Tonbo Imaging
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 293.56×
- Big non-institutionalbNII · above ₹10 lakh
- 184.73×
- Small non-institutionalsNII · ₹2–10 lakh
- 143.37×
- Retail individualRII · up to ₹2 lakh
- 31.11×
- Employeesreserved quota
- 54.31×
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 24,32,010 | 71,39,33,115 | ₹49,975 Cr | 293.56× |
| Non-institutional | 18,24,007 | 28,52,03,562 | ₹19,964 Cr | 156.36× |
| Big non-institutionalwithin NII | 12,16,005 | 22,46,27,487 | ₹15,724 Cr | 184.73× |
| Small non-institutionalwithin NII | 6,08,002 | 8,71,72,008 | ₹6,102 Cr | 143.37× |
| Retail individual | 42,56,016 | 13,24,10,271 | ₹9,269 Cr | 31.11× |
| Employees | 14,000 | 7,60,305 | ₹53.22 Cr | 54.31× |
| Total | 85,26,033 | 1,13,23,07,253 | ₹79,262 Cr | 132.81× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 19 Oct, 05:44 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 15 Oct 2026 – 19 Oct 2026
- Listing date
- 23 Oct 2026
- Face value
- ₹2 per share
- Price band
- ₹665 – ₹700
- Issue price
- ₹700 per share
- Lot size
- 21 shares
- Sale type
- Offer for sale
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹852 Cr
- Fresh issue
- ₹0 Cr 0 shares
- Offer for sale
- ₹852 Cr 1,21,74,046 shares
- Market cap at offer price
- ₹4,010 Cr
- Promoter holding
- 18.58% → 14.56% pre-issue → post-issue
- ISIN
- INE0LDG01026
- CIN
- U26700KA2003PLC033043
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- JM Financial Ltd.
- Registered office
- No.3 Chikkayellappa Tower-II, 1st C Main, Sarjapur Main Road, Jakkasandra Extension, Chikkayellappa Industrial Layout, Bengaluru 560 034, Karnataka, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 24,32,009 | 28.57% | 28.52% |
| Anchor investor · within QIB | 36,48,013 | — | 42.79% |
| NII (HNI) | 18,24,007 | 21.43% | 21.39% |
| bNII > ₹10L · within NII | 12,16,005 | — | 14.26% |
| sNII < ₹10L · within NII | 6,08,002 | — | 7.13% |
| Retail (RII) | 42,56,017 | 50.00% | 49.92% |
| Employee | 14,000 | — | 0.16% |
| Market maker | 0 | — | 0.00% |
| Total issue | 85,26,033 | — | 100.00% |
Net offer to the public of 85,12,033 shares, out of a total issue of 85,26,033. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 21 shares per lot, in multiples, at ₹700
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 21 | ₹14,700 |
| Retail (max) | 13 | 273 | ₹1,91,100 |
| S-HNI (min) | 14 | 294 | ₹2,05,800 |
| S-HNI (max) | 68 | 1,428 | ₹9,99,600 |
| B-HNI (min) | 69 | 1,449 | ₹10,14,300 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 8.88 | −12.39 |
| P/E (×) | 78.83 | — |
| Price to book (×) | 7.25 | — |
| Market cap | — | ₹4,010 Cr |
No price-to-earnings multiple is shown: the company reported a loss, and an earnings multiple struck on negative earnings would read as a cheap valuation while meaning the opposite.
