MerchantBanker
IPO Details

Tonbo Imaging India Limited IPO Analysis

This article is based entirely on publicly available information disclosed in the Red Herring Prospectus (RHP) of Tonbo Imaging India Limited , dated October 10, 2026 and is intended for general market and financial education purposes only.

Tonbo Imaging India Limited IPO Analysis

1. IPO Snapshot

ParticularDetails
Company NameTonbo Imaging India Limited
IPO Type100% book-built offer for sale (OFS)
Offer for SaleUp to 12,174,046 equity shares of face value ₹2 each
Total Issue Size₹8,520.92 million at cap price, after employee discount; ₹8,094.83 million at floor price, after employee discount
Face Value₹2 per equity share
Price Band₹665–₹700 per equity share
Lot Size21 equity shares; bids in multiples of 21
Opening / ClosingOctober 15, 2026 / October 19, 2026
Listing ExchangeBSE Limited and National Stock Exchange of India Limited; NSE is the designated exchange
RegistrarKFin Technologies Limited
Lead ManagersJM Financial Limited; IIFL Capital Services Limited

2. IPO Details

ParticularAt Floor Price ₹665At Cap Price ₹700
Offer for Sale (OFS) Shares1,21,74,0461,21,74,046
Offer for Sale (OFS) Value₹8,094.83 million₹8,520.92 million
Total Offer Shares1,21,74,0461,21,74,046
Total Offer Value₹8,094.83 million₹8,520.92 million
Post-Issue Shares5,72,82,1005,72,82,100
Market Capitalisation₹38,092.60 million₹40,097.47 million

3. Issue Reservation

CategoryReservation disclosed
Qualified Institutional Buyers (QIBs)Not more than 50% of the Net Offer
Non-Institutional Investors (NIIs)Not less than 15% of the Net Offer
Retail Individual Investors (RIIs)Not less than 35% of the Net Offer
Eligible EmployeesReservation of up to 14,000 equity shares

4. IPO Lot Size

ApplicationLotsSharesAmount at ₹665Amount at ₹700
Retail (Min)121₹13,965₹14,700
Retail (Max)13273₹1,81,545₹1,91,100
S-HNI (Min)14294₹1,95,510₹2,05,800
S-HNI (Max)681,428₹9,49,620₹9,99,600
B-HNI (Min)691,449₹9,63,585₹10,14,300

5. About the Company

  • Tonbo Imaging India Limited is described as a global defence electronics original equipment manufacturer in the electro-optical/infrared (EO/IR) systems segment. It designs, develops and manufactures sensing, processing, communication and guidance systems for surveillance, reconnaissance, targeting and control.

  • Incorporated on December 18, 2003, as Sarnoff Innovative Technologies Private Limited, the company was renamed in 2008 and 2016 before becoming Tonbo Imaging India Limited in 2025.

Business model and products

  • Products span tactical systems, platform systems and other products. The company states that it has owned 100% of its intellectual property since FY2024. Large-scale manufacturing uses EMS partners, while prototype engineering, assembly and testing are described as in-house.

  • As of June 30, 2026, the R&D team comprised 130 engineers with an average experience of 10 years. The company describes work on electro-optics and infrared systems, embedded vision, sensor performance, information extraction, communication and related technologies.

Geography, customers and order book

  • The company supplied products to customers in 24 countries as of June 30, 2026. It had 12 customers in the June 2026 quarter and 44, 30 and 25 customers in FY2026, FY2025 and FY2024, respectively. Customer names are withheld for defence and government procurement confidentiality.

  • The confirmed order book as of June 30, 2026, stood at ₹3,142.40 million, comprising ₹2,318.72 million in domestic orders and ₹823.68 million in international orders.

  • The product-wise order book comprised ₹1,154.30 million for tactical systems and ₹1,907.42 million for platform systems, with no orders recorded under other products.

