Bonfiglioli Transmissions
- Issue price
- ₹ 586
- Issue size
- ₹ 2,533.67 Cr.
- Min. investment
- ₹ 14,650
- Listing price
- ₹ 586
- Subscribed
- 46.13x
- Lot size
- 25 shares
- P/E
- 37.07
- RoNW
- 14.37%
- RoCE
- 20.03%
- PAT margin
- 13.04%
- EBITDA margin
- 19.78%
- RoE
- 14.66%
- EPS
- ₹ 15.81
- NAV
- ₹ 55.02
- Promoter stake
- 77%
About
Bonfiglioli Transmissions Limited makes mechanical and electro-mechanical power transmission products. These are gearboxes and drive systems used inside machines. The company says it is one of India's largest technology-led providers of such products by revenue in the nine months ended 30 September 2025 (source: Frost & Sullivan report). It was incorporated in 1998 in Chennai as Bonfiglioli Deepak Private Limited and became a public company in September 2025. The company sells to three business verticals. Industry and Automation Solutions gave 41.56% of revenue from operations in 2024. The Wind Industry gave 32.16% and the Off-Highway Mobility Industry gave 23.38%. Other sales such as components gave 2.90%. In the nine months ended 30 September 2025, customers in India gave 72.94% of revenue and customers outside India gave 27.06%. The company manufactures at Thirumudivakkam and Mannur in Tamil Nadu and at Talegaon in Maharashtra. Thirumudivakkam has a machine shop and an assembly unit, and its machine shop ran at 79.53% of available hours in 2024. Mannur started making electric motors in October 2025. The company plans a new heavy-duty gearbox plant at Talegaon, on land now held by a group company, subject to MIDC approval. The company belongs to the Bonfiglioli Group of Italy, whose brand has a worldwide presence of nearly 70 years. Bonfiglioli S.p.A. holds 100.00% of the shares through itself and six nominees. As of 30 September 2025, the company had 975 personnel, of whom 590 were on-roll employees and 385 were contract labourers. The company produced 11,517 SKUs of gearboxes and gearmotors in 2024. The reporting year is the calendar year, ending 31 December. The latest period in the draft is the nine months ended 30 September 2025. The company allotted bonus shares in the ratio of 1 for every 2 held on 25 January 2026.
Timeline
- doneOpens15 Oct
- doneCloses19 Oct
- doneAllotment21 Oct
- doneRefunds22 Oct
- doneDemat credit22 Oct
- doneListing23 Oct
Grey market premium (GMP)
GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
- Highest
- ₹ 178 on 14 Oct 2026
- Lowest
- ₹ 66 on 22 Oct 2026
- First quoted
- ₹ 137 on 10 Oct 2026
Subscription
How many times each investor group bid for its share, as of 23 Oct 2026, 06:30 PM IST.
How much to apply for
The smallest and largest bids for each kind of investor at the upper price band.
| Retail (Min) | 1 | 25 | ₹ 14,650 |
| Retail (Max) | 13 | 325 | ₹ 1,90,450 |
| S-HNI (Min) | 14 | 350 | ₹ 2,05,100 |
| B-HNI (Min) | 69 | 1,725 | ₹ 10,10,850 |
Company overview
Financials
| Assets | 1,495.82 | 1,439.46 | 1,299.08 | 1,414.72 |
| Total Income | 1,139.17 | 2,023.59 | 1,861.16 | 1,701.8 |
| Profit After Tax | 148.58 | 237.87 | 195.16 | 148.49 |
| EBITDA | 223.87 | 370.77 | 295.07 | 243.89 |
| NET Worth | 1,034.27 | 975.25 | 860.95 | 801.36 |
| Reserves and Surplus | 846.27 | 867.66 | 735.62 | 670.24 |
| Total Borrowing | — | — | — | 110.79 |
Strengths
- Total income rose from Rs 1,701.80 crore in 2023 to Rs 1,861.16 crore in 2024 and Rs 2,023.59 crore in 2025 (year ended 31 December).
