Tonbo Imaging India IPO
Tonbo Imaging India IPO Details
-
Open Date
15 Oct 2026
-
Close Date
19 Oct 2026
- IPO Price Range
₹ 665 to ₹700
- IPO Size
₹ 852.18 Cr
Tonbo Imaging India IPO Timeline
Last Updated: 12 October 2026 5:52 PM by 5paisa
Tonbo Imaging India Limited is a Bengaluru-based defence electronics original equipment manufacturer (OEM) specialising in advanced electro-optical and imaging systems for military and security applications. Its products include thermal imaging cores, weapon sights, handheld thermal imaging binoculars, targeting systems, missile seekers, fire-control systems and missile-guidance solutions.
The company follows a technology-led business model focused on research, product design, engineering and intellectual property development, while outsourcing substantial manufacturing activities to contract manufacturers. Its systems are used across tactical surveillance, target acquisition, weapon platforms and other defence applications.
Tonbo Imaging serves domestic and international defence customers. As of June 30, 2026, it had deployed more than 28,000 tactical systems and served customers across 24 countries. According to the Frost & Sullivan industry report referenced in its RHP, the company was India's largest manufacturer of thermal imaging systems supplied to government and defence agencies by sales value during April 2024–March 2026.
Established in: 2003 Managing
Director: Arvind Kondangi Lakshmikumar
Peers:
| Metric | Tonbo Imaging | Paras Defence | Data Patterns | Astra Microwave | Zen Technologies | Bharat Electronics |
|---|---|---|---|---|---|---|
| Face Value (₹) | 2.00 | 5.00 | 2.00 | 2.00 | 1.00 | 1.00 |
| Revenue (₹ Cr) | 362.65 | 476.57 | 924.77 | 1,162.80 | 687.69 | 27,610.11 |
| Basic EPS (₹) | 9.19 | 10.93 | 48.47 | 20.32 | 21.52 | 8.29 |
| Diluted EPS (₹) | 8.88 | 10.93 | 48.47 | 20.27 | 21.52 | 8.29 |
| P/E (x) | – | 117.74 | 87.29 | 83.92 | 73.44 | 45.70 |
| RoNW (%) | 9.75 | NA | 17.00 | NA | NA | NA |
| NAV Per Share (₹) | 96.57 | 90.02 | 310.08 | 138.46 | 209.22 | 32.82 |
Tonbo Imaging India IPO Size
| Types | Size |
|---|---|
| Total IPO Size | ₹852.18 Cr |
| Offer For Sale | ₹852.18 Cr |
| Fresh Issue | – |
Tonbo Imaging India IPO Lot Size
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 21 | 13965 |
| Retail (Max) | 13 | 273 | 191100 |
| S-HNI (Min) | 14 | 294 | 195510 |
| S-HNI (Max) | 68 | 1428 | 999600 |
| HNI (Min) | 69 | 1449 | 9637299 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Revenue | 428.19 | 469.08 | 362.65 |
| EBITDA | 112.32 | 139.06 | 104.62 |
| PAT | 68.54 | 72.76 | 50.88 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Total Assets | 574.68 | 726.36 | 782.50 |
| Share Capital | 0.30 | 0.73 | 11.46 |
| Total Liabilities | 344.55 | 236.22 | 229.34 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Net Cash Generated From / (Used In) Operating Activities | 78.33 | -136.12 | -63.22 |
| Net Cash Generated From / (Used In) Investing Activities | -190.17 | -24.69 | -32.27 |
| Net Cash Generated From / (Used In) Financing Activities | 187.81 | 147.06 | 32.19 |
| Net Increase / (Decrease) In Cash And Cash Equivalents | 75.97 | -13.75 | -63.29 |
Strengths
1. Established defence electronics capabilities: The company develops electro-optical systems, thermal imagers, weapon sights and targeting solutions for defence and security applications.
2. International customer presence: Tonbo Imaging had deployed more than 28,000 tactical systems and served customers across 24 countries as of June 30, 2026.
3. Research and development capabilities: Its R&D expenditure increased to ₹25.86 crore in FY26 from ₹9.10 crore in FY25, supporting development of proprietary defence technologies.
4. Industry positioning: As per the Frost & Sullivan report, Tonbo Imaging was India's largest manufacturer of thermal imaging systems for government and defence agencies by sales value during April 2024–March 2026.
5. Asset-light operating model: Outsourced manufacturing allows the business to concentrate on product design, engineering, integration and intellectual property.
Weaknesses
1. Declining financial performance: Revenue declined by 22.69% in FY26, while PAT decreased from ₹72.76 crore to ₹50.88 crore.
2. Negative operating cash flows: Operating activities used ₹63.22 crore in FY26, highlighting working-capital pressure.
3. Inventory requirements: Inventory increased significantly in FY26, partly due to delays in executing an export order.
4. Contract execution dependency: Revenue recognition depends on successful and timely delivery of specialised defence products.