6.Restated Consolidated Financial Performance

Particular (₹ million, except EPS and percentages)3 months ended Jun 30, 2026FY2026FY2025FY2024
Revenue from operations360.083,626.484,690.804,281.89
Total income373.243,699.394,743.904,318.96
Total expenses610.722,999.803,743.493,369.41
EBITDA(130.37)1,046.181,390.641,123.24
Depreciation and amortisation83.91313.35265.91133.95
Finance costs36.36106.16177.4276.81
Profit/(loss) before tax(237.48)699.59992.65945.50
Restated profit/(loss) for period/year, net of tax(177.37)508.80727.57685.43
Basic EPS (₹)(3.20)9.1913.3862.61
Diluted EPS (₹)(3.20)8.8812.7013.63
Gross profit135.781,851.262,644.692,082.60
EBITDA margin(36.21%)28.85%29.65%26.23%
PAT margin(47.52%)13.75%15.34%15.87%
Restated Consolidated Balance Sheet
Balance-sheet item (₹ million)Jun 30, 2026Mar 31, 2026Mar 31, 2025Mar 31, 2024
Total assets7,828.657,824.987,263.585,746.81
Total equity5,385.375,531.594,901.382,301.30
Equity share capital114.56114.567.332.99
Other equity5,270.815,417.034,894.051,689.87
Long-term borrowings———152.72
Long-term lease liabilities63.5468.5487.8383.75
Inventories3,196.332,194.851,111.441,116.86
Trade receivables968.532,116.632,103.12936.43
Cash and bank balances71.40161.791,009.72856.74
Restated Consolidated Cash Flow
Cash flow item (₹ million)3 months ended Jun 30, 2026FY2026FY2025FY2024
Net cash from/(used in) operating activities(146.83)(632.16)(1,361.19)783.33
Net cash from/(used in) investing activities(59.99)(322.65)(246.86)(1,901.66)
Net cash from/(used in) financing activities108.23321.901,470.561,878.06
Net increase/(decrease) in cash and cash equivalents(98.59)(632.91)(137.49)759.73
Cash and cash equivalents at period/year end287.74386.321,019.241,156.73

7. Key Performance Indicators

KPIUnitJun 30, 2026 periodFY2026FY2025FY2024
Revenue from operations₹ million360.083,626.484,690.804,281.89
Revenue growth%NA(22.69)9.55342.22
Gross profit₹ million135.781,851.262,644.692,082.60
Gross profit margin%37.71%51.0556.3848.64
EBITDA₹ million(130.37)1,046.181,390.641,123.24
EBITDA margin%(36.21%)28.8529.6526.23
PAT₹ million(177.37)508.80727.57685.43
PAT margin%(47.52%)13.7515.3415.87
ROCE%(4.31%)*14.5427.4167.76
ROE%(3.25%)*9.7520.2052.72
Net tangible fixed asset turnoverTimes1.48*14.6219.1689.45
Working capital daysDaysRefer note 1#517280152
Export share in revenue%0.25%5.57%65.52%48.61%
Revenue split – tactical₹ million214.432,116.753,622.963,622.96
Revenue split – platform₹ million141.201,448.081,010.531,010.53
Revenue split – others₹ million—11.9510.330.15
Confirmed order book₹ million3,142.402,790.162,186.082,186.08
Order book – domestic₹ million2,318.721,971.092,127.052,127.05
Order book – international₹ million823.68819.0759.0359.03
Order book – tactical₹ million1,154.30882.74698.17698.17
Order book – platform₹ million1,907.421,907.421,487.761,487.76
Order book – others₹ million——0.150.15

8. IPO Valuation

MetricDisclosure
Price band₹665–₹700 per share
P/E based on diluted FY2026 EPS78.83 times at upper end; 74.89 times at lower end
Average industry peer-group P/E81.62 times
Weighted average RoNW for last three financial years20.40%
Post-offer market capitalisation₹38,092.60 million at floor price; ₹40,097.47 million at cap price
NAV per share₹96.57 as at FY2026 for the company