- Profit after tax rose from Rs 148.49 crore in 2023 to Rs 195.16 crore in 2024 and Rs 237.87 crore in 2025. It was Rs 148.58 crore in the six months to 30 June 2026.
- EBITDA was Rs 370.77 crore in 2025 on total income of Rs 2,023.59 crore, and the EBITDA margin is 19.78% as per the latest figures.
- Net worth rose from Rs 801.36 crore at 31 December 2023 to Rs 975.25 crore at 31 December 2025 and Rs 1,034.27 crore at 30 June 2026.
- Total borrowing was Rs 110.79 crore at 31 December 2023, and no borrowing is shown in the later periods.
- Return on capital employed is 20.03% and the PAT margin is 13.04% as per the latest figures. Net asset value per share is Rs 55.02.
- Revenue is spread over three verticals: 41.56% from Industry and Automation, 32.16% from Wind and 23.38% from Off-Highway Mobility in 2024.
Risks
- Several figures below, such as customers, suppliers and receivables, are dated 2024 or 30 September 2025, while the financial table now runs to 30 June 2026, so they may have moved since.
- The top 10 customers gave 43.27% of revenue from customers in 2024 and 46.85% in the nine months to 30 September 2025. The largest customer alone gave 12.09% in that period.
- Transactions with related parties are large. Income from them was 18.11% of total income in 2024, and expenses with them were 25.89% of total expenses (30.35% in the nine months to 30 September 2025).
- The company depends on Bonfiglioli S.p.A. and the Bonfiglioli Group for certain operations, including royalty for intellectual property and sales to group companies.
- The top 10 suppliers gave 44.64% of raw material and component purchases in 2024, and the company has no definitive agreements with its suppliers.
- The offer is 100% offer for sale of up to 4,69,98,959 shares by Bonfiglioli S.p.A. The company receives no money from it.
- The selling shareholder's weighted average cost of acquisition is Rs 6.77 per share against a face value of Rs 10, and it holds 100.00% before the offer.
- The Wind Industry gave 32.16% of revenue in 2024, so the company is exposed to demand for wind turbines.
- Trade receivables were Rs 478.73 crore at 30 September 2025 against Rs 409.56 crore at 31 December 2024, and receivables absorbed Rs 64.58 crore of cash in the nine months.
- Capacity use is uneven. The Thirumudivakkam assembly unit ran at 56.10% of available hours in the nine months to 30 September 2025. The Talegaon expansion needs a lease transfer from a group company.
- Disputed income-tax demands pending before various forums were Rs 79.92 million at 30 September 2025.
What the money is for
| Offer for sale by Bonfiglioli S.p.A.; the company receives no proceeds | — |
| Achieve the benefits of listing the equity shares on the stock exchanges | — |
Promoters
- Sonia Bonfiglioli
- Luciano Bonfiglioli
- Luisa Lusardi
- BON-FI S.r.l
- Bonfiglioli S.p.A
Anchor investors
73 anchors put in ₹ 759.23 Cr., including 45 mutual funds.
