Tonbo Imaging India
- Issue price
- ₹ 700
- Issue size
- ₹ 852.18 Cr.
- Min. investment
- ₹ 14,700
- Listing price
- ₹ 1,160
- Subscribed
- 135.9x
- Lot size
- 21 shares
- P/E
- -ve
- RoNW
- -3.25%
- RoCE
- -4.31%
- PAT margin
- -47.52%
- EBITDA margin
- -36.21%
- RoE
- -3.25%
- EPS
- ₹ -ve
- NAV
- ₹ 94.01
- Promoter stake
- 14.56%
About
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).
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
- ₹ 516 on 16 Oct 2026
- Lowest
- ₹ 275 on 11 Oct 2026
- First quoted
- ₹ 275 on 11 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 | 21 | ₹ 14,700 |
| Retail (Max) | 13 | 273 | ₹ 1,91,100 |
| S-HNI (Min) | 14 | 294 | ₹ 2,05,800 |
| B-HNI (Min) | 69 | 1,449 | ₹ 10,14,300 |
Company overview
Financials
| Assets | 782.87 | 782.5 | 726.36 | 574.68 |
| Total Income | 37.32 | 369.94 | 474.39 | 431.9 |
| Profit After Tax | −17.74 | 50.88 | 72.76 | 68.54 |
| EBITDA | −13.04 | 104.62 | 139.06 | 112.32 |
| NET Worth | 538.54 | 553.16 | 490.14 | 230.13 |
| Reserves and Surplus | 527.08 | 541.7 | 489.41 | 168.99 |
| Total Borrowing | 129.72 | 116.06 | 78.14 | 96.36 |
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.
What the money is for
| Offer for sale by the selling shareholders. The company receives no proceeds from the offer | — |
Promoters
- Ankit Kumar
- Arvind Kondangi Lakshmikumar
- Cecilia D'Souza
Anchor investors
43 anchors put in ₹ 255.35 Cr., including 24 mutual funds.
| SBI INFRASTRUCTURE FUND | 2,49,690 | 17.48 | 6.84% |
| ICICI PRUDENTIAL SMALLCAP FUND | 2,49,690 | 17.48 | 6.84% |
| HDFC DEFENCE FUND | 1,36,206 | 9.53 | 3.73% |
| HDFC HYBRID DEBT FUND | 56,742 | 3.97 | 1.56% |
| HDFC INNOVATION FUND | 56,742 | 3.97 | 1.56% |
| KOTAK SERVICES FUND | 87,402 | 6.12 | 2.4% |
| KOTAK INFRASTRUCTURE & ECONOMIC REFORM FUND | 81,123 | 5.68 | 2.22% |
| KOTAK MANUFACTURE IN INDIA FUND | 81,123 | 5.68 | 2.22% |
| NIPPON POWER & INFRA FUND | 1,24,845 | 8.74 | 3.42% |
| NIPPON INDIA VALUE FUND | 1,24,845 | 8.74 | 3.42% |
| ARANDA INVESTMENTS PTE.LTD. | 2,49,690 | 17.48 | 6.84% |
| GOLDMAN SACHS FUNDS-GOLDMAN SACHS INDIA EQUITY PORTFOLIO | 2,49,690 | 17.48 | 6.84% |
| WHITEOAK CAPITAL EQUITY FUND-II | 1,57,143 | 11 | 4.31% |
| ASHOKA INDIA EQUITY INVESTMENT TRUST PLC | 71,442 | 5 | 1.96% |
| BLACKROCK GLOBAL FUNDS-INDIA FUND | 1,57,143 | 11 | 4.31% |
| PUBLIC SECTOR PENSION INVESTMENT BOARD-IIFL ASSET MANAGEMENT LTD. | 1,57,143 | 11 | 4.31% |
| ADITYA BIRLA SUN LIFE INFRASTRUCTURE FUND | 1,42,863 | 10 | 3.92% |
| APEX EQUITY LONG-SHORT FUND | 3,570 | 0.25 | 0.1% |
| APEX EQUITY EX-TOP 100 LONG-SHORT FUND | 3,570 | 0.25 | 0.1% |
| APEX HYBRID LONG-SHORT FUND | 7,140 | 0.5 | 0.2% |
| AXIS INDIA MANUFACTURING FUND | 1,15,248 | 8.07 | 3.16% |
| AXIS INNOVATION FUND | 26,187 | 1.83 | 0.72% |
| AXIS EQUITY SAVINGS FUND | 15,708 | 1.1 | 0.43% |
| ALTIVA HYBRID LONG-SHORT FUND | 1,00,002 | 7 | 2.74% |
| ALTIVA EQUITY EX-TOP 100 LONGSHORT FUND | 57,141 | 4 | 1.57% |
| MIRAE ASSET INFRASTRUCTURE FUND | 85,722 | 6 | 2.35% |
| MIRAE ASSET MULTI ASSET ALLOCATION FUND | 71,421 | 5 | 1.96% |
| HELIOS INDIA EMERGING STAR FUND | 71,463 | 5 | 1.96% |
| HELIOS BALANCED ADVANTAGE FUND | 28,560 | 2 | 0.78% |
| HELIOS SMALL CAP FUND | 57,120 | 4 | 1.57% |
| TITANIUM HYBRID LONG-SHORT FUND | 71,463 | 5 | 1.96% |
| CANARA ROBECO VALUE FUND | 71,442 | 5 | 1.96% |
| HDFC LIFE INSURANCE CO.LTD. | 71,484 | 5 | 1.96% |
| AXIS MAX LIFE INSURANCE LTD.-ULGF 00217/04/06 GRATBALANC 104-GROUP GRATUITY BALANCED FUND | 10,102 | 0.71 | 0.28% |
| AXIS MAX LIFE INSURANCE LTD.-UAIGF-RISING INDIA MANUFACTURING FUND | 18,766 | 1.31 | 0.51% |
| AXIS MAX LIFE INSURANCE LTD.-ULIF 00625/11/05 PENSBALANC 104-PENSION BALANCED FUND | 3,613 | 0.25 | 0.1% |
| AXIS MAX LIFE INSURANCE LTD.-ULIF 00525/11/05 PENSGROWTH 104-PENSION GROWTH FUND | 14,429 | 1.01 | 0.4% |
| AXIS MAX LIFE INSURANCE LTD.-ULIF 01815/02/13 PENSPRESER 104-PENSION PRESERVER FUND | 1,439 | 0.1 | 0.04% |
| AXIS MAX LIFE INSURANCE LTD.-ULIF 01425/03/08 LIFEDYNOPP 104-DYNAMIC OPPORTUNITIES FUND | 23,093 | 1.62 | 0.63% |
| KOTAK MAHINDRA LIFE INSURANCE CO.LTD. | 71,442 | 5 | 1.96% |
| TATA AIA LIFE INSURANCE CO.LTD.-FLEXI GROWTH FUND II (ULIF 074 02/05/24 FG2 110)) | 71,442 | 5 | 1.96% |
| PRUDENTIAL ASSURANCE CO.LTD.,THE | 71,463 | 5 | 1.96% |
| ALLIANZ GLOBAL INVESTORS FUND-ALLIANZ INDIA EQUITY | 71,461 | 5 | 1.96% |
Registrar, lead managers and documents
- Listing on
- BSE, NSE
- Face value
- ₹ 2 a share
- Registrar
- KFin Technologies Limited
- Lead managers
- JM Financial Ltd., IIFL Capital Services 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.