Minimum Investment
About Company
Company Name: Tonbo Imaging India Limited
Industry / Sector: Defence Electronics / Aerospace & Defense
Founded Year: December 18, 2003
Promoters: Ankit Kumar, Arvind Kondangi Lakshmikumar, Cecilia D'Souza
Tonbo Imaging India Limited is a global defence electronics original equipment manufacturer (OEM) engaged in the design, development, and manufacturing of advanced electro-optic, infrared (EO/IR), embedded vision, communication, guidance, and surveillance systems for defence and security applications. The company offers a diversified portfolio of battlefield solutions, including thermal imaging systems, weapon sights, missile seekers, fire control systems, missile guidance systems, targeting systems, and handheld thermal imaging devices. Tonbo serves defence and security organizations across 24 countries with over 28,000 field-deployed systems. The company is India's largest manufacturer of thermal imaging systems for government and defence agencies (FY24–FY26) and the country's largest exporter of thermal imaging systems by volume. Its products are developed using fully owned intellectual property and are free from ITAR (International Traffic in Arms Regulations) restrictions, enabling exports to global markets without geopolitical limitations. As of June 30, 2026, the company employed 339 permanent employees.
IPO Basic Details
| Company Name | Tonbo Imaging India Limited |
| IPO Type | Mainboard IPO |
| Price Band | ₹665 – ₹700 |
| Lot Size | 21 Shares |
| Total Issue Size | 1,21,74,046 Equity Shares (₹852.18 Cr) |
IPO Strengths & Risks
Strengths
- Leading defence electronics OEM with proprietary electro-optic and thermal imaging technologies
- Strong in-house R&D capabilities with complete ownership of core intellectual property
- Diversified portfolio of battlefield surveillance, targeting, guidance, and imaging solutions
- Global presence with 28,000+ deployed systems across 24 countries and ITAR-free export capability
- Asset-light, innovation-driven business model supported by healthy financial performance
- Experienced management team with deep expertise in defence technology and product development
Risks
- Revenue from operations declined by 22% in FY26, and the company reported a net loss of ₹17.74 crore in Q1 FY27
- The company operates in a highly regulated industry and is subject to extensive regulatory requirements
- Significant portion of revenue is concentrated in certain key geographies and customers
- The company has reported contingent liabilities and significant related party transactions
- The company's business is dependent on government defence budgets and procurement cycles
IPO Important Dates
| IPO Open Date | 15 Oct 2026 |
| IPO Close Date | 19 Oct 2026 |
| Basis of Allotment | 21 Oct 2026 |
| Refund Initiation | 22 Oct 2026 |
| Demat Credit Date | 22 Oct 2026 |
| Listing Date | 23 Oct 2026 |
| Anchor Investor Date | - |
| UPI Mandate Deadline | - |
IPO Objectives
- Capital expenditure for machinery and equipment – -
- Funding working capital requirements – -
- Debt repayment – -
- General corporate purposes – -
Investor Reservation
| QIB Quota | Not more than 50% of the Offer |
| Retail Quota | Not less than 35% of the Offer |
| HNI Quota | - |
| Employee Quota | - |
| Shareholder Quota | - |
| Anchor Investor Allocation | - |
Market Lot Details
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 Lot | 21 | ₹14,700 |
| Retail Maximum | 13 Lots | 273 | ₹1,91,100 |
| S-HNI Minimum | 14 Lots | 294 | ₹2,05,800 |
| S-HNI Maximum | 68 Lots | 1428 | ₹9,99,600 |
| B-HNI Minimum | 69 Lots | 1449 | ₹10,14,300 |
Key Performance Indicators (KPI)
| ROE | 9.75% (FY26), -3.25% (Q1 FY27) |
| ROCE | 14.54% (FY26), -4.31% (Q1 FY27) |
| RoNW | - |
| PAT Margin | 13.75% (FY26), -47.52% (Q1 FY27) |
| EBITDA Margin | 28.85% (FY26), -36.21% (Q1 FY27) |
| EPS | ₹8.88 (Pre-IPO) |
| NAV per share | - |
| Debt to Equity | Not explicitly stated in the source |
| P/E Ratio | - |
| Industry P/E | - |
Company Financial Data
| Period | Assets | Total Income | PAT | EBITDA | Net Worth | Borrowings |
|---|---|---|---|---|---|---|
| Q1 FY2027 (Jun 30, 2026) | ₹782.87 Cr | ₹37.32 Cr | -₹17.74 Cr | -₹13.04 Cr | ₹538.54 Cr | ₹129.72 Cr |
| FY2026 (Mar 31, 2026) | ₹782.50 Cr | ₹369.94 Cr | ₹50.88 Cr | ₹104.62 Cr | ₹553.16 Cr | ₹116.06 Cr |
| FY2025 (Mar 31, 2025) | ₹726.36 Cr | ₹474.39 Cr | ₹72.76 Cr | ₹139.06 Cr | ₹490.14 Cr | ₹78.14 Cr |
| FY2024 (Mar 31, 2024) | ₹574.68 Cr | ₹431.90 Cr | ₹68.54 Cr | ₹112.32 Cr | ₹230.13 Cr | ₹96.36 Cr |
Grey Market Premium
| GMP Price | ₹425 (as of 13 Oct 2026) |
| Kostak Rate | Not Available |
| Subject to Sauda | Not Available |
| Last Updated | 13 Oct 2026 |
| Estimated Listing Price | ₹1,125 (approx. 60.71% premium over upper price band) |
IPO Subscription Data
| Total Subscription | Pending |
| QIB (Ex Anchor) | Pending |
| HNI Subscription | Pending |
| Retail Subscription | Pending |
| Anchor | - |
IPO Intermediaries
Registrar: Kfin Technologies Ltd.
Registrar Website: https://ipostatus.kfintech.com/
IPO Lead Manager(s)
Company Information
Address: No.3 Chikkayellappa Tower-II, 1st C Main, Sarjapur Main Road, Jakkasandra Extension, Chikkayellappa Industrial Layout, Bengaluru, Karnataka - 560034
Website: https://www.tonboimaging.com
Email: compliance@tonboimaging.com
Phone: +91 63 64 926 273
IPO Documents
Frequently Asked Questions (FAQ)
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