- NEGATIVE
Annual Revenue Tonbo Imaging Mar-2026 Annual Revenue is Rs 368 Cr which is growth of -22.4% YoY.
- NEGATIVE
Annual Net Profit Tonbo Imaging Mar-2026 Annual Net Profit is Rs 50 Cr which is growth of -31.1% YoY.
Tonbo Imaging India was incorporated on December 18, 2003. The company is a global defence electronics OEM engaged in the design, development, and manufacture of sensing, processing, communication, and guidance systems for surveillance, reconnaissance, targeting, and control. Its diversified portfolio includes thermal imaging solutions, weapon sights, targeting systems, missile seekers, and guidance systems that enable battlefield autonomy
| Bidding Dates |
|---|
| 15 Oct 2026 - 19 Oct 2026 |
| Subscription |
|---|
| 135.9x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹13,965 | 1 | 13 | 21 | 12.2 M | ₹665 - ₹700 | 14.56 % | ₹8,095.7 M - ₹8,521.8 M | RHP DOC |
Tonbo Imaging IPO SUBSCRIPTION STATUS
19 Oct '26Total135.9x
Retail Individual Investor31.07x
HNI (NII) Investors170.94x
Qualified Institutional Buyers293.56x
Employees54.33x
Tonbo Imaging IPO overall subscription rate was 135.9 times the total available shares
Tonbo Imaging IPO retail subscription rate was 31.07 times in the retail segment
Tonbo Imaging IPO non-institutional investor subscription rate was 170.94 times in the non-institutional investor category
Tonbo Imaging IPO Qualified Institutional Bidder subscription rate was 293.56 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers | Employees |
|---|---|---|---|---|
| Category Reservation | 35% | 15% | 50% | - |
19 Oct 2026 (Day 3) | 31.07x | 170.94x | 293.56x | 54.33x |
16 Oct 2026 (Day 2) | 7.13x | 14.35x | 3.95x | 13.14x |
15 Oct 2026 (Day 1) | 3.2x | 5.96x | 3.92x | 6.51x |
Tonbo Imaging FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| Q1FY27 | 36.0 | -17.7 | -14.7 | -21.9 | -36.2% |
| FY26 | 362.6 | 50.9 | -63.2 | -102.2 | 28.9% |
| FY25 | 469.1 | 72.8 | -136.1 | -162.8 | 29.7% |
| FY24 | 428.2 | 68.5 | 78.3 | -108.9 | 26.2% |
Tonbo Imaging IPO SUBSCRIPTION STATUS DETAILS
Tonbo Imaging had 12.2 M shares on offer
Tonbo Imaging IPO offer price was in the range ₹665 - ₹700
Tonbo Imaging IPO minimum Investment was ₹13965
Tonbo Imaging IPO issue size was ₹ 8,095.7 M - ₹ 8,521.8 M
Tonbo Imaging had a minimum lot size of 21 Shares per application
Tonbo Imaging NUMBER OF SHARES ON OFFER
Total12.2 M
Fresh Issue0
Offer for Sale12.2 M
Post Issue Promoter Holding %14.56 %
Tonbo Imaging IPO IMPORTANT DATES
| Issue Open Date | 15 Oct 2026 |
| Issue close Date | 19 Oct 2026 |
| Allotment Date | 21 Oct 2026 |
| Refund Date | 22 Oct 2026 |
| Demat Account Credit Date | 22 Oct 2026 |
| Listing Date | 23 Oct 2026 |
| Listing on Exchange(s) | NSE and BSE |
| Tonbo Imaging Allotment Status | Exchange/ Registrar |
Tonbo Imaging IPO subscription opened on 15 Oct 2026, and closed on 19 Oct 2026
IPO allotment for Tonbo Imaging was finalized on Wednesday, 21 Oct 2026
IPO listing for Tonbo Imaging was on NSE and BSE on Friday, 23 Oct 2026
Tonbo Imaging IPO LISTING GAINS
| Issue Price (adjusted) | 700.0 |
| Listing Open Price | 1160.0 |
| Listing Close Price | 1133.8 |
| Listing Gain% | 65.7% |
| Current Gain% | 62.0% |
Tonbo Imaging Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Tonbo Imaging India Ltd. | 1133.8 | 6494.6 | 127.6 | -4.2 | 17.6 | 9.2 | 6.5 | 369.9 | -22 | 50.9 | -30.1 | 8.9 | -30.1 |
| Hindustan Aeronautics Ltd. | 4725 | 315996.2 | 33.9 | 2.8 | 9.4 | 22.2 | 6.9 | 36788 | 9.7 | 9115.6 | 9 | 139.4 | 12.2 |
| Bharat Electronics Ltd. | 362 | 264614 | 43.1 | 3.7 | 9.2 | 25.3 | 13.6 | 28176.1 | 15 | 6062 | 13.9 | 8.4 | 11.7 |
| Mazagon Dock Shipbuilders Ltd. | 1860 | 75028.7 | 26.3 | 0.8 | 5.6 | 26.5 | 9.4 | 14145.7 | 12.7 | 2583.3 | 7 | 70.8 | 31.7 |
| Bharat Dynamics Ltd. | 1017.5 | 37297.7 | 71.6 | -10 | 13.5 | 9.9 | 2.9 | 2865.6 | -22.5 | 420.3 | -23.5 | 14.2 | -7.1 |
| Garden Reach Shipbuilders & Engineers Ltd. | 1861 | 21318.1 | 26.6 | 0.6 | 2.8 | 28.5 | 7 | 7276.5 | 34.5 | 747.9 | 41.8 | 69.9 | 42.9 |
Quarterly
Annual
Balance Sheet
Ratios
Cash Flow
Tonbo Imaging annual results: revenue, profit, P&L, and margins as of Mar 2026 – 11 year history
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| Indicator | Graph | Mar '26 | Mar '25 |
|---|---|---|---|
| 367.9 | 474.4 | ||
Operating Exp. Ann. | 257.2 | 330.1 | |
Operating Profit Ann. | 103.5 | 139 | |
OPM Ann. % | 28.12% | 29.29% | |
| 299 | 374.5 | ||
EBITDA Ann. | 110.7 | 144.3 | |
EBITDA Ann. margin % | 30.10% | 30.41% | |
Interest Ann. | 10.6 | 17.7 | |
Depr. | 31.3 | 26.6 | |
PBT Ann. | 68.9 | 99.2 | |
Tax Ann. | 18.8 | 26.5 | |
| 50.1 | 72.7 | ||
Net Profit Ann. | 50.1 | 72.7 | |
NPM Ann. % | 13.88% | 15.49% | |
EPS Adj. latest Ann. | 8.7 | 12.7 |
*All financials are in INR Cr and price data in INR
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Total Rev. Ann.