| SBI DIVIDEND YIELD FUND | 7,16,700 | 42 | 5.53% |
| SBI MNC FUND | 2,04,775 | 12 | 1.58% |
| SBI RESURGENT INDIA OPPORTUNITIES SCHEME | 1,02,425 | 6 | 0.79% |
| ISIF HYBRID LONG-SHORT FUND | 3,41,300 | 20 | 2.63% |
| ICICI PRUDENTIAL INNOVATION FUND | 6,82,600 | 40 | 5.27% |
| HDFC MULTI-ASSET FUND | 91,425 | 5.36 | 0.71% |
| HDFC RETIREMENT SAVINGS FUND-HYBRID EQUITY PLAN | 1,37,125 | 8.04 | 1.06% |
| HDFC CHILDREN'S FUND | 2,28,550 | 13.39 | 1.76% |
| HDFC DEFENCE FUND | 1,55,400 | 9.11 | 1.2% |
| HDFC MNC FUND | 45,700 | 2.68 | 0.35% |
| HDFC EQUITY SAVINGS FUND | 91,425 | 5.36 | 0.71% |
| HDFC HYBRID DEBT FUND | 91,425 | 5.36 | 0.71% |
| HDFC BUSINESS CYCLE FUND | 91,425 | 5.36 | 0.71% |
| HDFC INNOVATION FUND | 91,425 | 5.36 | 0.71% |
| NIPPON INDIA FLEXI CAP FUND | 67,150 | 3.93 | 0.52% |
| NIPPON INDIA SMALL CAP FUND | 5,72,975 | 33.58 | 4.42% |
| NIPPON INDIA MNC FUND | 20,150 | 1.18 | 0.16% |
| NIPPON INDIA VALUE FUND | 1,91,350 | 11.21 | 1.48% |
| AXIS SMALL CAP FUND | 4,26,650 | 25 | 3.29% |
| AXIS BUSINESS CYCLES FUND | 85,300 | 5 | 0.66% |
| KOTAK INDIA ADVANTAGE FUND-III: CLASS B | 1,70,650 | 10 | 1.32% |
| GOVERNMENT PENSION FUND GLOBAL | 5,11,950 | 30 | 3.95% |
| GOLDMAN SACHS FUNDS-GOLDMAN SACHS INDIA EQUITY PORTFOLIO | 5,11,950 | 30 | 3.95% |
| INDIA FUND INC.,THE | 1,90,425 | 11.16 | 1.47% |
| BLACKROCK EMERGING FRONTIERS MASTER FUND LTD. | 2,25,500 | 13.21 | 1.74% |
| ASHOKA WHITEOAK ICAV-ASHOKA WHITEOAK EMERGING MARKETS EQUITY FUND | 3,41,300 | 20 | 2.63% |
| WHITEOAK CAPITAL BALANCED HYBRID FUND | 25,600 | 1.5 | 0.2% |
| WHITEOAK CAPITAL AGGRESSIVE HYBRID FUND | 34,125 | 2 | 0.26% |
| WHITEOAK CAPITAL EQUITY SAVINGS FUND | 17,075 | 1 | 0.13% |
| WHITEOAK CAPITAL FLEXI CAP FUND | 93,850 | 5.5 | 0.72% |
| MIRAE ASSET FOCUSED FUND | 5,11,950 | 30 | 3.95% |
| ADITYA BIRLA SUN LIFE INFRASTRUCTURE FUND | 1,62,125 | 9.5 | 1.25% |
| ADITYA BIRLA SUN LIFE MNC FUND | 1,62,125 | 9.5 | 1.25% |
| ADITYA BIRLA SUN LIFE VALUE FUND | 1,62,125 | 9.5 | 1.25% |
| APEX EQUITY LONG-SHORT FUND | 8,525 | 0.5 | 0.07% |
| APEX EQUITY EX-TOP 100 LONG-SHORT FUND | 8,525 | 0.5 | 0.07% |
| APEX HYBRID LONG-SHORT FUND | 8,525 | 0.5 | 0.07% |
| ABU DHABI INVESTMENT AUTHORITY-MONSOON | 2,55,125 | 14.95 | 1.97% |
| PUBLIC SECTOR PENSION INVESTMENT BOARD-IIFL ASSET MANAGEMENT LTD. | 2,55,125 | 14.95 | 1.97% |
