₹25,333.63 million |
| Total Offer Shares | 4,32,39,042 | 4,32,39,042 |
| Total Offer Value | ₹24,125.94 million | ₹25,333.63 million |
| Pre-Issue Shares | 18,79,95,834 | 18,79,95,834 |
| Post-Issue Shares | 18,79,95,834 | 18,79,95,834 |
| Market Capitalisation | ₹10,491.36 crore | ₹11,016.56 crore |
3. Issue Reservation
| Category | Reservation |
|---|
| Qualified Institutional Buyers (QIBs) | Not more than 50% of Net Offer; up to 60% of the QIB portion may be allocated to Anchor Investors under the RHP terms |
| Non-Institutional Investors (NIIs) | Not less than 15% of Net Offer; one-third of NII portion for applications above ₹2 lakh up to ₹10 lakh and two-thirds for applications above ₹10 lakh |
| Retail Individual Investors | Not less than 35% of Net Offer |
| Eligible employees | Reservation up to 50,000 shares; employee discount ₹29 per share |
| Anchor portion | Anchor investor bidding date: October 14, 2026; detailed final share count not stated in the advertisement |
4. IPO Lot Size
| Applicant category | Lots | Shares | Amount at ₹558 floor price | Amount at ₹586 cap price |
|---|
| Retail minimum | 1 | 25 | ₹13,950 | ₹14,650 |
| Retail maximum | 13 | 325 | ₹1,81,350 | ₹1,90,450 |
| Small HNI minimum | 14 | 350 | ₹1,95,300 | ₹2,05,100 |
| Small HNI maximum | 68 | 1,700 | ₹9,48,600 | ₹9,96,200 |
| Big HNI minimum | 69 | 1,725 | ₹9,62,550 | ₹10,10,850 |
5. About the Company
Bonfiglioli Transmissions Limited designs and manufactures mechanical and electro-mechanical power transmission and industrial drive solutions, including gearboxes, gear motors and drive systems. Its offerings serve Industry and Automation Solutions, Off-Highway Mobility and Wind Industry applications.
The company was incorporated as Bonfiglioli Deepak Private Limited on June 23, 1998. It was renamed Bonfiglioli Transmissions Private Limited in September 1998 and converted into a public company as Bonfiglioli Transmissions Limited in September 2025.
The company operates three manufacturing facilities in India: Thirumudivakkam and Mannur in Tamil Nadu, and Talegaon in Maharashtra. Its product range includes helical, bevel, planetary and worm gearboxes; gear motors; electric motors; variable frequency drives; servo motors and drives; and precision drives for robotics and automation.
The company identifies technology-led solutions, diversified applications, parentage and brand, customer relationships, manufacturing infrastructure and management experience among its competitive strengths.
6. Restated Financial Information
Financial Performance (₹ million, except EPS)
| Particular | 6 months ended Jun 30, 2026 | 6 months ended Jun 30, 2025 | Year ended Dec 31, 2025 | Year ended Dec 31, 2024 | Year ended Dec 31, 2023 |
|---|
| Revenue from operations | 11,318.69 | 9,603.55 | 20,135.26 | 18,541.83 | 16,873.30 |
| Other income | 72.99 | 61.42 | 100.63 | 69.72 | 144.71 |
| Total income | 11,391.68 | 9,664.97 | 20,235.89 | 18,611.55 | 17,018.01 |
| Finance costs | 40.72 | 36.56 | 77.77 | 104.18 | 130.92 |
| Depreciation and amortisation | 271.87 | 234.02 | 478.23 | 466.29 | 370.99 |
| Restated profit before tax—continuing operations | 1,999.14 | 1,555.12 | 3,252.33 | 2,449.99 | 2,081.71 |
| Total tax expense | 513.33 | 405.43 | 873.59 | 534.01 | 615.06 |
| Restated profit after tax—continuing operations | 1,485.81 | 1,149.69 | 2,378.74 | 1,915.98 | 1,466.65 |
| Restated profit after tax—total | 1,485.81 | 1,149.69 | 2,378.74 | 1,951.64 | 1,484.92 |
| Basic and diluted EPS (₹) | 7.90 | 6.12 | 12.65 | 10.27 | 7.66 |
Note: EPS for the six-month periods is not annualised.