5. Dependence on contract manufacturers: The company's outsourced production model creates exposure to manufacturing partners and potential supply disruptions.
Opportunities
1. Defence modernisation: Demand for advanced surveillance, targeting and thermal imaging systems may benefit from defence equipment upgrades.
2. Domestic defence manufacturing: India's focus on indigenous defence technology creates opportunities for local electronics and sensor-system developers.
3. International expansion: Tonbo Imaging's existing overseas presence provides scope to participate in additional international defence programmes.
4. Advanced technology development: Continued investment in thermal imaging, sensor integration and guidance systems could support product diversification.
5. Platform integration: Opportunities exist to integrate electro-optical systems into additional military vehicles, weapons and surveillance platforms.
Threats
1. Defence procurement uncertainty: Tender delays, contract cancellations and changes in procurement priorities can affect order execution and revenue.
2. International trade restrictions: Export approvals, geopolitical developments and restrictions on sensitive technologies may disrupt overseas sales.
3. Technological competition: Rapid advancements in imaging, sensing and targeting technologies require continued research expenditure.
4. Supply-chain disruption: Dependence on specialised electronic components and contract manufacturers creates procurement and delivery risks.
5. Order cancellation risk: During FY25 and FY26, two contracts aggregating ₹28.08 crore were cancelled because of delays in developing products involving significant R&D requirements.
1. Specialised defence technology business: Tonbo Imaging operates in electro-optical systems, thermal imaging and targeting technologies used in military and security applications.
2. Established operating footprint: The company had deployed more than 28,000 tactical systems and served customers across 24 countries as of June 30, 2026.
3. Confirmed order book: Its order book of ₹314.24 crore as of June 30, 2026 provides visibility into contracted business, although execution and revenue recognition remain subject to risks.
4. Proprietary technology development: Research and development expenditure increased substantially in FY26, reflecting investment in advanced imaging and defence electronics capabilities.
5. Exposure to defence modernisation: The business participates in product categories relevant to India's indigenous defence manufacturing efforts and international military technology requirements.
India's defence electronics industry is benefiting from efforts to modernise military equipment, increase domestic production and strengthen indigenous technology capabilities. Electro-optical and thermal imaging technologies are used in surveillance, border security, target acquisition, weapon guidance and other defence applications.
Thermal imaging systems allow users to detect objects through differences in heat signatures, including in low-light and challenging visibility conditions. Their integration into military platforms creates demand for specialised sensors, imaging equipment and related electronic systems.
Tonbo Imaging operates within this specialised segment through a portfolio covering tactical systems, weapon sights, thermal imaging products and integrated defence solutions. According to the Frost & Sullivan industry report referenced in the RHP, the company accounted for approximately 94% of thermal imaging exports from India by units during FY24–FY26.
The company's confirmed order book stood at ₹314.24 crore as of June 30, 2026, comprising ₹231.87 crore from domestic customers and ₹82.37 crore from overseas customers.
Future growth will depend on contract wins, timely execution, technology development and defence procurement demand. The company's revenue decline in FY26 also demonstrates the sensitivity of its financial performance to order execution schedules.
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FAQs
Tonbo Imaging India IPO opens on October 15, 2026, and closes on October 19, 2026.
The size of the Tonbo Imaging India IPO is approximately ₹852.18 crore at the upper price band.
The price band of Tonbo Imaging India IPO is fixed at ₹665 to ₹700 per equity share.
To apply for Tonbo Imaging India IPO, follow these steps:
1. Login to your 5paisa demat account and select the issue in the current IPO section.
2. Enter the number of lots and the price at which you wish to apply for the Tonbo Imaging India IPO.
3. Enter your UPI ID and click on submit. Your bid will then be placed with the exchange.
4. You will receive a mandate notification to block funds in your UPI app.
The minimum lot size for Tonbo Imaging India IPO is 21 equity shares. The minimum investment is ₹13,965 at the floor price of ₹665 per share.
The basis of allotment for the Tonbo Imaging India IPO is expected to be finalised on October 21, 2026.
The Tonbo Imaging India IPO is tentatively scheduled to list on BSE and NSE on October 23, 2026.
JM Financial Limited and IIFL Capital Services Limited are the book-running lead managers for the Tonbo Imaging India IPO.
The Tonbo Imaging India IPO is intended to:
1. Facilitate the Offer for Sale of up to 1,21,74,046 equity shares by existing shareholders.
2. Enable participating shareholders to monetise a portion of their holdings.
3. Obtain the benefits associated with listing the company's equity shares on BSE and NSE.
As the IPO is entirely an Offer for Sale, Tonbo Imaging India Limited will not receive any proceeds from the issue.