9. Peer Comparison

CompanyBasisRevenue from operations (₹ million)Face value (₹)Closing price (₹)P/EBasic EPS (₹)Diluted EPS (₹)RoNW (%)NAV/share (₹)
Tonbo Imaging India LimitedConsolidated3,626.482.00NANA9.198.889.7596.57
Paras Defence and Space Technologies LimitedConsolidated4,765.705.001,286.95117.7410.9310.93NA90.02
Data Patterns (India) LimitedStandalone9,247.702.004,231.0087.2948.4748.4717.00310.08
Astra Microwave Products LimitedConsolidated11,628.022.001,701.1583.9220.3220.27NA138.46
Zen Technologies LimitedConsolidated6,876.901.001,580.3573.4421.5221.52NA209.22
Bharat Electronics LimitedConsolidated276,101.101.00378.8545.708.298.29NA32.82

10. Pre-Offer and Post-Offer Shareholding Pattern

Sr. No.Name of the ShareholderPre-Offer SharesPre-Offer Shareholding (%)Post-Offer Shares at ₹665Post-Offer Shareholding at ₹665 (%)Post-Offer Shares at ₹700Post-Offer Shareholding at ₹700 (%)
Promoters (A)
1Ankit Kumar3,036,7005.302,456,7004.292,456,7004.29
2Cecilia D’Souza1,977,5003.451,747,5003.051,747,5003.05
3Arvind Kondangi Lakshmikumar4,968,4008.673,818,4006.673,818,4006.67
Promoter Group (B)
4Vinimaya Advisory LLP659,7001.15320,0000.56320,0000.56
Public Shareholders (Top 10 Shareholders, including certain Selling Shareholders) (C)
5CEAQ Singapore14,590,20025.4710,435,10418.2210,435,10418.22
6HBL Engineering Limited8,163,00014.258,163,00014.258,163,00014.25
7CEAQ India4,998,1008.73————
8Florintree Flowtech LLP2,960,0005.172,960,0005.172,960,0005.17
9Amansa Investments Ltd.2,432,0004.252,432,0004.252,432,0004.25
10Yali Deeptech Fund I2,400,0004.192,400,0004.192,400,0004.19
11SSV Advisory Services LLP815,3001.42815,3001.42815,3001.42
12Meghaa Karnani645,4001.13645,4001.13645,4001.13
13Tenacity Ventures Fund - I640,0001.12640,0001.12640,0001.12
14Tiruvidaimarudhur Srivatsan Sivashankar and Meera Sivashankar603,4001.05523,4000.91523,4000.91
15Other public shareholders (D)6,487,70011.3218,020,59631.4418,020,59631.44
16Serial Innovations Employee Stock Option Trust (E)1,904,7003.331,904,7003.331,904,7003.33
Total (A)+(B)+(C)+(D)+(E)57,282,100100.0057,282,100100.0057,282,100100.00