Balance Sheet Highlights (₹ million)
| Balance sheet item | Jun 30, 2026 | Jun 30, 2025 | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 |
|---|
| Total assets | 14,958.24 | 13,879.41 | 14,394.58 | 12,990.76 | 14,147.15 |
| Inventories | 3,776.06 | 3,401.95 | 3,192.13 | 3,214.17 | 3,322.79 |
| Trade receivables | 5,325.06 | 4,409.52 | 5,177.39 | 4,061.92 | 4,101.43 |
| Cash and cash equivalents | 1,401.70 | 250.81 | 1,531.81 | 1,446.67 | 905.32 |
| Equity share capital | 1,879.96 | 1,253.31 | 1,253.31 | 1,253.31 | 1,311.23 |
| Other equity | 8,462.72 | 7,501.16 | 8,676.62 | 7,356.20 | 6,702.40 |
| Total equity | 10,342.68 | 8,754.47 | 9,929.93 | 8,609.51 | 8,013.63 |
Cash Flow Highlights (₹ million)
| Cash flow item | 6 months ended Jun 30, 2026 | 6 months ended Jun 30, 2025 | Year ended Dec 31, 2025 | Year ended Dec 31, 2024 | Year ended Dec 31, 2023 |
|---|
| Net cash inflow from operating activities | 1,298.96 | 686.53 | 1,876.81 | 1,883.50 | 1,982.28 |
| Cash flow from investing activities—continuing operations | (260.58) | (1,827.99) | (523.79) | 1,057.03 | (967.11) |
| Purchase of property, plant and equipment and intangible assets | (409.22) | (247.99) | (539.77) | (430.77) | (1,201.21) |
| Cash and cash equivalents at period/year end | 1,401.70 | 250.81 | 1,531.81 | 1,446.67 | 905.32 |
7. Key Performance Indicators
| KPI | 6 months ended Jun 30, 2026 | Year ended Dec 31, 2025 | Year ended Dec 31, 2024 | Year ended Dec 31, 2023 |
|---|
| Revenue from operations (₹ million) | 11,318.69 | 20,135.26 | 18,541.83 | 16,873.30 |
| EBITDA excluding other income (₹ million) | Not separately stated in this summary table | 3,707.70 | 2,950.74 | 2,438.91 |
| EBITDA margin excluding other income | Not separately stated in this summary table | 18.41% | 15.91% | 14.45% |
| Profit after tax margin | 13.04% | 11.76% | 10.29% | 8.62% |
| ROE | 14.66% | 25.66% | 23.05% | 19.21% |
| ROCE | 20.03% | 34.05% | 30.05% | 24.53% |
| Net debt (₹ million) | Not separately stated in this summary table | (1,603.84) | (1,382.04) | (1,400.92) |
| Cash conversion cycle (days) | Not separately stated in this summary table | 90 | 83 | 80 |
| Inventory days outstanding | Not separately stated in this summary table | 93 | 100 | 112 |
| Receivable days outstanding | Not separately stated in this summary table | Not stated in this compact summary | 80 | 89 |
8. IPO Valuation
| Metric | Disclosure |
|---|
| Price band | ₹558–₹586 per equity share |
| Face value | ₹10 per equity share |
| EPS | Basic and diluted EPS for FY2025: ₹12.65; six months ended June 30, 2026: ₹7.90 (not annualised) |
| P/E at floor / cap price | 41.1x / 46.32x |
| Market capitalisation at cap price | ₹11,016.56 crore in supplied detail text; advertisement table reports ₹110,165.56 million post-offer market capitalisation |
| NAV | ₹55.02 per equity share as at June 30, 2026, as shown in the basis-for-offer-price disclosure |
9. Key Risks Highlighted in the RHP
| Editorial category | RHP disclosure / risk | Potential impact |
|---|
| Supplier / raw material | The company depends on suppliers for raw materials and components; Bonfiglioli Riduttori S.p.A. is identified as a related-party supplier, and the company describes supplier concentration. | Supplier disruption, price changes or inability to obtain materials could affect production, costs and results. |
| Customer concentration | Revenue is concentrated among a limited number of customers; the top 10 OEM customers represented 31.72%, 37.83%, 36.60%, 34.38% and 32.82% of revenue from continuing operations for the six months ended June 30, 2026 and 2025 and FY2025, FY2024 and FY2023, respectively. | Loss of a major customer or lower orders could affect revenue and cash flows. |
| Operations / manufacturing | Undisclosed, unplanned or prolonged disruptions at manufacturing facilities could affect business operations. | Production interruptions could affect sales, costs and operating results. |
