Tonbo Imaging India Limited
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₹475(67.86%)
Premium (ELP)
The capital markets are poised for the arrival of Tonbo Imaging India Limited's's Initial Public Offering, targeting a total fundraise of 1,21,74,046 Shares. This comprises TBD in new capital generation and ₹852.18 Cr in secondary market transactions through existing shareholders.
Investors can consider participating in this offering within the stipulated price range of ₹665 to ₹700, with each application lot consisting of 21 shares. The IPO represents a milestone event in the company's corporate journey.
The subscription period commences on Oct 15, 2026 and will remain open until Oct 19, 2026. The basis of allotment will be announced on Oct 21, 2026, with trading expected to initiate on Oct 23, 2026 across the NSE, BSE platform.
Investors can bid starting from the minimum lot size specified for this IPO, and only in multiples of that lot size. The table below shows the minimum and maximum investment for retail investors and HNIs in terms of lots, quantity, and amount.
Tonbo Imaging India Limited, incorporated in 2003, is a defence technology company engaged in designing and developing advanced sensing, imaging, communication, and guidance systems used in surveillance, reconnaissance, targeting, and control applications. The company focuses on miniaturised and modular technologies and offers products across three key segments—tactical systems for soldiers and security forces, platform systems integrated into land, air, and weapon platforms, and directed energy systems such as high-power microwave solutions for counter-drone operations. Its solutions are used in applications like remote weapon stations, missile seekers, situational awareness, and armoured vehicle vision systems. Tonbo follows an asset-light model by retaining core design and intellectual property while outsourcing manufacturing to EMS partners, enabling scalability and efficiency. With a global presence, the company has supplied its products to 24 countries, including India, the USA, UAE, and South Korea, supported by a skilled workforce of 293 employees as of June 2025.
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
The expected premium (GMP) is based on market buzz and unofficial trading. It should not be considered as the guaranteed listing price. Always refer to the RHP and seek advice from a financial expert before making investment decisions.
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- Proprietary Technology & Intellectual Property: Since FY2024, the Company has owned 100% of its intellectual property across optics, embedded software and electronics. Its technologies include proprietary video engines, AI-powered image processing and sub-5 µrad gimbal stabilisation, allowing it to maintain control over its technology roadmap.
- Asset-Light, R&D-Focused Business Model: The Company focuses on in-house core design and intellectual property development while outsourcing manufacturing to certified EMS partners. This supports capital efficiency and greater focus on innovation, backed by an R&D centre employing 133 engineers as of March 31, 2026.
- Global Market Presence & Product Acceptance: As a global defence electronics OEM, the Company has deployed over 28,000 tactical systems across 24 countries. Its products have gained acceptance in advanced defence markets, including the EU, US and Israel, and it was India’s largest exporter of thermal imaging systems during FY2024–FY2026.
- Cyclical & Tender-Based Revenue: The Company’s business is influenced by geopolitical developments, government budget cycles and tender-based procurement, making revenue less predictable. Revenue from operations declined from ₹4,690.80 million in FY2025 to ₹3,626.48 million in FY2026, mainly due to delays in international orders.
- High Customer Concentration: The Company relies on short-term, non-recurring tender-based contracts, with the top five customers contributing 86.36% of revenue and the largest customer accounting for 57.07% in FY2025. Any failure to secure repeat orders or retain major customers could adversely affect revenue and business performance.
- Dependence on Key Suppliers: The top 10 suppliers accounted for 68.77%, 35.46% and 67.49% of total expenses in FY2026, FY2025 and FY2024, respectively. The absence of long-term supplier agreements increases the risk of supply disruptions, which could affect operations and financial results.
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