Tonbo Imaging India Limited IPO
Offer terms, application timeline, financial context and company details in one place.
Issue at a glance
- Issue size
- ₹852.18 crore
- Face value
- ₹2
- Issue method
- 100% Book Building
- Symbol
- TONBO
- ISIN
- INE0LDG01026
Subscription
96.88×overall subscribed
Demand by bid price
About the company
Incorporated in December 2003, 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. Products: Tactical systems: These systems are focused on the functions of imaging, surveillance, reconnaissance and targeting. Platform systems: Two kinds of platform systems – (a) subsystems that can provide observation and fire control capabilities to a range of aerial, ground and weapon platforms and (b) end platforms that actually perform the task of threat neutralization.
Financial snapshot
| Particulars | FY26 | FY27 |
|---|---|---|
| Revenue | ₹362.65 cr | ₹144.00 cr (-60.29%) |
| PAT | ₹50.88 cr | ₹-70.96 cr (-239.47%) |
| PAT Margin | 14.03 % | -49.28 % (-451.25%) |
| EBITDA | ₹104.62 cr | ₹-52.16 cr (-149.86%) |
| EBITDA Margin | 28.85 % | -36.22 % (-225.55%) |
| ROE | 9.20 % | -3.29 % |
| ROCE | 14.54 % | -4.31 % |
| D/E | 0.21 | 0.24 |
What to consider
Use of proceeds
The Tonbo Imaging India Ltd. IPO is a 100% Offer for Sale (OFS), so the company will not receive any funding and the entire IPO proceeds will go to the selling shareholders.
Business strengths
- Proprietary Defence TechnologiesThe company owns 100% of its intellectual property since Fiscal 2024, spanning optics, embedded software and electronics including proprietary video engines, AI-accelerated image processing and sub-5 µrad multi-axis gimbal stabilization, enabling full control over its technology roadmap.
- Asset-Light R&D Driven ModelThe company operates an asset-light business model with in-house core design and IP development, outsourcing manufacturing to certified EMS partners, employing 130 engineers at its Bengaluru R&D centre as of June 30, 2026.
- Global Acceptability as Defence OEMThe company is a global defence electronics OEM with products sold across EU, US and Israel, and was the largest manufacturer by sales value of thermal imaging systems to Indian government and defence agencies between April 2024 and March 2026.
Key risks
- Cyclical, Tender-Based RevenueThe company's business is cyclical due to government budget cycles and tender-based procurement, resulting in poor revenue visibility; revenue from operations declined 22.69% in Fiscal 2026 due to delays in execution of international orders arising from the West Asia conflict.
- Customer Concentration RiskDespite short-term, non-recurring tender-based contracts, top 5 customers contributed 53.03% of revenue from operations in Fiscal 2026, and loss of key customers or non-renewal of orders could adversely affect business and financial condition.
- Supplier Concentration RiskThe company's top ten suppliers contributed 164.00%, 68.77%, 35.46% and 67.49% of total expenses in the three months ended June 30, 2026 and Fiscals 2026, 2025 and 2024 respectively, with no long-term contracts in place with these suppliers.
Peer comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (₹ per share) | P/E (x) |
|---|---|---|---|---|
| Tonbo Imaging India Ltd. | 9.19 | 8.88 | 96.57 | 9.75 |
| Paras Defence And Space Technologies Ltd | 10.93 | 10.93 | 90.02 | 117.88 |
| Data Patterns (india) Ltd | 48.47 | 48.47 | 310.08 | 87.29 |
| Astra Microwave Products Ltd | 20.32 | 20.27 | 138.46 | 83.92 |
| Zen Technologies Ltd | 21.52 | 21.52 | 209.22 | 73.44 |
| Bharat Electronics Ltd | 8.29 | 8.29 | 32.82 | 45.70 |