| Product quality / after-sales | Actual or perceived defects in products or services, or inability to sell products and provide after-sales service, may affect the company. | Claims, reputational effects or product-related costs could affect financial performance. |
| Promoter / group dependence | The company relies on Bonfiglioli S.p.A. and other group companies for certain operations, intellectual property and group relationships. | Changes in those relationships or rights could affect business operations and results. |
| Related-party transactions | The company has entered into and expects to continue transactions with related parties. | Changes in terms, conflicts of interest or interruption could affect business, financial condition and cash flows. |
| Co-engineered products | The company identifies dependence on successful commercialisation of co-engineered products. | Failure to commercialise products successfully could affect revenue and results. |
| Dealer network | The company relies partly on its dealer network for sales and services. | Disruption to the network could affect market access and after-sales services. |
| Competition / margins | The company discusses competition and the need to improve operating and profitability margins relative to certain listed peers. | Competitive pressure or inability to improve margins could affect business performance. |
| IPO / market trading | There has been no formal market for the equity shares before the offer, and there is no assurance of active or sustained trading after listing. | Post-listing liquidity and market price may vary. |
| Legal / tax | Contingent liabilities include disputed income-tax demands and indirect tax matters. | Adverse outcomes could result in payments or other effects on financial position. |
10. Litigation & Contingent Liabilities
| Particular | Details |
|---|
| Disputed income-tax demands | ₹28.06 million pending before various forums as at June 30, 2026 |
| Indirect tax matters | ₹2.76 million as at June 30, 2026 |
11. Registrar
| Particular | Details |
|---|
| Name | MUFG Intime India Private Limited (formerly Link Intime India Private Limited) |
| Address | C-101, Embassy 247, L.B.S. Marg, Vikhroli (West), Mumbai 400 083, Maharashtra, India |
| Contact person | Shanti Gopalkrishnan |
| Telephone | +91 810 811 4949 |
| Email | bonfigliolitransmissions.ipo@in.mpms.mufg.com |
| Website | www.in.mpms.mufg.com |
| SEBI registration number | INR000004058 |
12. Book Running Lead Managers
| BRLM | Address | Contact / telephone | Email | Website / SEBI registration |
|---|
| Axis Capital Limited | Axis House, 1st Floor, P.B. Marg, Worli, Mumbai 400 025, Maharashtra, India | Devika Kanani; +91 22 4325 2183 | bonfiglioli.ipo@axiscap.in | www.axiscapital.co.in; INM000012029 |
| BNP Paribas | 1 North Avenue, Maker Maxity, Bandra-Kurla Complex, Bandra (E), Mumbai 400 051, Maharashtra, India | Arpit Arora; +91 22 3370 4000 | list.cib.bonfiglioliipo@asia.bnpparibas.com | www.bnpparibas.co.in; INM000011534 |
| ICICI Securities Limited | ICICI Venture House, Appasaheb Marathe Marg, Prabhadevi, Mumbai 400 025, Maharashtra, India | Shri Subramanyam / Namrata Ravasia; +91 22 6807 7100 | bonfigliolitransmissions.ipo@icicisecurities.com | www.icicisecurities.com; INM000011179 |
| Jefferies India Private Limited | Level 16, Express Towers, Nariman Point, Mumbai 400 021, Maharashtra, India | Akshat Shah / Siddharth Dalmia; +91 22 4356 6000 | bonfiglioli.transmission.ipo@jefferies.com | www.jefferies.com; INM000011443 |
13. Company Contact Details
| Particular | Details |
|---|
| Registered and corporate office | Plot No. AC7-AC11, SIDCO Industrial Estate, Thirumudivakkam, Kancheepuram 600 132, Tamil Nadu, India |
| Company Secretary and Compliance Officer | Sunil Kumar |
| Telephone | +91 63858 63934 |
| Email | btl.secretarial@bonfiglioli.com |
| Website | www.bonfiglioli.in |
| CIN | U29309TN1998PLC040717 |