| INVESCO INDIA PSU EQUITY FUND | 2,55,125 | 14.95 | 1.97% |
| HSBC FLEXI CAP FUND | 2,55,125 | 14.95 | 1.97% |
| ALLIANZ GLOBAL INVESTORS FUND-ALLIANZ INDIA EQUITY | 2,55,125 | 14.95 | 1.97% |
| PICTET-INDIAN EQUITIES | 2,55,125 | 14.95 | 1.97% |
| TATA INFRASTRUCTURE FUND | 2,55,125 | 14.95 | 1.97% |
| FRANKLIN INDIA AGGRESSIVE HYBRID FUND | 2,55,125 | 14.95 | 1.97% |
| DSP INDIA ABSOLUTE RETURN FUND | 2,55,125 | 14.95 | 1.97% |
| EDELWEISS LARGE CAP FUND | 85,325 | 5 | 0.66% |
| ALTIVA HYBRID LONG-SHORT FUND | 85,325 | 5 | 0.66% |
| EDELWEISS RECENTLY LISTED IPO FUND | 34,125 | 2 | 0.26% |
| EDELWEISS BUSINESS CYCLE FUND | 50,350 | 2.95 | 0.39% |
| CANARA ROBECO MANUFACTURING FUND | 2,55,125 | 14.95 | 1.97% |
| ICICI PRUDENTIAL LIFE INSURANCE CO.LTD. | 2,55,125 | 14.95 | 1.97% |
| HDFC LIFE INSURANCE CO.LTD. | 2,55,125 | 14.95 | 1.97% |
| AXIS MAX LIFE INSURANCE LTD. | 2,55,125 | 14.95 | 1.97% |
| AMUNDI FUNDS INDIA EQUITY CONTRA | 1,70,650 | 10 | 1.32% |
| NIPPON INDIA INVESTMENT UNIT TRUST-NIPPON INDIA EQUITY FUND | 1,70,650 | 10 | 1.32% |
| ADITYA BIRLA SUN LIFE INSURANCE CO.LTD. | 85,400 | 5 | 0.66% |
| BHARTI AXA LIFE INSURANCE CO.LTD. | 85,400 | 5 | 0.66% |
| BAJAJ LIFE INSURANCE LTD. | 85,325 | 5 | 0.66% |
| SBI GENERAL INSURANCE CO.LTD. | 85,400 | 5 | 0.66% |
| 3PIM INDIA EQUITY (IFSC) FUND | 85,400 | 5 | 0.66% |
| EAMC ICAV-ENAM INDIA OPPORTUNITIES FUND | 85,400 | 5 | 0.66% |
| ABAKKUS LARGE AND MIDCAP FUND | 85,400 | 5 | 0.66% |
| BAJAJ FINSERV LARGE & MID CAP FUND | 85,325 | 5 | 0.66% |
| BARODA BNP PARIBAS MANUFACTURING FUND | 85,400 | 5 | 0.66% |
| ITI SMALL CAP FUND | 85,325 | 5 | 0.66% |
| JM SMALL CAP FUND | 85,325 | 5 | 0.66% |
| GROWW SMALL CAP FUND | 85,325 | 5 | 0.66% |
| NS PARTNERS SUSTAINABLE GLOBAL EM FUND | 85,400 | 5 | 0.66% |
| SUSQUEHANNA PACIFIC PTY.LTD. | 85,400 | 5 | 0.66% |
| PINEBRIDGE GLOBAL FUNDS-PINEBRIDGE INDIA EQUITY FUND | 85,400 | 5 | 0.66% |
| UNIFI BLEND FUND 3 | 85,412 | 5.01 | 0.66% |
| BNP PARIBAS FINANCIAL MARKETS-ODI | 96,025 | 5.63 | 0.74% |
Registrar, lead managers and documents
- Listing on
- BSE, NSE
- Face value
- ₹ 10 a share
- Registrar
- MUFG Intime India Private Limited
- Lead managers
- Axis Capital, ICICI Securities, Jefferies India Private Limited
- Red herring prospectus (RHP)
- Open
- Draft prospectus (DRHP)
- Open
- Basis of allotment
- Open
IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.