1Y CHG
-22.4%
Net Profit Ann.
1Y CHG
-31.1%
Operating Exp. Ann.
1Y CHG
-22.1%
Tonbo Imaging INFORMATION ON IPO ISSUE
About Tonbo Imaging
Tonbo Imaging India was incorporated on December 18, 2003. The company is a global defence electronics OEM engaged in the design, development, and manufacture of sensing, processing, communication, and guidance systems for surveillance, reconnaissance, targeting, and control. Its diversified portfolio includes thermal imaging solutions, weapon sights, targeting systems, missile seekers, and guidance systems that enable battlefield autonomy
Object of the Issue
- To achieve the benefits of listing the equity shares on the stock exchanges and for the offer for sale of up to 18,085,246 equity shares
Tonbo Imaging - PROMOTERS
| Name |
|---|
| Ankit Kumar |
| Arvind Kondangi Lakshmikumar |
| Cecilia D’Souza |
Tonbo Imaging - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Sonal Shrivastava | Chairperson & Independent Director |
| Arvind Kondangi Lakshmikumar | Managing Director & Chief Executive Officer |
| Ankit Kumar | Executive Director & Chief Business and Revenue Officer |
| Cecilia D’Souza | Executive Director & Chief Commercial Officer |
| Amit Dilip Shah | Nominee Director |
| Sai Ram Edara | Nominee Director |
| Mathew Cyriac | Nominee Director |
| Rishikesha Thiruvenkata Krishnan | Independent Director |
| Lakshminarayana R Kollengode | Independent Director |
Tonbo Imaging Book Running Lead Manager
JM Financial Limited
tonbo.ipo@jmfl.com
IIFL Capital Services Limited
tonbo.ipo@iiflcap.com
Tonbo Imaging Registrar to the Offer
KFin Technologies Limited
tonbo.ipo@kfintech.com
Tonbo Imaging Strengths
Defence technology solutions
The company is among the few in India that fully owns its intellectual property across optics, embedded software, electronics, and critical subsystems, enabling complete control over technology development and product evolution. As a software-led organization, it leverages AI, computational imaging, and sensor fusion to deliver low-SWaP, high-performance defence systems with rapid innovation and no dependence on external technology partners
Strength
Asset light business model
The company follows an asset-light, horizontally integrated model, developing core design and IP in-house while outsourcing manufacturing to certified EMS partners. This approach enables strong R&D focus, rapid innovation, and customized, low-SWaP defence electronics solutions aligned with evolving customer and operational requirements
Strength
Diversified defence product portfolio
As per the F&S Report, the company is a global defence electronics OEM with field-tested systems used for surveillance, reconnaissance, and targeting across ground, air, naval, and missile platforms worldwide. Its competitively priced, globally benchmarked products have been deployed in over 20,000 systems across 24 countries, winning international tenders in both developed and emerging markets
Strength
Tonbo Imaging Risks
Licenses & approvals
The company operates in a highly regulated industry and is subject to stringent government laws and licensing requirements. Any failure to obtain, renew, or comply with statutory approvals could disrupt operations and adversely impact its financial performance and cash flows
Risk
Depend on R&D capabilities
The company’s operations rely heavily on R&D, and any failure to develop new products or adapt to changing customer needs could adversely affect its business and financial performance. Continuous investment in advanced technologies, including thermal sights, gimbals, targeting, and directed energy systems, enables the company to deliver innovative, customized solutions while improving production processes and product quality
Risk
Working capital & bank guarantee risks
The company has significant working capital requirements to finance raw materials, long-lead items, finished goods, and customer receivables, as well as to furnish bid and performance guarantees. Any inability to arrange sufficient working capital could adversely impact its operations, cash flows, and financial condition
Risk
IPO FAQs
This IPO consists of an offer for sale of up to Rs 852.2 crore, of 12,174,046 shares.
The promoters of the company are Ankit Kumar, Arvind Kondangi Lakshmikumar and Cecilia D’Souza.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 665.0 - 700.0.
The IPO application opens on Oct 15, 2026 and closes on Oct 19, 2026.
The minimum lot size for the IPO is 21. The maximum lot size for the IPO is 273.
For all category investors, the minimum application amount for this IPO is Rs. 13,965.0, the maximum value for this IPO is Rs 191,100.0.
This IPO will be allotted on Oct 21, 2026.
The refund will be credited to your account on Oct 22, 2026.
The allotted shares will be credited to your demat on Oct 22, 2026.
Tonbo Imaging India Ltd.’s shares listed on the stock exchanges on Oct 23, 2026.