11. Key Risks Highlighted in the RHP

Editorial categoryRHP disclosure in simple languagePotential impact described in the RHP
Business / procurement cyclesGovernment budget and tender cycles limit visibility.Delays or changes in procurement can affect revenue, cash flows, operating results and financing capacity.
Customer concentrationLargest customer contributed 54.74%; top five customers contributed 92.06% in the June 2026 quarter.Loss, termination or reduced orders from major customers could affect business and financial performance.
Supplier concentrationHigh supplier concentration; no long-term supply contracts.Supply interruption, price changes or loss of supplier relationships could affect production, costs and revenue.
Geographic / export exposureExport share was 65.52% in FY2025 and 48.61% in FY2024.Changes in defence budgets, laws, sanctions, tariffs or geopolitical conditions can affect orders and cash flows.
Product quality / warrantyProducts must meet specifications; some defects trigger replacement.Failures, defects or non-compliance may lead to warranty costs, replacement obligations, reputational effects or delayed deliveries.
Technology / intellectual propertySome intellectual property applications and transfers are pending.Failure to protect intellectual property or delays in product development may affect product launches and competitive position.
Product concentrationTactical systems accounted for 59.55%, 58.37%, 77.24% and 83.90% in the June 2026 quarter, FY2026, FY2025 and FY2024, respectively.Lower demand for tactical systems could affect revenue, results and cash flows.
Operations / manufacturingRisks include equipment failure and supply disruption.Operational interruption can affect production schedules, delivery and financial results.
Financial / working capitalLoss and negative operating cash flow in the June 2026 quarter; negative operating cash flow in FY2026 and FY2025.Working-capital requirements and the timing of collections, inventory and customer orders can affect liquidity and operating flexibility.
Regulatory / export controlsProducts require approvals and licences.Failure to obtain, maintain or renew approvals may restrict activities or delay delivery.
Legal / litigationTax proceedings, complaints and a promoter civil suit are disclosed.Adverse outcomes, costs or obligations may affect the company or relevant individuals.
Offer / market riskNo prior formal market existed for the company's equity shares.There is no assurance of active or sustained trading or of the post-listing market price.

12. Litigation & Contingent Liabilities

ParticularDisclosure
Tax proceedingsThe company has 1 direct tax proceeding (amount not available) and 5 indirect tax proceedings involving ₹35.62 million. The total is 6 proceedings involving ₹35.62 million to the extent quantifiable.
Civil suit involving promoterA Singapore High Court suit alleges issues relating to rights to subscribe to preference shares issued by the company through CEAQ Singapore arrangements. The claimant seeks relief including purchase of his shares in CEAQ Singapore at a value subject to adjustments.

13. Registrar

ParticularDetails
NameKFin Technologies Limited
Contact personWilliams R
Telephone+91 40 6716 2222 / 1800 309 4001
Emailtonbo.ipo@kfintech.com

14. Lead Manager(s)

ParticularJM Financial LimitedIIFL Capital Services Limited
Contact personPrachee DhuriGaurav Mittal / Pawan Kumar Jain
Telephone+91 22 6630 3030+91 22 4646 4728
Emailtonbo.ipo@jmfl.comtonbo.ipo@iiflcap.com

15. Company Contact Details

ParticularDetails
Registered officeNo. 3, Chikkayellappa Tower-II, 1st C Main, Sarjapur Main Road, Jakkasandra Extension, Chikkayellappa Industrial Layout, Bengaluru 560 034, Karnataka, India
Corporate officeNo. 235, 18th Main, 6th Block, Koramangala, Bengaluru Urban, Bengaluru 560 095, Karnataka, India
Telephone+91 63 64 926 273
Emailcompliance@tonboimaging.com
Websitewww.tonboimaging.com
Company Secretary and Compliance OfficerAnkita Agarwalla

Related posts

Fusion CX Limited IPO Analysis
IPO Details13 Oct 2026
Fusion CX Limited IPO Analysis
This article is based entirely on publicly available information disclosed in the Red Herring Prospectus (RHP) of Fusion CX Limited, dated October 08, 2026 and is intended for general market and financial education purposes only.
Read more →
Vaibhav Vyapaar Limited IPO Analysis
IPO Details12 Oct 2026
Vaibhav Vyapaar Limited IPO Analysis
This article is based entirely on publicly available information disclosed in the Red Herring Prospectus (RHP) of Vaibhav Vyapaar Limited, dated October 06, 2026 and is intended for general market and financial education purposes only.
Read more →
Ravita Engineering Services IPO Analysis
IPO Details12 Oct 2026
Ravita Engineering Services IPO Analysis
This article is based entirely on publicly available information disclosed in the Red Herring Prospectus (RHP) of Ravita Engineering Services, dated October 06, 2026 and is intended for general market and financial education purposes only.
Read more →