Key performance indicators
- Return on net worth
- 9.75%
- ROCE
- 13.00%
- PAT margin
- 13.75%
- EBITDA margin
- 28.85%
- NAV per share
- ₹96.57
- Price to book
- 7.25
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 369.94 | 474.39 | 431.89 |
| Revenue from operations | 362.64 | 469.08 | 428.19 |
| Other income | 7.29 | 5.31 | 3.7 |
| Total expenses | 299.98 | 374.34 | 336.94 |
| Operating profit | 69.96 | 100.05 | 94.95 |
| Operating margin | 18.91% | 21.09% | 21.98% |
| Profit before tax | 69.96 | 99.26 | 94.55 |
| Profit after tax | 50.88 | 72.75 | 68.54 |
| PAT margin | 13.75% | 15.34% | 15.87% |
| Balance sheet | |||
| Total assets | 782.5 | 726.36 | 574.68 |
| Current assets | 511.55 | 445.79 | 363.12 |
| Current liabilities | 193.71 | 185.51 | 287.41 |
| Total liabilities | 229.33 | 236.22 | 344.55 |
| Net worth | 553.15 | 490.13 | 230.1 |
| Current ratio | 2.64× | 2.40× | 1.26× |
| Return on equity | 9.20% | 14.84% | 29.79% |
| Cash flow | |||
| Operating cash flow | -63.21 | -136.11 | 78.33 |
| Investing cash flow | -32.26 | -24.69 | -190.16 |
| Financing cash flow | 32.19 | 147.05 | 187.81 |
| Net cash flow | -63.29 | -13.74 | 75.97 |
Objects of the issue
1 Offer for Sale of Equity Shares —
The IPO involves an Offer for Sale of Equity Shares, is aimed at achieving the benefits of listing the Equity Shares on the Stock Exchanges.
2 Enhancing Visibility and Brand Image —
The proposed listing of Equity Shares is intended to enhance the company's visibility and brand image, provide liquidity to existing Shareholders, and create a public market for the Equity Shares in India.
3 Utilisation of Offer Proceeds by Selling Shareholders —
The company will not receive any proceeds from the Offer; all Offer Proceeds will be received by the Selling Shareholders in proportion to their respective Offered Shares, after deducting their portion of Offer-related expenses and relevant taxes.
4 Offer-Related Expenses —
The Offer expenses, estimated at an approximate amount in millions, cover listing fees, selling commission, brokerage, fees to intermediaries, printing, advertising, and all other incidental expenses for listing the Equity Shares on the Stock Exchanges.
4 of 4 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Tonbo Imaging
Tonbo Imaging India Limited is a global defence electronics OEM incorporated in 2003, designing, developing, and manufacturing sensing, processing, communication, and guidance systems including thermal imaging cores, weapon sights, missile seekers, and fire control systems. The company owns 100% of its intellectual property since Fiscal 2024 and operates an asset-light model, outsourcing manufacturing to certified EMS partners while maintaining in-house R&D with 130 engineers. As per the F&S Report, the company is the largest manufacturer of thermal imaging systems to government and defence agencies in India (April 2024–March 2026) and holds a 94% market share in thermal imaging exports from India by units. With over 28,000 systems deployed across 24 countries and an ITAR-free product portfolio, the company serves global militaries, law enforcement agencies, and defence OEMs.
Management
Sonal Shrivastava
Director
Arvind Kondangi Lakshmikumar
MD
Strengths
As stated in the offer document
Leading Defence Technology Solutions Provider with Pioneering Proprietary Technologies
The company owns 100% of its intellectual property since Fiscal 2024, with proprietary technology ranging from optics to embedded software, AI-accelerated image processing, and sub-5 �rad multi-axis gimbal stabilization, enabling full control over its technology roadmap with no material licensing dependencies.
Driving Innovation in Defence Electronics through In-house R&D with an Asset Light Business Model
The company operates an asset-light model with 130 R&D engineers (~38% of workforce) and R&D costs of ₹258.56 million in Fiscal 2026; manufacturing is outsourced to certified EMS partners (Kaynes and Avalon), enabling capital efficiency and focus on core design competence.
Among the Few Defence Electronics OEMs with Wide Global Acceptability
The company has deployed over 28,000 systems across 24 countries as of June 30, 2026, and holds a 94% market share of thermal imaging exports from India by units (FY24–FY26), being the largest manufacturer of thermal imaging systems to Indian government and defence agencies by sales value.
Diversified Defence Product Portfolio with Deployability Across All Domains
The company offers a broad portfolio spanning tactical systems, platform systems, and directed energy systems across ground, air, naval, and missile domains, with modular and scalable designs; its thermal weapon sight Spartan-S is benchmarked as superior in size, weight, and power versus Indian competition per the F&S Report.
Sound Financials with Healthy Performance
The company reported Revenue from Operations of ₹4,690.80 million in Fiscal 2025 and ₹3,626.48 million in Fiscal 2026, with EBITDA margins of 29.65% and 28.85% respectively, and a Net Worth of ₹5,531.59 million as of March 31, 2026, supported by an asset-light model that minimizes capex.
Experienced and Dedicated Promoters and Key Managerial Personnel with Extensive Domain Knowledge
The company is led by three Promoters each with over 21 years of experience in defence engineering, R&D, and international finance; the 339-member team includes engineers with deep expertise in infrared imaging, AI, and sensor fusion, providing stability and competitive advantage in global defence markets.
Risk factors
As stated in the offer document
Cyclical and Tender-Based Business with Poor Revenue Visibility
The company operates in a geopolitically driven defence electronics sector subject to government budget cycles and episodic emergency procurement, resulting in significant revenue volatility. Revenue from operations declined from ₹4,690.80 million in Fiscal 2025 to ₹3,626.48 million in Fiscal 2026, partly due to delays in international orders arising from the West Asia conflict and deferment of anticipated orders.
Dependence on Limited Global Suppliers for Critical Components
The company relies on a narrow global supplier base for critical components such as infrared focal plane arrays, OLED micro displays, and specialized optics, with key raw materials like Germanium sourced primarily from China and Russia, which are subject to export restrictions and price volatility. Supply chain disruptions in Fiscal 2023 led to liquidated damages of ₹218.20 million and ₹189.27 million paid to customers in Fiscals 2024 and 2025, respectively.
Significant Customer Concentration Risk
The company's top 5 customers contributed 92.06%, 53.03%, 86.36%, and 72.19% of revenue from operations in the three months ended June 30, 2026, and Fiscals 2026, 2025, and 2024, respectively. As contracts are short-term and non-recurring, the loss of any major customer or failure to win new tenders could materially impact revenue and financial stability.
Negative Cash Flows and Working Capital Strain
The company reported negative net cash flows from operating activities of ₹(146.83) million, ₹(632.16) million, and ₹(1,361.19) million in the three months ended June 30, 2026, and Fiscals 2026 and 2025, respectively. Working Capital Days deteriorated sharply from 152 days in Fiscal 2024 to 517 days in Fiscal 2026, reflecting increasing liquidity pressure and reliance on external financing.
Highly Regulated Industry with Stringent Compliance Requirements
The company operates in a heavily regulated defence sector requiring multiple licenses, SCOMET export approvals, and compliance with IDDM indigenous content thresholds under DAP 2020 (currently 50%, proposed to increase to 60% under draft DAP 2026). Non-compliance could result in disqualification, liquidated damages, forfeiture of performance guarantees, and blacklisting from future government procurements.
Export Revenue Concentration and International Market Risks
The company derived 65.52% and 48.61% of revenue from exports in Fiscals 2025 and 2024, respectively, with significant concentration in Europe; however, export revenue collapsed to just 5.57% in Fiscal 2026 due to geopolitical disruptions. Emerging EU regulations (SAFE and EDIP) requiring 65% EU-origin content in defence procurements may further constrain the company's export opportunities to Europe.
Peer comparison
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Tonbo Imaging India Ltd. THIS ISSUE | 9.19 | 96.57 | — | 7.25, computed at the offer price | 9.75% |
| 10.93 | 90.02 | 117.88 | 14.29 | — | |
| 48.47 | 310.08 | 87.29 | 13.65 | 17.00% | |
| 20.32 | 138.46 | 83.92 | 12.33 | — | |
| 21.52 | 209.22 | 73.44 | 7.56 | — | |
| 8.29 | 32.82 | 45.70 | 11.81 | — |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/BV here is computed at the offer price, on the post-issue share count, and is comparable to a listed peer's.